GILXF - Gitennes Finds Visible Gold and Adds Claims on its VG Boulder Property Gaspe Region of Quebec
(TheNewswire)
Vancouver, B.C. - TheNewswire - November 30 , 2021: Gitennes ExplorationInc. ("Gitennes" or the"Company") – (TSXV:GIT) announcesthat visible gold was found in two locations on its 100% owned VGBoulder Property (“the Property”) during a recently completedreconnaissance programme (Figure 1 and 2). The programme alsolocated a new showing on the Property containing anomalous antimony,arsenic and cobalt. To cover additional favourable geology alongstructures that control mineralization in the Gaspe Region the Companyhas increased the size of the Property.
PropertyHighlights
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Visible gold found in boulders in two ocations on the Property;
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Locations are 50 metres apart and in the vicinityof historically reported visible gold in largeangular boulders (58 g/t) (Figure 3);
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Associated Antimony, Arsenic and Cobalt mineralization in a new location;
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Property increased from 1,250 hectares to 5,787 hectares to coverf avourable geology along majorstructure and splays. New claims cover 14 kmstrike of the prospective Grand Pabos Fault Zone, same fault as foundin Newfoundland (Figure 4);
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Historically reported old (22.4 g/t) and ntimony (15.4%) in outcrop;
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Property covers geology and structure that is similarto recent gold discoveries in Newfoundland.
Figure 1: Boulder of brecciated sediment with quartzflooding containing visible gold (See Fig 2 below for close-up of goldmineralization)
Figure 2: Close-up of quartz with visible goldmineralization from brecciated sediment
Ken Booth, President commented: “The results fromGitennes initial programme are very encouraging. To find visiblegold in two locations further highlights how prospective the VGBoulder Property is and validates historically reported high gradegold in boulders and outcrop. With the addition of approximately4,500 hectares Gitennes has now established a major foothold in thearea and the new claims cover prospective geology and the keystructures which appear to control the gold mineralization. Themain structure on the Gitennes claims, The Grand Pabos fault, is thesame key structure that is host to the recent discoveries of highgrade gold in Newfoundland. Gitennes looks forward to the nextprogrammes on VG Boulder which will consist of an airbornemagnetomer/electromagnetic (“EM”) geophysical survey and follow upground work in early 2022”.
The Company also announces that it has increased thesize of the VG Boulder Property to cover additional favourable geologyand key structures that are associated with gold mineralization in thearea. The property size has been increased to 101 claims (5787hectares) (Figure 3). The new claims cover 14 km strike length ofthe prospective New Pabos Fault Zone
Figure 3: VG Boulder Property Highlights showing areaof recent gold bearing boulder samples and historically reported goldgrades. Gitennes claims outlined in black.
The VG Boulder Property is located in the Gaspe Regionof Quebec (Figure 5) and covers geology and structure that is similarto recent gold discoveries in Newfoundland. The gold mineralizationin the region is traditionally hosted by structures related to theGrand Pabos Fault, a major regional structure that can be tracedacross the entire Gaspe Peninsula and into Newfoundland where majorgold discoveries have been made recently (Figure 4).
Figure 4: Key Structures, including the Grand PabosFault, and Relation to Gold Deposits including mineralization onGitennes VG Boulder Property and recent gold discoveries inNewfoundland.
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 4). 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: Location Map – Gitennes GaspeProperties
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 hasfive gold properties in Quebec, JMW, New Mosher, Maxwell, VG Boulderand Serpenphior, the Snowbird gold property in British Columbia and a1.5% Net Smelter Return royalty on the 18 million ounce UrumalquiSilver Project in Peru. Gitennes owns 100% of its Quebec goldproperties except for New Mosher which is under option for Gitennesto earn an initial 70% with 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: 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 the Option to acquire the New Mosher and Snowbird Projects and toconduct exploration activities thereon. Actual results could differfrom those projected in any forward-looking statements due to numerousfactors including risks and uncertainties relating to exploration anddevelopment and actual results of exploration activities; the abilityof the Company to obtain additional financing; delays in obtaininggovernmental and regulatory approvals (including of the TSX-V),permits or financing; the need to comply with environmental andgovernmental regulations; potential defects in title to the Company'sproperties; fluctuations in the prices of commodities and preciousmetals; operating hazards and risks; environmental issues andliabilities; and competition and other risks and uncertainties of themining 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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