Tickers: XTSX:GIT, PINX:GILXF
Tags: Mining
Vancouver, British Columbia / TheNewswire / June 1, 2017 - Gitennes Exploration Inc. ("Gitennes" or the "Company") - (TSXV: GIT) announces that field programs will commence in late June on its Hixon Gold Property located at the northern end of the Barkerville Gold Belt and on its advanced stage high grade Snowbird Gold Project. Both projects are well located in north central BC and are road accessible year round.
At Hixon, which is located at the northern end of the Barkerville Gold Belt, the Company is planning to follow up on its field work from last summer. In August 2016 Gitennes conducted reconnaissance mapping, sampling and geophysics. The ground magnetometer ("MAG") survey was particularly useful in differentiating the contact between intrusive and sedimentary rocks; the sedimentary rocks identified on the Property are similar to what is found in the Barkerville Gold Camp. Gitennes will continue with the MAG survey and mapping and sampling of the sedimentary unit.
The Snowbird high grade gold project was optioned by Gitennes in February. 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. Historical sampling of the Peg Leg vein on the Project returned the following values:
Vein | Area | Total Length (m) | # of Samples | Wtd Ave Gold Grade (g/t) | Grade Range (g/t) |
Peg Leg | Adit | 49.54 | 66 | 10.53 | 1.31 - 45.44 |
(1)Peg Leg sampling is continuous over 49.54 metres
(2)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.
The Snowbird Project has seen little to no exploration since the late 1980's. As a first phase exploration program this summer Gitennes plans to carry out geophysics, mapping and sampling. The geophysics will consist of ground MAG and Induced Polarization and will further delineate the 4.8 kilometre long Sowchea shear zone. 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 relocate previous drill holes as the 88 drill holes completed in the late 1980's will be useful in future drilling by the Company.
The Company also announces that it is conducting a non-brokered private placement. The financing will consist of up to 5.4 million non-flow through units for gross proceeds of up to $297,000 and up to nine million flow-through units for gross proceeds of up to $585,000. The non-flow through units are priced at 5.5 cents and consists of one common share and one full common share purchase warrant. Each full warrant entitles the holder to purchase one common share of Gitennes at 8.5 cents and have a term of three years. The flows through units are priced at 6.5 cents and consist of one common share and one full common share purchase warrant. Each full warrant entitles the holder to purchase one common Gitennes at 10.5 cents and have a term of three years. Net proceeds from the financing will be used for general corporate purposes and for exploration on the Company's properties. Finder's Fees are payable on the private placement.
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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