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Burin Gold Successfully Completes $6.9 million Initial Public Offering, Begins Trading on the TSX Venture Exchange

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. VANCOUVER, British Columbia, Nov. 24, 2021 (GLOBE NEWSWIRE)…

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NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

VANCOUVER, British Columbia, Nov. 24, 2021 (GLOBE NEWSWIRE) — Burin Gold Corp. (“Burin Gold” or the “Company”) is pleased to announce that its common shares will commence trading on the TSX Venture Exchange (“TSX-V”) today at market open under the symbol “BURG”. This follows the closing of the Company’s successful initial public offering (“IPO”) led by Haywood Securities Inc. and Laurentian Bank Securities Inc. and including Echelon Wealth Partners Inc.

David Clark, CEO of the Company, said: “On behalf of Burin Gold, I would like to thank our existing and new shareholders for their support throughout this successful IPO process. We are looking forward to starting this next pivotal chapter of Burin Gold’s growth as a listed company and owe our thanks to our shareholders, consultants, and partners for helping the Company to reach this important milestone. I also would like to thank Plethora Private Equity Fund for their belief in the potential of this project and their support in incubating the Company since 2018. The proceeds from the IPO will be used to execute our planned exploration programs on the Hickey’s Pond – Paradise Gold project located in eastern Newfoundland.”

Phillip Walford, Chair of the Board, said: “On behalf of the Board of Burin Gold, I would like to thank all those who contributed to this successful IPO. This financing enables the Company to conduct a well-designed exploration program in 2022 with an initial focus on the Hickey’s Pond gold zone followed by exploration on the known but currently under-explored and undrilled epithermal gold showings elsewhere on the large property. It is going to be an exciting year for Burin Gold and Burin Gold shareholders.”

Burin Gold is a new public company currently focused on follow-on drilling at its prospective Hickey’s Pond-Paradise Gold Project where a 2020 drill program intersected mineralisation of 58.25 m of 1.12 g/t gold from surface, including 10.80 m of 4.43 g/t gold (see the Company’s news release of February 24, 2021, issued under its previous name of Bonavista Resources Corp.) The Company operates in an under-explored district of Newfoundland, Canada; a tier-one jurisdiction recognized for mining investment based on mineral potential, favourable geopolitical jurisdiction, historical mining, and ongoing exploration successes. Burin Gold is led by a Board and Executive Management team with a strong track record of achievement, particularly in Newfoundland. The Board includes Phillip Walford as Chair, founder and former President & CEO of Marathon Gold Corporation (“Marathon”) and Sherry Dunsworth, former Senior Vice President of Exploration at Marathon. Both Mr. Walford and Ms. Dunsworth were awarded the 2021 PDAC Prospector of the Year Award for their contributions to the discovery of the Valentine Gold Project in Newfoundland during their time at Marathon.

The Company’s principal asset is its Hickey’s Pond – Paradise Gold Project on the Burin Peninsula of the island of Newfoundland. The project includes the Hickey’s Pond prospect, drill tested by Burin in 2020, as well as several promising historical showings that have yet to be drill tested. The Company’s immediate focus will be the initiation of an airborne geophysical survey over the entirety of its mineral licences, to complement previous smaller geophysical programs as well as the signing of a contract for diamond drilling services for its planned drilling program, due to commence in Q1/2022. The project is fully permitted for diamond drilling.

Hickey’s Pond – Paradise Gold Project

The Company’s Hickey’s Pond – Paradise Gold project consists of mineral licences covering 159 km2 located on the Burin Peninsula, in the eastern part of the island of Newfoundland. The project covers a more than 20 km strike length of highly perspective ground including two parallel alternation trends hosting numerous undrilled high sulphidation epithermal gold showings. The most advanced showing, historically referred to as the Hickey’s Pond showing, consists of a folded auriferous alteration zone characterized by significant gold grades and widths exposed over 250 m strike length. This showing is hosted within a large north-east trending, >10 km alteration system that has received limited historical exploration. The Company, active in Newfoundland since 2018 (until early 2021 operating as a private company under its former name of Bonavista Resources Corp.) has significantly advanced the property through several exploration programs, including a 2018 channel sampling program that returned results of 20.0 m of 9.34 g/t Au (see Bonavista Resources Corp. news release of September 12, 2018), airborne geophysics that outlined a 7 km long chargeability anomaly coincident with surface mineralisation at Hickey’s Pond, and most recently a seven hole, 1026 metre diamond drill program at the Hickey’s Pond prospect in late 2020. This initial drill program at Hickey’s Pond intersected a best result of 10.8 m of 4.43 g/t Au at shallow depth.

