GIT:CC - Gitennes Signs Two Agreements to Option its JMW and Maxwell Properties Chapais-Chibougamau Area Quebec
(TheNewswire)
Vancouver, B.C. - TheNewswire - November 3 ,202 2 - Gitennes Exploration Inc. ("Gitennes" or the "Company") - (TSXV – GIT) announces that it has signed twoagreements to option its JMW and Maxwell properties,Chapais-Chibougamau Area, Quebec to Newfoundland Discovery Corp. (CSE- NEWD). Work on the two properties is expected to commence shortlyand Newfoundland Discovery Corp. is planning to spend approximately$800,000 on exploration between the two properties. On the JMWproperty geophysics and diamond drilling is proposed and for Maxwellan airborne Magnetometer survey will be conducted.
Newfoundland Discovery can initially earn a 70%interest in each property and has the right to earn an additional 15%interest. Terms of the option agreements are:
JMW Property
| Cash |
| Shares |
| Work Commitments |
| On signing |
| $5,000 |
| TSXV Approval |
| 125,000 |
| Year 1 |
| 150,000 |
| $500,000 |
| Year 2 |
| 250,000 |
| $500,000 |
| Year 3 |
| 350,000 |
| $500,000 |
| Total |
| $5,000 |
| 825,000 |
| $1,500,000 |
If all of the payments are made and explorationexpenditures are completed then Newfoundland Discovery will earn a70%. Newfoundland Discovery can earn an additional 15% by completinga 43-101 compliant resource .
Maxwell Property
| Cash |
| Shares |
| Work Commitments |
| On signing |
| $5,000 |
| TSXV Approval |
| 125,000 |
| Year 1 |
| 50,000 |
| $250,000 |
| Year 2 |
| 150,000 |
| $350,000 |
| Year 3 |
| 250,000 |
| $400,000 |
| Total |
| $5,000 |
| 575,000 |
| $1,000,000 |
If all of the payments are made and explorationexpenditures are completed then Newfoundland Discovery will earn a70%. Newfoundland Discovery can earn an additional 15% by completinga 43-101 compliant resource .
The JMW property lies along the GuerchervilleDeformation zone which is host to several past producing mines as wellas Iamgold’s Nelligan deposit that hosts approximately 3.1 millionof ounces of gold. The JMW property has goldmineralization and visible gold in drill holes associated with thedeformation zone but gold has also been observed in intrusive rocks tothe north of the deformation zone. Additionally, a target on JMW isthe sediments which is the host rock for the Nelligan deposit.
Maxwell is approximately 15 km to the northeast of JMWand close to Iamgold’s Monster Lake deposit that hosts 433,000ounces of gold. Maxwell has several occurrences of gold in both thefine and heavy fraction of glacial tills and the gold in tills isassociated with mapped structures. The structures are northeasttrending, similar to Iamgold’s Nelligan property. Maxwell has seenvery little exploration and several EM geophysical anomalies remainuntested.
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 Gitennes toearn an initial 70% with the right to increase its ownership to85%.
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.
Not for distribution to UnitedStates newswire services or for release, publication, distribution ordissemination directly, or indirectly, in whole or in part, in or intothe United States.
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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