Gitennes Receives 22.5 g/t Gold Assay from Phase II Drilling and Plans Phase III Drilling Before Year End at its Snowbird High Grade Gold Project
Vancouver, B.C., – October 17, 2018 – Gitennes Exploration Inc. (“Gitennes” or the “Company”) – (TSXV – GIT) announces it is planning a third phase of diamond drilling before the end of 2018 at its Snowbird High Grade Gold Project located near Fort St. James, British Columbia. The Company also announces that as part of its normal assay procedures results greater than 15 g/t gold are re-run using a metallic screen. In Gitennes news release dated September 12, 2018 the Company reported 11.31 g/t gold over 1.32 metres including 15.85 g/t gold over 0.82 metres. Using a metallic screen analysis the interval graded 22.5 g/t gold over 0.82 metres and over 1.32 metres the grade is 15.13 g/t gold.
Highlights of Planned Phase III Diamond Drilling
- Planned to commence before year end
- Project logistics = cost efficient drilling, Gitennes approximate all in cost of C$175/metre
- Focus on Main Zone – will target down dip extension of zone
- Drilling will be significantly deeper than all previous drilling
- Hole length will be approximately 400 metres
- Minimum 1,600 metre programme
Main Zone Highlights
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’ diamond drilling in 2017 (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 hole SB17-04 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 in the footwall, both in the ultramafic unit and in a thick mudstone unit in close proximity to the contact between the two units.
Gitennes work suggests that the down dip extension of the Main Zone mineralization may steepen at depth. Phase III drilling will test this as all historical drilling has been to a vertical depth of less than 150 metres Gitennes’ phase III drilling will test the steepening of the Main Zone mineralization at depth by drilling up to 400 metre holes.
The Snowbird Project’s logistics allows for drilling year-round and with a multi-year permit in place Gitennes will be able to drill during the upcoming winter months. The logistics also allow for cost efficient drilling which over the last two diamond drilling programmes averaged approximately C$175/metre all-in.
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.
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.