Additional information about Burin and its Hickey’s Pond – Paradise Gold Project can be found on SEDAR at www.sedar.com and on the Company’s website at www.burin-gold.com.

Introductory Webinar

Burin Gold hosted an introductory webinar on November 22nd, after the closing of its IPO. David Clark, Burin’s President & CEO, provided an overview of the company and its flagship Hickey’s Pond – Paradise Gold Project. A recording of the webinar is available and can be accessed via the following link: youtu.be/Q_TxCfA5GA4

About Burin Gold Corp.

Burin Gold is a newly listed public company on the TSX Venture Exchange. The Company’s principal asset is its Hickey’s Pond – Paradise Gold Project on the Burin Peninsula, Newfoundland. This project contains the Hickey’s Pond gold prospect, drill tested with an initial 1,000 m drill program in 2020 with best results of 10.8 m of 4.43 g/t Au, as well as numerous other historical high-sulphidation epithermal gold showings that have yet to be drill tested. With the successful completion of its IPO, the Company is well-positioned to commence a significant diamond drilling campaign at the Hickey’s Pond prospect, planned to start Q1/2022.

Qualified Person

David Clark, MSc, PGeo, CEO of Burin Gold, is the Company’s designated Qualified Person within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). He has prepared the technical content of this news release.

Acknowledgement

The Company acknowledges the financial assistance of the Mineral Development Division, Department of Industry, Energy, and Technology, Government of Newfoundland & Labrador, via its Junior Exploration Assistance Program. The program provides valuable financial rebates on exploration expenditures made in the province to qualifying exploration companies. The Company has benefited from the program yearly since 2018.

On behalf of the Board

“David Clark”
CEO & Director

For Further Information:

David Clark
CEO & Director
Burin Gold Corp.
1-877-620-4185 – toll free
[email protected]

Forward Looking Statements

Neither 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.

This News Release includes certain “forward-looking statements” which are not comprised of historical facts. Forward looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, an inability to predict and counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19 on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.






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Globex Options Large Joutel Land Package

ROUYN-NORANDA, Quebec, Nov. 30, 2021 (GLOBE NEWSWIRE) — GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart,…

ROUYN-NORANDA, Quebec, Nov. 30, 2021 (GLOBE NEWSWIRE) — GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchanges and GLBXF – OTCQX International in the US) is pleased to inform shareholders that Globex has optioned our Eagle Northwest, Gagné and Valrennes claim packages totaling approximately 50 square kilometres (191 claims), in the Joutel Mining Camp of Northwestern Quebec to Orford Mining Corporation (ORM-TSXV).

Figure 1 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ddd14f92-66b7-49af-8504-ba32ac40c8a7

Geological Map with gold and copper showing on the Joutel Eagle Property
Drilling intervals are down-hole lengths from historical data. True thicknesses cannot be estimated with available information. The technical information presented in this release was obtained from historical work reports filed with the Quebec Ministry of Energy and Natural Resources and has not been independently verified by a Qualified Person as defined by NI 43- 1013.

Globex’s Eagle Northwest property herein and hereafter called the Joutel Eagle Property to coincide with Orford nomenclature, covers 11 kilometres of the Casa Berardi structural zone, south splay (CBSZ) which is associated with several mineral deposits such as the Casa Berardi Gold Mine and the polymetallic Estrade Mine. In addition, 11 kilometres of the northwestern extension of the Eagle/Telbel Gold Mine horizon has been shown by Globex’s recent detailed aeromagnetic survey to traverse the entire strike length of the property. Within this property, previous drilling roughly defined the “South Gold Zone” over a strike length of approximately 700 metres and to a depth of 500 metres. This historical gold zone is open to depth as are a number of other areas of gold mineralization intersected in previous drilling.

On the Gagné claims, surface sampling produced assays grading up to 26.2 g/t Au over 3.0 m in trenching (GM54803).

Lastly, the Valrennes claims, toward the western portion of the mining camp, have several clusters of very strong airborne electromagnetic anomalies which have received limited follow up and have potential to indicate the presence of gold and/or base metal bearing stringer or massive sulphides.

Under the option agreement, Orford may earn 100% interest in the claims by fulfilling the follow terms:

  1. The payment of $1,650,000 (half in cash and half in Orford shares) over a five year period of which $425,000 in the first 12 months is a firm obligation;
  2. A work expenditure of $2,775,000 of which $525,000 is a firm obligation within the first 24 month period.

Globex will retain a 3.5% Gross Metal Royalty (GMR), 1.5% of which Orford may purchase for a cash payment of $2,000,000.

