Gitennes Options Snowbird High Grade Gold Project
Vancouver, B.C. – TheNewswire – February 10, 2021 – Gitennes Exploration Inc. (« Gitennes » or the » Company « ) – (TSXV:GIT) (OTC:GILXF) announces that it has optioned its Snowbird High Grade Gold Project located near Fort St. James, British Columbia. The Company has entered into an option agreement (the “Agreement”) with Plutus Gold Corp. (“Plutus”) whereby Plutus is required to expend sufficient funds on exploration in order to complete Gitennes’ 100% earn-in of the Snowbird Project. With the signing of the Agreement Plutus has paid Gitennes $25,000 and Gitennes will receive C$2.0 million in common shares.
Gitennes has an option to earn 100% of Snowbird by completing $1.5 million in exploration expenditures by September 20, 2021. Gitennes has completed approximately $1.03 million in work on Snowbird and has made all required payments to the underlying owners. Under the agreement with Gitennes, Plutus must expend $500,000 on Snowbird by June 30, 2021 or the agreement with Plutus will terminate. Plutus is a private exploration company and is seeking a listing of its shares on a Canadian stock exchange. Under the Agreement Plutus must be listed on a recognized stock exchange by April 16, 2021 or Gitennes will receive an additional 10% in shares and if Plutus is not listed on a recognized stock exchange by the first anniversary of the Agreement Gitennes will receive Plutus shares at $0.10 per share equal to 22 million common shares.
Snowbird Project Highlights
- – Orogenic , high grade , gold project;
– Displays similar characteristics to Motherlode District, California & Bralorne Mine, BC;
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- – Snowbird has: Grade; Structure, Alteration, Depth;
– Target is 25 to 150 metre wide alteration zone, approximately 4.8 km long;
– Gitennes has drilled 30 holes totaling approximately 4,820 metres;
– Gitennes drilling consistently confirm ed the presence of high grade gold;
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- – Intersected its highest grades along a mudstone-ultramafic contact;
– 85% of all anomalous gold values occur along the mudstone-ultramafic contact;
– Deepest hole on project drilled by Gitennes – 400 metres (300 metre vertical depth);
– Future drilling will require deep holes as Gitennes deepest hole did not cross the key contact.
Highlights from Gitennes Drilling
- – 19.3 g/t gold and 33.5 g/t silver over 0.6 metres * – SB19-06;
– 18.3 g/t gold over 0.5 metres – SB19-06;
– 9.7 g/t gold over 1.2 metres – SB19-07;
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- – Including 12.95 g/t gold over 0.7 metres;
– 11.32 g/t gold over 1.32 metres including 15.85 g/t gold over 0.82 metres – SB18-06;
– 16.25 g/t gold over 1.0 metre – SB17-04.
* The above mineralized widths are downhole widths. True widths are not known at this time.
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 four properties in Quebec: JMW, RAL, New Mosher and Maxwell, the Snowbird gold property in British Columbia and a 1.5% Net Smelter Return royalty on the 18 million ounce (43-101 compliant) Urumalqui silver resource in Peru. JMW and Maxwell are 100% owned by Gitennes. RAL and New Mosher are under option and Gitennes can earn an initial 70% and has the right to increase its ownership to 85%.
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by Wayne Holmstead (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, 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.