Gitennes Drilling At Snowbird
There are some junior mining companies that seem to never tire of exploring. While a lot of companies over the years have delisted or reinvented themselves into tech or pot, there are a few that stick to their roots and keep hunting for that next deposit that could become the next big find. I first became aware of Gitennes Exploration GIT about 25 years ago when the NWT diamond rush was in full swing. I was a shareholder in a small junior that had some property up in the Yamba Lake area along the Corridor Of Hope. Make a long story short, while we were looking for diamonds, Gitennes optioned some ground and was looking for gold. Twenty five years later, here they are, still out there looking for gold and this time they could be onto something very big.
The company at this time has two properties in BC and a royalty agreement in Peru. The project in Peru is the Urumalqui which is an advanced silver-gold project containing an inferred mineral resource. Gitennes retains an uncapped 1.5% NSR on all mineral products produced from the project. The Project consists of four contiguous mineral concessions totalling 2,700 hectares, owned 100% by AndeanGold. Urumalqui was originally acquired by Gitennes in 2002 through a joint venture but in June, 2005 the JV was terminated and Gitennes assumed 100% of the project. AndeanGold acquired 100% of the Project in December, 2014 through the exercise of two option agreements originally signed in 2010 and 2012.
The two properties in BC are the Hixon and Snowbird. The Hixon property is approximately five kilometers east of Hixon, BC which is located on Hwy 97 between Prince George and Quesnel. This property consists of two 100% owned adjacent mineral claims covering approximately 1,450 hectares. The Company completed a first phase reconnaissance program in August 2016 to provide a base of information and to determine the next phase of work on the Property. To the Company's knowledge there is no record of prior exploration having been done on its claims. The first phase of exploration consisted of high resolution ground magnetics, EM16 VLF electromagnetics, soil sampling and mapping. Two reconnaissance soil sampling lines and one line of mobile metal ion sampling was done in an area thought to be underlain by rocks of the Snowshoe Group. In much of the area the soil profile was not well developed. A total of 49 soil samples, including 27 MMI samples, were collected and all samples were assayed for precious and base metals.
As of today however the big prize is saved for last and that is the Snowbird property. This property is just east about 20KM of Fort St. James BC. This is a high grade gold project that consists of 11 mineral tenures, comprising 7,120 hectares. This project has has seen little to no exploration since the late 1980,s when three diamond drill programmes were completed bringing the total diamond drilling on the Project to 88 holes totalling 9,340 metres. The drilling was concentrated between two zones Main and North, over 800 metres and left several zones untested including the New Showing two kilometres north of the drilling.
The Project is orogenic in style and has been recognized as being similar to other lode gold systems that are associated with terrane boundary structures and ophiolite complexes within the Cordillera. Several well-known examples of significant past producers include the Motherlode District and Quartz Hill in California and in British Columbia, Rossland, Bralorne and Barkerville. Drilling in previous campaigns has been carried out over approximately 800 metres of the prospective Sowchea Fault Zone to a vertical depth of 180 metres. Drill hole X 86-7 intersected 1.0 metre of 24.5 g/t gold from 28.04 m to 29.04 metres and hole X 88-13 intersected 1.0 metre of 48.0 g/t gold from 109.72 m to 110.72 m
At the time of this writing, October 18 2017, the company has announced that a drill rig has been mobilized and is drill ready on this project. A quick look at the chart can tell you that there is considerable interest project as the stock price has doubled from it's 6 cent range. Looking back over the year, the stock price was one cent for a 52 week low. The company has just under 80 million shares O/S.
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