- Published: 29 September 2016
- Written by Editor
Gainey Intersects Near-Surface Mineralization Over 70 Meters of 1.14 g/t Au Eq at La Nueva Victoria, Mexico
*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.
Figure 1 - Full Extent of the El Colomo Property
David Hladky, P. Geo. is the Qualified Person with respect to NI 43-101 at El Colomo.
La Nueva Victoria Drilling and Assay QA/QC
All drill core from this release is drilled at HQ diameter and is split into equal halves near site. All samples are assayed using standard 33 element ICP and 50 gram fire assay with atomic absorption finish by ALS in Vancouver, Canada.
QA/QC programs using internal standard samples, field and lab duplicates and blanks, indicate good accuracy and precision in a large majority of standards assayed. As the mapped mineralized corridors strike N-S, the drill holes were designed to have azimuths perpendicular or as close to perpendicular to the strike as the permitted pad would allow. As this is the first drill program by Gainey at El Colomo, the dip of the main structure is not entirely known but is believed to dip steeply to the west based on mapping and historical work, and thus the intercept is estimated to represent 50-60% of the true width. No intercept was reported that averaged less than 0.4 g/t Au and/or 10.0 g/t Ag and no intercept had more than five consecutive meters of less than 0.2 g/t Au and/or 10 g/t Ag, or began or ended with values less than 0.2 g/t Au and/or 10 g/t Ag.