GILXF - Gitennes JMW Property Induced Polarization Survey Produces Numerous Chargeability Anomalies and Drill Targets Chapais-Chibougamau Area Quebec
(TheNewswire)
Vancouver, B.C. - TheNewswire - November 9 , 2021 -Gitennes Exploration Inc. ("Gitennes"or the "Company") (TSXV:GIT) (OTC: GILXF) announces that ithas received the interpretation of the 24 line kilometer InducedPolarization (“IP”) survey on its 100% owned JMW gold property.
Highlights of the IP Survey
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- Survey covered three distinct types ofmineralization/targets (Figures 1 and 2) including sedimentary andintrusive rocks (tonalities) that have seen little previousexploration;
- The detailed interpretation has outlined several areas of highpriority that correspond to previouslyidentified gold mineralization;
- Thirteen zones ofinterest (labeled A to M in Figure 1)highlighted by chargeability anomalies (See Figure 1 dark lines). Ofthe 13 identified zones, sixhave been given a high priority as targets for testing by diamonddrilling.
- Strong anomalies occur in the sedimentary rocks(Figure 1) – these rocks are known to host gold deposits andoccurrences in the Chapais-Chibougamau area and the sedimentary rocks will be a focus offurther work by Company .
Figure 1 : Geology, ExplorationTarget Areas and Induced PolarizationChargeability Anomalies. White lines were surveyed by IP, Magnetometerand VLF=EM. Red Lines were surveyed by magnetometer and VLF-EMonly.
Figure 2: Typical Pseudo-section from the IP surveydemonstrating the different styles of gold mineralization.
Target Areas on JMW (Figure 1 and 2 ) :
Target 1 :Drilling in the 1980’s was relatively shallow and gold intersectionshave demonstrated good widths and grades of goldmineralization . This could indicate thatdrilling intersected the peripheral margin of more significant grades,possibly at depth . Past d iamond drilling included:
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- 0.52 g/t gold over 12.2metres in a mineralized, felsic porphyryintruded into sericite schists.
- 0.31 g/t gold over 11.6metres was intersected about 60 metres downholenear the south boundary of a felsic porphyry intrusion with quartzveining and pyrite mineralization.
- 0.83 g/t gold over 9.1metres also in a mineralized, felsic porphyry inbetween mafic volcanic rocks to the north and sericite schists to thesouth.
Target 2 : Morerecently, work by previous operators has focussed on areas north ofthe 1980’s drilling. Grab samples included; 5.02, 4.83, and 4.08 g/t gold in intrusive rocks with quartz veining and disseminatedpyrite as well as altered porphyritic rocks with quartz veining andpyrite mineralization in rocks of tonaliticcomposition.
Target 3 :Current exploration on strike with the JMW property by other companieshas indicated that gold may also be associated with sedimentary rocksto the south of the Guercheville Deformation Zone. The JMW propertyhas a thick sequence of these rocks that have seen little explorationin the past.
Figure 2 : Geology, ExplorationTarget Areas and Induced PolarizationChargeability Anomalies. White lines were surveyed by IP, Magnetometerand VLF=EM. Red Lines were surveyed by magnetometer and VLF-EMonly.
About the JMW Property
JMW is located along the Guercheville Deformation Zonewhich is host to past producers of gold andcopper and many gold projects that are currently active (Figure 4). T he past producing Joe Mann M ine is locatedapproximately 45 km east on the Guercheville structure The Joe Mann mine produced approximately 1.5 millionounces of gold at an average grade of 8.3 g/t gold (1) . T he Fenton-Sud Prospect which has ahistorically reported 426,173 tonnes at a grade of 4.66 g/tgold (1) is located about12 km northwest of the JMW property on the same trend.
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(1) Readers are cautioned that theCompany has no interest in or right to acquire any interest in the JoeMann mine or Fenton Sud Property , and that mineral deposits and production results from theJoe Mann mine are not indicative of mineral deposits on the Company'sproperties or any potential exploitation thereof .
