Gitennes Snowbird High Grade Gold Project 2021 First Phase Drilling Completed
Vancouver, B.C. - TheNewswire - May 4, 2021 - Gitennes Exploration Inc. ("Gitennes" or the "Company") – (TSXV:GIT) (OTC:GILXF) announces that a diamond drilling programme at its Snowbird High Grade Gold Project located near Fort St. James, British Columbia being operated by Plutus Gold Corp. (“Plutus”) has been completed. This is the first phase of diamond drilling by Plutus under an option Plutus signed with Gitennes in February, 2021. Plutus drilled 2,217 metres in nine holes and followed up on positive drill results (see table below) from Gitennes’ three diamond drill programmes that totaled approximately 5,000 metres.
Under the agreement with Gitennes, Plutus must expend $500,000 on Snowbird by June 30, 2021 or the agreement with Plutus will terminate. Plutus is a private exploration company and is seeking a listing of its shares on a Canadian stock exchange. Under the Agreement, Plutus must be listed on a recognized stock exchange by April 16, 2021 or Gitennes will receive an additional 10% in shares and if Plutus is not listed on a recognized stock exchange by the first anniversary of the Agreement Gitennes will receive Plutus shares at $0.10 per share equal to 22 million common shares. Plutus is not yet listed on a recognized stock exchange and as such Gitennes is now entitled to receive an additional 10% of the compensation shares, totaling an additional CAD$200,000, upon Plutus being listed.
Snowbird Project Highlights
- Orogenic high grade gold project;
- Displays similar characteristics to Motherlode District, California Bralorne Mine, BC;
- Snowbird has: Grade; Structure, Alteration, Depth;
- Target is 25 to 150 metre wide alteration zone, approximately 4.8 km long;
- Gitennes has drilled 30 holes totaling approximately 4,820 metres;
- Gitennes drilling consistently confirmed the presence of high grade gold;
- Intersected its highest grades along a mudstone-ultramafic contact;
- 85% of all anomalous gold values occur along the mudstone-ultramafic contact;
- Deepest hole on project drilled by Gitennes – 400 metres (300 metre vertical depth);
- Future drilling will require deep holes as Gitennes deepest hole did not cross the key contact.
Highlights from Gitennes Drilling
- 19.3g/t gold and 33.5 g/t silver over 0.6 metres - SB19-06;
- 18.3g/t gold over 0.5 metres - SB19-06;
- 9.7g/t gold over 1.2 metres - SB19-07;
- Including 12.95g/t gold over 0.7 metres;
- 11.32 g/t gold over 1.32 metres including 22 g/t gold over 0.82 metres – SB18-06;
- 16.25 g/t gold over 1.0 metre – SB17-04.
* The above mineralized widths are downhole widths. True widths are not known at this time.
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 four properties in Quebec: JMW, RAL, New Mosher and Maxwell, the Snowbird gold property in British Columbia and a 1.5% Net Smelter Return royalty on the 18 million ounce (43-101 compliant) Urumalqui silver resource in Peru. JMW and Maxwell are 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 Justin Rensby (P.Geo.), technical adviser to the Company who is a "qualified person" within the meaning of National Instrument 43-101.
Gitennes Exploration Inc.
For further information, please contact: Ken Booth, 604-682-7970, Email: email@example.com
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 the Option to acquire the Snowbird Project 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.