Gitennes Stakes Iron Property in Peru

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[{"type":"text","content":"\n\n\n\nVANCOUVER, June 24 /CNW/ - Gitennes Exploration Inc. (TSX-GIT) has\nacquired a 1,400 - hectare property in southern Peru. The property covers a\npotential zone of high grade magnetite and hematite (both ores of iron) along\nan overburden-covered hillside. Magnetite occurs in locally derived blocks and\nboulders up to 50 cm across and as beds of gravel in ravines. The float is\nderived from a large area of diorite intrusion and skarn located uphill from\nthe original sample sites. The zone was found during regional prospecting\nconducted from the base camp at the TotoRoko Property. There is no evidence of\nprevious exploration or sampling, and this zone is likely a new discovery.\n\n\nMineralization occurs as massive magnetite, magnetite-garnet and hematite\nin large blocks, boulders and cobbles that grade 63.5 to 66.2 % iron. The\nuphill trace of the zone of float has been traced by prospecting over a length\nof 600 metres and remains open to the north. The southern end of the zone\nappears to coincide with granite intrusive, the contact being marked by strong\nveining and alteration. Rusty outcrops here returned highly anomalous gold\n(117 to 228 ppb) associated with anhydrite-hematite veins. Elsewhere,\nscattered outcrops of massive secondary iron minerals and iron-cemented\noverburden have been found at several locations near the up-hill cut-off of\nthe float, suggesting that a source may be nearby.\n\n\nThis zone is at a very early stage of exploration, and the results\nreported here are based upon initial field examinations. Additional work,\nincluding drilling and geophysical surveys are necessary to evaluate its\npotential as an iron prospect. The anomalous gold detected in a portion of the\nzone is also of interest, as is a zone of siliceous hydrothermal breccias\nnoted 4 kilometres north. The next steps in the project are to complete\nadditional prospecting, geological mapping and geophysical surveys.\n\n\nIron ore prices have increased dramatically in the past six years, and\nthere has been renewed interest in the iron potential of Peru. Most known\noccurrences and deposits have been re-staked by competitor companies,\nincluding more inaccessible prospects far inland. Gitennes' new property is\nsituated 80 kilometres from the Pacific coast. Access is by a regional network\nof gravel roads.\n\n\nAnalytical servi...

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