VANCOUVER, July 20 /CNW/ - Gitennes Exploration Inc. (TSX-GIT) is pleased
to provide an update on its exploration activities at the Tucumachay and
Titimina Projects, Peru. Work to date at Tucumachay has found numerous
outcropping occurrences of gold-bearing jasperoid within a 6 square kilometer
portion of the property. Two large areas - Encantada on the northwest and
La Nariz in the south, have emerged as large, strong gold targets. Drilling
remains planned to commence during August 2005.
Tucumachay - Exploration is currently focused on the southern
fold-closure, or nose ("La Nariz") of the Saturno Anticline in the southern
portion of the property, where siliceous, gold-mineralized carbonate rocks
pass beneath sandstone cover. La Nariz is a 7,200-m(2) (1,200 long and 200 to
800 metres wide) area highlighted by a high-contrast soil anomaly, large
tracts of fractured, altered and mineralized limestone, and numerous
occurrences of gold-bearing jasperoid. This area is roughly centered on the
Sinkhole (a map illustrating La Nariz is available at www.gitennes.com). It
includes the Cliff Target on the southeast, the Leonardo Target on the west,
as well as the recently outlined La Guapita and Straw Hut Targets on the east
and Big Wide Crack ("BWC") on the north. The BWC itself is an east-northeast
trending fault that currently defines the northern boundary of La Nariz. Few
samples have been collected north of the BWC. Cerro Oeste, a fault-repeated
block of the carbonate stratigraphy west of the Leonardo Target, also hosts
gold mineralization.
Soil sampling over La Nariz has indicated that this area is geochemically
strongly anomalous with respect to Au and Zn, as well as As, Ba, Hg, and Tl.
Of 359 soil samples collected, 166 returned values in excess of 100 ppb Au,
and twenty of these were in excess of 1 g/t Au (up to 4.81 g/t Au). Panel and
chip-sampling of outcrops within this area has firmed the grades and
dimensions of the previously-recognized Cliff, Sinkhole and Leonardo Targets,
and has roughly outlined several new zones: La Guapita, Straw Hut, the BWC,
and a northeastern extension of the Sinkhole Target. In most cases sample
lengths are limited by the extent of continuous outcrop without gaps.
<<
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Target Sample Traverse Length (m) Au g/t
-------------------------------------------------------------------------
Cliff T22398 (Panel) 110.0 2.50
Includes 25.0 2.86
and 10.0 4.19
and 20.0 4.75
T22420 (Panel) 20.0 1.88
T22209 7.0 2.96
T22227 3.0 3.09
-------------------------------------------------------------------------
Straw Hut T27711 16.0 0.88
T22220 5.0 1.09
T22444 5.7 1.21
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La Guapita T26903 12.0 0.92
T27988 27.0 0.82
T27993 10.0 1.12
T22084 17.0 0.61
T22392 13.0 1.10
-------------------------------------------------------------------------
Sinkhole T22310 7.3 2.24
T22327 4.6 1.19
T22338 10.2 0.97
T22362 14.8 0.56
T28379 4.6 1.41
T22279 14.0 1.06
T22292 22.0 0.61
T22511 5.0 1.72
-------------------------------------------------------------------------
Cerro Oeste T22105 21.7 1.00
T22129 14.5 1.47
T22228 8.0 1.10
T22525 15.0 0.91
T22530 10.0 0.85
T26108 5.0 4.67
-------------------------------------------------------------------------
Leonardo Norte T26813 54.0 0.85
T22493 12.1 1.05
T22482 5.3 0.89
-------------------------------------------------------------------------
Big Wide Crack T22461 8.0 0.85
T22257 4.0 1.15
T22252 16.0 0.85
T22260 6.0 1.99
T22266 6.0 1.13
T22582 9.0 1.46
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The core of the Saturno anticline contains relatively flat-lying
Cordorsinga Formation limestone, overlain by Cercapuquio Formation arenite and
shale. The Cordorsinga units in the nose are notably fractured, discoloured,
and contain units of intraformational breccia (from 3 to over 10 metres
thick). Intervening limestones are locally dolomitic and contain lenses and
layers of visually spectacular "snowflake"-textured barite mineralization,
sometimes associated with honey-coloured sphalerite and gold. Where these
breccias and sphalerite/barite-bearing units are cut by northeast, east-west,
or northwest - striking faults and/or joints, silicification increases and
gold tenor rises. The BWC is an east-northeast structural feature, traced for
600 metres, marked by a prominent topographic low and intermittent dyke of
feldspar porphyry. Gold mineralization is found south of the BWC, from its
western terminus, where it abuts Cerro Oeste, through its eastern end where a
broad zone of mineralization is found. Here a zone of mineralization was
traced by sampling for 230 metres. Of 61 discontinuous chip samples collected
34 assayed between 0.5 and 1.99 g/t gold. Within several metres of the BWC
pods of zinc mineralization (dark sphalerite and barite) occur.
