Gainey Provides Corporate, Operations & Exploration Update
VANCOUVER, BC / ACCESSWIRE / March 30, 2017 / Gainey Capital Corp. (TSX-V: GNC) (OTC PINK: GNYPF) ("Gainey" or the "Company") provides the following corporate and exploration updates:
Corporate and Operations Update
The Company reports that the process of updating its NI 43-101 Technical Report on the El Colomo Gold-Silver project ("El Colomo") located in the Sierra Madre Occidental Trend in Western Mexico is nearing completion and should be filed with the regulatory authorities shortly.
The Company is pleased to report that it is currently negotiating ore supply contracts with multiple local Mexican mining operators to supply its 300-ton per day mill at Huajicori. As the resource industry continues to rebound, and with gold prices relatively stable, local producers have begun restarting operations - the Company is well-positioned to ramp up processing immediately. As needed, capacity at the Gainey mill can be scaled to up to 600 tons per day on an extremely cost-effective basis.
Exploration Update - El Colomo Project
The Company is currently completing its Phase 1 drill program focused on the La Higuerita mineralized zone ("La Higuerita") and the near-surface La Nueva Victoria Mineralized zone ("La Nueva Victoria") which are two of the Company's 21 known mineralized zones within El Colomo. Drilling results from La Nueva Victoria have been released in previous news releases dated September 28 and October 3, 2016. Results from La Higuerita, which have been sampled and shipped to ALS Chemex Labs in Vancouver, BC for analysis, will be reported as soon as they become available.
La Higuerita is a part of Gainey's 100%-owned, 187 km2 El Colomo Gold-Silver project that hosts 21 highly prospective, gold-silver mineralized zones located within the Sierra Madre Golden Belt, Mexico.
Drilling at El Colomo has to date returned significant gold and silver mineralization (see news releases dated September 28 and October 3, 2016). Due to these results, Gainey continues to develop current prospects and identify additional drilling targets at El Colomo.
David Coburn, CEO of Gainey Capital, commented, "Gainey will continue to push forward with our exploration program, drilling our most prospective identified targets. Our geological team has recently completed a comprehensive onsite technical review and is expecting to establish several new targets for a Phase 2 Drill program shortly. We expect to provide more specifics on both the Phase 2 exploration and additional targets as soon as they become available."
About Gainey Capital Corp.
Gainey Capital is a gold and silver exploration, development and mineral processing company exploring an aggregate of 187 sq kms strategically located in the gold/silver-rich Sierra Madre Occidental Trend in western Mexico. The company's processing centre, located outside of Huajicori, in Nayarit, Mexico, is capable of processing up to 300 tons of mineralized material per day with the capability to upgrade to 600 tons per day with a low capital expenditure. Additional information on Gainey Capital, its current operations and its vision is available on the Company's website at www.gaineycapital.com or from firstname.lastname@example.org.
ON BEHALF OF THE BOARD OF DIRECTORS
David Coburn, Chief Executive Officer
For information, please contact the Company:
FORWARD LOOKING STATEMENTS: This press release may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.
SOURCE: Gainey Capital Corp.
Subscribe to the RSD email list and get the latest resource stock activity directly to your inbox, for free.