Categories: Precious Metals
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Discovery Alert: Gainey Intersects Near-Surface Mineralization Over 70 Meters of 1.14 g/t Au Eq at La Nueva Victoria, Mexico

Resource Stock Digest loves seeing exploration rewarded. Mainly because so few "exploration companies" are actually out there exploring and drilling.

Gainey Capital just released results from the first hole at the El Colomo property.

It's only one hole but it's an interesting one. Seee the NR below. Drill program will be worth keeping an eye on.

Gainey Intersects Near-Surface Mineralization Over 70 Meters of 1.14 g/t Au Eq at La Nueva Victoria, Mexico

 

VANCOUVER, BC / ACCESSWIRE / September 29, 2016 / Gainey Capital Corp. (TSXV: GNC) (OTCQX: GNYPF) ("Gainey" or the "Company") is pleased to announce assay results from the first hole of the Company's ongoing, 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 mineralized interval commences at 5.15 meters from surface for 70.85 meters of 0.65 g/t Au and 35.31 g/t Ag (1.14 g/t Au Eq), please see Table 1 below for more details:

 

 

Table 1 - New drill results from the La Nueva Victoria Zone at El Colomo:

 

HOLE ID

FROM

TO

Width

Au_g/t

Ag_g/t

Au_Equivalent*

DHEC160001

5.15

76.00

70.85

0.65

35.31

1.14

Including

5.15

44.8

39.65

0.79

43.86

1.39

and

60.50

76.00

15.50

0.73

38.54

1.27

 

*Au Equivalent calculated using a price of $1,300 US/oz for gold and $18 US/oz for silver.

Hole 1 targeted the center of the silicified vein breccia zone, consisting of grey quartz veining and permeable lithic tuff, of the La Victoria structure at a dip of -60 degrees. Two additional holes targeting this zone are currently being processed, and the results are anticipated shortly.

Rafael Gallardo, Senior Geologist of Minera Cascabel S.A. de C.V., who is leading the drill program, commented, "The results that we have received for the first drill hole are very encouraging and I look forward to the results from the other two holes designed to target this zone. The near-surface Au-Ag mineralization we have encountered is typical of epithermal low-sulphidation type deposits found in the area."

David Coburn, CEO of Gainey, commented, "The maiden drill results on La Nueva Victoria confirm our model for sub-surface mineralization following up on our initial detailed sampling program. Further drilling along trend and at depth has the potential to see this zone expand significantly and, in addition to future drilling at La Higuerita and El Arrayan, have the potential to support the discovery of an under-explored gold-silver mineralized system."

El Colomo Property

El Colomo is a highly prospective, 187 km2 property with district-scale gold-silver potential located within the 'Golden Corridor' in Sierra Madre, Mexico. High-grade and bulk tonnage targets have already been identified through prior exploration and there are strong indications of continuity between La Higuerita, La Nueva Victoria and El Arrayan (at least 2 km in strike length). Please refer to Figure 1 of this release for a map showing the extent of the El Colomo property.

97% of this 18,766-hectare project has not been explored using modern concepts & technology. All 20 mineralized zones identified to date are located in the central portion of the property and within a 1.5 km radius of each other.

To continue reading please click link https://www.accesswire.com/446197/Gainey-Intersects-Near-Surface-Mineralization-Over-70-Meters-of-114-gt-Au-Eq-at-La-Nueva-Victoria-Mexico