Vancouver, November 3, 2022 -
Gitennes Exploration Inc. ("Gitennes" or the "Company") - (TSXV - GIT) announces that it has signed two agreements to option its JMW and Maxwell properties, Chapais-Chibougamau Area, Quebec to
Newfoundland Discovery Corp. (CSE - NEWD). Work on the two properties is expected to commence shortly and
Newfoundland Discovery Corp. is planning to spend approximately $800,000 on exploration between the two properties. On the JMW property geophysics and diamond drilling is proposed and for Maxwell an airborne Magnetometer survey will be conducted.
Newfoundland Discovery can initially earn a 70% interest in each property and has the right to earn an additional 15% interest. Terms of the option agreements are:
JMW Property
| Cash | Shares | Work Commitments |
| On signing | $5,000 | | |
| TSXV Approval | | 125,000 | |
| Year 1 | | 150,000 | $500,000 |
| Year 2 | | 250,000 | $500,000 |
| Year 3 | | 350,000 | $500,000 |
| Total | $5,000 | 825,000 | $1,500,000 |
If all of the payments are made and exploration expenditures are completed then Newfoundland Discovery will earn a 70%. Newfoundland Discovery can earn an additional 15% by completing a 43-101 compliant resource.
Maxwell Property
| | Cash | Shares | Work Commitments |
| On signing | $5,000 | | |
| TSXV Approval | | 125,000 | |
| Year 1 | | 50,000 | $250,000 |
| Year 2 | | 150,000 | $350,000 |
| Year 3 | | 250,000 | $400,000 |
| Total | $5,000 | 575,000 | $1,000,000 |
If all of the payments are made and exploration expenditures are completed then Newfoundland Discovery will earn a 70%. Newfoundland Discovery can earn an additional 15% by completing a 43-101 compliant resource.
The JMW property lies along the Guercherville Deformation zone which is host to several past producing mines as well as Iamgold's Nelligan deposit that hosts approximately 3.1 million of ounces of gold. The JMW property has gold mineralization and visible gold in drill holes associated with the deformation zone but gold has also been observed in intrusive rocks to the north of the deformation zone. Additionally, a target on JMW is the sediments which is the host rock for the Nelligan deposit.
Maxwell is approximately 15 km to the northeast of JMW and close to Iamgold's Monster Lake deposit that hosts 433,000 ounces of gold. Maxwell has several occurrences of gold in both the fine and heavy fraction of glacial tills and the gold in tills is associated with mapped structures. The structures are northeast trending, similar to Iamgold's Nelligan property. Maxwell has seen very little exploration and several EM geophysical anomalies remain untested.
About Gitennes Exploration Inc.
Gitennes is in the business of exploring for and advancing mineral properties with a focus on high grade or large tonnage gold deposits. The Company currently has five gold properties in Quebec, JMW, New Mosher, Maxwell, VG Boulder and Serpenphior, the Snowbird gold property in British Columbia and a 1.5% Net Smelter Return royalty on the 18 million ounce Urumalqui Silver Project in Peru. Gitennes owns 100% of its Quebec gold properties except for New Mosher which is under option for Gitennes to earn an initial 70% with the right to increase its ownership to 85%.
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
Phone: 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.
Not for distribution to United States newswire services or for release, publication, distribution or dissemination directly, or indirectly, in whole or in part, in or into the United States.
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 New Mosher and Snowbird Projects 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.
