Gitennes Exploration (GIT-T) has acquired two gold and silver exploration projects in north central Peru.
The Vancouver-based company has signed a letter of intent to partner with Meridian Gold (MNG-T) at the Urumalqui property. Under the deal, each company will spend US$125,000 annually for three years, during which time Gitennes will act as project manager. After the three-year period, each company will chip in US$500,000 annually, and Meridian will assume operatorship.
The 21-sq.-km property is situated near Julcan, 55 km east of the coastal city of Trujillo and 30 km west of Barrick Gold‘s (ABX-T) Alta Chicama discovery. The property is described as an epithermal vein prospect. Quartz veins are hosted within a near-vertical zone of alteration and deformation measuring 3 to 19 metres in width. The zone hosts up to two principal veins plus siliceous breccia and stockwork veins. The veins reach up to 3 metres wide and have been traced over 1.5 km. Gitennes believes that the epithermal system has seen little erosion and has good depth potential.
Chip, channel and grabs samples derived from the veins returned assays ranging from 0.2 to 15.9 grams gold and 14 to 616 grams silver per tonne.
The property contains a single shaft with levels established at 20, 50, and 80 metres below surface. A drift on level 50 stretches 300 metres to the northwest and is reported to be in vein material running 6 grams silver.
About 15 km to the southwest, Gitennes has staked the 10-sq.-km Lapidem property, which covers several showings of epithermal vein mineralization. Scattered outcrops and short, shallow tunnels expose several silver-bearing quartz veins ranging from 0.4 to 6 metres in thickness over a 150-by-800-metre area. Reconnaissance chip sampling returned up to 232 grams silver and 0.23 grams gold.
Gitennes plans a program of rock-chip sampling and surveying.
Gitennes share were up 2 or 20% at 12 in afternoon trade in Toronto on Nov. 12.
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