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Gainey Intersects Further Near-Surface Mineralization of 34.2 Meters of 2.39 g/t Au Eq at La Nueva Victoria, Mexico
Oct. 04, 2016 07:42AM PST
Gold Investing
VANCOUVER, BC / ACCESSWIRE / October 4, 2016 / Gainey Capital Corp. (TSXV:GNC) is pleased to announce assay results from the second and third holes of the Company’s Phase 1 drill program at the near surface, La Nueva Victoria Mineralized Zone (“La Nueva Victoria”) of the El Colomo property in Sierra Madre Golden Belt, Mexico.
VANCOUVER, BC / ACCESSWIRE / October 4, 2016 / Gainey Capital Corp. (TSXV:GNC) is pleased to announce assay results from the second and third holes of the Company’s Phase 1 drill program at the near surface, La Nueva Victoria Mineralized Zone (“La Nueva Victoria”) of the El Colomo property in Sierra Madre Golden Belt, Mexico.
The mineralization encountered in hole DHEC160002 (“Hole 2”) commenced at 19.40 meters from surface for 72.20 meters of 0.41 g/t Au and 20.21 g/t Ag (0.69 g/t Au Eq) and for hole DHEC160003 (“Hole 3”) commenced at 10.50 meters from surface for 34.20 meters of 1.19 g/t Au and 86.57 g/t Ag (2.39 g/t Au Eq).
Table 1 – Holes DHEC160002/3 from the La Nueva Victoria Zone at El Colomo:
HOLE ID | FROM(m) | TO(m) | Width(m) | Au_g/t | Ag_g/t | Au_Equivalent* |
DHEC160002 | 19.40 | 91.60 | 72.20 | 0.41 | 20.21 | 0.69 |
Including | 57.00 | 73.20 | 16.20 | 0.74 | 28.88 | 1.14 |
DHEC160003 | 10.50 | 44.70 | 34.20 | 1.19 | 86.57 | 2.39 |
Including | 10.50 | 14.00 | 3.50 | 4.32 | 438 | 10.39 |
And | 27.10 | 44.70 | 17.60 | 1.29 | 37.06 | 2.29 |
*Au Equivalent calculated using a price of $1,300 US/oz for gold and $18 US/oz for silver.
Holes 2 and 3 targeted the center of the silicified vein breccia zone, consisting of gray quartz veining and permeable lithic tuff. Hole 2 was targeted at -80° below, the previously released, hole DHEC160001 and Hole 3 was targeted to intersect this zone to the northwest, by approximately 28 meters. Hole 1 intercepted over 70 meters of 1.14 g/t Au Eq (please see the Company’s news release dated September 28th, 2016).
Rafael Gallardo, Senior Geologist of Minera Cascabel S.A. de C.V., who is leading the drill program, commented, “the results encountered from drill holes 2 and 3 show that Au-Ag mineralization is being encountered near surface and the mineralized structure is open at depth and along strike at La Nueva Victoria.”
David Coburn, CEO of Gainey, commented, “we are encouraged by the further success of the drill program at the La Nueva Victoria zone. This is one of 21 surface mineralized zones that we have identified in the 3 km by 1 km area of the El Colomo Project referred to as the “Golden Corridor” and we are looking forward to progressing through our drill testing of these zones to evaluate their mineralization potential.”
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