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Vancouver, British Columbia--(Newsfile Corp. - February 11, 2021) - Gitennes Exploration (TSXV: GIT) (OTC PINK: GILXF) has optioned its Snowbird high grade orogenic gold project to Plutus Gold. The Snowbird Project, located approximately 20 kilometers west of Fort St. James, British Columbia, covers an area of 2,021 hectares and displays characteristics similar to the Motherlode District in California and the Bralorne Mine in British Columbia.
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In February 2017, Gitennes signed an option to earn a 100% interest in the Snowbird property and to earn its interest Gitennes was required to issue 12 million shares and incur $1.5 million in exploration expenditures in stages. To date, the company has completed approximately $1,030,000 in exploration expenditures and has made all required payments.
Under the option with Plutus Gold, a private company seeking to list on the Canadian Securities Exchange, Plutus must expend $500,000 on Snowbird by June 30, 2021 or the agreement will terminate. This amount will complete Gitennes' 100% earn-in of the Snowbird Project. With the signing if the agreement, Gitennes has received $25,000 and will receive 20 million shares at deemed price of $0.10 per share.
If Plutus fails to get listed on a recognized stock exchange by April 16th, Gitennes will receive an additional 2 million shares and if Plutus is not listed on a recognized stock exchange by February 2022, Gitennes will receive additional Plutus shares at $0.10 per share to equal 22 million shares.
The main target zone at Snowbird is within the 4.8-kilometre-long Sowchea Fault, where Gittennes has reported high-grade gold intercepts occurring within and adjacent to the 25 to 150-metre-wide area of high deformation. Gitennes drilled 30 holes for approximately 4,820 meters, which consistently confirmed the presence of high grade gold, with 85% of all anomalous gold values occurring along a mudstone-ultramafic contact. Highlights include 19.3 grams per tonne gold and 33.5 grams per tonne silver over 0.6 meters, 9.7 grams per tonne gold over 1.2 meters, 11.32 grams per tonne gold over 1.32 meters, and 16.25 grams per tonne gold over 1.0 meter.
The company currently has four gold properties with three recently acquired properties in active gold camps in Quebec. It also retains a 1.5% NSR royalty on the 18 million ounce Urumalqui Silver Project in Peru.
For more information, please visit the company's website www.gitennes.com contact Ken Booth, President and CEO at 604-682-7970 or email firstname.lastname@example.org.
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