GILXF - Gitennes Update on Diamond Drilling and Discovery of New Showing at New Mosher Gold Property Chapais-Chibougamau area Quebec
(TheNewswire)
Vancouver, B.C. - TheNewswire - May 11, 2021: GitennesExploration Inc. ("Gitennes" or the"Company") – (TSXV:GIT) provides anupdate on the first phase of diamond drilling on its New Mosher GoldProperty and the discovery of a new, mineralized showing. The Company has completed ten holes for approximately1,700 metres (Figure 1). Through prospecting , the Company has discovered a new zoneof mineralization on the Property that coincides with a strong IPchargeability anomaly in the northeastern portion of the Property. The new showing may be related to a large,angular boulder that was discovered on the property in 1958 that wasreported to contain visible gold. The firstphase of drilling is planned for a minimum of 2,500 metres and istargeting areas of I nduced P olarization , (“IP”) high chargeability anomalies that are associated with historic goldvalues in diamond drilling and will now includedrill holes to test mineralization of the new showing (Figure 1 and4) .
Figure 1: IP Chargeability high (shown in pink) withassociated features .
Highlights of CurrentDrilling:
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- All holes in both areas successfullyintersect ed altered andmineralized zones with quartz-carbonateveining .
- 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 2)
- 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, NouthZone (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. The showing consists of several quartz veinshosted in altered maficvolcanics and some of the veins are in contact with what appears to bequartz feldspar porphyry (Figure 4). Mineralizationconsist s of pyrrhotite, pyrite and chalcopyrite. The new showing is in an area of highchargeability and provides another viable target that will be testedwith diamond drilling following the drilling of Anomaly A and B (Figure 5) .
Figure 4: New Showing associated with Induced Polarizationchargeability anomaly. Quartz vein in contact with quartz feldsparporphyry .
Figure 5: Induced Polarization Pseudosection withlocation of New Showing and Unexplored Anomalies
Gitennes President Ken Booth commented: “The Companyis pleased with progress of the drill programme and what we are seeingin drill core as evidenced by the pictures above. The drillprogramme combined with recent surface exploration has been successfulin ground proofing the off-season research done by the Gitennes. Thelocations of historic drill holes with significant gold intersectionsgoing back to the 1950's have been verified by the present drillprogramme. In addition, the new, mineralized showing which wasdiscovered by Gitennes’ prospecting can be related to a historicallyreported boulder containing visible gold. Gitennes is realizing thatit is just scratching the surface on the New Mosher property as mostof the Induced Polarization anomalies have only received a verypreliminary evaluation. Diamond drilling is continuing and surfacework will resume next month. Preliminary analyses for the drillingand surface work are expected in mid to late-June”
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%
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 of National 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:
Ken Booth
Phone: 604-682-7970, Email: info@gitennes.com
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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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