Gitennes' Acquisition of High Grade Gold-Silver Maroon Project Receives Exchange Approval
TSX VENTURE: GIT
Vancouver, B.C. / TheNewswire / June 4, 2018 - Gitennes Exploration Inc. (TSXV - GIT) announces that further to its release dated May 10 on the acquisition of the high grade gold-silver Maroon Project it has received TSX Venture Exchange approval. Gitennes has the right to acquire 100% of the high grade Maroon gold-silver Project which is located 35 km north of Terrace, British Columbia.
The Maroon Project acquisition continues Gitennes' recent strategy of focusing on high grade gold properties that can be progressed relatively quickly to the drill stage. The Company plans surface exploration over the next couple of months follow by a diamond drill programme.
Mineralization at Maroon is within a structural corridor containing multiple, sediment-hosted high-grade polymetallic quartz-sulfide veins (Au-Ag-Cu-Zn-Pb). Exposed veins are greater than one metre wide, have been traced along surface for up to 1,800 metres and remain open to the northeast, southwest and at depth.
Exploration in the 1920's and 1930's led to the discovery of a number of outcropping auriferous polymetallic quartz sulphide veins hosted within greywackes and siltstones, concentrated approximately 30 metres below a 35 to 70 metre thick conglomerate bed. The BC Minister of Mines Annual Report from 1928 mentions a shipment of 25 tons of material from the Bear Vein (BC Minfile 103I 030) on adjacent claims that yielded the following grades:
- - 1.48 ozs/t gold, 4.6 ozs/t silver, 8.4% zinc and 4.9% lead *
The Bear Vein can be traced for approximately 1.8 km on Gitennes' property and limited diamond drilling over a short strike length returned the following results *:
- - 0.63 metres grading 26.1 g/t gold, 32.6 g/t silver, 2.97% zinc and 1.62% lead;- 0.30 metres grading 18.9 g/t gold, 117 g/t silver, 3.89% zinc and 6.20% lead;- 0.43 metres grading 5.9 g/t gold, 56.1 g/t silver, 8.6% zinc and 3.00% lead
* 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.
Surface sampling to date by previous operators has yielded multiple gram gold grades over widths of up to three metres. Two lenses of good grade material have been identified from surface sampling; these include a southwest lens with an averaging 8.98 grams/tonne gold over an average sample width of 1.43 metres and a strike length of 168 metres and a northeast lens grading 21.93 grams/tonne gold over an average sample width of 1.24 metres and a strike length of 140 metres.
About Gitennes Exploration Inc.
Gitennes is in the business of exploring for and advancing gold properties. The Company has three gold exploration properties, Snowbird, Maroon and Hixon, all in British Columbia and a 1% Net Smelter Returns royalty on the 18 million ounce Urumalqui Silver Project in Peru.
The technical information contained in this news release has been reviewed and approved by Jesse C. Grady M.Sc. (CPG -11592), director of 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
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 the TSX Venture Exchange), 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.