Gitennes' high-resolution ground magnetometer survey successfully delineates gold bearing structure at Snowbird High Grade Gold Project
- 2.5 kilometre gold bearing structural corridor and alteration zone delineated by high resolution magnetometer surveyVancouver, October 3, 2017 - Gitennes Exploration Inc.. ("Gitennes" or the "Company") provides results from the interpretation of its recently completed high resolution, ground magnetometer survey at the Snowbird High Grade Gold Project, located in north central BC. The geophysical survey has successfully delineated a 2.5 kilometre long, strong magnetic low feature known to be directly related to high grade gold mineralization located on the Property (see figure below). The Snowbird project is accessible year round via paved and dirt roads and sits at a relatively low elevation with moderate relief (not exceeding 190 metres) allowing access to all parts of the property and enabling cost effective diamond drilling programmes year round.
The ground geophysical work was carried out to define the magnetic response of the Mariposite Alteration Zone ("MAZ"). Field work has confirmed that the historically identified MAZ is a carbonate-silica altered serpentinite - a rock type known as listwanite - a key association with several multi-million ounce gold deposits in the western Cordillera such as Bralorne in B.C. and the Motherlode District in California. The review of historical drilling has shown that nearly all significant gold intercepts have been contained, or immediately adjacent to, the listwanite unit. Gitennes' work confirms that listwanite occurs at several locations over the entire length of the 2.5 kilometre gold bearing structure as well as approximately 1.5 kilometres to the northwest of the north end of the structure. Future work will focus on the definition of gold intercepts within the listwanite.
A total of 50 line kilometres of magnetometer data have been collected and processed. The results from the survey clearly define the main structural corridor and MAZ for over 2.5 kilometres as a prominent, northwest-southeast trending, generally linear, magnetic low feature with widths varying from 25 metres up to approximately 150 metres (see figure below). The survey also delineates a north-south trending structure located near the center of the surveyed area that separates the mineralization in the Main and North Zones from other gold bearing occurrences within the East Zone. The survey results also suggest that the East Zone, originally thought to be a part of the main structure, is located along a weaker structure/contact north of the main structural corridor. Additional field work will be required to better understand the significance of these findings but this secondary structure provides another opportunity to find additional high grade gold on the project.
An ongoing interpretation of the geophysical data is currently underway and will be incorporated with recent and historical geological mapping and 3D drill hole data.
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.
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Recently completed high resolution ground magnetometer survey results. MAG low, dark blue is coincident with gold bearing structure and mariposite alteration (MAZ).
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by D. Fraser (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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