GITENNES ACQUIRES PROSPECTIVE NICKEL and...... GREAT NEWS RELEASE TODAY!!!!!!!
GITENNES ACQUIRES PROSPECTIVE NICKEL AND RARE ELEMENT PROPERTIES IN THE SEPT ILES AREA, QUEBEC
Gitennes Exploration Inc. has acquired a 100-per-cent interest in prospective nickel and rare earth element (REE) properties located in the Sept-Iles area of Quebec. These two new property acquisitions complement the company's existing Blue Ice REE, niobium, tantalum property, which is also located north of Sept-Iles.
Highlights
Sept-Iles nickel property:
- 1.1 per cent nickel over 10 metres in a trench historically reported by Soquem on claim adjacent to Gitennes property*;
- Numerous untested airborne electromagnetic anomalies;
- Soquem also historically reported 1.3 per cent nickel, 0.49 per cent copper and 4.3 grams per tonne platinum in grab samples on adjacent claims*;
- Accessible by all weather road, approximately 100 kilometres north of Sept-Iles;
- Property consists of 191 claims, 10,500 hectares.
Rare earth element property:
- Several showings on the property;
- Previous work returned grab samples anomalous in niobium and neodymium:
- Niobium grades up to 1.6 per cent*;
- Neodymium grades from five samples ranged from 4,820 to 8,660 parts per million*;
- Government mapping identified pegmatites;
- Accessible by all-weather road, approximately 50 kilometres north of Sept-Iles;
- Property consists of 62 claims, 3,400 hectares.
* The reported grades are historical in nature and have not been verified by Gitennes.
Gitennes chief executive officer Ken Booth commented: "The acquisition of a prospective nickel and another REE exploration property is a great opportunity for the company. Including the company's Blue Ice REE, niobium, tantalum property, which is also in the Sept-Iles area, the company now holds three prospective critical metals properties. The company is looking forward to the upcoming field season, when it can advance all three Sept-Iles critical properties and its two gold properties."
The purchase of the properties is subject to a purchase agreement dated May 23, 2023, between the company and arm's-length sellers. As consideration for acquiring a 100-per-cent interest in the properties, the company has issued as consideration to the sellers: (i) an aggregate of eight million units. Each unit is composed of one common share in the capital of Gitennes and one non-transferable share purchase warrant. Each warrant entitles the sellers to acquire one additional common share in the capital of Gitennes at an exercise price of 15 cents for a period of 36 months; and (ii) Gitennes has granted to the sellers an aggregate 2-per-cent net smelter return royalty (NSR) with Gitennes being granted a buyback of 1 per cent of the NSR at any time for $1.0-million. The sellers may also be entitled to a 0.5-per-cent net smelter return royalty in any interest that Gitennes acquires in additional claims within an area of interest of the properties. The acquisition of the properties is subject to TSX Venture Exchange approval, and the units will be subject to a statutory four-month-and-one-day hold period under applicable securities laws from the closing date.
Qualified person: The technical content in this release has been reviewed and approved by Mitchell E. Lavery, PGeo, who is a qualified person as defined by National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
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 three properties in the Chapais-Chibougamau area of Quebec: New Mosher, JMW and Maxwell, and the Snowbird gold property in British Columbia and a 1.5-per-cent net smelter return royalty on the 18-million-ounce Urumalqui silver project in Peru. The company recently sold its gold properties in the Gaspe region of Quebec. All properties are 100 per cent owned by Gitennes except for New Mosher, which is under option, in which Gitennes can earn an initial 70 per cent and which has the right to increase its ownership to 85 per cent. The Snowbird property has been optioned to a gold exploration company.