Gitennes Completes Phase II Diamond Drilling at its Snowbird High Grade Gold Project and Discovers New Zone
Vancouver, B.C., – August 2, 2018 – Gitennes Exploration Inc. (“Gitennes” or the “Company”) – (TSXV – GIT) announces it has completed 1,612 metres in 10 holes in its second phase of diamond drilling at its Snowbird High Grade Gold Project located near Fort St. James, British Columbia. Phase II discovered a new zone with increased deformation, alteration, quartz veining and disseminated sulphides relative to the Main Zone where Gitennes completed its first phase of drilling in 2017.
• New target zone indicated by geology, alteration, sulphide content, and structure including brecciation and shearing is higher in the hanging wall;
• Holes encountered strong alteration – quartz-carbonate “flooding” with mariposite and/or sericite;
• Increased sulphide content – pyrite, chalcopyrite, and stibnite;
o Sulphides occurr as disseminations, stringers and seam/ fracture fill with quartz;
• The “gap” in historical drilling between the Main Zone and North Zone has now been addressed and is a new target;
o The host units to the gold mineralized quartz veins identified in the Main Zone have undergone extensive deformation and alteration in the new zone.
o Quartz veinlets and disseminated mineralization also appears to have increased in amount relative to the Main Zone.
• Confirmed that the prospective structure (shear/fault) continues unabated to the northwest from the Main Zone.
High-grade gold at Snowbird occurs within and adjacent to a 25 to 150 metre wide silica-carbonate altered ultramafic unit in areas of high deformation (faulting/shearing) and is associated with key pathfinder elements arsenic and antimony. Gold in quartz veins is hosted in the footwall and in the hanging wall of the ultramafic unit in close proximity to a thick mudstone unit. The strike length of the known gold mineralization is approximately 2.3 km. Mineralization is open at depth and presently it is known to be at least 250 metres based on previous operators drilling.
Gitennes is compiling the geological information from the drill programme and will provide a further update. The Company took 434 samples from drill core and 63 standards, blanks and duplicates were incorporated as part of the quality control / quality assurance procedure. All samples have been submitted to ALS Global of North Vancouver for precious and multi-element analysis.
About Gitennes Exploration Inc.
Gitennes is in the business of exploring for and advancing mineral deposits. The Company currently has two high grade gold exploration properties, Snowbird and Maroon, both in British Columbia and a 1% Net Smelter Returns royalty on the 18 million ounce Urumalqui Silver Project in Peru.
The scientific and technical information contained in this news release has been reviewed and approved by Justin Rensby (P.Geo.), technical adviser 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.
For further information, please contact: Ken Booth
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 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.