Gitennes Completes Induced Polarization, Magnetic Surveys and Diamond Drill Permit Received on the New Mosher Gold Property
Vancouver, March 4, 2021 - Gitennes Exploration Inc. ("Gitennes" or the "Company") (TSXV:GIT) (OTC:GILXF) announces that the Induced Polarization ("IP") geophysical survey on its New Mosher gold property (the "Property") in the Chapais-Chibougamau area of Quebec (see location map below) has been completed along with a magnetometer ("MAG") survey. The IP survey along with an historical IP survey now covers the entire Property. Evaluation of the geophysical surveys is ongoing and results will be released as soon as the data is compiled. The Company also announces that the Property has been permitted for diamond drilling.
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New Mosher is located three kilometres from the past producing Joe Mann mine which produced approximately 1.5 million ounces of gold at an average grade of 8.3 g/t gold(1).
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(1) Readers are cautioned that the Company has no interest in or right to acquire any interest in the Joe Mann mine and that mineral deposits and production results from the Joe Mann mine are not indicative of mineral deposits on the Company's properties or any potential exploitation thereof.
JMW IP Survey
In addition, Gitennes has commenced the previously announced IP survey on its 100% own JMW property. The survey will cover the three distinct types of mineralization that the Company has identified from the recent review of work by previous operators. Past IP surveys and drilling on the property focussed on a narrow, 1.5 kilometre strip in the vicinity of the Guercheville Fault Zone. Past surveys covered less than 50% of the existing property. The new IP survey will verify data from the previous survey as well as add data on previously uncovered parts of the property. Based on Gitennes' extensive review of previous work on JMW including geology, geophysical surveys and drilling three models are being used for this and future exploration programmes (see figure below).
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The Company also announces that further to its press release of January 29, 2021 it has received TSX Venture Exchange approval to settle $132,500 of accrued liabilities to senior managers in respect of management fees (the "Debt Settlements") by issuing 1,325,000 common shares at a price of C$0.10 per common share. The common shares issued pursuant to the Debt Settlements will be subject to a four month and one day statutory hold period from the date of issuance.
Gitennes is bolstering its investor relations capabilities by engaging MI3 Communication Financieres Inc. ("MI3") to assist the Company in its marketing efforts. MI3 is a well-established Quebec based investor relations firm with extensive experience in marketing public companies with a focus on the mineral exploration sector. MI3 will receive C$5,000 per month and 100,000 options to purchase Gitennes common shares at a price of C$0.115 per share.
About Gitennes Exploration Inc.
Gitennes is in the business of exploring for and advancing mineral properties with a focus on high grade gold. The Company currently has four properties in Quebec: JMW, RAL, New Mosher and Maxwell, 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. JMW and Maxwell are 100% owned by Gitennes. RAL and New Mosher are under option and Gitennes can earn an initial 70% and has the right to increase its ownership to 85%. The Snowbird Property was recently optioned to a gold exploration company.
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.
"Ken Booth"
Ken Booth
President
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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 any property Options 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.