Gitennes Wins Second Place at Red Cloud Klondike Strike’s “Crucible Event” and Begins Marketing its High Grade Gold Projects with Red Cloud’s Assistance
Suite 1010 – 789 West Pender Street, B.C. V6C 1H2 Tel: 604-682-7970
email: [email protected] website: www.gitennes.com
Gitennes Wins Second Place at Red Cloud Klondike Strike’s “Crucible Event” and
Begins Marketing its High Grade Gold Projects with Red Cloud’s Assistance
Vancouver, B.C., - April 24, 2019- Gitennes Exploration Inc. ("Gitennes" or the " Company") -
(TSXV – GIT) announces it recently won second place at the inaugural Red Cloud Klondike
Strike Inc. (“Red Cloud”) “Crucible Event” and has engaged Red Cloud to assist the Company in
marketing its high grade gold projects. In addition, Gitennes is preparing to advance its high
grade gold exploration projects located in British Columbia.
At Red Cloud’s 2019 Pre -PDAC Showcase, Gitenn es was invited to participate in Red Cloud’s
inaugural “Crucible Event”. Following presentations to mining industry professionals, fund
managers and former gold mining analysts, Gitennes, as one of three finalists, placed second and
was awarded compliment ary advisory services by Red Cloud. Gitennes has since engaged Red
Cloud to assist Gitennes with marketing its high grade gold exploration projects to a wider
audience.
We are thrilled that the independent panel of experienced judges agreed with our investment thesis involving the
exploration potential at our projects. Having Red Cloud assist us in our marketing efforts should give us the ability to
attract a wider audience to our story so that we can drive shareholder value through a potential discovery. The
Company plans on commencing a third phase of deeper diamond drilling in 2019 to follow up on the high grades found
to date at Snowbird.
Ken Booth, President and CEO
The Company has completed two diamond drill programmes on its Snowbird High Grade Gold
Project 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 mineralizati on at depth with drilling significantly deeper than all previous
drilling with planned hole lengths averaging approximately 400 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’ two diamond drilling programmes (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
(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 hole s 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 path finder 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 suggests that the down dip extension of the Main Zone mineralization may
steepen at depth. Phase III drilling will test this to depths of between 300 and 400 metres below
surface. Note that almost all historical drillin g has been to an average vertical depth of only
about 75 metres. Success in this phase of drilling could triple the resource of the Main Zone.
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
Columbia and a 1 .5% Net Smelter Returns royalty on the 18 million ounce Urumalqui Silver
Project in Peru.
About Red Cloud Klondike Strike Inc.
Red Cloud Klondike Strike Inc. is an exempt market dealer focused on providing unique and
innovative financing alternatives, growth opportunities, and market exposure for select mining
companies. The Red Cloud Klondike Strike Inc. team has a mix of technical and financial
expertise with over 100 cumulative years of combined mining and corporate finance experience.
Working as an extension of management, the Red Cloud Klondike Strike Inc. team uses its
global network of mining and capital markets professionals and extensive in-house experience in
the many facets of the mining business to help companies identify sources of capital and quality
actionable merger, acquisition and divestiture opportunities, and to generate and maintain
important relationships with key investors.
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
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]
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 p erformance 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 busi ness 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 statemen ts 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.