Gitennes Commences Exploration on Maroon High Grade Gold Project
TSX VENTURE: GIT
Vancouver, B.C. / TheNewswire / August 23, 2018 - Gitennes Exploration Inc. (TSXV - GIT) announces that it has commenced exploration on its high grade Maroon gold property located 35 km north of Terrace, British Columbia. Initial work will consist of reconnaissance mapping and sampling and surveying of historic trenches and adits.
The Maroon Property is strategically located in an active exploration area at the southern end of the Golden Triangle and is bordered by Goliath Gold's Lucky Strike Property (see map attached). Goliath recently announced encouraging results from work on Lucky Strike.
Highlights of the Maroon Property:
- 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 and have been traced along the surface for up to 1,800 metres; and remain open to the northeast, southwest and at depth.
- Selected historical diamond drill 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
- Upside - only eight drill holes to date totaling 789 metres from four set-ups, length from 45 - 192 metres with average length of 98 metres
- Drilling focused only on area of old adits;
- Three of four drill pads only over 150 metre strike length
- Six drill holes encountered vein, two holes not drilled deep enough
- No comprehensive geochemical or geophysical surveys have been completed and property-wide geological mapping is warranted.
- Claims in good standing until September, 2020
* 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 it has been granted approval by the TSX Venture Exchange to extend the maturity of 1.5 million stock options that were set to expire on August 22, 2018. The options will be exercisable until August 21, 2023 at a price of $0.05 per common share.
About Gitennes Exploration Inc.
Gitennes is in the business of exploring for and advancing gold properties. The Company currently has two high grade gold exploration properties, Snowbird and Maroon, both in British Columbia and a 1% Net Smelter Returns royalty on the 18 million ounce Urumalqui Silver Project in Peru.
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.