GILXF - Gitennes Intersects Highly Silicified Zone in Several Holes and Completes its Second Phase Diamond Drill Programme at New Mosher Gold Property Chapais-Chibougamau area Quebec
(TheNewswire)
Vancouver, B.C. - TheNewswire - February 3, 2022:Gitennes Exploration Inc. ("Gitennes" or the"Company") – (TSXV:GIT) announcesthat it has intersected highly silicified and sheared zone in severalholes on the New Mosher showing and has completed its second phase ofdiamond drilling at its New Mosher gold property , Chapais-Chibougamau area of Quebec (see Figure 2). TheCompany completed seven holes totaling 1,002 metres with six of theholes being drilled at the New Mosher Showing (Figure 1).
The highly silicified intersections (see photos below)are up to 23 metres in width and contain up to four percent pyrite and0.5% pyrrhotite as fine disseminations or concentrated in schistosityand fracture planes. The highly silicified intersections are alsosheared and contain up to 60% to 80% quartz with some of theintersections displaying chlorite and sericite alteration.
Figure 1 – New Mosher Showing - S econd phase drill holelocations
Left: Sheared Quartz with Pyrite and Magnetite (HoleNM-22-01 at 32.4m). Right: Sheared Quartz with Pyrite (Hole NM-22-02at 22.1m)
The Company is also pleased to announce the nominationof Mr. Martin Nicoletti as Chief Financial Officer effectiveimmediately. Mr. Nicoletti is a chartered professional accountant(CPA) with more than 32 years of experience. He holds a bachelor’sdegree in business administration, specialized in accounting. Mr.Nicoletti is also president of Corporation Financière SKTM Ltée andhe acts as chief financial officer for several other public miningcompanies. Mr. Nicoletti is replacing KerrySpong who is in the process of retiring but will be assisting with theCompany’s year-end audit. The Company would like to thank Kerryfor all his hard work and dedication over the past 18 years and wisheshim all the best in his retirement. With his appointment, theCompany has granted stock options (the"Options") to Mr. Nicoletti exercisable to acquire up to atotal of 500,000 common shares under the Company's Stock Option Plan. The Options are exercisable for a period of five years at a price of$0.05 per share from the date of grant. The Options are subject tothe policies of the TSX Venture Exchange .
The New Mosher Property is located three kilometresfrom the past producing Joe Mann Mine which produced approximately 1.2million ounces of gold at an average grade of 8.3 g/t gold (1) plus silver and copper.
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(1) Readers are cautioned that theCompany has no interest in or right to acquire any interest in the JoeMann mine and that mineral deposits andproduction results from the Joe Mann mine are not indicative ofmineral deposits on the Company's properties or any potentialexploitation thereof. Source: Technical Reporton the Joe Mann Mining Property dated January 11, 2016, prepared byGeologica Inc.
Figure 2 –New Mosher Property and Gitennes otherproperties in Chapais-Chibougamau area
About Gitennes ExplorationInc.
Gitennes is in the business of exploring for andadvancing mineral properties with a focus on high grade gold. TheCompany currently has three properties in the Chapais-Chibougamau areaof Quebec: New Mosher, JMW and Maxwell, and three properties in theGaspe Region of Quebec: VG Boulder, Serpenphior and Puma, the Snowbirdgold property in British Columbia and a 1.5% Net Smelter Returnroyalty on the 18 million ounce Urumalqui Silver Project in Peru. JMW, Maxwell, VG Boulder, Serpenphior and Puma are 100% owned byGitennes. New Mosher is under option from Kintavar Exploration andGitennes can earn an initial 70% and has the right to increase itsownership to 85%. The Snowbird Property has been optioned to a goldexploration company.
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 .
“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 thepolicies 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 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 informationset forth herein and should review the Company’s periodic reportsfiled from time-to-time with Canadian securities regulators. Thesereports and the Company's filings are available 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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