pcNewsWire – Gitennes Exploration Inc. (TSX-V: GIT) intends to closed a non-brokered private placement of up to 5.4 million non-flow through units for gross proceeds of up to $297,000 and up to nine million flow-through units for gross proceeds of up to $585,000.
Proceeds will be used for general corporate purposes and for exploration on the company’s properties.
Gitennes Prepares for Field Season on its northern Barkerville Gold Belt Property and its Snowbird High Grade Gold Project; announces Non-brokered Private Placement
Vancouver, British Columbia – June 1, 2017– Gitennes Exploration Inc. (“Gitennes” or the “Company”) – (TSXV: GIT) announces that field programs will commence in late June on its Hixon Gold Property
located at the northern end of the Barkerville Gold Belt and on its advanced stage high grade Snowbird Gold Project. Both projects are well located in north central BC and are road accessible year round.
At Hixon, which is located at the northern end of the Barkerville Gold Belt, the Company is planning to follow up on its field work from last summer. In August 2016 Gitennes conducted reconnaissance mapping, sampling and geophysics. The ground magnetometer (“MAG”) survey was particularly useful in differentiating the contact between intrusive and sedimentary rocks; the sedimentary rocks identified on the Property are similar to what is found in the Barkerville Gold Camp. Gitennes will continue with the MAG survey and mapping and sampling of the sedimentary unit.
The Snowbird high grade gold project was optioned by Gitennes in February. The Project covers 7,120 hectares and is located 20 kilometres west of Fort St. James, British Columbia. Fort St. James is a full service community providing infrastructure and skilled manpower. The Project is orogenic in style and has been recognized as being similar to other lode gold systems that are associated with terrane boundary structures and ophiolite complexes within the Cordillera. Several well-known examples of significant past producers include the Motherlode District and Quartz Hill in California and in British Columbia, Rossland, Bralorne and Barkerville. Historical sampling of the Peg Leg vein on the Project returned the following values:
The Snowbird Project has seen little to no exploration since the late 1980’s. As a first phase exploration program this summer Gitennes plans to carry out geophysics, mapping and sampling. The geophysics will consist of ground MAG and Induced Polarization and will further delineate the 4.8 kilometre long Sowchea shear zone. Mapping will focus on identifying additional areas of mariposite alteration which is a key host of high grade gold mineralization at Snowbird. Mariposite, which is a chrome rich sericite, has been recognized at many high grade orogenic gold deposits in BC and California. Gitennes will also relocate previous drill holes as the 88 drill holes completed in the late 1980’s will be useful in future drilling by the Company.
The Company also announces that it is conducting a non-brokered private placement. The financing will consist of up to 5.4 million non-flow through units for gross proceeds of up to $297,000 and up to nine million flow-through units for gross proceeds of up to $585,000. The non-flow through units are priced at 5.5 cents and consists of one common share and one full common share purchase warrant. Each full warrant entitles the holder to purchase one common share of Gitennes at 8.5 cents and have a term of three years. The flows through units are priced at 6.5 cents and consist of one common share and one full common share purchase warrant. Each full warrant entitles the holder to purchase one common Gitennes at 10.5 cents and have a term of three years. Net proceeds from the financing will be used for general corporate purposes and for exploration on the Company’s properties. Finder’s Fees are payable on the private placement.
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.
The scientific and technical information contained in this news release has been reviewed and approved by L. Mireku, MSc (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.
For further information, please contact: Ken Booth Phone: 604-682-7970 Email: email@example.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.
SOURCE: Gitennes Exploration Inc.