Gitennes Acquires the Highly Prospective Blue Ice Property in Quebec with Pegmatites Containing High Grade Rare Earth Elements / Niobium / Tantalum
Vancouver, BC - TheNewswire - March 1, 2023 - Gitennes Exploration Inc. ("Gitennes" or the "Company") - (TSXV:GIT) announces that it has assembled a land package in Quebec that has known pegmatites and has been historically sampled by Gitennes with assays returning high grade Heavy Rare Earth Elements (“HREE”), niobium and tantalum. The property is located approximately 100 kilometres northeast of Sept Iles, Quebec and consists of 119 contiguous claims totaling 6,462 hectares. Of the 119 claims, Gitennes has staked and owns 100% of 115 claims and has signed two option agreements to earn 100% of the four additional claims.
Historical Highlights of the Property
Assays from grab samples of:
Total Heavy REE – 7,000 ppm;
Niobium – 1.86%;
Tantalum – 0.48%;
Three swarms of pegmatite dikes have been mapped;
Pegmatite swarms occur over 1,200 metres from north to south;
Results are from two separate pegmatite dikes 640 metres apart;
Only one claim has been mapped, potential for more pegmatites on other claims;
Property covers a large area of pegmatite dikes with a previously undocumented occurrence of large crystals of beryl, a beryllium mineral;
Limited historical exploration on the entire property
offers an excellent grass-root discovery opportunity;
Power line crosses the property, and an active rail line is 500 metres away.
Large pegmatite that was sampled and returned heavy REE, niobium and tantalum.
Ken Booth, President states: “This is a very exciting opportunity for Gitennes. The Company has been able to assemble a highly prospective land package at a low cost that provides Gitennes with the opportunity to make a grass roots discovery in the lithium – REE space. Many companies have recently staked properties in Quebec based on map geology but Gitennes’ property not only has several mapped pegmatites but it has key indicator minerals, and documented niobium, tantalum, beryllium and REE grades that shows the potential for lithium bearing pegmatites is very high”.
The Property covers occurrences of extremely coarse-grained pegmatite that intrude gabbro and norite. Historically an individual beryl crystal (5% weight percent Be) in excess of 50 kilograms was extracted from the property. Geochemical analyses of samples from a few pegmatites on the property suggest that the mineral columbite-tantalite is present. This complex mineral is frequently associated with, or in proximity to, lithium/REE-rich pegmatites. While exploration of Blue Ice and its associated pegmatites is in the planning stages, it is believed that the pegmatites on the property are indicative of an occurrence which shows exceptionally high potential to host lithium and REE / Niobium / Tantalum mineralization.
The mineralization historically sampled by Gitennes is in a vertical dike that is up to seven metres wide, has been traced for 100 metres and is open along strike. Gitennes’ mapping identified three swarms of pegmatite dikes over 1,200 metres with the dikes striking east-west. Based on well established geological models, the possibility of finding additional pegmatites on the property is believed to be excellent.
In addition to 115 claims that Gitennes has staked and owns 100%, the Company has two option agreements on four additional claims. Both option agreements give Gitennes the right to acquire 100% of the claims.
The first option agreement for one claim pays the vendor $10,000 and issues 100,000 shares on June 1, 2023. Gitennes must expend $50,000 on exploration on the claim within 12 months of signing the agreement. A 1.5% NSR will be granted to vendor.
The second option on three claims pays the vendors $10,000 on signing the agreement, $15,000 when Gitennes completes a private placement and $50,000 by the second anniversary of the signing of the agreement. Gitennes will issue 50,000 shares on signing the agreement, 250,000 shares by the third anniversary of the agreement. Exploration expenditures by Gitennes will total $600,000 over three years with the first $100,000 is required to be spent within 18 months of the signing of the agreement. A 1.5% NSR will be granted to the vendors.
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 whereby Gitennes can earn an initial 70% with the right to increase its ownership to 85%. The JMW, Maxwell and Snowbird Properties have been optioned to other gold exploration companies.
Qualified Person – The technical content in this release has been reviewed and approved by Mitchell E. Lavery, P.Geo, who is a Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
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
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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.