GILXF - Gitennes Completes Diamond Drill Programme at the New Mosher Gold Property Chapais-Chibougamau area Quebec
(TheNewswire)
Vancouver, B.C. - TheNewswire- May 31 , 2021 - Gitennes Exploration Inc. ("Gitennes" or the "Company") (TSXV:GIT) (OTC:GILXF) provides an update on thefirst phase of diamond drilling on its New Mosher GoldProperty. The Company has completed nineteen (19) holes for 3 , 044 metres. The first phase ofdrilling was designed to test areas of I nduced P olarization , (“IP”) high chargeability anomalies from surveys completedlast winter and early spring. Past work on the property hasindicated these chargeability anomalies are a good indicator ofpotential gold mineralization (Figure 1) . Sampling of the core is continuing and thefirst analyses are expected in late June.
Figure 1: IP Chargeability high (shown in pink) withassociated features .
Highlights of the Completed DrillProgramme:
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- All holes successfully intersect ed altered and mineralizedzones with quartz-carbonate veining and sulphidemineralization . Allholes that targeted Induced Polarization, chargeability anomalies weresuccessful in explaining the anomalies with intersected sulphidemineralization.
- Five holes have been drilled on the New Mosher goldzone and along Anomaly A;
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- Holes showed extensive quartz-carbonate veining,locally sericit ic , and several metres wide in a deformationcorridor (Figure 1 )
- Sulphide mineralization includes pyrite, pyrrhotitewith local chalcopyrite and arsenopyrite.
- Five holes drilled along Anomaly B which has been associated withhistorical gold intersections in diamond drillholes ;
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- Holes have intersected quartz -carbonate vein ing minerali z ed with pyrite , pyrrhotite and trace s ofarsenopyrite. XRF Analyzer detected arsenicand gold in the mineralized section (Figure 3).
- Deeper holes have intersected a second zone ofpyrrhotite mineralization with minor pyrite and chalcopyrite;
- Garnet enrichment in the mafic volcanics has beenobserved near mineralization of the second zone.
- Holes intersected several generations ofquartz-feldspar porphyry dikes , some altered and mineralized.
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Figure 2 and 3: Mineralized Core from Anomaly A, NorthZone (left photo) and Anomaly B, South Zone (right photo).
New Showing :
A new showing was found associated with one of the numerous IP Chargeabilityanomalies detected in a survey completed last winter (see Figure 1). The showing was mechanically stripped,mapped and sampled. Analyses are pending. The showing was found toconsist of several quartz veins hosted in altered mafic volcanicsand some of the veins are in contact with what appears to be quartzfeldspar porphyry. Mineralization consist s of pyrrhotite, pyrite and chalcopyrite. The New Showing is in an area of highchargeability that provide d anotherviable target that was tested by diamond drilling. One drill hole wascompleted to test the New Showing. Initial examination revealed twoheavily silicified, porphyritic zones with 1-2% pyrrhotite/pyrite from6.7 to 18 metres downhole (exact width not known at this time) (Figure4, 5 and 6) .
Figure 4 (left) Core boxes showing silicified porphyry,Figure 5 (right) close up of silicified porphyry.
Figure 6: Induced Polarization Pseudosection withlocation of New Showing and Unexplored Anomalies
Gitennes President Ken Booth commented: “The progressthe Company has made in a short time with the New Mosher Property hasbeen very good. We recognized the potential of the Property when afull review of historical data, including gold in drill holes, pits,trenches and surface samples, an IP geophysical survey was combinedwith Gitennes’ recent work. Add to that the discovery of the NewShowing and the decision was made to drill 3,000 metres. What thegeologists have observed in the drill core is very encouraging and wehave realized that we are just scratching the surface on the NewMosher property. Initial analyses for the drilling and surface workare expected in late June”
Gitennes also announces that it is conducting anon-brokered private placement (the “Placement”) of up to 8,500,000 units (consisting of 3,500,000non-flow-through units (“Units”) priced at $0.09 per Unit and5,000,000 flow-through units (“FT Units”) priced at $0.11 per FTUnit). Each Unit consists of one non-flow-through common share andone common share purchase warrant (“Warrant”). Each flow-throughunit consisting of one flow-through common share and one half of onecommon share purchase warrant (“FT Warrant”). Each Warrant shallbe exercisable to acquire one Common Share (a “Warrant Share”) atan exercise price per Warrant Share of $0.15 for a period of 24 monthsfollowing the Closing Date and each FT Warrant shall be exercisable toacquire one Common Share (a “FT Warrant Share”) at an exerciseprice of $0.20 for a period of 24 months following the Closing Date. Finder’s Fees of 7% cash and 7% warrants may be paid on thefinancing. The closing of the Placement is subject to TSX VentureExchange approval.
About Gitennes ExplorationInc.
Gitennes is in the business of exploring for andadvancing mineral properties with a focus on high grade gold. TheCompany currently has four properties in Quebec: New Mosher, JMW, RAL,and Maxwell, the Snowbird gold property in British Columbia and a 1.5%Net Smelter Return royalty on the 18 million ounce Urumalqui SilverProject in Peru. JMW and Maxwell are 100% owned by Gitennes. RALand New Mosher are under option from Kintavar Exploration and Gitennescan earn an initial 70% and has the right to increase its ownership to85%. The Snowbird Property has been optioned to a gold explorationcompany.
Gitennes Quebec properties – JMW and Maxwell 100%,New Mosher & RAL – option to earn up to 85%
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 its Canadianregulatory filings on SEDAR at www.sedar.com .
Gitennes Exploration Inc.
“Ken Booth”
Ken Booth
President
For further information, please contact: KenBooth
Phone: 604-682-7970, Email: info@gitennes.com
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this news 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 any property Options and to conduct exploration activities thereon. Actual results could differ from those projected in anyforward-looking statements due to numerous factors including risks anduncertainties relating to exploration and development and actualresults of exploration activities; the ability of the Company toobtain additional financing; delays in obtaining governmental andregulatory 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; fluctuationsin the prices of commodities and precious metals; operating hazardsand risks; environmental issues and liabilities; and competition andother risks and uncertainties of the mining industry. Although theCompany believes that the beliefs, plans, expectations and intentionscontained in this news release are reasonable, there can be noassurance that those beliefs, plans, expectations or intentions willprove to be accurate. Readers should consider 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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