(TheNewswire)
Vancouver, British Columbia / TheNewswire / July 14, 2017 - Gitennes Exploration Inc. ("Gitennes" or the "Company") - (TSXV: GIT) announces that the first phase of exploration has commenced on the advanced stage high grade Snowbird Gold Project, located in north central BC. The Company also announces that it has raised a total of $468,000 in its previously announced Private Placement with the closing of a second tranche today. Net proceeds from the Private Placement enable the Company to begin the first phases of exploration of the Snowbird Gold Project with the goal of outlining a diamond drill program.
Gitennes personnel have re-established road access to various zones on the Property including Main and Pegleg. Outcrop exposures of the Main and Pegleg zones were observed for at least 80 metres strike length and contained intense quartz-carbonate veining and mariposite alteration. Drilling in this area in the 1980s returned the following results:
------------------------------------ |Hole |Gold|Length (metres)| ||(g/t) || |----------------------------------| |80-07|10.53 |4.80| |----------------------------------| |80-10|5.73|0.90| |----------------------------------| |86-02|9.26|4.30| |----------------------------------| |80-06|9.57|2.40| |----------------------------------| |86-06|5,050 |0.20| ------------------------------------(1)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.
Gitennes plans to carry out geophysics, surface mapping, and sampling during the first phase of exploration. The geophysics will consist of ground MAG with the aim of delineating the 4.8 kilometre long Sowchea shear zone as well as cross structures. Mapping will focus on identifying additional areas of mariposite alteration which is a key host of high grade gold mineralization at Snowbird. Mariposite, which is a chrome rich sericite, has been recognized at many high grade orogenic gold deposits in BC and California. Gitennes will also trace the locations of 88 core holes drilled in the 1980's; this would be helpful in future drilling by the Company.
Snowbird Project
The Snowbird high grade gold project was optioned by Gitennes in February 2017. The Project covers 7,120 hectares and is located 20 kilometres west of Fort St. James, British Columbia. Fort St. James is a full service community providing infrastructure and skilled manpower. The Project is orogenic in style and has been recognized as being similar to other lode gold systems that are associated with terrane boundary structures and ophiolite complexes within the Cordillera. Several well-known examples of significant past producers include the Motherlode District and Quartz Hill in California and in British Columbia, Rossland, Bralorne and Barkerville. The Snowbird Project has seen several periods of exploration with the last major program completed in 1989 consisting of diamond drilling. To date, 88 diamond holes have been completed on the Snowbird Project totaling 9,300 metres. The drilling was concentrated on only 1,100 metres of the approximately 4.8 km long Sowchea Fault.
The Company has now raised a total of $468,500 with the closing today of the second tranche of its previously announced Private Placement. The second tranche raised aggregate gross proceeds of $20,600 through the issuance of 90,900 non-flow through units at $0.055 per unit (for gross proceeds of $5,000) and 240,000 flow-through units at $0.065 per unit (for gross proceeds of $15,600). All securities issued in the Private Placement have a hold period of four months expiring on November 10, 2017. Each unit consists of one common share and one non-flow through common share purchase warrant. Each warrant is exercisable for a period of 36 months from the closing of the first tranche of the Private Placement and has an exercise price of $0.085 for the non-flow through unit warrants and an exercise price of $0.10 for the flow-through unit warrants. The expiry date of the flow-through warrants and the non-flow through warrants will be accelerated if the closing price of the Company's common shares on the TSX Venture Exchange (the "TSX-V") is at least $0.15 for a minimum of 20 consecutive trading days during the term commencing after four months from the issuance of the warrants. The Company will use the net proceeds from the Private Placement to fund exploration on its Canadian properties and for general corporate purposes. In addition, a total of $940 in cash and 14,400 warrants were paid in finder's fees on the second tranche.
About Gitennes Exploration Inc.
Gitennes is in the business of exploring for and advancing mineral deposits. The Company currently has two gold exploration properties, Hixon and Snowbird, both in British Columbia and a 1% Net Smelter Returns royalty on the 18 million ounce Urumalqui Silver Project in Peru.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by L. Mireku, MSc (P.Geo.), technical advisor to the Company, 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"
Ken Booth
President
For further information, please contact: Ken Booth
Phone: 604-682-7970 Email: info@gitennes.com
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.
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