Gitennes Raises Funds to Finance Phase III Diamond Drilling of the Snowbird High Grade Gold Project
Gitennes Raises Funds to Finance Phase III Diamond Drilling of the Snowbird High Grade
Gold Project
Vancouver, British Columbia – September 23, 2019– Gitennes Exploration Inc. ("Gitennes" or the
"Company") - (TSXV: GIT) announces that it has raised gross proceeds of $556,000 under terms of a
non-brokered private placement announced July 29. The majority of the net proceeds will be used to
primarily finance a Phase III diamond drill programme on the Snowbird High Grade Gold Project. It is
anticipated that crews will mobilized to the Project over the next few weeks. The Company issued a total
of 15,896,000 units at 3.5 cents per unit consisting of 5.29 million non-flow through units for gross
proceeds of $185,000 and 10.6 million flow-through units for gross proceeds of $371,000.
The non-flow through units and the flow-through units were both issued at 3.5 cents and all units consist
of one common share and one full common share purchase warrant. Each full non-flow through warrant
entitles the holder to purchase one common share of Gitennes at five cents for three years. Each full
flow-through warrant entitles the holder to purchase one common share of Gitennes at five cents in year
one and six cents in year two.
Gross proceeds from the financing will mainly be used for exploration on the Company’s two properties
located in northern, BC including 2,000 metres of diamond drilling on the Snowbird High Grade Gold
Property, working capital, marketing, offering expenses and finder’s fees.
Shares issued under the private placement are subject to a four month hold. Finder’s Fees of $44,439 and
1,119,680 warrants were paid on the private placement. The warrants are exercisable at five cents for a
period of three years. The private placement and the payment of any commissions and fees are subject to
the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
About the Snowbird High Grade Gold Project
The Company has completed two diamond drill programmes on its Snowbird High Grade Gold
Project located near Fort St. James, British Columbia. 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 drilling with planned hole lengths averaging up to
approximately 200 metres. The Snowbird Project’s logistics allows for drilling year-round and
cost efficient drilling which over the last two diamond drilling programmes averaged
approximately C$175/metre all-in.
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
in the early and late-1980’s or by Gitennes (see tables 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
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(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
and adjacent to the 25 to 150 metre wide silica-carbonate altered ultramafic unit in areas of high
deformation (faulting/shearing) and is associated with key pathfinder elements arsenic and
antimony. Gold in quartz veins is predominantly hosted within 10 metres of the footwall contact
between the overlying mudstone altered ultramafic.
Gitennes’ review of historic drilling in combination with contemporary drilling from the Phase I
and II programme by Gitennes suggests that the down dip extension of the Main Zone
mineralization may steepen at depth. Phase III drilling will test the Main Zone at depth as
historical drilling has been to an average vertical depth of only about 75 metres.
About Gitennes Exploration Inc.
Gitennes is in the business of exploring for and advancing gold properties. The Company currently has
two high grade gold exploration properties, Snowbird and Maroon, both in British Columbia and a 1%
Net Smelter Returns royalty on the 18 million ounce Urumalqui Silver Project in Peru.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved
by J. Rensby (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.
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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 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.