Gitennes Debt Settlement with Drill Contractor V a n c o u v e r , B . C . , - S e p t e m b e r 9 , 2 0 1 9 - G i t e n n e s E x p l o r a t i o n I n c . ( " G i t e n n e s " o r t h e "Company") - (TSXV – GIT) announces it has settled a payable with a diamond drill contractor.
Suite 1010 – 789 West Pender Street, B.C. V6C 1H2 Tel: 604-682-7970
email: [email protected] website: www.gitennes.com
Gitennes Debt Settlement with Drill Contractor
V a n c o u v e r , B . C . , - S e p t e m b e r 9 , 2 0 1 9 - G i t e n n e s E x p l o r a t i o n I n c . ( " G i t e n n e s " o r t h e
"Company") - (TSXV – GIT) announces it has settled a payable with a diamond drill contractor.
G i t e n n e s a n d t h e d r i l l c o n t r a c t o r a g r e e d t o s e t t l e $ 3 8 , 4 1 8 . 8 0 b y G i t e n n e s i s s u i n g 7 6 8 , 3 7 6
c o m m o n s h a r e s a t $ 0 . 0 5 p e r c o m m o n s h a r e .
The Company has completed two diamond drill programmes on its Snowbird High Grade Gold
Proj e ct located near Fort St. James, British Columbia and has planned a third phase of diamond
drilling. The planned Phase III drilling programme will focus on the Main Zone and will test the
continuity of the mineralization at depth with drilling significantly deeper than all previous
d r i l l i n g w i t h p l a n n e d h o l e l e n g t h s a v e r a g i n g a p p r o x i m a t e l y 4 0 0 m e t r e s . T h e S n o w b i r d P r o j e c t ’ s
logistics allows for drilling year-round and cost efficient drilling which over the last two
d ia mo n d d r illin g p r o g r a mme s a v e r a g e d a p p r o x i m a te l y C $ 1 7 5 / m e t r e a l l - i n .
Main Zone Highlights – Snowbird Gold Project
The Main Zone is the focus for the planned Phase III drilling. The zone has consistently
delivered high grade results either through historical adit and trench sampling; diamond drilling
i n t h e e a r l y a n d l a t e - 1 9 8 0 ’ s o r b y G i t e n n e s ’ t w o d i a m o n d d r i l l i n g p r o g r a m m e s ( s e e t a b l e s
below).
Table 1 – Historical Adit and Trench Sampling
Vein Area Total
Length (m)
# of Samples Wtd Ave Gold Grade
(g/t)
Grade Range (g/t)
Main Adit-East Wall 9.72 15 8.62 1.87-19.9
Adit-West Wall 8.36 14 691.61 4.67-4,602
Peg Leg Trench 49.54 66 10.53 1.31 – 45.44
(1) Readers are cautioned that a "qualified person" (as defined by National Instrument 43-101) has not yet completed sufficient work to be able to verify the historical
information, and therefore the information should not be relied upon.
Table 2 – Select Historical Drill Results and Gitennes Drill Results:
Hole Gold (g/t) Length (metres)
86-06 5,050 0.20
80-07 10.53 4.80
Including 30.34 1.22
86-02 10.97 2.97
80-06 9.57 2.40
including 23.93 0.93
86-07 24.50 1.00
SB17-04 (GIT) 9.10 2.02
including 16.20 1.00
SB18-06 (GIT) 15.13 1.32
including 22.50 0.82
(1) Except for holes SB17-04 and SB18-06 readers are cautioned that a "qualified person" (as defined by National Instrument 43-101) has not yet completed
sufficient work to be able to verify the historical information, and therefore the information should not be relied upon.
Based on Gitennes’ work and a review of historical information, high-grade gold occurs within
a n d a d j a c e n t t o t h e 2 5 t o 1 5 0 m e t r e w i d e s i l i c a - c a r b o n a t e a l t e r e d u l t r a m a f i c u n i t i n a r e a s o f h i g h
deformation (faulting/shearing) and is associated with key pathfinder elements arsenic and
a n t i m o n y . G o l d i n q u a r t z v e i n s i s p r e d o m i n a n t l y h o s t e d w i t h i n 1 0 m e t r e s o f t h e f o o t w a l l c o n t a c t
between the overlying mudstone altered ultramafic.
Gitennes’ review of historic drilling in combination with contemporary drilling from the Phase I
and II programme suggests that the down dip extension of the Main Zone mineralization may
s t e e p e n a t d e p t h . P h a s e I I I d r i l l i n g w i l l t e s t t h i s t o d e p t h s o f b e t w e e n 3 0 0 a n d 4 0 0 m e t r e s b e l o w
surface. Note that almost all historical drilling has been to an average vertical depth of only
about 75 metres.
Shares issued pursuant to the debt settlement are sub j ect to TSX Venture Exchange approval.
About Gitennes Exploration Inc.
Gitennes is in the business of exploring for and advancing mineral deposits. The Company
currently has two high grade gold exploration properties, Snowbird and Maroon, both in British
C o l u m b i a a n d a 1 . 5 % N e t S m e l t e r R e t u r n s r o y a l t y o n t h e 1 8 m i l l i o n o u n c e U r u m a l q u i S i l v e r
Proj e ct in Peru.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and
approved by Justin Rensby (P.Geo.), technical adviser to the Company who is a "qualified
p e r s o n " w i t h i n t h e m e a n i n g o f N a t i o n a l I n s t r u m e n t 4 3 - 1 0 1 .
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]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news
release.
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 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.