Gitennes Wins Second Place at Red Cloud Klondike Strike’s “Crucible Event” and Begins Marketing its High Grade Gold Projects with Red Cloud’s Assistance
Vancouver, B.C., – April 24, 2019- Gitennes Exploration Inc. (“Gitennes” or the “Company”) – (TSXV – GIT) announces it recently won second place at the inaugural Red Cloud Klondike Strike Inc. (“Red Cloud”) “Crucible Event” and has engaged Red Cloud to assist the Company in marketing its high grade gold projects. In addition, Gitennes is preparing to advance its high grade gold exploration projects located in British Columbia.
At Red Cloud’s 2019 Pre-PDAC Showcase, Gitennes was invited to participate in Red Cloud’s inaugural “Crucible Event”. Following presentations to mining industry professionals, fund managers and former gold mining analysts, Gitennes, as one of three finalists, placed second and was awarded complimentary advisory services by Red Cloud. Gitennes has since engaged Red Cloud to assist Gitennes with marketing its high grade gold exploration projects to a wider audience.
We are thrilled that the independent panel of experienced judges agreed with our investment thesis involving the exploration potential at our projects. Having Red Cloud assist us in our marketing efforts should give us the ability to attract a wider audience to our story so that we can drive shareholder value through a potential discovery. The Company plans on commencing a third phase of deeper diamond drilling in 2019 to follow up on the high grades found to date at Snowbird.
Ken Booth, President and CEO
The Company has completed two diamond drill programmes on its Snowbird High Grade Gold Project located near Fort St. James, British Columbia and has planned a third phase of diamond drilling. The planned Phase III drilling programme will focus on the Main Zone and will test the continuity of the mineralization at depth with drilling significantly deeper than all previous drilling with planned hole lengths averaging approximately 400 metres. The Snowbird Project’s logistics allows for drilling year-round and cost efficient drilling which over the last two diamond drilling programmes averaged approximately C$175/metre all-in.
Main Zone Highlights – Snowbird Gold Project
The Main Zone is the focus for the planned Phase III drilling. The zone has consistently delivered high grade results either through historical adit and trench sampling; diamond drilling in the early and late-1980’s or by Gitennes’ two diamond drilling programmes (see tables below).
Table 1 – Historical Adit and Trench Sampling
|Vein||Area||Total Length (m)||# of Samples||Wtd Ave Gold Grade (g/t)||Grade Range (g/t)|
|Peg Leg||Trench||49.54||66||10.53||1.31 – 45.44|
- 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.
Table 2 – Select Historical Drill Results and Gitennes Drill Results:
|Hole||Gold (g/t)||Length (metres)|
- Except for holes SB17-04 and SB18-06 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.
Based on Gitennes’ work and a review of historical information, high-grade gold occurs within and adjacent to the 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 predominantly hosted within 10 metres of the footwall contact between the overlying mudstone altered ultramafic.
Gitennes’ review of historic drilling in combination with contemporary drilling from the Phase I and II programme suggests that the down dip extension of the Main Zone mineralization may steepen at depth. Phase III drilling will test this to depths of between 300 and 400 metres below surface. Note that almost all historical drilling has been to an average vertical depth of only about 75 metres. Success in this phase of drilling could triple the resource of the Main Zone.
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 1.5% Net Smelter Returns royalty on the 18 million ounce Urumalqui Silver Project in Peru.
About Red Cloud Klondike Strike Inc.
Red Cloud Klondike Strike Inc. is an exempt market dealer focused on providing unique and innovative financing alternatives, growth opportunities, and market exposure for select mining companies. The Red Cloud Klondike Strike Inc. team has a mix of technical and financial expertise with over 100 cumulative years of combined mining and corporate finance experience. Working as an extension of management, the Red Cloud Klondike Strike Inc. team uses its global network of mining and capital markets professionals and extensive in-house experience in the many facets of the mining business to help companies identify sources of capital and quality actionable merger, acquisition and divestiture opportunities, and to generate and maintain important relationships with key investors.
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.
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.