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How A Junior Gold Opportunity in Quebec Made Gold Discoveries Similar to Ones in Newfoundland

Jocelyn Aspa Jocelyn Aspa, The Market Herald
1 Comment| February 18, 2022

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The investment opportunity

At present, Gitennes has a market capitalization of $2.80 million and share price of $0.05 with 56.03 million shares outstanding.

Thanks to its five gold properties in Quebec, the Company has a strong portfolio under its belt. With its second drill program underway at New Mosher and exploration continuing at its four other properties, investors can expect an abundance of news flow from the company over the course of 2022 and beyond.

Relative to companies exploring in the Chibougamau and Gaspe region, Ken Booth, CEO said Gitennes compares favorably thanks to its low market capitalization and the exposure the Company is able to give to these highly sought-after regions.

“Investors are getting exposure to five very good properties at a low market capitalization,” he explained.

With its VG Bolder property in the Gaspe region displaying similarities to the recent Newfoundland gold discoveries if anyone feels they may have missed the boat on gold exploration in Newfoundland they can turn to Gitennes for very good potential.

With a team backed by a CEO with 35 years of experience of exploration and capital markets experience and a manager of exploration that has worked extensively in Quebec for 40 years, investors can be rest assured that Gitennes not only has the experience, but the foundation in a highly renowned region other companies will be chomping at the bit to get into.

As such, at Gitennes’ current valuation, investors will want to jump in now while the water’s still hot.

A golden opportunity in Quebec

Gold mining exploration in the province of Quebec dates back centuries, which makes it one of the top regions not only in Canada — but the world — for companies in the space to set their roots down and dig in.

At a national level, gold is Canada’s most valuable mineral and between the provinces of Ontario and Quebec, the two accounted for over 75% of mined gold production as of 2019. Not only has the province accounted for over 34% of Canada’s gold production, but it also hosts the country’s largest operating mine jointly operated by Yámana Gold and Agnico Eagle.

With that said, junior gold companies in Quebec are also making strides, which includes Gitennes Exploration Inc. (TSXV:GIT, OTC Pink: GILXF, Forum). Headquartered out of Vancouver, BC and founded in 1992, Gitennes Exploration is a junior mineral exploration company currently exploring for mineral deposits in Quebec.

At present, Gitennes is primarily focused on its portfolio of highly prospective gold projects in the French-Canadian province where it has completed a 3,000-meter drill program at its New Mosher gold property and has initiated another drill program where it has the potential to earn up to an 85% interest.

In addition to the New Mosher property, Gitennes also has four other properties it is exploring, including two in the Gaspe region where the geology and structure is similar to gold discoveries that have been made in Newfoundland.

In other words, as the company continues exploration at New Mosher and begins advancing its Gaspe properties, Gitennes will no doubt have a plethora of news going well into 2022 and beyond — making it one company investors will want to keep their eyes on.

The Quebec focus

In an interview with Stockhouse Editorial, Ken Booth, director and CEO of Gitennes Exploration, explained that one of the reasons the company is focused in Quebec is that in addition to it being one of the highest-ranked regions for gold exploration, the Quebec government also supports the exploration industry.

“To have a government that actually encourages exploration is hard to find,” he said, adding that the First Nations community in Quebec is also supportive.


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Three of the Company’s properties, including the New Mosher property, are located in the Chapias - Chibougamau region located in Central Quebec, which gained notoriety as a mining jurisdiction when gold was first discovered in the area in 1903.

Booth said there have been some notable new discoveries in the area including IAMGOLD’s Nelligan deposit, while there is a long history of previous gold mining close to Gitennes’ New Mosher project.

“The best place to be looking for a new mine is around where there's been historical mining,” Booth said. “It’s a great area, good infrastructure, and we can drive to all of our projects which is key as it makes for very efficient and less expensive exploration.”

The New Mosher gold property

With its location south of Chibougamau and accessible via road, the New Mosher gold property is located roughly three kilometers north of the past-producing Joe Mann gold mine which produced 1.2 million ounces of gold at 8.3 grams per ton (g/t) in addition to silver and copper.


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Gitennes has an option to earn up to an 85% interest in the New Mosher Gold Property which spans 670 hectares. The Company can increase its interest on the Property from 70% to 85% by producing an inferred resource or conducting a PEA by September 30, 2025.

