Vancouver, B.C. – TheNewswire – May 15, 2023 – Gitennes Exploration Inc. (“Gitennes” or the “Company”) – (TSXV:GIT) announces results from the diamond drilling program completed on its 100% owned JMW gold property in the Chapais-Chibougamau area of Quebec (see Figure 2).
The diamond drilling program totalled 984 metres in five holes (Figure 1). Four holes were drilled into sedimentary rocks and targeted Induced Polarization (“IP”) geophysical anomalies. One hole was drilled across the northern contact between the intrusives and volcanics.
The sedimentary rocks and intrusive contacts are known to host gold deposits and occurrences in the Chapais-Chibougamau area.
Figure 1: Drill hole locations, Geology and Induced Polarization Chargeability Anomalies.
Of the four drill holes that were targeting strong IP anomalies, all four intersected at least one of the following: ductile shearing, graphitic cataclastic faulting, stringer to semi-massive sulphide (pyrrhotite+/-pyrite), and/or magnetite-bearing sheared iron formation. Furthermore, graphitic lithologies and sheared/faulted equivalents often displayed increased disseminated sulphide. This suggests that the IP survey was successful at identifying these features which are known to be associated with gold mineralizing systems in sedimentary rocks in the Chapais-Chibougamau area.
Gold assays mainly showed less than 0.50 g/t over two to 20 metres, particularly in holes 22JMW-02 and 22JMW-05. These low-grade intervals were associated with deformed volcanogenic intervals with known sulfides (pyrite and pyrrhotite) occurrences.
Hole 22JMW-03 had an interval of 7.23 g/t gold over 0.7 metres (114m – 114.7m) characterized by notable quartz-carbonate veining and intense structural deformation and sericite alteration along the hanging wall of the mineralized interval.
Figure 2: JMW Property and Gitennes’ other properties in Chapais – Chibougamau area
The Company also announces that the optionee on both the JMW and Maxwell properties will not be continuing with the options and has returned the properties to Gitennes.
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. All properties are 100% owned by Gitennes except for New Mosher which is under option 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 technical content in this release has been reviewed and approved by Mitchell E. Lavery, P.Geo, who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
Gitennes Exploration Inc.
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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.
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