Gitennes Options Out Snowbird High Grade Gold Project
thenewswire.com
  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;
- 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 confirmed the presence of high grade gold;
- 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;
- 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.
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 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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