Vancouver, B.C. - TheNewswire - December 15, 2020 - Gitennes Exploration Inc. ("Gitennes" or the "Company") (TSXV:GIT) (OTC:GILXD) announces that it has staked 119 claims totaling 6,642 ha approximately 14 km south of Chapais, Quebec, six km west of the Monster Lake high grade gold property currently being explored by Iamgold and 18 km northeast of the 100% owned Gitennes JMW gold property. (see location map below). With its focus and recent work in the Chapais-Chibougamau area Gitennes staked the new property after review of government reports, surveys and assessment reports and concluded the geology was more prospective than had been previously mapped by previous operators. The new property also contains several anomalous areas of gold in till sampling and copper mineralization in drill holes and surface sampling (see Figure 1).
As a result of the research done by Gitennes, it was realized that what was previously mapped as tonalitic rocks were actually a package mafic to felsic volcanics rocks cut by multiple northeast trending fault structures. Historical drilling, although sparse, intersected semi massive to massive sulphides associated with geophysical conductive zones.
Anomalous gold in fine fraction till, up to 820 ppb (0.82 g/t);
Anomalous gold in heavy fraction till, up to 340 ppb (0.34 g/t);
Gold in tills associated with mapped structures;
Structures are northeast trending and parallel structures at Iamgold’s Monster Lake gold property;
Geology is very favourable
Volcanic environment with massive sulphide horizons intersected in drilling;
Previously mapped as intrusive;
Channel samples by previous operators returned:
- 2.0% copper over 0.5 metres and 1.2% copper over 0.15 metres;
Very little previois exploration:
- Several untested EM (Electromagnetic) anomalies
100% ownership, no royalties;
Infrastructure is excellent – road accessible, powerline crosses the Property.
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.
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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 Options to acquire the New Mosher, RAL and Snowbird Properties 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.