VANCOUVER, Aug. 31 /CNW/ - Gitennes Exploration Inc. (TSXV-GIT) is pleased to provide the following update:
Further to its news release of July 7, 2010 the Company has staked additional property in north-eastern Quebec, increasing the size of the Blue Ice option to 975 hectares. The property is located 100 km northeast of Sept-Îles, accessible by rail and four-wheel drive bush roads. There has been little exploration on the property, however a major forest fire four years ago has resulted in both easier access and new exposures of bedrock, including an interesting gemstone discovery.
The Blue Ice Property covers new occurrences of pegmatite that intrude gabbro and norite. One of the pegmatite dykes contained a large gem-quality crystal of aquamarine, a form of beryl. This is a new discovery of beryllium and opens the possibility for additional metals of interest to be present including lithium and rare earth elements that are often associated with beryl. Rare earth minerals are present in outcrop at several locations on the property as well as in the discovery area, now a small pit that was dug to extract the original gem. The original discovery is in a vertical dyke that is up to 7 metres wide, has been traced for 100 metres and is open along strike.
A secondary target at Blue Ice is its base metal potential. The host rocks in the region are being actively explored for nickel and copper and during the initial property examination several occurrences of copper mineralization were noted associated with pyrrhotite. The host rocks are stocks and sills of norite and gabbro in a larger domain of mafic and granitic gneiss. Several electromagnetic and magnetic anomalies were detected over the property by a government-funded airborne geophysical survey, several of which are in close proximity to areas of sulphide-bearing gabbro breccia.
The Blue Ice option agreement requires committed and optional exploration expenditures by Gitennes totalling $400,000, making property payments totalling $110,000, and issuing 200,000 common shares over a 36-month period. The Company has committed to spend $25,000 within twelve months of signing, and to make a property payment of $25,000 and issue the first tranche of 50,000 shares to the owners. The vendors will be entitled to retain a 2% net smelter returns royalty of which half may be purchased at anytime for $1,000,000. The Company has also agreed to separate the discovery dyke, a 120 by 50 metre area from the rest of the option-property in order to allow the owners an unrestricted access to collect additional gems as they may wish at their own expense.
The Company expects to complete a comprehensive programme of mapping, sampling and prospecting at Blue Ice before November. Gitennes is examining a number of other exploration projects and intends to expand its asset base through additional acquisitions in North America.
Peru - The Company has been advised by Teck Perú S.A. that it intends to exercise its option to purchase the Tucumachay and Titimina projects. The gross purchase price is US $200,000. The purchaser is obligated to make an additional payment of US$1,200,000 if it announces a decision to commence commercial production on either of the projects.
Gitennes' Urumalqui Property, a drill-defined silver and gold deposit with excellent exploration upside will remain the principal focus in Peru. The project is located in a well-established mining region in La Libertad. A comprehensive review of Urumalqui is available on SEDAR or through the Company's website (www.gitennes.com). Urumalqui is under option to AndeanGold Ltd.
The technical information in this release has been reviewed by J. Blackwell (P.Geo.), a Qualified Person as defined by National Instrument 43101.
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.
SOURCE Gitennes Exploration Inc.
For further information: For further information: Jerry Blackwell, President, Suite 2390 - 1055 West Hastings Street, Box 60, Vancouver, B.C. V6E 2E9, Tel: (604) 682-7970, Fax: (604) 608-9014, email: email@example.com, website: www.gitennes.com