VANCOUVER, Feb. 28, 2013 /CNW/ - Gitennes Exploration Inc. ("Gitennes or the Company", GIT-TSXV) has been advised by AndeanGold Ltd. of the results from a surface
channel sampling programme completed over the Candual, La Mariscala
East, and La Mariscala South Veins on the Company's Urumalqui
Silver-Gold Project in Peru. These veins are located south of the
Urumalqui Vein, the principal vein on the Project, which was the focus
of AndeanGold's 2010 - 2012 exploration activities. AndeanGold is
exploring Urumalqui under the terms of two agreements.
The results are for recently released channel samples collected at 25
metre-spaced intervals. The samples were taken utilizing a portable
rock saw. These structures had not been previously sampled in detail.
Assay results highlights include:
Vein Name
|
Trench Number
|
Width (metres)
|
Silver (g/t)
|
Gold (g/t)
|
Silver Equivalent (g/t)
|
Silver Equivalent (oz/t)
|
Candual West
Exposed Length: 375 metres
|
TRC-OOO-W
|
1.80
|
68.3
|
0.951
|
115.8
|
3.7
|
TRC-100-W
|
4.70
|
62.2
|
0.616
|
92.9
|
2.9
|
TRC-125-W
|
2.00
|
32.8
|
0.683
|
67.0
|
2.1
|
TRC-150-W
|
3.20
|
77.5
|
0.869
|
120.9
|
3.9
|
TRC-175-W
|
2.50
|
85.4
|
0.873
|
129.0
|
4.1
|
TRC-250-W
|
1.70
|
118
|
0.189
|
127
|
4.1
|
TRC-275-W
|
1.00
|
25.5
|
2.100
|
130.5
|
4.2
|
TRC-300-W
|
1.20
|
50.5
|
1.090
|
105.0
|
3.4
|
TRC-375-W
|
1.60
|
174
|
0.404
|
194.7
|
6.2
|
Candual East
Exposed Length: 600 metres
|
TRC-050-E
|
4.80
|
51.3
|
0.955
|
99.0
|
3.2
|
TRC-075-E
|
5.60
|
11.6
|
1.089
|
66.1
|
2.1
|
TRC-100-E
|
3.20
|
40.6
|
1.775
|
129.4
|
4.1
|
TRC-125-E
|
5.70
|
31.4
|
1.071
|
84.9
|
2.7
|
TRC-150-E
|
4.30
|
7.9
|
0.789
|
47.4
|
1.5
|
TRC-175-E
|
1.60
|
63.1
|
0.752
|
100.7
|
3.2
|
La Mariscala East
Exposed Length: 225 metres
|
TRME-050
|
4.00
|
22.8
|
0.841
|
64.9
|
2.1
|
TRME-075
|
2.40
|
20.4
|
1.009
|
70.8
|
2.3
|
TRME-100
|
2.70
|
38.1
|
0.363
|
56.2
|
1.8
|
including
|
1.00
|
95.4
|
0.860
|
138.4
|
4.4
|
TRME-175
|
2.30
|
49.3
|
0.525
|
75.5
|
2.4
|
TRME-200
|
2.00
|
227
|
0.639
|
259
|
8.3
|
TRME-225
|
2.00
|
264
|
0.555
|
264
|
8.5
|
La Mariscala South
Exposed Length: 450 metres
|
TRMS-050
|
1.00
|
152
|
0.266
|
165
|
5.3
|
TRMS-150
|
0.50
|
90.9
|
1.635
|
172.6
|
5.5
|
TRMS-325
|
2.40
|
247
|
0.644
|
279
|
8.9
|
Silver Equivalent: Equivalent grams or ounces of silver based on gold to
silver ratio of 50:1, assuming 100% recoveries.
oz/t: Ounces per metric tonne.
-
The Candual Vein is a 1,000 metre-long zone of quartz veining,
brecciation and silicification. The West and East segments are
separated by a ravine. The trench assay results have highlighted an
area of interest covering an approximate 550 metre length comprising of
the eastern 375 metre-long end Candual West outcrop and the continuing
western 175 metres end of the Candual East outcrop.
-
The La Mariscala East Vein also exhibits quartz veining, brecciation and
silicified wall rock and has been trenched over a length of 225 metres.
This is a second target of strong interest. The vein appears to extend
a further 400 metres to the west, and AndeanGold is attempting to
negotiate access to this area with the surface owners. Additional
trenching, channel and outcrop sampling is reportedly underway at the
eastern end of the vein and on newly exposed veins and breccia zones
between the La Mariscala East and Candual East Veins.
-
The overall gold and silver assay values of the trenches from the La
Mariscala South Vein outcrop (approximately 450 metres in length) were
relatively low, except for the results noted.
