Gitennes be­gins phase 1 ex­plo­ration at Snow­bird

Stockwatch Daily - - MINES & METALS - Mr. Ken Booth re­ports

GITENNES EX­PLO­RATION Inc. has com­menced the first phase of ex­plo­ration on the ad­vanced-stag e high-grade Snow­bird gold project, lo­cated i n north-cen­tral Bri­tish Columbia. Also, the com­pany has raised a to­tal of $468,000 in its pre­vi­ously an­nounced pri­vate place­ment with the clos­ing of a sec­ond tranche to­day. Net pro­ceeds from the pri­vate place­ment en­able the com­pany to be­gin the first phase of ex­plo­ration of the Snow­bird gold project with the goal of out­lin­ing a di­a­mond drill pro­gram.

Gitennes per­son­nel have re-es­tab­lished road ac­cess to var­i­ous zones on the prop­erty in­clud­ing Main and Pe­g­leg. Out­crop ex­po­sures of the Main and Pe­g­leg zones were ob­served for at least 80-me­tre strike length and con­tained in­tense quartz-car­bon­ate vein­ing and mari­posite al­ter­ation.

Gitennes plans to carry out geo­physics, sur­face map­ping and sam­pling dur­ing the first phase of ex­plo­ration. The geo­physics will con­sist of ground mag­netic with the aim of de­lin­eat­ing the 4.8-kilo­me­tre-long Sowchea shear zone as well as cross struc­tures. 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 B.C. and Cal­i­for­nia. Gitennes will also trace the lo­ca­tions of 88 core holes drilled in the 1980s; this would be help­ful in fu­ture drilling by the com­pany. Snow­bird project

The Snow­bird high-grade gold project was op­tioned by Gitennes in Fe­bru­ary, 2017. The project cov­ers 7,120 hectares and is lo­cated 20 kilo­me­tres west of Fort St. James, B.C. The Snow­bird project has seen sev­eral pe­ri­ods of ex­plo­ration, with the last ma­jor pro­gram com­pleted in 1989 con­sist­ing of di­a­mond drilling.

Pri­vate place­ment

The com­pany has now raised a to­tal of $468,500 with the clos­ing to­day of the sec­ond tranche of its pre­vi­ously an­nounced pri­vate place­ment. The sec­ond tranche raised ag­gre­gate gross pro­ceeds of $20,600 through the is­suance of 90,900 non-flow-through units at 5.5 cents per unit (for gross pro­ceeds of $5,000) and 240,000 flow-through units at 6.5 cents per unit (for gross pro­ceeds of $15,600). Each unit con­sists of one com­mon share and one non-flow-through com­mon share pur­chase war­rant. Each war­rant is ex­er­cis­able for a pe­riod of 36 months from the clos­ing of the first tranche of the pri­vate place­ment, and has an ex­er­cise price of 8.5 cents for the non-flow-through unit war­rants and an ex­er­cise price of 10 cents for the flow-through unit war­rants. The ex­piry date of the flow-through war­rants and the non-flow-through war­rants will be ac­cel­er­ated if the clos­ing price of the com­pany’s com­mon shares on the TSX Ven­ture Ex­change is at least 15 cents for a min­i­mum of 20 con­sec­u­tive trad­ing days dur­ing the term com­menc­ing af­ter four months from the is­suance of the war­rants. The com­pany will use the net pro­ceeds from the pri­vate place­ment to fi­nance ex­plo­ration on its Cana­dian prop­er­ties and for gen­eral cor­po­rate pur­poses.

We seek Safe Har­bor.

Erika Flores con­densed this news re­lease (erikaf@stock­watch.com).

Jerry Den­nis Black­well, Ken­neth David Booth, Jesse Grady, Ge­orge Robert Matthews, Stu­art Roland Ross

(GIT) Shares: 78,404,116

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