(TheNewswire)
Vancouver, B.C. - TheNewswire - November 30, 2021: Gitennes Exploration Inc. ("Gitennes" or the "Company") – (TSXV:GIT) announces that visible gold was found in two locations on its 100% owned VG Boulder Property (“the Property”) during a recently completed reconnaissance programme (Figure 1 and 2). The programme also located a new showing on the Property containing anomalous antimony, arsenic and cobalt. To cover additional favourable geology along structures that control mineralization in the Gaspe Region the Company has increased the size of the Property.
Property Highlights
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Visible gold found in boulders in two ocations on the Property;
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Locations are 50 metres apart and in the vicinity of historically reported visible gold in large angular boulders (58 g/t) (Figure 3);
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Associated Antimony, Arsenic and Cobalt mineralization in a new location;
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Property increased from 1,250 hectares to 5,787 hectares to cover favourable geology along major structure and splays. New claims cover 14 km strike of the prospective Grand Pabos Fault Zone, same fault as found in Newfoundland (Figure 4);
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Historically reported old (22.4 g/t) and ntimony (15.4%) in outcrop;
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Property covers geology and structure that is similar to recent gold discoveries in Newfoundland.
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Figure 1: Boulder of brecciated sediment with quartz flooding containing visible gold (See Fig 2 below for close-up of gold mineralization)
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Figure 2: Close-up of quartz with visible gold mineralization from brecciated sediment
Ken Booth, President commented: “The results from Gitennes initial programme are very encouraging. To find visible gold in two locations further highlights how prospective the VG Boulder Property is and validates historically reported high grade gold in boulders and outcrop. With the addition of approximately 4,500 hectares Gitennes has now established a major foothold in the area and the new claims cover prospective geology and the key structures which appear to control the gold mineralization. The main structure on the Gitennes claims, The Grand Pabos fault, is the same key structure that is host to the recent discoveries of high grade gold in Newfoundland. Gitennes looks forward to the next programmes on VG Boulder which will consist of an airborne magnetomer/electromagnetic (“EM”) geophysical survey and follow up ground work in early 2022”.
The Company also announces that it has increased the size of the VG Boulder Property to cover additional favourable geology and key structures that are associated with gold mineralization in the area. The property size has been increased to 101 claims (5787 hectares) (Figure 3). The new claims cover 14 km strike length of the prospective New Pabos Fault Zone
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Figure 3: VG Boulder Property Highlights showing area of recent gold bearing boulder samples and historically reported gold grades. Gitennes claims outlined in black.
The VG Boulder Property is located in the Gaspe Region of Quebec (Figure 5) and covers geology and structure that is similar to recent gold discoveries in Newfoundland. The gold mineralization in the region is traditionally hosted by structures related to the Grand Pabos Fault, a major regional structure that can be traced across the entire Gaspe Peninsula and into Newfoundland where major gold discoveries have been made recently (Figure 4).
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Figure 4: Key Structures, including the Grand Pabos Fault, and Relation to Gold Deposits including mineralization on Gitennes VG Boulder Property and recent gold discoveries in Newfoundland.
Regional Context and Discussion
Recent research has revealed that gold mineralization is related to the Ordovician to Silurian-aged closing of the Iapetus Ocean. This ancient suture in the earth’s crust extends from North America, through the Gaspe Peninsula, Newfoundland, across the Atlantic Ocean to Ireland (Figure 4). Major gold deposits are associated with this event in Newfoundland and Ireland and structure is found to be a key aspect of these deposits and the critical control of gold mineralization including gold mineralization in the Gaspe Region of Quebec.
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Figure 5: Location Map – Gitennes Gaspe Properties
About Gitennes Exploration Inc.
Gitennes is in the business of exploring for and advancing mineral properties with a focus on high grade or large tonnage gold deposits. The Company currently has five gold properties in Quebec, JMW, New Mosher, Maxwell, VG Boulder and Serpenphior, 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. Gitennes owns 100% of its Quebec gold properties except for New Mosher which is under option for Gitennes to earn an initial 70% with the right to increase its ownership to 85%.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Wayne Holmstead (P.Geo.), who is a "qualified person" within the meaning of National Instrument 43-101.
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.
“Ken Booth”
Ken Booth
President
For further information, please contact: Ken Booth
Phone: 604-682-7970
Email: info@gitennes.com
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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 New Mosher and Snowbird Projects 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 of the TSX-V), 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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