Gitennes to Acquire Second High Grade Gold Project in British Columbia

2018-05-10 / @thenewswire

(TheNewswire)

Vancouver, B.C. / TheNewswire / May 10, 2018 - Gitennes Exploration Inc. (TSXV – GIT) announces that it has entered into an agreement with a private company, Angel Jade Mines Ltd., to acquire 100% of the high grade Maroon gold property located 35 km north of Terrace, British Columbia.

The Maroon Property acquisition continues Gitennes’ recent strategy of focusing on high grade gold projects that can be progressed relatively quickly to the drill stage. While the Company’s Snowbird Project remains its focus the high grade nature and the upside of the Maroon Property is a good compliment.

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.

Maroon Property Geology:

The Maroon gold project is located approximately 35 kilometres north of Terrace, BC and road access extends to within two kilometres of the Property. Maroon consists of four mineral claims totaling 1,059 hectares.

Exploration in the 1920's and 1930's led to the discovery of a number of outcropping auriferous polymetallic quartz sulphide veins hosted within greywackes and siltstones, concentrated approximately 30 metres below a 35 to 70 metre thick conglomerate bed. The veins have widths of between 0.3 and 1 metre, strike north-easterly, parallel or sub parallel to bedding in the host rocks, and dip moderately to steeply southeast.

Recent exploratory work to date has shown that one of the known gold-bearing structures on the property, namely the Bear Vein, is exposed in two underground workings, surface trenches and bedrock exposures over a strike length of up to 1,800 metres. Diamond drilling has only been done on the Bear vein and included two holes in 2002 and six shallow holes in 2010. The first of the 2002 holes intersected 26.06 grams/tonne gold plus appreciable silver, copper lead and zinc values over a true width of 0.63 metres but the second hole had to be terminated prior to reaching the Bear vein. The 2010 diamond drilling program consisted of 600 metres in six holes with three of four holes drilled to test on part of the Bear Vein to the southwest lens, intersected gold values ranging from 5.7 to 18.9 grams/tonne over intervals 0.30 to 0.44 metres.

Surface sampling to date has yielded multiple gram gold grades over widths of up to three metres. Two lenses of good grade material have been identified from surface sampling; these include a southwest lens with an averaging 8.98 grams/tonne gold over an average sample width of 1.43 metres and a strike length of 168 metres and a northeast lens grading 21.93 grams/tonne gold over an average sample width of 1.24 metres and a strike length of 140 metres.

The Maroon Property is mostly underlain by the Upper Jurassic Bowser Assemblage

greywackes, pebble conglomerates and argillaceous siltstones which strike north-easterly with

moderate to steep dips to the north and south. A northeast plunging anticline-syncline pair, outlined by the trace of the conglomerate horizon is evident in the central property area.

Acquisition Terms:

Gitennes can acquire 100% of the Maroon Project by making the following share and cash payments and exploration expenditures:

------------------------------------------------------- |Payment Date: |Common Shares |Cash | | | | | | | |-----------------------------------------------------| |Upon TSXV approval: |300,000 |$15,000| | |-----------------------------------------------------| |on or before Sept 30, 2019|300,000 | | | |-----------------------------------------------------| |on or before Sept 30, 2020|300,000 | | | |-----------------------------------------------------| | |900,000 |$15,000| | ------------------------------------------------------- --------------------------------------------------------- |Date: |Expenditure|Cumulative Total| |-------------------------------------------------------| |on or before Sept 30, 2019|$ 150,000 |$ 150,000 | |-------------------------------------------------------| |on or before Sept 30, 2020|$ 250,000 |$ 400,000 | |-------------------------------------------------------| | | | | ---------------------------------------------------------

The Maroon Project is subject to a 2% NSR with Gitennes retaining the right to reduce the NSR to 1% for a one time cash payment of C$500,000.

Once Gitennes has issued 900,000 shares and incurred C$400,000 of exploration expenditures it will own 100% of the Maroon Project subject to the above NSR.

The agreement with Angel Jade is subject to TSX Venture Exchange approval. Finder’s fees, subject to TSX Venture Exchange Policies and approval, are payable on the Maroon acquisition.

About Gitennes Exploration Inc.

Gitennes is in the business of exploring for and advancing gold properties. 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 technical information contained in this news release has been reviewed and approved by Jesse C. Grady M.Sc. (CPG -11592), director of 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.