Gitennes Receives Analyses for Recent Drill Program, New Mosher Gold Property, Chapais-Chibougamau area, Quebec

2022-05-16 / @thenewswire

(TheNewswire)

Drilling Indicates broad zones of anomalous gold and alteration

Anomalous gold values Intersected in all seven holes

Visible gold near the top of Hole NM-22-04 may indicate gold mineralization may be related to a large, regional fault running through lake west of the New Mosher gold showing

Vancouver, B.C., - TheNewswire - May 16 2022: Gitennes Exploration Inc. ("Gitennes" or the "Company") – (TSXV:GIT) announces that analyses have been received on a recent drill program consisting of seven holes totaling 1,002 metres with six of the holes being drilled at the New Mosher Showing (See Figure 1) on its New Mosher gold property, Chapais-Chibougamau area of Quebec.

Results are listed below:

Click Image To View Full Size

Table 1: Gold Results from Phase 2 Drilling

Click Image To View Full Size

Figure 1 – Phase 2 (2022) drill hole locations in relation to Phase 1 (2021) Drilling.

Anomalous gold values were intersected in broad zones of silica, chlorite and sericite alteration. Traces of arsenopyrite were also noted. Hole NM-22-01 indicates the New Mosher gold zone is still open to the east. From 21.5 m to 37.9 m, 0.33 g/t Au over 16.4m was detected in a zone of strong alteration. This section included 0.51 g/t Au over 7.8 m and 1.47 g/t over 1.05 m (true width is approximately 70% of the intersection).

Hole NM-22-04 was collared approximately 50 m from the New Mosher Showing and coarse visible gold was observed 19 m downhole and is located at the contact of a quartz vein within mafic volcanics. The visible gold section was not sent to the lab so as not to skew analyses; however, the sample will be submitted for metallic sieve analysis in order to determine the size fraction where the gold resides.

It is significant that the visible gold was intersected close to the lake. It has been noted on regional maps that the lake covers a large northwest trending fault zone that may be the source of the gold mineralization on the New Mosher Property. (See Figure 3). A parallel fault runs through the Joe Mann Mine area about 4.5 km to the southwest. Future work will focus on this part of the Property which historically has not been tested.

Click Image To View Full Size

Figure 2: Visible gold in NM-22-04 in dry core (Left) and in wet core (Right).

Click Image To View Full Size

Figure 3: Government mapped, northwest trending fault running through New Mosher Property. Similar faults are noted to noted to be in the vicinity of significant gold mineralization such as the Joe Mann Mine.

Click Image To View Full Size

Figure 4 –New Mosher Property and Gitennes other properties in Chapais-Chibougamau area

The New Mosher Property is located 4.5 kilometres from the past producing Joe Mann Mine which produced approximately 1.2 million ounces of gold at an average grade of 8.3 g/t gold(1) plus silver and copper.

(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. Source: Technical Report on the Joe Mann Mining Property dated January 11, 2016, prepared by Geologica Inc.

About Gitennes Exploration Inc.

Gitennes is in the business of exploring for and advancing mineral properties with a focus on high grade gold. The Company currently has three properties in the Chapais-Chibougamau area of Quebec: New Mosher, JMW and Maxwell, and three properties in the Gaspe Region of Quebec: VG Boulder, Serpenphior and Puma, 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. All properties are 100% owned by Gitennes except for New Mosher which is under option from Kintavar Exploration and Gitennes can earn an initial 70% and has the right to increase its ownership to 85%. The Snowbird Property has been optioned to a gold exploration company.

Qualified Person

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.

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.

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.