Gitennes Completes Diamond Drill Programme at the New Mosher Gold Property, Chapais-Chibougamau area, Quebec
Suite 410 –325 Howe Street, B.C. V6C 1Z7 Tel: 604-682-7970
email: [email protected] website: www.gitennes.com
Gitennes Completes Diamond Drill Programme at the New Mosher Gold Property,
Chapais-Chibougamau area, Quebec
Vancouver, B.C., - May 31, 2021: Gitennes Exploration Inc. ("Gitennes" or the "Company") -
(TSXV – GIT) provides an update on the first phase of diamond drilling on its New Mosher Gold
Property. The Company has completed nineteen (19) holes for 3,044 metres. The first phase
of drilling was designed to test areas of Induced Polarization, (“IP”) high chargeability anomalies
from surveys completed last winter and early spring. Past work on the property has indicated
these chargeability anomalies are a good indicator of potential gold mineralization (Figure 1).
Sampling of the core is continuing and the first analyses are expected in late June.
Figure 1: IP Chargeability high (shown in pink) with associated features.
Highlights of the Completed Drill Programme:
All holes successfully intersected altered and mineralized zones with quartz-carbonate
veining and sulphide mineralization. All holes that targeted Induced Polarization,
chargeability anomalies were successful in explaining the anomalies with intersected
sulphide mineralization.
Five holes have been drilled on the New Mosher gold zone and along Anomaly A;
o Holes showed extensive quartz-carbonate veining, locally sericitic, and several
metres wide in a deformation corridor (Figure 1)
o Sulphide mineralization includes pyrite, pyrrhotite with local chalcopyrite and
arsenopyrite.
Five holes drilled along Anomaly B which has been associated with historical gold
intersections in diamond drill holes;
o Holes have intersected quartz-carbonate veining mineralized with pyrite,
pyrrhotite and traces of arsenopyrite. XRF Analyzer detected arsenic and gold in
the mineralized section (Figure 3).
o Deeper holes have intersected a second zone of pyrrhotite mineralization with
minor pyrite and chalcopyrite;
o Garnet enrichment in the mafic volcanics has been observed near mineralization
of the second zone.
o Holes intersected several generations of quartz-feldspar porphyry dikes, some
altered and mineralized.
Figure 2 and 3: Mineralized Core from Anomaly A, North Zone (left photo) and Anomaly B, South Zone (right photo).
New Showing:
A new showing was found associated with one of the numerous IP Chargeability anomalies
detected in a survey completed last winter (see Figure 1). The showing was mechanically
stripped, mapped and sampled. Analyses are pending. The showing was found to consist of
several quartz veins hosted in altered mafic volcanics and some of the veins are in contact with
what appears to be quartz feldspar porphyry. Mineralization consists of pyrrhotite, pyrite and
chalcopyrite. The New Showing is in an area of high chargeability that provided another viable
target that was tested by diamond drilling. One drill hole was completed to test the New
Showing. Initial examination revealed two heavily silicified, porphyritic zones with 1-2%
pyrrhotite/pyrite from 6.7 to 18 metres downhole (exact width not known at this time) (Figure 4, 5
and 6).
Figure 4 (left) Core boxes showing silicified porphyry, Figure 5 (right) close up of silicified porphyry.
Figure 6: Induced Polarization Pseudosection with location of New Showing and Unexplored Anomalies
Gitennes President Ken Booth commented: “The progress the Company has made in a short
time with the New Mosher Property has been very good. We recognized the potential of the
Property when a full review of historical data, including gold in drill holes, pits, trenches and
surface samples, an IP geophysical survey was combined with Gitennes’ recent work. Add to
that the discovery of the New Showing and the decision was made to drill 3,000 metres. What
the geologists have observed in the drill core is very encouraging and we have realized that we
are just scratching the surface on the New Mosher property. Initial analyses for the drilling and
surface work are expected in late June”
Gitennes also announces that it is conducting a non-brokered private placement (the
“Placement”) of up to 8,500,000 units (consisting of 3,500,000 non-flow-through units (“Units”)
priced at $0.09 per Unit and 5,000,000 flow-through units (“FT Units”) priced at $0.11 per FT
Unit). Each Unit consists of one non-flow-through common share and one common share
purchase warrant (“Warrant”). Each flow-through unit consisting of one flow-through common
share and one half of one common share purchase warrant (“FT Warrant”). Each Warrant shall
be exercisable to acquire one Common Share (a “Warrant Share”) at an exercise price per
Warrant Share of $0.15 for a period of 24 months following the Closing Date and each FT
Warrant shall be exercisable to acquire one Common Share (a “FT Warrant Share”) at an
exercise price of $0.20 for a period of 24 months following the Closing Date. Finder’s Fees of
7% cash and 7% warrants may be paid on the financing. The closing of the Placement is
subject to TSX Venture Exchange approval.
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: New Mosher, JMW,
RAL, 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 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.
Gitennes Quebec properties – JMW and Maxwell 100%, New Mosher & RAL – option to earn up to 85%
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.
Gitennes Exploration Inc.
“Ken Booth”
Ken Booth
President
For further information, please contact: Ken Booth
Phone: 604-682-7970, Email: [email protected]
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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
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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.