Gitennes begins phase 1 exploration at Snowbird
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.
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.
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