-
Gitennes had previously completed very limited, wide-spaced drilling on
these veins, including the La Mariscala West Vein (approximately 500
metres in length) which AndeanGold has not trenched and sampled in
detail. The La Mariscala West Vein runs sub-parallel to the Urumalqui
Vein and is located approximately 800 metres to the south.
All of the trench rock samples were submitted to the ALS Minerals
Laboratory in Callao, Lima, Peru for analysis by Inductively Coupled
Plasma (ICP) - Atomic Emission Spectroscopy, fire assay and gravimetric
techniques. AndeanGold has a QA/QC programme in place that includes
placing blanks, standard reference materials and field duplicate
inserted into the sample shipments.
The information in this release is based upon that supplied by
AndeanGold Ltd. with additional information available on its website (www.andeangoldltd.com). The technical information in this release has been reviewed by J.
Blackwell (P.Geo.), a Qualified Person as defined by National
Instrument 43-101.
About Urumalqui:
Urumalqui is an advanced silver-gold project located approximately 70
kilometres by road east of the port city of Trujillo, Perú. Gitennes
acquired Urumalqui in 2002-2003 in joint venture with Meridian Gold
Inc. In June 2005 the companies terminated the agreement and Gitennes
assumed 100% control of the project. Exploration activities between
2003 and 2008 included three core drilling campaigns totalling 47
holes. In 2010 the project was optioned to AndeanGold Ltd whom
undertook a fourth diamond drilling campaign (31 holes totalling 5,071
metres). In November 2011 an Initial Resources Estimate for the
Urumalqui Vein (the principal focus of drilling up to that date) was
prepared by Mine and Quarry Engineering Services, Inc. The technical
report supporting the estimate is available under both AndeanGold and
Gitennes' company profiles at www.sedar.com.
Gitennes has two agreements with AndeanGold that allows AndeanGold to
own 100% of Urumalqui, providing AndeanGold honours the terms of both
agreements:
#1) Option to acquire a 60% interest, AndeanGold must complete
a)
|
$3,000,000 of qualifying expenditures on the project over a four (4)
year term commencing July 8, 2010 and ending July 7, 2014,
|
b)
|
3,000 metres of drilling by July 7, 2012 (completed) and 7,000 metres of
cumulative drilling by July 7, 2013, and
|
c)
|
AndeanGold issuing Gitennes a total of 80,000 shares in four tranches,
with the remaining 20,000 shares due by July 7, 2013.
|
#2) Share Sale and Mining Agreement to acquire remaining 40% interest,
AndeanGold must exercise and meet the terms of the 60% option and make
the following payments to Gitennes:
|
|
|
|
Cash Payments
|
Share Payments
|
On Signing Memorandum of Understanding (received)
|
$ 125,000
|
none
|
On Signing Agreement (received)
|
125,000
|
200,000
|
By November 17, 2012 (received)
|
250,000
|
200,000
|
By May 17, 2013
|
350,000
|
250,000
|
By November 17, 2013
|
400,000
|
250,000
|
By May 17, 2014
|
500,000
|
500,000
|
By November 17, 2014
|
1,000,000
|
600,000
|
|
|
|
Total Payments
|
$2,750,000
|
2,000,000
|
On AndeanGold fulfilling the terms of both agreements Gitennes shall be
entitled to a 1% Net Smelter Returns royalty on the Project with total
payments limited to a maximum pay-out of $1,250,000.
Ken Booth, President
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 release.
DISCLAIMER: This news release includes certain statements, other than
historical information, that may be deemed "forward-looking
statements". All statements in this release, other than statements of
historical facts, including, without limitation, statements regarding
future plans and objectives of the companies are forward-looking
statements that involve various risks and uncertainties. Although
Gitennes believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may
differ materially from those in the forward-looking statements.
Forward-looking statements are based on a number of material factors
and assumptions. Factors that could cause actual results to differ
materially from those in forward-looking statements include general
economic, market or business conditions, and other risks detailed
herein and from time to time in the filings made by the companies with
securities regulators. Mineral exploration and development of mines is
an inherently risky business. Accordingly the actual events may differ
materially from those projected in the forward-looking statements.
Historical information necessarily is not current and is provided for
your reference only. No warranty whatsoever is made that any of the
historical information is accurate, precise, or up-to-date. For more
information on Gitennes and the risks and challenges of their
businesses, investors should review their annual filings that are
available at www.sedar.com.
This press release does not constitute an offer to sell or a
solicitation to buy any of the securities of Gitennes in the United
States.
SOURCE: Gitennes Exploration Inc.
For more information on the Company and the Urumalqui Project please go to www.gitennes.com.