Gitennes Intersects Highly Silicified Zone in Several Holes and Completes its Second Phase Diamond Drill Programme at New Mosher Gold Property
Vancouver, Feb. 3, 2022 - Gitennes Exploration Inc. ("Gitennes" or the "Company") - (TSXV:GIT) announces that it has intersected highly silicified and sheared zone in several holes on the New Mosher showing and has completed its second phase of diamond drilling at its New Mosher gold property, Chapais-Chibougamau area of Quebec (see Figure 2). The Company completed seven holes totaling 1,002 metres with six of the holes being drilled at the New Mosher Showing (Figure 1). The highly silicified intersections (see photos below) are up to 23 metres in width and contain up to four percent pyrite and 0.5% pyrrhotite as fine disseminations or concentrated in schistosity and fracture planes. The highly silicified intersections are also sheared and contain up to 60% to 80% quartz with some of the intersections displaying chlorite and sericite alteration.
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Figure 1 - New Mosher Showing - Second phase drill hole locations
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Left: Sheared Quartz with Pyrite and Magnetite (Hole NM-22-01 at 32.4m). Right: Sheared Quartz with Pyrite (Hole NM-22-02 at 22.1m)
The Company is also pleased to announce the nomination of Mr. Martin Nicoletti as Chief Financial Officer effective immediately. Mr. Nicoletti is a chartered professional accountant (CPA) with more than 32 years of experience. He holds a bachelor's degree in business administration, specialized in accounting. Mr. Nicoletti is also president of Corporation Financière SKTM Ltée and he acts as chief financial officer for several other public mining companies. Mr. Nicoletti is replacing Kerry Spong who is in the process of retiring but will be assisting with the Company's year-end audit. The Company would like to thank Kerry for all his hard work and dedication over the past 18 years and wishes him all the best in his retirement. With his appointment, the Company has granted stock options (the "Options") to Mr. Nicoletti exercisable to acquire up to a total of 500,000 common shares under the Company's Stock Option Plan. The Options are exercisable for a period of five years at a price of $0.05 per share from the date of grant. The Options are subject to the policies of the TSX Venture Exchange.
The New Mosher Property is located three kilometres from the past producing Joe Mann Mine which produced approximately 1.2 million ounces of gold at an average grade of 8.3 g/t gold(1) plus silver and copper.
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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 mineand 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. Source: Technical Report on the Joe Mann Mining Property dated January 11, 2016, prepared by Geologica Inc.
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Figure 2 -New Mosher Property and Gitennes other properties in Chapais-Chibougamau area
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 three properties in the Chapais-Chibougamau area of Quebec: New Mosher, JMW and Maxwell, and three properties in the Gaspe Region of Quebec: VG Boulder, Serpenphior and Puma, 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, Maxwell, VG Boulder, Serpenphior and Puma are 100% owned by Gitennes. New Mosher is under option from Kintavar Exploration and Gitennes can earn an initial 70% and has the right to increase its ownership to 85%. The Snowbird Property has been 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
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 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.