In addition, companiessuch as Northern Superior and Iamgold-Vanstar are actively exploringstructural zones in the sedimentary rocks south of the GuerchevilleFault Zone. Northern Superior Resources reported drill intersectionsof 2.02 g/t AuEq over 42.60m at Lac Surprise located about 30 kmsouthwest of the JMW Property (See Northern Superior Press ReleaseJuly 6, 2021). Immediately to the east of the Northern SuperiorProperty is the Nelligan property being explored by Iamgold-Vanstarwith a resource of 97 Mt grading 1.02 g/t gold.
The mineralization on the Northern Superior andIamgold-Nelligan properties is hosted in sedimentary rocks (mainlygreywacke) with moderate to strong pyrite content varying between 2%to 6% mostly in thin dissemination, fractures, veinlets controlled andoften in stringers) spatially related to moderate to strongsilicification and sericitization.
The southern portion of the JMW property hosts geologysimilar to the Northern Superior and Iamgold Nelligan (Target 3above). The moderate to strong pyrite content would be detected byInduced Polarization surveys. The recent IP survey completed byGitennes on the JMW property has detected strong IP chargeabilityanomalies in the sediments south of the Guercheville Fault (See Figure2);
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- Exploration by previous operators included airborneand ground geophysical surveys, geological mapping, prospecting anddiamond drilling. The majority of the past work was done in the1980’s in the vicinity of the Guercheville Deformation Zone in apackage of felsic to mafic volcanic rocks, intruded by porphyriticrocks all with varying degrees of sulphide and quartz mineralization. Gold mineralization detected in the past has been associated withthe mineralized porphyritic rocks and altered felsic volcanics.
Figure 3: JMW Property Location Map with SignificantExploration in the Area
The Company also announces that, it has closed the final tranche of its previously announced non-brokered private placement (the"Placement") (see news release dated October 26, 2021). The Placement raised aggregate gross proceedsof $409,700 through the sale of: (i) 2,857,500 flow-through shares atthe price of $0.06 per share; and (ii) 2,950,000 non-flow-throughunits at a price of $0.05 per unit (each, a "Unit").
Each Unit consists of one non-flow-through common sharein the capital of the Company (each, a "Share") and onenon-flow-through common share purchase warrant (each,a "Warrant") with each Warrant entitling the holder thereofto acquire one additional non-flow-through common share in the capitalof the Company at a price of $0.10 per share for a period of twentyfour (24) months from the date of issuance.
In connection with the Placement, the Company paidaggregate finder's fees consisting of $ 18,316 in cash and issued 318,600non-transferrable finder's warrants (each, a "Finder'sWarrant"). Each Finder’s Warrant entitles the holder thereofto purchase one common share in the capital of the Company at a priceof $0.10 per share for a period of 24 months from the date of issuance.
Leede Jones Gable Inc. receivedfinder’s fees consisting of $ 12,556 cash and 222,600 Finder’s Warrants and Raymond James Ltd.received finder’s fees consisting of $ 5,760 cash and 96,000 Finder's Warrants.
The gross proceeds from the Placement are expected tobe used to incur Canadian Exploration Expenses that are"flow-through mining expenditures" (as such terms aredefined in the Income TaxAct (Canada)) on the Company's Quebec projectslocated in the Chapais-Chibougamau area.
All securities issued pursuant to the Placement aresubject to a four month and one day hold period in Canada. ThePlacement is subject to certain conditions including, but not limitedto, the receipt of all necessary approvals including the approval ofthe TSX Venture Exchange and any applicable securities regulatoryauthorities.
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 gold properties in Quebec: JMW, New Mosher,Maxwell and Gaspe, the Snowbird gold property in British Columbia anda 1.5% Net Smelter Return royalty on the 18 million ounce UrumalquiSilver Project in Peru. JMW, Maxwell and Gaspe are 100% owned byGitennes. New Mosher is under option and Gitennes can earn aninitial 70% and has the right to increase its ownership 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 identified by words such as "proforma", "plans", "expects", "may","should", "budget", "schedules",estimates", "forecasts", "intends","anticipates", "believes", "potential"or variations of such words including negative variations thereof andphrases that refer to certain actions, events or results that may,could, would, might or will occur or be taken or achieved. Suchforward-looking statements include, among others, statements as to theanticipated business plans and timing of future activities of theCompany, including the exercise of any property Options and to conductexploration activities thereon. Actual results could differ fromthose 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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