Gitennes Progresses Exploration On Its Snowbird High Grade Gold Project
Vancouver, August 24, 2017 - Gitennes Exploration Inc. ("Gitennes" or the "Company) progresses the exploration on its Snowbird high grade gold Project, located in north central BC. The Company continued mapping areas that host and have the potential to host high grade gold mineralization and carried out the first phase of a ground magnetometer survey ("MAG") as well as soil sampling. All rock and soil samples have been submitted for assaying. In the Main Zone, known to host high grade gold mineralization identified through five diamond drill programmes in the 1980's, mapping has recognized a system comprising stacked quartz and quartz-carbonate veins. This observation increases the potential for additional sources of high grade gold mineralization. The Company has collected 111 rock samples which have been submitted for analysis. Further review of historic diamond drill core data indicated several intersections of gold occurs in graphitic argillites proximal to intensely carbonatized and silicified ultramafics, also referred to as listwanite which is common in several orogenic high grade gold deposits. This provides an exploration tool that can be used to trace additional mineralization adjacent to the Main Zone or elsewhere on the Snowbird Property.
The preliminary MAG survey consisted of approximately 11 line kilometres and is following up on a 1994 airborne magnetometer survey. The survey is providing better definition than the airborne survey and has highlighted north-south structures that cross the main mineralized structure and offer a target for future drilling as much of the historical drilling was done parallel to these cross structures. The MAG has also confirmed a magnetic low coincident with the MAZ; most likely a result of the reaction of carbonate rich mineralizing fluids invading serpentinized ultramafics leading to destruction of magnetite. This feature is common in other Cordilleran lode gold deposits such as the Atlin gold camp in northern British Columbia.
Soil sampling was conducted along approximately two line kilometres and 75 samples were collected south of the Main Zone. The soil sampling and the MAG are being used to assist in prioritizing magnetic lows identified through the historical airborne magnetometer survey.
The next phase of the exploration at Snowbird will consist of a more detailed and extensive MAG survey over approximately 23 line kilometres beginning in late August and detailed structural mapping of the Main Zone.
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
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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 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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