Gitennes Contracts Drilling Company for Second Phase Diamond Drill Programme, New Mosher Gold Property, Chapais-Chibougamau area, Quebec
Vancouver, B.C. - TheNewswire - December 16, 2021 - Gitennes Exploration Inc. ("Gitennes" or the "Company") – (TSXV:GIT) (OTC:GILXF) announces that RJLL Drilling will conduct the Company’s second phase of diamond drilling at the New Mosher gold property in the Chapais-Chibougamau area of Quebec (see Figure 3). The second phase of drilling is planned for a minimum of 1,000 metres and is expected to commence in early January.
The Company’s second diamond drill programme will focus on the New Mosher Showing where the Company encountered significant widths of anomalous gold (see highlights on page 2). In addition to Gitennes’ encouraging results from the first diamond drill programme the New Mosher Showing (Area 1, Figure 1) has gold in historical drilling, 8.1 g/t gold over 0.25 metres and 1.87 g/t gold over 5.1 metres and grab samples assaying 16 g/t gold and 5.66 g/t gold.
With the second phase of drilling to focus on the New Mosher Showing (Figure 1, Area1) the Company recently located several drill pads for the upcoming programme and confirmed the location of quartz veins in the showing area (Figure 2).
Figure 1 – Area 1 – New Mosher Showing will be focus of second phase drill programme
Figure 2 – New Mosher Showing with detailed map of quartz veins in sheared volcanics including approximate location of Noranda historical grab samples and 2018 sampling. The second phase of diamond drilling will target the quartz veins with several drill holes.
Highlights of First Diamond Drilling Programme
Gold intersected over significant widths:
- 22 metres in hole NM 21-02 grading 0.25 g/t gold
- 9.0 metres in hole NM 21-11 grading 0.71 g/t gold
- 5.0 metres in hole NM 21-08 grading 0.68 g/t gold
Gold intersections are shallow
10 of 19 holes intersected anomalous gold mineralization,
All three areas tested intersected gold mineralization
Broad zones of gold mineralization correlate well with previously identified IP anomalies
- Associated with intense alteration with quartz-carbonate veining, pyrite, pyrrhotite,
chalcopyrite and arsenopyrite.
The New Mosher Property is located three kilometres from the past producing Joe Mann Mine which produced approximately 1.2 million ounces of gold at an average grade of 8.3 g/t gold(1) plus silver and copper.
(1)Readers are cautioned that the Company has no interest in or right to acquire any interest in the Joe Mann mineand 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. Source: Technical Report on the Joe Mann Mining Property dated January 11, 2016, prepared by Geologica Inc.
Figure 3 –New Mosher Property and Gitennes other properties in Chapais-Chibougamau area
The Company also announces that it has granted to directors, officers, and consultants of the Company stock options (the "Options") exercisable to acquire up to a total of 1,610,000 common shares under the Company's Stock Option Plan in accordance with the terms of the Company's stock option plan. The Options are exercisable for a period of five years at a price of $0.05 per share from the date of grant. The Options are subject to the policies of the TSX Venture Exchange.
Additionally, the Company announces that it is conducting a non-brokered private placement (the “Placement”) of up to 7,000,000 units (consisting of 3,000,000 non-flow-through units (“Units”) priced at $0.05 per Unit and 4,000,000 flow-through shares (“FT Share”) priced at $0.06 per FT Share). Each Unit consists of one non-flow-through common share and one common share purchase warrant (“Warrant”). Each Warrant shall be exercisable to acquire one Common Share (a “Warrant Share”) at an exercise price per Warrant Share of $0.10 for a period of 24 months following the Closing Date. Finder’s Fees of 8% cash and 8% warrants may be paid on the financing.
All securities issued pursuant to the Placement are subject to a four month and one day hold period in Canada. The Placement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and any applicable securities regulatory authorities
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 the Chapais-Chibougamau area of Quebec: New Mosher, JMW and Maxwell, and three properties in the Gaspe Region of Quebec: VG Boulder, Serpenphior and Puma, 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, Maxwell, VG Boulder, Serpenphior and Puma are 100% owned by Gitennes. New Mosher is under option from Kintavar Exploration and Gitennes can earn an initial 70% and has the right to increase its ownership to 85%. The Snowbird Property has been optioned to a gold exploration company.
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.
For further information on the Company, readers are referred to the Company’s website at www.gitennes.com and its Canadian regulatory filings on SEDAR at www.sedar.com.
Gitennes Exploration Inc.
Ken Booth President
For further information, please contact:
Phone: 604-682-7970 Email: firstname.lastname@example.org
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Not for distribution to United States newswire services or for release, publication, distribution or dissemination directly, or indirectly, in whole or in part, in or into the United States
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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