Tickers: XTSX:GIT, PINX:GILXF
Tags: Mining
Vancouver, British Columbia / TheNewswire / October 25, 2017 - Gitennes Exploration Inc. ("Gitennes" or the "Company") has commenced a diamond drilling on its Snowbird High Grade Gold Project located in north central BC. The Snowbird project is accessible year-round via paved and dirt roads and is located at a relatively low elevation with moderate relief not exceeding 190 metres. The ease of access to all parts of the property enables cost effective diamond drilling throughout the entire year.
The Company plans to drill a minimum of 1,000 metres of core and focus on the North and Main Zones of the Snowbird high grade gold trend during its initial programme. The drill is currently collared on one of five priority targets located within the North Zone. Subsequent to these targets being tested, four holes will be completed on the high grade gold mineralization known to exist within the Main Zone at Snowbird.
The Company's field work over the past several months has delineated the strike extent of the Snowbird gold bearing structure for over 2.5 kilometres. High grade historical gold results within the trend are directly associated with listwanite, a key ultramafic rock alteration directly associated with several multi-million ounce gold deposits in BC and the Motherlode District in California. Gitennes' drilling will target the listwanite along the Snowbird Trend during its drill campaign.
The Company also announces that it will grant options to non-insider technical advisors that are providing geological services to the Company and have been an integral part of the Company's exploration programmes. Pursuant to its stock option plan, the Company intends to grant 400,000 incentive stock options all of which options will vest at the time they are granted. Each option is exercisable to purchase one common share of the Company at $0.12 for a term of five years.
About Gitennes Exploration Inc.
Gitennes is in the business of exploring for and advancing mineral deposits. The Company currently has two gold exploration properties, Hixon and Snowbird, 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 Dean Fraser (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.
Gitennes Exploration Inc.
"Ken Booth"
Ken Booth
President
For further information, please contact: Ken Booth
Phone: 604-682-7970 Email: info@gitennes.com
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.
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