Gitennes to Commence Exploration on Three Quebec Gold Properties
Vancouver, B.C. - TheNewswire - October 14, 2020 - Gitennes Exploration Inc. ("Gitennes" or the "Company") (TSXV:GIT) announces that exploration on its three Quebec gold properties will commence in the latter half of October. The properties, JMW, Rivière-à-l’Aigle ("RAL") and New Mosher are all in areas of active exploration (see location map below).
Gitennes owns 100% of JMW which is located along the Guercheville Deformation Zone which is host to several high grade prospects as well as the past producing Joe Mann mine. The mine operated 27 of the years from 1956 to 2007 and produced approximately 1.5 million ounces of gold at an average grade of 8.3 g/t gold(1). In addition, the Fenton-Sud Prospect which has a historically reported 426,173 tonnes at a grade of 4.66 g/t gold(1) is located about 12 km northwest of the JMW property on the same trend. Previous work on the JMW property has confirmed the gold bearing structure with gold mineralization within altered and mineralized felsic intrusives within the deformation zone. Gitennes initial exploration programme will consist of mapping, sampling and follow up on several geophysical anomalies. The Company is also conducting a detailed structural analysis of JMW as it appears the favourable gold bearing lithologies are repeated across the property.
Readers are cautioned that the Company has no interest in or right to acquire any interest in the Joe Mann mine or Fenton Sud Property, and that mineral deposits and production results from the Joe Mann mine are not indicative of mineral deposits on the Company's properties or any potential exploitation thereof.
RAL and New Mosher
RAL and New Mosher are under option from Kintavar Exploration and Kintavar will be the operator of the upcoming work programmes on both properties. Kintavar will bring to Gitennes its experience and knowledge of the Quebec geology, infrastructure and logistics on the ground. The team is led by Kintavar’s VP Exploration Alain Cayer, P.Geo, recipient of the Bill Denis Prospector of the Year Award for the Eleonore mine discovery with Virginia Gold Mines and also discovered the Anik property along the Guercheville deformation zone, now being advanced in partnership by IAMGOLD and on the same trend as the JMW property.
RAL is located adjacent to Osisko Mining Inc.’s Windfall Lake property and consists of 119 claims totalling 6,600 hectares. Work to date on RAL has produced strong geochemical anomalies in tills that appear to be associated with major faults and shear zone axes. Initial work will focus on the three most promising targets that were identified by Kintavar during its most recent work which included till sampling and returned grades up to 3.6 g/t gold (range from 0.1 g/t gold to 3.6 g/t gold). Work will include soil sampling and line cutting with a proposed Induced Polarization geophysical survey to be conducted later in the year.
The New Mosher property is approximately five kilometres north east of the Joe Mann mine and consists of 12 claims totaling 670 hectares. Mineralization on New Mosher is within a sheared gabbro and basalt with mesothermal type gold-bearing quartz veins and historically reported sampling revealed grab samples up to 16.7 g/t gold in outcrop and 8.1 g/t gold over 0.25m, 3.03 g/t gold over 1.4m and 2.43 g/t gold over 1.6m in diamond drilling(1). Recent sampling by Kintavar has identified several anomalous areas; however, much of the property remains untested.
(1)Readers are cautioned that a "qualified person" (as defined by National Instrument 43-101) has not yet completed sufficient work to be able to verify the historical information, and therefore the information should not be relied upon.
The Company also announces that Wayne Holmstead, P.Geo will be joining the Company to act as Manager of Exploration. Wayne is a graduate from the University of Toronto with a B.Sc. in Geology and has over 40 years’ experience in mineral exploration and project administration with much of that experience in Quebec. He has managed numerous junior exploration companies and held the position of President, Vice President Exploration and Director. In 2018 Wayne co-founded UrbanGold Minerals and researched and staked many of the properties currently in UrbanGold.
Gitennes is also granting 1,875,000 incentive stock options to directors, officers and consultants. Each option is exercisable at $0.165 per share and has a term of five years. This grant of options remains subject to acceptance by the TSX Venture Exchange.
About Gitennes Exploration Inc.
Gitennes is in the business of exploring for and advancing mineral properties with a focus on high grade gold. The Company currently has three properties in Quebec, JMW, RAL and New Mosher, the Snowbird property in British Columbia and a 1.5% Net Smelter Return royalty on the 18 million ounce Urumalqui Silver Project in Peru.
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.
For further information, please contact: Ken Booth
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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 any property Options 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.
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