Globex is pleased to be optioning this large land package to Orford which has good exploration experience in the area.

Shareholders should note that Globex has also recently optioned our Eagle Gold Mine property to Maple Gold Mines Ltd. (see Globex press release dated July 19, 2021 and Maple’s work update in Maple’s press release dated October 7th, 2021).

Apart from the Orford and Maple option deals, Globex retains two sizable claim packages in the Joutel Mining Camp, the former Poirier Mine and Joutel Copper Mine both of which Globex considers to have significant exploration potential in addition to historical resources.

Figure 2 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d473ca12-79a4-42c9-ab48-2a6130a7f5dd

Casa Berardi: Hecla Mining, Mineral Resources Statement as of December 31, 2019. https://www.hecla-mining.com/casa-berardi/ Estrades: Technical report on the Mineral Resources Estimate for the Estrades Project, Northwestern Quebec Canada. Galway Metals, November 5, 2018, Amended March 15, 2019. Eagle /Telbel: Système d’information géominière of Québec “SIGEOM”, Quebec Ministry of Energy and Natural Resources. April 20,2020 DV93-01. Douay: Maple Gold Mines. Mineral Resource Statement as at October 24, 2019. https://www.maplegoldmines.com/index.php/en/projects/douay-gold-project#isDouayResourceEstimate . Vezza: Mineral Resources Estimate for the Vezza Project, located 25 km south of Matagami, Quebec, Maudore Minerals Ltd. December 31, 2012. Poirier Copper/Joutel Copper: Système d’information géominière of Québec “SIGEOM”, Quebec Ministry of Energy and Natural Resources. April 20,2020 DP346, GM44192. Sleeping Giant: Système d’information géominière of Québec “SIGEOM”, Quebec Ministry of Energy and Natural Resources. November 13,2020. DV-2010-01 Mine Selbaie: Système d’information géominière of Québec “SIGEOM”, Quebec Ministry of Energy and Natural Resources. November 1,2021,  DV 2000-02

This press release was written by Jack Stoch, Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.

We Seek Safe Harbour.   Foreign Private Issuer 12g3 – 2(b)
  CUSIP Number 379900 50 9
LEI 529900XYUKGG3LF9PY95
For further information, contact:
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Globex Mining Enterprises Inc.
86, 14th Street
Rouyn-Noranda, Quebec Canada J9X 2J1

Tel.: 819.797.5242
Fax: 819.797.1470
[email protected]
www.globexmining.com

Forward Looking Statements: Except for historical information, this news release may contain certain “forward looking statements”.  These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the expectations and projections of Globex Mining Enterprises Inc. (“Globex”).  No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Globex will derive therefrom.  A more detailed discussion of the risks is available in the “Annual Information Form” filed by Globex on SEDAR at www.sedar.com.





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Silver Elephant’s Flying Nickel Spinout Announces Closing of its $8.6 Million Private Placement

Not for distribution to United States Newswire Services or for dissemination in the United StatesVANCOUVER, BC / ACCESSWIRE / November 30, 2021 / Silver…

Not for distribution to United States Newswire Services or for dissemination in the United States

VANCOUVER, BC / ACCESSWIRE / November 30, 2021 / Silver Elephant Mining Corp. (“Silver Elephant“, or the “Company“) (TSX:ELEF)(OTCQX:SILEF)(Frankfurt:1P2N) is pleased to announce that, further to its news releases dated October 26, 2021 and November 19, 2021, Silver Elephant’s wholly owned subsidiary Flying Nickel Mining Corp. (“Flying Nickel“) has completed its previously announced private placement (the “Flying Nickel Offering“) for gross proceeds of $8,600,000.

Pursuant to the Flying Nickel Offering, Flying Nickel sold 10,094,033 subscription receipts comprised of non-flow through subscription receipts (each, a “Non-FT Subscription Receipt“) at a price of $0.70 per Non-FT Subscription Receipt and 1,992,437 flow-through eligible subscription receipts (each, a “FT Subscription Receipt“, and collectively with the Non-FT Subscription Receipts, the “Offered Securities“) at a price of $0.77 per FT Subscription Receipt. Red Cloud Securities Inc. (“Red Cloud“), as lead agent and sole bookrunner, together with Canaccord Genuity Corp., acted as agents (the “Agents“) under the Flying Nickel Offering.

