GILXF - Gitennes Adds Prospective Gold and Copper Properties in Gaspe Region of Quebec
(TheNewswire)
Vancouver, B.C. - TheNewswire - August 4 , 2021: Gitennes ExplorationInc. ("Gitennes" or the"Company") – (TSXV:GIT) announces ithas acquired 100% interest in two gold properties and one copperproperty in the Gaspe Region of Quebec (Figure 1). The two goldproperties cover geology and structure that is similar to recent golddiscoveries in Newfoundland. In addition, one of the properties (VGBoulder Property) has historically reported gold in outcrop plusangular boulders with visible gold. The gold mineralization in theregion is traditionally hosted by splay faults from a major regionalstructure called the Grand Pabos Fault. This major fault zone can betraced across the entire Gaspe Peninsula and into Newfoundland wheremajor gold discoveries have been made.
Figure 1: Location Map – Gitennes GaspeProperties
PropertyHighlights
VG Boulder Property (1,250hectares)
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- Favourable geology along major structure and splays
- Historical gold (22.4 g/t) and antimony (15.4%) in outcrop
- Gold in large, angular boulders ( 58 g/t ) with reportedvisible gold
Figure 2: VG Boulder Property Highlights
Serpenphior Property (228hectares)
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- Historical drill hole 95-03 with 10 intersections of0.16 to 3.9 g/t gold over of 0.3 to 3.0 metres;
- Copper intersection of 0.45% over 6.5 metres;and
- Surface sample of 0.21 g/t gold over 10.5metres.
Figure 3: Serpenphior Property Highlights
Puma Property (114hectares)
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- Puma Showing: 11 grab samples assayed 2.9 to 9.95%copper and 6 to 35 g/t silver;
- Caroline Showing: located about 85 metres west of thePuma Showing, six grab samples assayed 1.5 to 11.4% copper and 2.1 to105 g/t silver.
Figure 4: Puma Property Highlights
Regional Context andDiscussion
Recent research has revealed that gold mineralizationis related to the Ordovician to Silurian-aged closing of the IapetusOcean. This ancient suture in the earth’s crust extends from NorthAmerica, through the Gaspe Peninsula, Newfoundland, across theAtlantic Ocean to Ireland (Figure 5). Major gold deposits areassociated with this event in Newfoundland and Ireland and structureis found to be a key aspect of these deposits and the critical controlof gold mineralization including gold mineralization in the GaspeRegion of Quebec.
Figure 5: Global Significance of Closing of theIapetus Ocean and Relation to Gold Deposits including mineralizationon Gitennes Properties labelled Gaspe Gold.
Gitennes will issue to the vendor of the threeproperties 250,000 common shares of the Company with the issuance ofthe shares subject to TSX Venture approval.
About Gitennes ExplorationInc.
Gitennes is in the business of exploring for andadvancing mineral properties with a focus on high grade or large tonnage gold deposits . The Company currently hasthree properties in Quebec, JMW, RAL and New Mosher, the Snowbird goldproperty in British Columbia and a 1.5% Net Smelter Return royalty onthe 18 million ounce Urumalqui Silver Project in Peru. JMW is 100%owned by Gitennes. RAL and New Mosher are under option and Gitennescan earn an initial 70% and has the right to increase its ownership to85%.
Qualified Person
The scientific and technical information contained inthis news release has been reviewed and approved by Wayne Holmstead(P.Geo.), who is a "qualified person" within the meaning ofNational Instrument 43-101.
For further information on the Company, readers arereferred to the Company’s website at www.gitennes.com and itsCanadian regulatory filings on SEDAR at www.sedar.com .
Gitennes Exploration Inc.
“Ken Booth”
Ken Booth
President
For further information, please contact:
Ken Booth
Phone: 604-682-7970
Email: info@gitennes.com
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in the policies of the TSX VentureExchange) accepts responsibility for the adequacy or accuracy of thisnews release.
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Cautionary Note RegardingForward-Looking Information
This news release includes certain statements thatconstitute "forward-looking information" within the meaningof 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 historicalare forward-looking statements and include any statements regardingbeliefs, plans, expectations and orientations regarding the future. Often, but not always, forward-looking statements can be identifiedby words such as "pro forma", "plans","expects", "may", "should","budget", "schedules", estimates","forecasts", "intends", "anticipates","believes", "potential" or variations of suchwords including negative variations thereof and phrases that refer tocertain actions, events or results that may, could, would, might orwill occur or be taken or achieved. Such forward-looking statementsinclude, among others, statements as to the anticipated business plansand timing of future activities of the Company, including the exerciseof the Option to acquire the New Mosher, RAL and Snowbird Projects andto conduct exploration activities thereon. Actual results coulddiffer from those projected in any forward-looking statements due tonumerous factors including risks and uncertainties relating toexploration and development and actual results of explorationactivities; the ability of the Company to obtain additional financing;delays in obtaining governmental and regulatory approvals (includingof the TSX-V), permits or financing; the need to comply withenvironmental and governmental regulations; potential defects in titleto the Company's properties; fluctuations in the prices of commoditiesand precious metals; operating hazards and risks; environmental issuesand liabilities; and competition and other risks and uncertainties ofthe mining industry. Although the Company believes that the beliefs,plans, expectations and intentions contained in this news release arereasonable, there can be no assurance that those beliefs, plans,expectations or intentions will prove to be accurate. Readers shouldconsider all of the information set forth herein and should review theCompany’s periodic reports filed from time-to-time with Canadiansecurities regulators. These reports and the Company's filings areavailable at www.sedar.com.
Readers are cautioned not to place undue reliance onforward-looking statements. The forward-looking statementscontained in this news release are made as of the date of this newsrelease and, except as otherwise required by law, the Companyundertakes no obligation to update the forward-looking statementscontained herein, or to update the reasons why actual results coulddiffer from those projected in these forward-looking statements.
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