Gitennes Exploration' Snowbird High Grade Gold Project Exploration Update
- Key Rock Unit Identified 1.8 kilometres along strike of High Grade Gold Zone- Structural mapping opens further potential of High Grade Gold Mineralization
Vancouver, August 3, 2017 - Gitennes Exploration Inc.. ("Gitennes" or the "Company) provides an update on its first exploration programme on the Snowbird high grade gold Project, located in north central BC. Mapping has already identified a key rock unit that hosts the high grade gold mineralization at Snowbird and is associated with several multi-million ounce orogenic gold deposits in western North America. Gitennes' initial work supports its premise that the main structure at Snowbird is at least five kilometres long with multiple areas of intense alteration that historically have been identified to host high grade gold mineralization. The Company's mineral claims cover the entire length of the structure.
The focus of the first programme is to map and sample the Main Zone (previously referred to as the Main and Pegleg zones), conduct a ground magnetometer geophysical survey ("MAG") and to verify several key mineralized areas identified in programmes by previous operators. The results of the first programme will facilitate selection of diamond drill targets.
The Main Zone, known to host high grade gold mineralization identified through five diamond drill programmes in the 1980's has now been found to be contained within a unit identified as listwanite, an intense quartz-carbonate alteration of ultramafic rocks which also contains mariposite. Mariposite is a key alteration mineral and along with listwanite is associated with multi-million ounce gold deposits such as the Mother Lode district in California and the Bralorne mine in BC. Mapping in this first programme has recognized that the listwanite unit continues approximately 1.3 kilometres to the southeast and along strike of the Main Zone. The Company's mineral claims cover this area. An airborne geophysical survey carried out in mid-1994 indicates that this zone is sub-parallel to the Main Zone. MAG surveys are currently being carried out over the Main Zone to provide additional structural information.
Sampling has been completed over approximately 100 metres of the Main Zone and is being carried out over the newly identified quartz-carbonate-mariposite zones. These samples have been submitted for assaying. Grab samples collected in 2014 from the Main Zone returned values up to 47.7 g/t gold.
Mapping of the Main Zone has identified what appear to be key structural features. Preliminary interpretation suggests that folding in the host veins at the Main Zone may explain why some of the historical drill holes may not have intersected the high grade gold mineralization. These new structural concepts will help orient diamond drilling and further enhances the potential to find additional high grade gold mineralization at Snowbird.
About Gitennes Exploration Inc.
Gitennes is in the business of exploring for and advancing mineral deposits. The Company currently has two gold exploration properties, Hixon and Snowbird, both in British Columbia and a 1% Net Smelter Returns royalty on the 18 million ounce Urumalqui Silver Project in Peru.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by L. Mireku, MSc (P.Geo.), technical advisor to the Company, 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.
"Ken Booth"
Ken Booth
President
For further information, please contact: Ken Booth
Phone: 604-682-7970 Email: info@gitennes.com
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 news release.
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 Snowbird Project 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 the TSX Venture Exchange), 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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