Gitennes completed a second drill program at New Mosher in January and drilled seven holes totalling 1,000 metres.
This program will focus on the New Mosher showing where Gitennes encountered significant widths of anomalous gold, which has historical drilling of 8.1 g/t gold over 0.25 meters and 1.87 g/t gold over 5.1 meters and grab samples assaying 16 g/t gold and 5.66 g/t gold. With the second drill program under way, highlights of the first drilling program include:

Gold intersected over significant widths:
  • 22 meters in hole NM 21-02 grading 0.25 g/t gold
  • 9.0 meters in hole NM 21-11 grading 0.71 g/t gold
  • 5.0 meters in hole NM 21-08 grading 0.68 g/t gold
Gold intersections are shallow;
  • 10 of 19 holes intersected anomalous gold mineralization
  • All three areas tested intersected gold mineralization
  • Broad zones of gold mineralization correlate well with previously identified IPAnomalies.
  • Associated with intense alteration with quartz-carbonate veining, pyrite, pyrrhotite, chalcopyrite and arsenopyrite.

The Gaspe potential

Although the Gaspe region remains largely unknown, the Company said it is excited about the area thanks to its similarities in geology and structure that exist in the areas of Newfoundland that have had recent gold discoveries.


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The Company added the prospective gold and copper properties in the Gaspe region of Quebec to its portfolio in August 2021. In the press release, Gitennes said the two gold properties cover geology and structure that is comparable to gold discoveries in Newfoundland, while one of the properties has historically reported gold in outcrop plus angular boulders with visible gold.

What’s more, the gold mineralization in this area is typically hosted by splay faults from a major regional structure called the Grand Pabos fault, which can be traced across the Gaspe Peninsula and into Newfoundland.

In the press release, the Company said that research in the area has indicated that the gold mineralization is related to the Ordovician to Silurian aged closing of the Iapetus Ocean, while the structure of the earth’s crust extends from North America through to the Gaspe Peninsula, Newfoundland and across the Atlantic Ocean into Ireland.

The gold deposits associated with this event in Newfoundland and in Ireland are key aspects of these deposits and are the critical control of gold mineralization in the Gaspe area.

Essentially what this means is that for anyone who feels they may have missed the boat on gold exploration in Newfoundland because of the formations and gold mineralization can turn to companies like Gitennes and its presence in the Gaspe region.

The management team

Ken Booth, director and president

Ken Booth has acted as CEO of a range of gold and base metals exploration companies working in Canada, the US, Mexico and Peru. Booth has also been CEO of a mining company operating a copper-zinc-silver mine in Mexico. In addition to his roles in the resource sector, Booth was vice-president of investment banking with RBC Dominion Securities Inc. in Toronto and Vancouver where he specialized in corporate finance for the mining industry. He has also been a member of the Mining Group of Nesbitt Burns Inc. and has been a director of several public companies. Booth is also a director of four public companies on the TSX Venture Exchange.

Booth holds a Bachelor of Science degree and an MBA.


Wayne Holmstead, B.Sc., P. Geo, manager of exploration

Wayne Holmstead has over 40 years of experience in mineral exploration and project administration, with a large focus in Quebec. Holmstead has managed a range of junior exploration companies and has held the title of president and vice president of exploration and director. Holmstead co-founded UrbanGold Minerals in 2018 and has researched and staked many properties currently held by UrbanGold.

Jesse Grady, B.Sc., M.Sc., director

Jesse Grady has held positions as an exploration geologist, project manager and geological consultant for a range of exploration companies through feasibility-stage projects in Alaska and Nevada. He has also acted as VP of Exploration for a public company.

Stuart Ross, director

Stuart Ross has held a variety of senior positions, including president, CEO, CRO and executive vice president and directorships within various sectors in the mining industry. In addition to his role with Gitennes, Ross is also CEO of Cardero Resources and was previously the CEO of El Tigre Silver Corporation until it was acquired in 2015.

G. Robert Matthews, Director

Businessman working in commercial and residential real estate sales and property development. Mr. Matthews has previously served as a Director of other listed-companies including companies in the junior resource sector.


FULL DISCLOSURE: This is a paid article produced by Stockhouse Publishing.




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