Vancouver, B.C. - TheNewswire - November 19, 2020: Gitennes Exploration Inc. ("Gitennes" or the "Company") - (TSXV:GIT) provides an update on exploration programmes on its Riviere-a-l'Aigle ("RAL") and New Mosher gold properties in the Chibougamau area of Quebec.
Gitennes has had two separate crews conducting the first phase of exploration on both the RAL and New Mosher properties. The programmes are being conducted by experienced technical teams from Kintavar Exploration Inc. which is the operator of both properties. Gitennes is earning up to an 85% interest in both properties from Kintavar.
New Mosher consists of 12 claims totaling approximately 670 hectares and is located approximately four kilometres northeast of the past producing Joe Mann mine. Joe Mann produced approximately 1.5 million ounces of gold at an average grade of 8.3 g/t gold(1).
Gold mineralization on the Property is associated with quartz veins within sheared mafic volcanics and there are at least two "structural corridors" evident on the Property. The New Mosher showing, along the western corridor has a historically reported grade from a trench sample of 15 g/t gold and a historically reported surface sample returned 20 g/t gold. In addition, drilling in the 1980's intersected 1.91 g/t gold over 4.9 metres (historically reported).
The first phase of exploration followi up on Kintavar's programme in 2018 and will consist of:
Soil and till sampling;
Induced Polarization ("IP") geophysical survey; and
Soil sampling has been completed and 511 samples have been sent to the lab for multi-element analysis. Till sampling was completed over the target area in the eastern portion of the claims and an initial review of the samples has returned gold grains with some in pristine condition. Analysis on the heavy minerals concentrate of the till samples returned up to 0.19 g/t gold.
Of interest is that a re-interpretation of an IP survey by a previous operator over the area of the till sampling has produced a chargeability anomaly that coincides with the southern projection of the eastern corridor. Line cutting will begin in late November followed by the IP survey which will cover two target areas in the western portion of the claims. With the recognition of the chargeability anomaly on the eastern side of the property, the IP survey will be extended to cover the entire eastern side.
(1) Readers are cautioned that the Company has no interest in or right to acquire any interest in the Joe Mann mine 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.
The Property consists of 119 claims totaling 6,600 hectares and it is located adjacent to Osisko Mining's Windfall East Prospect. Past work on the property by Kintavar (the operator) has detected up to 0.33 g/t gold and 1825 ppm arsenic in grab samples from surface outcrops. Previous till sampling on three separate areas returned up to 64 gold grains on Grid B; up to 40 gold grains on Grid C and up to 57 gold grains on Grid D. In addition, 33 grains of gold have been detected in a till sample on the southeastern portion of the property. Another sample contained 1950 ppm copper and 2020 ppm nickel. Other work on the Property by Kintavar has produced strong geochemical anomalies in tills that appear to be associated with major faults and shear zone axes.
Kintavar has prioritized Grids B, C and D as the focus of Gitennes' first phase of exploration on the Property. The first phase will consist of soil sampling, line cutting, and an IP survey on all three targets. To date, soil sampling has been completed on one target and samples have been submitted to the lab for processing. Soil sampling will continue on the other target areas and line cutting will commence soon on all three areas followed by the IP survey.
About Gitennes Exploration Inc.
Gitennes is in the business of exploring for and advancing mineral properties with a focus on high grade or large tonnage gold deposits. The Company currently has three properties in Quebec, JMW, RAL and New Mosher, 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 is 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 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:
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.
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.