Gainey Extends Strike of Gold Mineralization and Samples Up to 73.7g/T Gold at Las Margaritas
TSX VENTURE: GNC
VANCOUVER, BC / ACCESSWIRE / March 19, 2019 / Gainey Capital Corp. (TSX-V: GNC) (OTC: GNYPF) ("Gainey" or the "Company") is pleased to report that follow-up mapping and sampling at its newly-optioned Las Margaritas project in Durango, Mexico has extended the strike extent of the main vein system to approximately 3,500 metres and collected grab samples with assays of up to 73.7g/t gold. As previously reported (see Gainey news release of February 7, 2019), preliminary sampling obtained assays up to 40.0g/t gold from grab samples, indicating the locally high-grade nature of the mineralization.
A total of 39 samples were collected during the Phase II program at Las Margaritas, consisting of chip samples from old pits, chip-channel samples across exposed veins and grab samples from old mine dumps. The best mineralization appears to occur along a strike length of approximately 1,750 metres, where 25 assays ranged from NIL to 73.7g/t gold, with 15 samples assaying more than 1.0g/t gold and 6 of those assaying more than 5.0g/t gold.
"The Phase II sampling at Las Margaritas is demonstrating excellent continuity of gold mineralization along strike," stated Gainey CEO, David Coburn. "This is allowing the field team to focus on the most prospective areas in order to begin generating drill targets. While there are several artisanal mine workings along the vein system, it has never been drilled and we look forward to testing the vertical continuity of the gold mineralization."
The Las Margaritas vein system strikes northwest-southeast and dips moderately to steeply southwest, with variable widths up to two metres. The 1,750 metre mineralized strike length has been divided into the Northwest (NW) and Southeast (SE) Zones according to geological characteristics. The NW Zone trends N15°W and is hosted in a crystal tuff unit near the contact with an overlying rhyolitic lithic tuff. The SE Zone strikes N45°W and is hosted within a package of stratified volcanic flows and tuffs. The change in strike direction coincides with the transition between host lithologies and could be important in localizing gold mineralization. Host rocks are commonly clay-altered and/ or silicified. Gold mineralization occurs within druzy quartz veins, veinlets and stockworks with up to 3% disseminated pyrite, typical of a low sulphidation epithermal system, as is common throughout the prolific geologic belt known as the Sierra Madre Occidental.
Gainey's Exploration Manager, Jorge Rafael Gallardo commented that, "this recent work shows that early stage mapping and prospecting in underexplored areas can dramatically increase the strike length of mineralized vein systems. We have furthered our understanding of the mineralization controls and this will allow more focused work in the future."
Gainey follows a strict QC/QA protocol for sampling and transportation of samples to ALS Labs in Hermosillo, Mexico and then on to ALS Labs in Vancouver, BC. Canada.
David Dupre, P.Geo. is the designated Qualified Person for the El Colomo Project, as defined by National Instrument 43-101, and has approved this news release.
About Gainey Capital Corp.
ON BEHALF OF THE BOARD OF DIRECTORS
David Coburn, Chief Executive Officer
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