Gitennes geologists recognize at least three styles of mineralization
within La Nariz that are thought to be manifestations of a single, large
mineralizing system. The highest grade mineralization is associated with
replacement bodies of black jasperoid, often in close proximity to the
Condorsinga/Cercapuquio contact (ie Cliff, Leonardo "contact" mineralization).
Jasperoids are usually found within fracture zones along faults and replacing
adjacent limestone strata. The most intensely and widely developed example at
La Nariz is the Cliff, having been traced and sampled over an area of
approximately 170m x 80m. The estimated thickness of the most intensely
developed jasperoids at the Cliff is 2 metres. The Leonardo Norte Zone
features fault and vein-controlled jasperoid development in brecciated
dolomites. Previously released sample results include 5.82 g/t Au over 10.0 m
and 6.02 g/t Au over 5.9 m.
A second style of gold mineralization is hosted in collapse breccias and
fractured carbonate that lack extensive silicification. This is exemplified by
the large areas at the Sinkhole target. Faults that cross these rocks appear
to localize zones of collapse breccia and karst debris that are variably
mineralized. Mineralization found in the area between Cerro Oeste, along the
western end of the Big Wide Crack and south to the Sinkhole (a 250 by
200 metre-sized area) is also of this type. This style is lower average grade
but is usually developed over large areas; where fracturing or veining is more
intense, gold grades increase.
A third style of gold mineralization, found extensively on the eastern
portions of La Nariz, comprises domains of moderate to intense stockwork
quartz or silica-filled fracture networks. Newly defined zones of this type
include the Straw Hut Zone, La Guapita, the BWC, and the northeastern
extension of the Sinkhole Zone.
Current work in the nose of the Saturno anticline includes additional
detailed sampling, mapping and VLF-EM surveys. Recently completed IP surveys
detected anomalies both within the target area and beneath sandstone cover. We
will await the detailed conclusions of the geophysical contractors before
attempting to integrate these results into our exploration model and drill
plans.
Maps illustrating some of these results will be available Wednesday
June 20 on the Company's website at www.gitennes.com.
The Tucumachay Project is held under option from Inmet Mining
Corporation. Under the terms of agreement, Gitennes must incur US$600,000
exploration expenditures before December 31, 2005 and US$1.6 million by
December 31, 2008 to earn a 100% interest. Inmet has the option to
subsequently earn-back a 60% interest by spending 3X Gitennes' cumulative
expenses, a decision that will be triggered upon Gitennes completing
12,000 metres of drilling.
Titimina Update
Exploration of the Company's 100%-owned Titimina Project, located
immediately north of Tucumachay, has been delayed by the work on Encantada and
La Nariz. Initial prospecting and sampling traverses in the southern portion
of the property have found several zinc-silver prospects. One, the "Alpha",
returned interesting assay results from a 27 by 60 metre zone of fracture-
controlled and bedding replacement oxide mineralization in Condorsinga
limestone. Some earlier underground development occurred on the target (of
pre-1970's vintage), and appears to have exploited bedding replacement
mineralization down-plunge. Small piles of hand-sorted mineralization are
present, containing a mix of oxide zinc and mixed sulphide - oxide
"zebra-texture" barite-sphalerite mineralization. A chip sample taken across a
fracture-controlled portion of the zone returned:
-------------------------------------------------------------------------
Sample
Target Traverse Length (m) Zn % Ag g/t
-------------------------------------------------------------------------
Alpha T23991 26.8 20.59 35.6
Includes 7.5 greater 30.8
than 30.0
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Field work at Tucumachay and Titimina is supervised by J. Foster, P.Geo.
and A. Fernandez-Baca, P.Geo. Analytical services are provided for by ALS
Chemex Laboratories in Lima and North Vancouver. The technical information
contained in this release has been reviewed by Jerry Blackwell P.Geo. a
Qualified Person as defined in National Instrument 43-101.
The Toronto Stock Exchange has neither approved nor disapproved
the information herein.
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