Tickers: XTSX:GIT, PINX:GILXF
Tags: Mining
Vancouver, British Columbia / TheNewswire / January 17, 2018 - Gitennes Exploration Inc. ("Gitennes" or the "Company") is planning a second phase of diamond drilling on its Snowbird High Grade Gold Project located in north central British Columbia. In November Gitennes completed its first phase of drilling which consisted of ten NQ2 sized diamond drill holes totalling 1,212 metres. This was the first drilling completed at Snowbird in 28 years.
The second phase of drilling is planned for up to 2,000 metres of NQ2 core with the objective of expanding and extending the gold mineralized structures within the 25 to 150 metres wide mineralized corridor that is contained within the 4.8 kilometre long Sowchea Fault Zone. The second phase of drilling will follow up on the positive results from the first phase of drilling which were released on December 12, 2017. These included:
-Hole SB14-04 - 16.20 g/t gold over 1.0 metre
-Hole SB17-02 - 9.73 g/t gold over 0.78 metre
-Hole SB17-08 - 8.24 g/t gold over 0.52 metres
As part of the Company's standard assaying procedure higher grade core samples are screened for total metallics. The results of the re-analysis of several samples indicate that there is a coarse gold component to the samples. At this stage of exploration there appears to be a high correlation between quartz veining, higher gold grades and the occurrence of coarse gold as indicated by results from the metallic screen results.
Gitennes submitted 375 core samples for analysis from the phase one drilling programme. Historically, approximately 2,363 drill core samples were analyzed by various companies between 1980 and 1989. Statistically the Gitennes 2017 Phase 1 drilling campaign results mirrored those of the historical drilling campaigns between 1980 and 1989. Historically, 6.4% of gold assays graded more than 1 gpt. In 2017, the Gitennes campaign resulted in 5.7% of the gold assays grading more than 1 gpt, effectively identical results. These results indicate that the Company has confirmed the presence of at least one mineralized structure that was identified historically.
Also, Gitennes has reasonable expectations that in the course of the upcoming winter drilling campaign, it will be able to reproduce and expand upon the historical high grade intersections. Historically, reported intersections that assayed 10 gpt gold or higher had a weighted average gold grade of 17.3 gpt.
The Snowbird project is accessible year round via paved and dirt roads and sits at a relatively low elevation with moderate relief (not exceeding 190 metres). The ease of access to all parts of the property enables cost effective diamond drilling throughout the entire year.
The Company has filed for permitting the next phase of work.
Gitennes also announces the closing of its previously announced non-flow through private placement. The Company issued 3,866,000 units at $0.12 per unit for gross proceeds of $464,000. Each unit consists of one common share and one common share purchase warrant with each warrant exercisable at $0.25 per common share for two years.
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 D. Fraser (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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