Details Regarding the Flying Nickel Offering

Upon the satisfaction of certain escrow release conditions (the “Escrow Release Conditions”), the Offered Securities shall be deemed to be exercised, without payment of any additional consideration and without further action on the part of the holder thereof, for the following:

  • each Non-FT Subscription Receipt shall be automatically converted into one unit of Flying Nickel (each, a “Unit“); and
  • each FT Subscription Receipt shall be automatically converted into one common share of Flying Nickel to be issued as a “flow-through share” within the meaning of the Income Tax Act (Canada) (each, a “FT Share“).

Each Unit will consist of one common share of Flying Nickel (each a “Unit Share“) and one-half of one common share purchase warrant (each whole warrant, a “Warrant“). Each whole Warrant shall entitle the holder to purchase one common share of Flying Nickel (each, a “Warrant Share“) at a price of $1.00 at any time on or before November 29, 2023.

The Escrow Release Conditions include, but are not limited to, the approval of a plan of arrangement of Silver Elephant (the “Arrangement“) by Silver Elephant shareholders to be held on December 22, 2021, and approval of the Toronto Stock Exchange. Flying Nickel has applied with TSX Venture Exchange to list its common shares as early as practically possible.

The proceeds of the Flying Nickel Offering will held in escrow and not released to Flying Nickel until the Escrow Release Conditions are satisfied by the deadline provided in the terms of the subscription receipt agreements that govern the Offered Securities. Those proceeds will be used for the exploration and advancement of the Minago Nickel Project as well as for general working capital purposes.

In consideration for the services of the Agents in connection with the Flying Nickel Offering, the Agents will receive a cash commission equal to 6% of the gross proceeds. 50% of the cash commission has been paid to the Agents, with the balance to be released upon satisfaction of the Escrow Release Conditions. In addition, on satisfaction of the Escrow Release Conditions, the Company will issue to the Agents an aggregate of 716,616 broker warrants (“Broker Warrants“), each exercisable to acquire on common share of Flying Nickel at an exercise price of $0.70 at any time on or before November 29, 2023.

Upon completion of the Arrangement and conversion of all of the Offered Securities, it is anticipated that Flying Nickel will have outstanding approximately 62,086,470 common shares, 5,047,016 Warrants and 716,616 Broker Warrants.

Details Regarding the Arrangement

The Arrangement proposes to spin-out Silver Elephant’s Manitoba based Minago Nickel project, Nevada based Gibellini Vanadium project, and mining royalty portfolio into Flying Nickel Mining Corp. (“Flying Nickel”), Nevada Vanadium Mining Corp. (“Nevada Vanadium”), and Battery Metals Royalties Corp. (“Battery Royalties”).

Further to the Company news releases dated August 26, 2021, and September 23, 2021, each Silver Elephant share outstanding on the Record Date of the Arrangement (expected to be in early January 2022, the “Record Date”), will be consolidated on the basis of one post-consolidation common share (“ELEF Share”) for every ten pre-consolidation shares of Silver Elephant (the “Consolidation”).

Each Silver Elephant shareholder (“Shareholder”) will receive: one share of each of Flying Nickel and Nevada Vanadium and two shares of Battery Royalties for every post-Consolidation ELEF Share held by such Shareholder on the Record Date;

More detailed information regarding the Arrangement is disclosed in the management information circular prepared for the shareholder meeting which is available under the Company’s profile at www.sedar.com, and www.silverelef.com.

$ = Canadian Dollars

About Silver Elephant Mining Corp.

Silver Elephant Mining Corp. is a premier mining and exploration company in silver, nickel, and vanadium.

Further information on Silver Elephant and Flying Nickel can be found at www.silverelef.com and www.flynickel.com.

SILVER ELEPHANT MINING CORP.

ON BEHALF OF THE BOARD

“John Lee”

Executive Chairman

For more information about Silver Elephant, please contact Investor Relations:
+1.604.569.3661 ext. 101
[email protected] www.silverelef.com

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this news release, including statements which may contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions, and statements related to matters which are not historical facts, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements, which reflect management’s expectations regarding Silver Elephant’s future growth, results of operations, performance, business prospects and opportunities, are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements.

These factors should be considered carefully, and readers should not place undue reliance on the Silver Elephant’s forward-looking statements. Silver Elephant believes that the expectations reflected in the forward-looking statements contained in this news release and the documents incorporated by reference herein are reasonable, but no assurance can be given that these expectations will prove to be correct. In addition, although Silver Elephant has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Silver Elephant undertakes no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.

None of the securities to be issued pursuant to the Flying Nickel Offering have been or will be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws, and any securities issuable in the transaction are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Section 3(a)(10) of the U.S. Securities Act and applicable exemptions under state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities.

SOURCE: Silver Elephant Mining Corp.

