Vancouver , British Columbia - TheNewswire - October 10, 2019 - Gitennes Exploration Inc. ("Gitennes" or the "Company") (TSXV:GIT) has mobilized a diamond drill to its Snowbird High Grade Gold Project for the start of its Phase III diamond drilling programme initially planned for 2,000 metres focussed on the Main Z one.
Main Zone Highlights - Snowbird Gold Project
The Main 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
Total Length (m)
# of Samples
Wtd Ave Gold Grade (g/t)
Grade Range (g/t)
1.31 - 45.44
(1) 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:
(1) 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 the Main Zone at depth as almost all historical drilling has been to an average vertical depth of only about 75 metres.
The Company also announces that it has received TSX Venture approval to settle a payable with a diamond drill contractor. Gitennes and the drill contractor agreed to settle $38,418 by Gitennes issuing 768,376 common shares at $0.05 per common share. Additionally, the Company has amended its option agreement on the Snowbird Project such that the deadline for Gitennes to incur cumulative expenditures by September 30 has been extended to December 31, 2019.
About Gitennes Exploration Inc.
Gitennes is in the business of exploring for and advancing mineral properties with a focus on high grade gold. 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.
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
Phone: 604-682-7970 Email: firstname.lastname@example.org
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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