VANCOUVER, May 31, 2011 /CNW/ - Gitennes Exploration Inc. (TSXV: GIT) has entered into option agreements to buy 100% interests in two
prospective mineral properties situated in southern British Columbia.
Riddle Property: This property covers a portion of a Tertiary alkaline volcanic feature
that has rare-earth mineralization within a two metre-thick unit of
tuff and sandstone. A limited amount of rare earth-related exploration
was done in 2000, which was mostly rock sampling and trenching. Samples
returned values of 2550 to 3130 ppm lanthanum, 582 to 676 ppm
neodymium, 3260 to 4340 ppm cerium as well as elevated europium and
samarium. Uranium and thorium values are very low, however barium is
extremely high. The mineralized zone appears to be bedding parallel and
shallowly dipping, and the target horizon may extend at least 1000
metres at shallow depths.
Elsewhere at Riddle zones of silicified volcanic breccia are associated
with areas of bleached and altered tuff. These areas have been
previously explored for gold with only limited encouragement. The
relationship between these area and the rare earth mineralization is
not known, however the Company intends to examine the total potential
of the property especially in light of the evolution in knowledge of
similar geological settings such as Bear Lodge, Wyoming.
Riddle is accessible by all-weather highways and seasonal roads and
trails from Penticton or Vernon, BC.
Keg Property: The Keg covers an area of hydrothermally altered diorite and volcanic
rock located at the northern end of the Guichon Batholith near
Ashcroft, BC. The Guichon is host to Teck's Highland Valley copper
mine, one of the largest open pit, bulk-mining copper mines in the
world. The Keg Property has had very little exploration, with the last
episode possibly in 1968 to 1971. There is evidence of at least three
drill holes from this period but no property-wide geochemical or
The geological feature of interest at Keg is a series of gossans exposed
in deep ravines that are the product of weathering sericite schist
containing disseminated pyrite. Malachite has been noted however copper
values in the gossan are low. The gossans are not evident from afar;
this is likely the reason for the nearly four decades of inactivity.
To the south the Keg gossans appear to pass beneath a much younger cover
of Tertiary Kamloops Group basalt and shale. The area beneath this
cover where the pyritic alteration is projected to continue is a
potential target for disseminated or porphyry copper-type
Keg is accessible by road from Ashcroft.
Agreements: Both properties are under option-to-purchase agreements with
arms-length vendors. The terms are four years in length and include
payments totalling $100,000 as follows: $10,000.00 initial payment on
signing the option agreement, followed by a second $10,000.00 payment
after six months, then payments of $20,000.00 each on or before the
1st, 2nd, 3rd and 4th anniversaries of signing. Gitennes will own a
100% interest in the properties subject to a 1% net smelter returns
Planned Exploration: The Company anticipates some preliminary examination and logistical
work to be completed during June. Detailed work will commence once
meetings are held with First Nations groups living in the area of the
two properties, followed by obtaining any necessary permits from
Government. It is anticipated that both properties will require
geological mapping, soil geochemical and possibly geophysical surveys
prior to drilling.
The technical information in this release has been reviewed by J.
Blackwell (P.Geo.), a Qualified Person as defined by National
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 release.
DISCLAIMER: This news release includes certain statements, other than
historical information, that may be deemed "forward-looking
statements". All statements in this release, other than statements of
historical facts, including, without limitation, statements regarding
future plans and objectives of the companies are forward-looking
statements that involve various risks and uncertainties. Although
Gitennes believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may
differ materially from those in the forward-looking statements.
Forward-looking statements are based on a number of material factors
and assumptions. Factors that could cause actual results to differ
materially from those in forward-looking statements include general
economic, market or business conditions, and other risks detailed
herein and from time to time in the filings made by the companies with
securities regulators. Mineral exploration and development of mines is
an inherently risky business. Accordingly the actual events may differ
materially from those projected in the forward-looking statements.
Historical information necessarily is not current and is provided for
your reference only. No warranty whatsoever is made that any of the
historical information is accurate, precise, or up-to-date. For more
information on Gitennes and the risks and challenges of their
businesses, investors should review their annual filings that are
available at www.sedar.com.
This press release does not constitute an offer to sell or a
solicitation to buy any of the securities of Gitennes in the United
SOURCE Gitennes Exploration Inc.
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