VANCOUVER, Feb. 21 /CNW/ - Gitennes Exploration Inc. (TSX-GIT) announces reverse circulation (RC) drill results from its Tucumachay Project in central Peru. Drilling was confined to areas of disseminated gold mineralization in the south of the property. None of the high-grade zinc prospects found elsewhere at Tucumachay were tested. The drill programme was undertaken in late 2006, comprising 1990 metres in 28 holes.
New results from step-out holes include (True widths are not known):
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Hole From Interval Gold Silver Zinc Target
(metres) (metres) (g/t) (g/t) (%)
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TRC06-01 11 - 19 8 1.1 Cerro Oeste
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TRC06-02 8 - 38 30 0.7 Cerro Oeste
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Incl. 13 - 21 8 1.4
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And 18 - 21 3 2.3
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TRC06-03 0 - 14 14 0.6 4.6 Leonardo Norte
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TRC06-04 8 - 11 3 1.1 Leonardo Norte
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And 58 - 91 33 0.5
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Incl 67 - 72 5 1.0
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TRC06-05 21 - 79 58 0.7 Leonardo Norte
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Incl 52 - 62 10 1.8
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And 56 - 62 6 2.2
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Incl. 56 - 59 3 3.5
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TRC06-06 14 - 23 9 0.8 Leonardo Norte
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Incl 18 - 22 4 1.2
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And 42 - 58 16 0.9
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Gap (Cave) 58 - 61 3 -
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And 61 - 67 6 0.8
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TRC06-07 1 - 23 22 0.9 0.7 Greg
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Incl 7 - 21 14 1.1 0.9
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And 16 - 22 6 1.3 3.2 2.2
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TRC06-08 11 - 24 13 1.5 Greg
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Incl 12 - 19 7 1.9
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TRC06-09 5 - 34 29 0.6 Leonardo Norte
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Incl 31 - 34 3 1.8 4.4
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Gap (Cave) 34 - 37 3 -
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And 37 - 41 4 2.0 3.3
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TRC06-11 18 - 31 13 0.8 Leonardo Norte
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Incl 27 - 30 3 2.0
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And 50 - 58 8 1.3 5.2
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TRC06-12 13 - 32 19 0.9 2.7 0.2 Leonardo Norte
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Incl 15 - 27 12 1.1 2.7
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And 51 - 59 8 0.5 2.0
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TRC06-13 28 - 37 9 0.6 Leonardo
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TRC06-14 48 - 52 4 0.7 2.8 Leonardo
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TRC06-15 22 - 37 15 0.4 2.4 Leonardo Norte
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TRC06-23 28 - 48 20 0.4 Cliff
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TRC06-24 10 - 31 21 0.3 Cliff
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Incl 10 - 12 2 1.6
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TRC06-27 8 - 16 8 1.1 New Area
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Incl 11 - 15 4 1.8
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And 27 - 30 3 1.3
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All holes are within La Nariz, or the southern nose of the regional anticline. The bulk of the drilling was on the west limb of the fold where it is cut by a regional structure, the Falla Islaycocha. This reverse fault extends through the Tucumachay property; many of the known gold prospects are in close proximity to this structure. A parallel fault may exist on the east side of the anticline and may also play an important role in gold mineralization.
The Cerro Oeste target (holes TRC06-1 and 2) and the Greg target (holes TRC06-7 and 8) are within the hanging wall of the Islaycocha. Both targets are situated in a panel of thrusted and fractured limestone, mudstone and shale. Mineralized intervals reported here are comparable to those returned from earlier core holes. These targets occur at either end of a 600 metre-long corridor that remains untested by drilling.
The Leonardo Norte (holes TRC06-3, 4, 5, 6, 9, 11, 12 and 15) and Leonardo (holes TRC06-13 and 14) targets are in the footwall of the Islaycocha, and gold mineralization is found within fractured limestone and mudstones over true thickness is of up to 45m. These reverse circulation drill holes returned assay results that are comparable or higher than those obtained in earlier core-drill programmes. Results from both the reverse circulation drilling and previous core drilling are highly encouraging and suggest that a potentially economic gold deposit may be outlined through continued drilling.
The Cliff zone (holes TRC06-23 and 24) is located on the southeastern limb of the anticline and adjacent to a second major fault. Gold mineralization is found within strongly silicified siltstones and fractured limestone. The holes represent significant step-outs (175 to 225 metres) from earlier core holes and suggest that an extensive sheet-like body of silicified and mineralized rock is present.
Hole TRC06-27 is located 700 metres north of the Cliff, along the eastern limb, in an area of intensely fractured and collapsed limestone. An earlier core hole (T06-38 with 7.55 metres grading 0.98 g/t gold) drilled 100 metres to the southwest also returned indications of potentially economic gold mineralization. More drilling is warranted in this new target area.
Holes TRC06-16 to 22, 25, 26 and 28 are reconnaissance holes collared to test geological and geophysical targets. Most of these holes did not encounter mineralization of interest; several were abandoned prematurely due to poor ground conditions. The drill programme at Tucumachay was hampered by severe weather conditions during November and December (and continuing to this time). Proposed drill set-ups abandoned or not occupied will be available once the unusually heavy rainy season ends.
The Tucumachay Project was acquired from Inmet Mining Corporation. Once Gitennes has completed 12,000 metres of drilling Inmet may elect to earn-back a 60% interest in the project by spending three times Gitennes' total expenses to that point.
Cross-sections and drill plans pertaining to this release are to be found at the Company's website at www.gitennes.com.
TotoRoko Update: The Company has increased the size of the property to 1,900 hectares. The added property covers a 200 to 300 metre extension of the zone of copper-silver mineralization announced November 2nd, 2006. Four large composite grab samples collected from scattered outcrops during the initial prospecting returned 28.0 g/t Ag and 2.06%Cu, 65.8 g/t Ag and 4.10% Cu, 33.0 g/t Ag and 2.90% Cu and 32.6 g/t Ag and 1.25% Cu.
Surface mineralization at TotoRoko is oxidized and secondary copper minerals such as chrysocola and malachite are observed in outcrop. Rock textures indicate that the original sulphide minerals occurred as disseminations or along fractures in metasomatized Jurassic-aged volcanic tuffs and volcanically-derived sediments.
Work at Tucumachay and TotoRoko is supervised by A. Fernandez-Baca (P.Geo.). Analytical services are provided by ALS Chemex Laboratories and SGS Laboratories in Lima, Peru. The technical information in this release has been reviewed by J. Blackwell (P.Geo.), a Qualified Person as defined in National Instrument 43-101.
Virgen Royalty Update: The sale of the royalty is proceeding, and the initial US $700,000 payment has been received. Remaining payments totaling US $800,000 are expected over the next two months.
Two outstanding royalty payments have also been received totaling US $101,000 and one remaining payment of US $50,500 is due in mid-March.
The Toronto Stock Exchange has neither approved nor disapproved the
information herein.
Cautionary Statement Regarding Forward-Looking Statements
Some of the statements contained in this release are forward-looking statements, such as statements that describe or infer future plans, intentions, objectives or goals, including words to the effect that Gitennes or management expects a stated condition or result to occur. Since forward-looking statements are not statements of historical fact and address future events, conditions and expectations, forward-looking statements by their nature inherently involve unknown risks, uncertainties, assumptions and other factors well beyond Gitennes' ability to control or predict. Actual results and developments may differ materially from those contemplated by such forward-looking statements.