Gainey Signs Letter of Intent to Acquire the 9,200 Hectare La Minita Property in Sinaloa, Mexico
Vancouver, British Columbia – Gainey Capital Corp. (TSXV: GNC) (OTC: GNYPF) (“Gainey” or the “Company”) is pleased to announce that it has entered into a non-binding Letter of Intent (“LOI”) with Asteria Mining Services, S.A.P.I. de CV of Mazatlán, Sinaloa (“AMS”) to acquire 100% of the La Minita Copper /Gold/Silver Property (“La Minita” or “the property”) located in the state of Sinaloa, Mexico. The property is comprised of five mineral claims or applications encompassing approximately 9,200 hectares located 80 kilometers to the southeast of Mazatlán. The property borders Marlin Gold’s La Trinidad mine property to the northeast and Agnico Eagle’s El Coral property to the southeast.
The La Minita property consists of a series of northwest trending shears that host copper/gold/silver porphyry style mineralization associated with intermediate and felsic dikes. The shears are poorly exposed but have been observed to extend for greater than 300 meters along strike and measure up to 10 meters in width. Over the last several years, local prospectors (gambusinos) have identified and excavated a number of these shear zones at various locations over an area extending for 4.5 kilometers along strike by up to 600 meters wide. Alteration and mineralization exposed in the workings includes fine grained sericitic alteration, silicification, quartz stockworks and copper sulfides (bornite, chalcopyrite) as disseminations and veins. The more intense mineralization is hosted in felsic and intermediate composition dikes intruding the shears, indicating an intrusive related source of mineralization.
In 2015, a reconnaissance study and report was completed for AMS over portions of the 4.5 kilometer long trend. The study identified the Tio Alejo area centered along the northwestern extent of the trend and the Los Camole area centered along the southeastern extent as being of highest importance based on recent gambusino activity. Both areas exhibit a similar trend and style of mineralization. As part of the program, 37 rock chip samples were collected from the workings. Sample locations, widths, and assay results from the report were reviewed in the field with the supervising geologist and found to adhere to acceptable standards and procedures.
Notable sample results from the Tio Alejo region include:
- 0.4 m of 3.98% Cu, 9.81 g/t Au and 125 g/t Ag
- 1.2 m of 2.15% Cu, 1.065 g/t Au and 35.4 g/t Ag
- 0.7 m of 2.89% Cu, 1.03 g/t Au and 72.2 g/t Ag
Notable sample results from the Los Camole region include:
- 0.3 m of 1.225% Cu, 3.96 g/t Au and 324 g/t Ag
- 1.3 m of 0.0396% Cu, 4.10 g/t Au and 2.2 g/t Ag
- 0.8 m of 0.301% Cu, 3.31 g/t Au and 20.9 g/t Ag
Brian Metzenheim, Gainey Capital’s VP of Exploration commented, “The style of mineralization found in the shears may represent the upper extents of a moderately sized porphyry deposit that could host economic grades of copper, gold, and silver. I am encouraged by the regional distribution of the shears and the consistency of grades and alteration hosted by them and look forward to initiating exploration work on the project.”
David Coburn, Gainey Capital’s CEO stated, “Our technical team led by Brian Metzenheim have spent the last several months on site and reviewing technical data from the property. We are excited to add La Minita to El Colomo as part of our growing portfolio of exploration projects. The property is favorably located amongst a number of other projects being advanced by companies such as Marlin Gold (TSXV: MLN), Agnico Eagle (TSX: AEM), First Majestic Silver (TSX: FR), Starcore International Mines (TSX: SAM), SSR Mining (TSX: SSRM), and Garibaldi Resources (TSXV: GGI).”
Terms of the agreement and proposed exploration plans for the property will be summarized in future news releases.
Brian Metzenheim, Vice President Exploration, Gainey Capital Corp. is the Company’s Qualified Person as defined by NI 43-101 and has reviewed and approved the technical information in this news release.