Gitennes Adds Prospective Gold and Copper Properties in Gaspe Region of Quebec
Vancouver, B.C. - TheNewswire - August 4, 2021: Gitennes Exploration Inc. ("Gitennes" or the "Company") – (TSXV:GIT) announces it has acquired 100% interest in two gold properties and one copper property in the Gaspe Region of Quebec (Figure 1). The two gold properties cover geology and structure that is similar to recent gold discoveries in Newfoundland. In addition, one of the properties (VG Boulder Property) has historically reported gold in outcrop plus angular boulders with visible gold. The gold mineralization in the region is traditionally hosted by splay faults from a major regional structure called the Grand Pabos Fault. This major fault zone can be traced across the entire Gaspe Peninsula and into Newfoundland where major gold discoveries have been made.
Figure 1: Location Map – Gitennes Gaspe Properties
VG Boulder Property (1,250 hectares)
- Favourable geology along major structure and splays
- Historical gold (22.4 g/t) and antimony (15.4%) in outcrop
- Gold in large, angular boulders (58 g/t) with reported visible gold
Figure 2: VG Boulder Property Highlights
Serpenphior Property (228 hectares)
- Historical drill hole 95-03 with 10 intersections of 0.16 to 3.9 g/t gold over of 0.3 to 3.0 metres;
- Copper intersection of 0.45% over 6.5 metres; and
- Surface sample of 0.21 g/t gold over 10.5 metres.
Figure 3: Serpenphior Property Highlights
Puma Property (114 hectares)
- Puma Showing: 11 grab samples assayed 2.9 to 9.95% copper and 6 to 35 g/t silver;
- Caroline Showing: located about 85 metres west of the Puma Showing, six grab samples assayed 1.5 to 11.4% copper and 2.1 to 105 g/t silver.
Figure 4: Puma Property Highlights
Regional Context and Discussion
Recent research has revealed that gold mineralization is related to the Ordovician to Silurian-aged closing of the Iapetus Ocean. This ancient suture in the earth’s crust extends from North America, through the Gaspe Peninsula, Newfoundland, across the Atlantic Ocean to Ireland (Figure 5). Major gold deposits are associated with this event in Newfoundland and Ireland and structure is found to be a key aspect of these deposits and the critical control of gold mineralization including gold mineralization in the Gaspe Region of Quebec.
Figure 5: Global Significance of Closing of the Iapetus Ocean and Relation to Gold Deposits including mineralization on Gitennes Properties labelled Gaspe Gold.
Gitennes will issue to the vendor of the three properties 250,000 common shares of the Company with the issuance of the shares subject to TSX Venture approval.
About Gitennes Exploration Inc.
Gitennes is in the business of exploring for and advancing mineral properties with a focus on high grade or large tonnage gold deposits. The Company currently has three properties in Quebec, JMW, RAL and New Mosher, the Snowbird gold property in British Columbia and a 1.5% Net Smelter Return royalty on the 18 million ounce Urumalqui Silver Project in Peru. JMW is 100% owned by Gitennes. RAL and New Mosher are under option and Gitennes can earn an initial 70% and has the right to increase its ownership to 85%.
The scientific and technical information contained in this 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.
Gitennes Exploration Inc.
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Cautionary Note Regarding Forward-Looking Information
This news release includes certain statements that constitute "forward-looking information" within the meaning of 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 historical are forward-looking statements and include any statements regarding beliefs, plans, expectations and orientations regarding the future. Often, but not always, forward-looking statements can be identified by words such as "pro forma", "plans", "expects", "may", "should", "budget", "schedules", estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Such forward-looking statements include, among others, statements as to the anticipated business plans and timing of future activities of the Company, including the exercise of the Option to acquire the New Mosher, RAL and Snowbird Projects and to conduct exploration activities thereon. Actual results could differ from those projected in any forward-looking statements due to numerous factors including risks and uncertainties relating to exploration and development and actual results of exploration activities; the ability of the Company to obtain additional financing; delays in obtaining governmental and regulatory 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; fluctuations in the prices of commodities and precious metals; operating hazards and risks; environmental issues and liabilities; and competition and other risks and uncertainties of the mining industry. Although the Company believes that the beliefs, plans, expectations and intentions contained in this news release are reasonable, there can be no assurance that those beliefs, plans, expectations or intentions will prove to be accurate. Readers should consider all of the information set forth herein and should review the Company’s periodic reports filed from time-to-time with Canadian securities regulators. These reports and the Company's filings are available at www.sedar.com.
Readers are cautioned not to place undue reliance on forward-looking statements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as otherwise required by law, the Company undertakes no obligation to update the forward-looking statements contained herein, or to update the reasons why actual results could differ from those projected in these forward-looking statements.