Vancouver, BC – Gainey Capital Corp. (TSXV: GNC) (OTC: GNYPF) (“Gainey” or the “Company”) is pleased to announce that as of October 15, 2017, the Company will commence its Phase II exploration program at the El Colomo Gold-Silver project (“El Colomo”) in the States of Nayarit and Durango, Mexico. The Phase II program will be divided into four stages, as follows:
Detailed mapping program along the known Golden Corridor, paying particular focus on the El Arrayan, Las Minitas, La Bufa and El Guayabo mineralized zones, located 1.2 km to the south-southeast of the La Nueva Victoria and La Higuerita mineralized zones which have been drill tested by Gainey and have encountered gold and silver mineralization.
Detailed mapping and rock chip sampling to the north of El Colomo’s Golden Corridor where four anomalous gold showings have been identified through the Company’s stream sediment sampling program. Highlights from this program include anomalous gold values of 129 ppb (“parts per billion”), 115 ppb, 74 and 75 ppb.
These results were encountered in the State of Durango in an area 1.5 km wide by 2.5 km long of strongly argillically-altered and iron-stained volcanic rocks cut by multiple northwest-trending quartz veins. These altered areas, called Las Lajitas-Masparillo, El Verano-Los Aguacates y El Corpo-Encino Prieto, appear to be on-strike with, and may be an extension of, a 2.5 to 4 km to the Northwest of the mineralized called the Golden Corridor which includes the La Nueva Victoria, La Higuerita, El Arrayan-Las Minitas and La Bufa-El Guayabo mineralized zones.
Stream sediment sampling to the west-northwest of the known Golden Corridor where the Company has completed exploration work on more than 3,000 hectares including mapping, sampling, and drilling.
Drilling program of approximately 3,000 m testing the targets at El Arrayan-Las Minitas and La Bufa-El Guayabo mineralized zones.
Rafael Gallardo, Senior Geologist of Minera Cascabel S.A. de C.V., who is leading the exploration program, stated “After encountering positive mineralization throughout our Phase I exploration program, our technical team has a deeper understanding of the geology surrounding the known gold-silver epithermal systems present throughout the El Colomo project. The exploration that was completed within Phase I has allowed us to define multiple, new targets which we are looking forward to expose.”
Technical aspects of this news release have been reviewed and approved by David Dupre P.Geo., designated as a qualified person under National Instrument 43-101.