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Bullboard - Stock Discussion Forum Gitennes Exploration Inc V.GIT

Alternate Symbol(s):  GILXF

Gitennes Exploration Inc. is a gold exploration company. The Company is in the business of exploring for and advancing mineral properties with a focus on high grade or large tonnage gold deposits. The Company has five gold properties in Quebec, JMW, New Mosher, Maxwell, VG Boulder and Serpenphior, the Snowbird gold property in British Columbia. It has an option to earn up to an 85% interest in... see more

TSXV:GIT - Post Discussion

Gitennes Exploration Inc > NEWS - DRILLING PERMIT RECEIVED, IP and MAG Survey done
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Post by Goldjknf on Mar 04, 2021 9:10am

NEWS - DRILLING PERMIT RECEIVED, IP and MAG Survey done

GIT is ready to go!!!


Vancouver, B.C. - TheNewswire - March 4 , 2021 - Gitennes Exploration Inc. ("Gitennes" or the "Company") (TSXV:GIT) (OTC:GILXF) announces that the Induced Polarization (“IP”) geophysical survey on its New Mosher gold property (the “Property”) in the Chapais-Chibougamau area of Quebec (see location map below) has been completed along with a magnetometer (“MAG”) survey .  The IP survey along with an historical IP survey now covers the entire Property.   Evaluation of the geophysical surveys is ongoing and results will be released as soon as the data is compiled.   The Company also announces that the Property has been permitted for diamond drilling .

 


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New Mosher is located three kilometres from the past producing Joe Mann mine which produced approximately 1.5 million ounces of gold at an average grade of 8.3 g/t gold (1) .    

 
  1. (1)  Readers are cautioned that the Company has no interest in or right to acquire any interest in the Joe Mann mine and that mineral deposits and production results from the Joe Mann mine are not indicative of mineral deposits on the Company's properties or any potential exploitation thereof.  

 

JMW IP Survey

In addition, Gitennes has commenced the previously announced IP survey on its 100% own JMW property.  The survey will cover the three distinct types of mineralization that the Company has identified f ro m the recent review of work by previous operators.   Past IP surveys and drilling on the property focussed on a narrow, 1.5 kilometre strip in the vicinity of the Guercheville Fault Zone.  Past surveys covered less than 50% of the existing property.  The new IP survey will verify data from the previous survey as well as add data on previously uncovered parts of the property.  Based on Gitennes’ extensive review of previous work on JMW including geology, geophysical surveys and drilling three models are being used for this and future explor ation programmes (see figure below).

  


Click Image To View Full Size

 

The Company also announces that further to its press release of January 29, 2021 it has received TSX Venture Exchange approval to settle $132,500 of accrued liabilities to senior managers in respect of management fees (the “Debt Settlements”) by issuing 1,325,000 common shares at a price of C$0.10 per common share.   The common shares issued pursuant to the Debt Settlements will be subject to a four month and one day statutory hold period from the date of issuance.  

 

Gitennes is bolstering its investor relations capabilities by engaging MI3 Communication Financieres Inc. (“MI3”) to assist the Company in its marketing efforts.  MI3 is a well-established Quebec based investor relations firm with extensive experience in marketing public companies with a focus on the mineral exploration sector.  MI3 will receive C$5,000 per month and 100,000 options to purchase Gitennes common shares at a price of C$0.115 per share.

 

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 four properties in Quebec: JMW, RAL, New Mosher and Maxwell, the Snowbird gold property in British Columbia and a 1.5% Net Smelter Return royalty on the 18 million ounce Urumalqui Silver Project in Peru.  JMW and Maxwell are 100% owned by Gitennes.  RAL and New Mosher are under option and Gitennes can earn an initial 70% and has the right to increase its ownership to 85%.  The Snowbird Property was recently optioned to a gold exploration company.

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