Vancouver, B.C. – TheNewswire – November 17, 2021 – Gitennes Exploration Inc. (“Gitennes” or the “Company”) (TSXV:GIT) (OTC:GILXF) announces that it is preparing for its second diamond drilling programme on its New Mosher Gold Property, Chapais-Chibougamau area, Quebec (Figure 3). The Company has received expressions of interest from several diamond drilling companies and will select a drilling company over the next week to start the drilling in January 2022.
The Company’s second diamond drill programme is planned for up to 1,500 metres and will focus on the New Mosher Showing where the Company encountered significant widths of anomalous gold (see highlights on page 2). In addition to Gitennes’ encouraging results from the first diamond drill programme the New Mosher Showing (Area 1, Figure 1) has gold in historical drilling, 8.1 g/t gold over 0.25 metres and 1.87 g/t gold over 5.1 metres and grab samples assaying 16 g/t gold and 20 g/t silver.
With the second phase of drilling to focus on the New Mosher Showing (Figure 1, Area1) the Company recently located several drill pads for the upcoming programme and confirmed the location of quartz veins in the showing area (Figure 2).
Figure 2 – New Mosher Showing with detailed map of quartz veins in sheared volcanics including approximate location of Noranda historical grab samples and 2018 sampling. The second phase of diamond drilling will target the quartz veins with several drill holes.
Highlights of First Diamond Drilling Programme
- Gold intersected over significant widths:
- 22 metres in hole NM 21-02 grading 0.25 g/t gold
- 9.0 metres in hole NM 21-11 grading 0.71 g/t gold
- 5.0 metres in hole NM 21-08 grading 0.68 g/t gold
- Gold intersections are shallow;
- 10 of 19 holes intersected anomalous gold mineralization,
- All three areas tested intersected gold mineralization;
Broad zones of gold mineralization correlate well with previously identified IP anomalies;
Associated with intense alteration with quartz-carbonate veining, pyrite, pyrrhotite, chalcopyrite and arsenopyrite.
The New Mosher Property is located three kilometres from the past producing Joe Mann Mine which produced approximately 1.2 million ounces of gold at an average grade of 8.3 g/t gold(1) plus silver and copper.
(1) Readers are cautioned that the Company has no interest in or right to acquire any interest in the Joe Mann mine and that mineral deposits and production results from the Joe Mann mine are not indicative of mineral deposits on the Company’s properties or any potential exploitation thereof. Source: Technical Report on the Joe Mann Mining Property dated January 11, 2016, prepared by Geologica Inc.
The Company also announces that further to its news releases of November 2 and November 9 regarding its non-brokered private placement (the “Placement”) of non-flow through units (the “Units”) and flow through shares (the “Shares”) the Company has issued a total of 2,950,000 Units at $0.05 per Unit and 4,370,000 Shares at $0.06 per Share for gross proceeds of $409,700. The Company had previously incorrectly announced the sale of 2,857,500 Shares. All other terms of the Placement remained as previously announced.
About Gitennes Exploration Inc.
Gitennes is in the business of exploring for and advancing mineral properties with a focus on high grade gold. The Company currently has three properties in the Chapais-Chibougamau area of Quebec: New Mosher, JMW and Maxwell, and three properties in the Gaspe Region of Quebec: VG Boulder, Serpenphior and Puma, the Snowbird gold property in British Columbia and a 1.5% Net Smelter Return royalty on the 18 million ounce Urumalqui Silver Project in Peru. JMW, Maxwell, VG Boulder, Serpenphior and Puma are 100% owned by Gitennes. New Mosher is under option from Kintavar Exploration and Gitennes can earn an initial 70% and has the right to increase its ownership to 85%. The Snowbird Property has been optioned to a gold exploration company.
The scientific and technical information contained in this news release has been reviewed and approved by Wayne Holmstead (P.Geo.), who is a “qualified person” within the meaning of National Instrument 43-101.
Gitennes Exploration Inc.
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Cautionary Note Regarding Forward-Looking Information
This news release includes certain statements that constitute “forward-looking information” within the meaning of applicable Canadian securities laws concerning the business, operations and financial performance and condition of the Company. All statements in this news release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations and orientations regarding the future. Often, but not always, forward-looking statements can be identified by words such as “pro forma”, “plans”, “expects”, “may”, “should”, “budget”, “schedules”, estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “potential” or variations of such words including negative variations thereof and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Such forward-looking statements include, among others, statements as to the anticipated business plans and timing of future activities of the Company, including the exercise of any property Options and to conduct exploration activities thereon. Actual results could differ from those projected in any forward-looking statements due to numerous factors including risks and uncertainties relating to exploration and development and actual results of exploration activities; the ability of the Company to obtain additional financing; delays in obtaining governmental and regulatory approvals (including of the TSX-V), permits or financing; the need to comply with environmental and governmental regulations; potential defects in title to the Company’s properties; fluctuations in the prices of commodities and precious metals; operating hazards and risks; environmental issues and liabilities; and competition and other risks and uncertainties of the mining industry. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that those beliefs, plans, expectations or intentions will prove to be accurate. Readers should consider all of the information set forth herein and should review the Company’s periodic reports filed from time-to-time with Canadian securities regulators. These reports and the Company’s filings are available at www.sedar.com.
Readers are cautioned not to place undue reliance on forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as otherwise required by law, the Company undertakes no obligation to update the forward-looking statements contained herein, or to update the reasons why actual results could differ from those projected in these forward-looking statements.