VANCOUVER, Oct. 12 /CNW/ - Gitennes Exploration Inc. (TSX-GIT) has
completed a preliminary exploration core drilling programme at the Tucumachay
Project in central Peru. The highlight of the drilling is the discovery of a
near-surface zone of gold mineralization in the Leonardo Norte-Sinkhole area
that is open to expansion by additional drilling.
In total nineteen holes were drilled from 15 pads at five different
targets. The objective of the drilling was to begin testing the subsurface
continuity of some of the gold targets found by prospecting, soil geochemistry
and geophysics. Important intersections include:
<<
-------------------------------------------------------------------------
Hole No. Target From... to... Interval Gold Silver
(metres) (metres) (g/t) (g/t)
-------------------------------------------------------------------------
Encantada Area
-------------------------------------------------------------------------
T05-01 Encantada 0 to 5.95 5.95 3.03 8.3
incl. 0 to 2.35 2.35 5.52 11.4
T05-02 Encantada 28.9 to 31.9 3.00 2.49 9.9
T05-05 Encantada 35.5 to 40.5 5.00 2.71 5.4
-------------------------------------------------------------------------
La Nariz Area
-------------------------------------------------------------------------
T05-08 Greg 16.9 to 21.35 4.45 1.13 62.4
T05-12 Leonardo N 30.0 to 48.0 18.00 1.21 3.1
incl. 36.0 to 40.5 4.50 3.03 5.1
T05-13 Sinkhole 47.0 to 62.0 15.00 0.30 -
T05-14 Sinkhole 35.0 to 48.5 13.50 0.76 2.6
incl 42.5 to 47.0 4.50 1.19 1.1
And 72.5 to 89.0 16.50 0.86 1.2
incl 74.0 to 80.0 6.00 1.05 1.1
T05-15 Sinkhole 21.0 to 43.5 22.50 0.50 6.0
incl 37.5 to 42.0 4.50 1.05 2.4
T05-16 Leonardo N 4.7 to 52.5 47.80 0.98 1.9
T05-17 Cliff 8.5 to 38.5 30.00 0.70 0.8
-------------------------------------------------------------------------
Drill plans, cross-sections, selected core photographs and other diagrams
that illustrate the technical aspects of these results are available at
www.gitennes.com.
Leonardo Norte - Sinkhole Targets Look Promising - Holes T05-12, 14, 15
and 16 encountered significant, shallow gold mineralization within 100 metres
of a local cross-fault over a length of 400 metres. A number of shallow
dipping limestone or dolomite intraformational and solution collapse breccias
appear to be important mineralized host-rocks. Hole T05-13 was collared
110 metres south of the prospective fault, and encountered similar rock units
that are highly anomalous in gold. Beds of mineralized intraformational
breccia, individually up to 12 metres thick, outcrops from 50 metres east to
150 metres north of the set-up for holes 14/15, and are well-mineralized, with
most chip-channel samples ranging from 0.3 to 2.0 g/t gold.
It appears that the mineralization found in the area around the Leonardo
Norte-Sinkhole is open to significant expansion with further drilling. Similar
potential exists elsewhere in the La Nariz area where a combination of other
flat-lying breccias and cross-faults occur. Noteworthy is the 550-metre wide,
un-drilled corridor south to the Cliff zone and 350 metres east to Inmet hole
T99-04 (0.78 g/t gold over 15 m).
Results on Other Targets - Hole T05-08 was collared 40 metres west of
outcropping Greg target siliceous mudstone breccia, with a second, vertical
hole at the same set-up (T05-09). Only minor Greg-type breccia was encountered
in either hole, with the corresponding interval marked by fault gouge and
oxidized rubble. Underlying limestone is notably pyritic and mineralized over
a 4.45 m core interval (1.13g/t gold, 62.4 g/t silver and 2.9% zinc).
Follow-up detailed soil sampling in the Cerro Oeste-Greg-Mina Saturno area has
detected a number of high-contrast gold, silver and zinc anomalies over a
600 by 75-100-metre area, some of which may be related to Greg-style siliceous
mudstone breccia or to possibly Saturno-style base metal mineralization.
Holes T05-10 and 11 tested the same mudstone horizon on Cerro Oeste,
400 metres south of the Greg, where trench samples returned up to 4.7 g/t
gold. Both holes returned anomalous gold values.
Holes T05-01 to 07 were drilled in the southernmost 200-metre segment of
the 1400-metre long Encantada target. Holes were drilled both perpendicular to
bedding (holes T05-01 to 04) and to jasperoid veining (T05-05 to 07). Drill
results suggest that much of the manto-style mineralization found on surface
has been truncated by two east-dipping faults and lies 80 metres (or more)
deeper than previously thought. A re-location of the drill platforms up-hill
and to the east is required to test this interpretation. Domains of
pyrite-matrix limestone breccia (possibly hydrothermal in origin) plus
graphitic shears and veins occur west of these faults and beneath the drill
platforms. Much of the Encantada target is north of the two problematic
faults. Subsequent drilling will test this larger segment.
Three holes (T05-17 to 19) tested either the down-dip or fault-offset
extensions of the Cliff target. All three intersected highly siliceous
limestone, breccia or jasperoid over thicknesses greater than observed on
surface. Hole T05-17 returned 30 metres grading 0.7 g/t gold, while T05-18
returned erratic and lower grade values. T05-19 was weakly mineralized.
Gold Mineralogy - New technical information also of note are the results
of a preliminary mineralogical study of a suite of rock samples from
Tucumachay. Micron-sized grains of gold were observed in mineralized samples,
sometimes associated with minor pyrite, graphite and trace sphalerite. Gold
grains are not necessarily in contact with either sulphide minerals or quartz,
and are not encapsulated. This suggests that gold liberation might be achieved
through conventional milling and metallurgical processes.
Gitennes' geological team agrees "these early results, particularly in
the La Nariz area, are highly encouraging. When examined in detail, using the
supplied drilling plan and sections, it is clear that a substantial gold
target is present, is at surface, is readily explored and is an attractive
bulk-extractable zone. Tucumachay is a large property with lots of gold
showings; to get these results with so few, widely scattered holes, is a great
start."
The Tucumachay Project is held under option from Inmet Mining
Corporation. Under the terms of the agreement, Gitennes must incur US$600,000
exploration expenditures before December 31, 2005. To earn a 100% interest
Gitennes must, at its option, spend an additional US$ 1.0 million by
December 31, 2008. Inmet has the option to subsequently earn-back a 60%
interest by spending three times Gitennes' total project-related expenses, a
decision that will be triggered upon Gitennes completing 12,000 metres of
drilling.
Work at Tucumachay is under the supervision of James Foster (P.Geo.) and
Alvaro Fernandez-Baca (P.Geo.). Analytical services are provided for by ALS
Chemex Laboratories in Lima, Peru. 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.
Current activity at Tucumachay includes renewed surface work in
anticipation of a second round of drilling. Work includes detailed rock and
soil sampling as well as geological mapping to follow-up the drill results. An
update on the results of these activities will be provided prior to a
resumption of drilling.
The Toronto Stock Exchange has neither approved nor disapproved the
information herein.
>>
Rev Exploration Corp. news
Investor announcements, newest first.