VANCOUVER, Aug. 10, 2011 /CNW/ - Gitennes Exploration Inc. (TSXV: GIT) has received assay results for eleven additional drill holes on the Urumalqui Vein target at our Urumalqui Silver-Gold project located in Peru. These results are provided by AndeanGold Ltd. who has an option to acquire an interest in the property.
|
FROM (metres) |
TO (metres) |
INTERVAL (metres) |
TRUE WIDTH (metres) |
DEPTH BELOW SURFACE (metres) |
GOLD (g/t) |
SILVER (g/t) |
SILVER EQUIVALENT (g/t oz/t) |
||
| DRILL HOLE PGUR #21 | |||||||||
| 106.98 | 110.00 | 3.02 | 2.46 | 87.96 | 0.48 | 78.00 | 102.00 | 3.3 | |
| DRILL HOLE PGUR #22 | |||||||||
| 35.60 | 39.49 | 3.89 | 3.15 | 28.21 | 2.48 | 181.80 | 305.60 | 9.8 | |
| DRILL HOLE PGUR #23 | |||||||||
| 55.41 | 58.90 | 3.49 | 2.85 | 40.33 | 0.63 | 72.83 | 104.35 | 3.4 | |
| DRILL HOLE PGUR #24 | |||||||||
| 121.28 | 124.00 | 2.72 | 2.14 | 88.32 | 3.84 | 287.88 | 479.73 | 15.4 | |
| including | |||||||||
| 122.53 | 124.00 | 1.47 | 1.16 | 6.80 | 414.90 | 754.73 | 24.3 | ||
| DRILL HOLE PGUR #25 | |||||||||
| 127.00 | 130.70 | 3.70 | 3.04 | 82.41 | 0.49 | 310.62 | 335.03 | 10.8 | |
| DRILL HOLE PGUR #26 | |||||||||
| 109.10 | 114.00 | 4.90 | 3.83 | 80.97 | 1.03 | 76.22 | 127.84 | 4.1 | |
| DRILL HOLE PGUR #27 | |||||||||
| 233.83 | 238.21 | 4.38 | 2.90 | 205.12 | 0.55 | 180.36 | 207.65 | 6.7 | |
| including | |||||||||
| 235.80 | 237.55 | 1.75 | 1.16 | 0.96 | 218.43 | 266.29 | 8.6 | ||
| DRILL HOLE PGUR #28 | |||||||||
| 223.93 | 226.80 | 2.87 | 1.94 | 193.41 | 0.21 | 114.91 | 125.26 | 4.0 | |
| including | |||||||||
| 223.93 | 225.85 | 1.92 | 1.30 | 0.29 | 159.72 | 174.10 | 5.6 | ||
| DRILL HOLE PGUR #29 | |||||||||
| 225.80 | 235.34 | 9.54 | 3.58 | 218.97 | 0.38 | 48.95 | 68.13 | 2.2 | |
| DRILL HOLE PGUR #30 | |||||||||
| 70.76 | 76.40 | 5.64 | 4.62 | 50.37 | 0.90 | 116.71 | 161.81 | 5.2 | |
| DRILL HOLE PGUR #31 | |||||||||
| 63.90 | 77.70 | 13.80 | 11.71 | 39.79 | 2.35 | 218.86 | 336.27 | 10.8 | |
| including | |||||||||
| 75.30 | 77.70 | 2.40 | 2.04 | 1.00 | 633.56 | 683.44 | 22.0 | ||
SILVER EQUIVALENT - Based on a silver to gold ratio of 50:1 and assuming 100%
metallurgical recoveries.
oz/t - Troy ounces per metric tonne.
The results reported here are from:
- four drill holes located within a 200-metre interval at the western portion of the Urumalqui Vein,
- three deeper holes drilled to a vertical depth of approximately 200 metres below surface, and
- four shallow holes located in the eastern portion of AndeanGold's target area test a previously undrilled section of the vein that was avoided during our earlier campaigns due to the possibility of underground exploration workings.
Shareholders are encouraged to view an updated Longitudinal Section of the target on the Company's website at www.gitennes.com.
AndeanGold has completed 31 holes totalling 5,071 metres of core drilling. All intersected the Urumalqui Vein and were situated within an 1000-metre segment of the much larger mineralized structure. The Urumalqui Vein remains open to expansion along strike in both directions and to depth.
AndeanGold's programme was designed to increase confidence levels with respect to grades, thicknesses and continuity of the zone by infill drilling only a portion of the vein structure at 50 metre centres to a vertical depth of 200 meters. AndeanGold's next step is to commission a resource estimate, to be prepared by an independent party following the guidelines outlined by NI 43-101.
Quality Assurance / Quality Control:
AndeanGold has in place a detailed QA/QC program consistent with Canadian Securities Administrators National Instrument 43-101 and using best industry practices. The program includes chain of custody of samples, standards and blanks submitted to the independent Inspectorate Lab in Lima Peru with each batch of samples, and a check assay program on a proportion of sample pulps with a second independent laboratory.
Background:
In February 2010 Gitennes signed an option agreement with AndeanGold whereby the Company granted it the right to earn a 60% interest in the Urumalqui project. In order to earn its interest AndeanGold must spend $3,000,000 in qualifying exploration expenditures on the project over a four-year term, which shall include a minimum of 3,000 metres of drilling by the end of the second year and 7,000 metres of cumulative drilling by the end of the third year. AndeanGold must also issue 80,000 shares to the Company in four tranches of 20,000 shares each. Gitennes may elect to receive cash in lieu of shares, with the amount not to exceed $25,000, $50,000 and $100,000 with respect to the first, second and third year anniversary date payments, respectively. If the market value of the shares on the respective payment dates exceeds the maximum cash payment amount on such date, the difference will be paid in equivalent shares.
The technical information in this release has been reviewed by J. Blackwell (P.Geo.), a Qualified Person as defined by National Instrument 43-101.
Information about all of Gitennes' projects may be found by visiting www.gitennes.com.
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 release.
DISCLAIMER: This news release includes certain statements, other than historical information, that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, including, without limitation, statements regarding future plans and objectives of the companies are forward-looking statements that involve various risks and uncertainties. Although Gitennes believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include general economic, market or business conditions, and other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Mineral exploration and development of mines is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. Historical information necessarily is not current and is provided for your reference only. No warranty whatsoever is made that any of the historical information is accurate, precise, or up-to-date. For more information on Gitennes and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.
This press release does not constitute an offer to sell or a solicitation to buy any of the securities of Gitennes in the United States.