September 08, 2016 – Vancouver, British Columbia – Gainey Capital Corp. (TSXV: GNC) (OTCQX: GNYPF) (“Gainey” or the “Company”) announces that the Phase 1 Drilling campaign has completed the first three Diamond Drill holes at the El Colomo Gold-Silver Project in Mexico. The first of the three holes targeting the La Nueva Victoria Mineralized Zone has been sampled and shipped to ALS Labs Vancouver, BC for analysis and the other two holes are currently being processed at the Company’s core logging facility to be submitted shortly. Preliminary results from these drill holes are anticipated within the next few weeks.
Furthermore, the Company is pleased to announce that the program continues to advance with the commencement of drilling on the first of four targets at the La Higuerita/El Arrayan Mineralized Zones.
Gainey’s exploration team, led by Rafael Gallardo of Minera Cascabel S.A. de C.V., notes that though they have encountered two serious weather systems in the region, the program has not met any serious delays, and drilling progress has continued on the target zones. David Coburn, CEO of Gainey, commented, “we are looking forward to the first set of drilling results over the next 2-3 weeks. The Exploration Team has done an excellent job meeting their objectives given they have encountered challenging weather conditions.”
The Company recently upgraded its exploration team with the addition of David Hladky, P.Geo. to the Technical Advisory Board, who is also the Company’s acting Qualified Person as defined by NI 43-101, please see the Company’s news release on July 26, 2016 for full details. Mr. Hladky’s previous position was with Cayden Resources Inc. as the Qualified Person and one of the leaders in the exploration of the Morelos Sur and El Barqueno projects in Mexico, that were successfully sold to Agnico Eagle Mines for $205 Million in 2014.
The Company also reports the grant of up to an aggregate 2.5 million common share purchase options, exercisable at a price of $0.20 per share, to its directors, officers, employees and consultants.