Gitennes to drill massive sulphide showing in BC

Vancouver-based Gitennes Exploration (GIT-T) has arranged a brokered $300,000 private placement financing to fund further exploration of the Fox massive sulphide showing in southern British Columbia.

Investment house Canaccord Capital has agreed to place 857,143 units priced at 35 a piece. Each unit will consist of one flow-through share and one warrant allowing the holder to buy an additional non-flow-through share at 45 for 12 months.

The Fox property covers the Blacktop polymetallic prospect, discovered along-side the Coquihalla Highway, 26 km north of Merritt. Gitennes acquired the 15-sq.-km property in September by issuing 200,000 shares and paying $30,000. To earn a 100% interest, the junior must make annual payments totalling $340,000 over four years. Gitennes added to its position by staking an additional 50 sq. km. surrounding the Fox property.

The Blacktop prospect is hosted by intermediate-to-felsic volcanic rocks of the Nicola Group and can be traced intermittently in outcrop, bedrock rubble and float over a strike length of 100 metres before being obscured by overburden and surface debris. The exposed zone appears to be 2-4 metres thick. The units hosting the fine-grained, zinc-rich sulphide mineralization appear to dip away from the highway at a steep angle.

The 4-lane Coquihalla Highway opened in 1986. The mineralized showing was apparently cut during road construction and then partially reburied during reclamation.

The vendor, a local prospector, discovered the showing only recently while chasing down copper-bearing float.

Short trenches and pits have been dug through the backfill along the roadside in an effort to define the zone. However, this work failed to determine the true thickness of the target, as the highest-grade and most promising-looking material occurs near the base of the roadcut at ditch-level. The base of one such trench yielded 1.1 metres grading 17% zinc, 1.6% copper and 0.47% lead, plus 0.49 gram gold and 76 grams silver per tonne. Some 20 metres way, a small pit exposed 1.2 metres grading 5.96% zinc, 0.18% copper, 0.07% lead, 0.12 gram gold and 65.2 grams silver.

Initial grab samples of the mineralized outcrop yielded up to 19.75% zinc, 1.58% copper and 91.8 grams silver.

Scattered higher-grade boulders of dense massive sulphide occur throughout the length of the zone. The better of two boulder samples returned 33.26% zinc, 3.22% copper, 0.86% lead, 1.06 grams gold and 144.7 grams silver.

An airborne electromagnetic survey covering 475 line km has been completed, and field crews have carried out a property-wide program of mapping, prospecting and stream-sediment-sampling. Also, a survey grid was established over the Blacktop prospect, and two lines of ground induced-polarization (IP) geophysical tests were performed. The IP tests revealed a chargeability anomaly, though further work is required to establish the length of the anomaly and confirm that the anomaly was not caused by manmade sources.

Fieldwork is to continue until mid-December. Winter drilling is planned, contingent upon permitting.

Gitennes has $600,000 in cash and 27.3 million shares outstanding, or 30.7 million fully diluted.

In the immediate area, Platinova A/S (PAS-T) has staked 41 sq. km in three blocks that tie directly on to Gitennes’ ground. Platinova and Gitennes also jointly staked an additional 19 sq. km north of the Fox property.

In addition, Fjordland Minerals (FML-V) has staked 98 sq. km in the region.