View source version on accesswire.com:
https://www.accesswire.com/675245/Silver-Elephants-Flying-Nickel-Spinout-Announces-Closing-of-its-86-Million-Private-Placement





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Gitennes Finds Visible Gold and Adds Claims on its VG Boulder Property, Gaspe Region of Quebec

 

Vancouver, B.C. – TheNewswire – November 30, 2021: Gitennes Exploration Inc. ("Gitennes" or the "Company") – (TSXV:GIT) announces that visible gold…

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Vancouver, B.C. – TheNewswireNovember 30, 2021: Gitennes Exploration Inc. (“Gitennes” or the “Company”) – (TSXV:GIT) announces that visible gold was found in two locations on its 100% owned VG Boulder Property (“the Property”) during a recently completed reconnaissance programme (Figure 1 and 2).  The programme also located a new showing on the Property containing anomalous antimony, arsenic and cobalt.  To cover additional favourable geology along structures that control mineralization in the Gaspe Region the Company has increased the size of the Property.

 

Property Highlights

  • Visible gold found in boulders in two ocations on the Property; 

    • Locations are 50 metres apart and in the vicinity of historically reported visible gold in large angular boulders (58 g/t) (Figure 3); 

    • Associated Antimony, Arsenic and Cobalt mineralization in a new location; 

  • Property increased from 1,250 hectares to 5,787 hectares to cover favourable geology along major structure and splays.  New claims cover 14 km strike of the prospective Grand Pabos Fault Zone, same fault as found in Newfoundland (Figure 4); 

  • Historically reported old (22.4 g/t) and ntimony (15.4%) in outcrop; 

  • Property covers geology and structure that is similar to recent gold discoveries in Newfoundland. 

 


Click Image To View Full Size

 

Figure 1: Boulder of brecciated sediment with quartz flooding containing visible gold (See Fig 2 below for close-up of gold mineralization)

  


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Figure 2: Close-up of quartz with visible gold mineralization from brecciated sediment

 

Ken Booth, President commented: “The results from Gitennes initial programme are very encouraging.   To find visible gold in two locations further highlights how prospective the VG Boulder Property is and validates historically reported high grade gold in boulders and outcrop.   With the addition of approximately 4,500 hectares Gitennes has now established a major foothold in the area and the new claims cover prospective geology and the key structures which appear to control the gold mineralization.   The main structure on the Gitennes claims, The Grand Pabos fault, is the same key structure that is host to the recent discoveries of high grade gold in Newfoundland.   Gitennes looks forward to the next programmes on VG Boulder which will consist of an airborne magnetomer/electromagnetic (“EM”) geophysical survey and follow up ground work in early 2022”.

 

The Company also announces that it has increased the size of the VG Boulder Property to cover additional favourable geology and key structures that are associated with gold mineralization in the area.  The property size has been increased to 101 claims (5787 hectares) (Figure 3).  The new claims cover 14 km strike length of the prospective New Pabos Fault Zone

  


Click Image To View Full Size

 

Figure 3: VG Boulder Property Highlights showing area of recent gold bearing boulder samples and historically reported gold grades.  Gitennes claims outlined in black.

 

The VG Boulder Property is located in the Gaspe Region of Quebec (Figure 5) and covers geology and structure that is similar to recent gold discoveries in Newfoundland.  The gold mineralization in the region is traditionally hosted by structures related to the Grand Pabos Fault, a major regional structure that can be traced across the entire Gaspe Peninsula and into Newfoundland where major gold discoveries have been made recently (Figure 4).  

 


Click Image To View Full Size

 

Figure 4:  Key Structures, including the Grand Pabos Fault, and Relation to Gold Deposits including mineralization on Gitennes VG Boulder Property and recent gold discoveries in Newfoundland.

 

Regional Context and Discussion

Recent research has revealed that gold mineralization is related to the Ordovician to Silurian-aged closing of the Iapetus Ocean.  This ancient suture in the earth’s crust extends from North America, through the Gaspe Peninsula, Newfoundland, across the Atlantic Ocean to Ireland (Figure 4).  Major gold deposits are associated with this event in Newfoundland and Ireland and structure is found to be a key aspect of these deposits and the critical control of gold mineralization including gold mineralization in the Gaspe Region of Quebec.

   


Click Image To View Full Size

 

Figure 5: Location Map – Gitennes Gaspe Properties

  

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%.

 

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Wayne Holmstead (P.Geo.), who is a “qualified person” within the meaning of National Instrument 43-101.  

 

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:  [email protected]

 

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.

  

Copyright (c) 2021 TheNewswire – All rights reserved.




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