To finance continuing work on its gold exploration projects in Peru, Gitennes Exploration (GIT-A) has raised $10 million through the sale of special warrants.
The private placement consists of 2 million special warrants sold for $5 each. A special warrant is convertible into one share and half a share purchase warrant. A share purchase warrant will be exercisable at $5.50 for a period of one year starting from the closing date of the agreement.
Gitennes has two drills spinning on its Virgin property in north-central Peru, with a third expected to start shortly. The company is following up on its gold discovery at the Alumbre zone, where, last August, five wildcat holes tested a deep induced-polarization anomaly. Hole 24 hit multiple intersections, the highest of which graded 18.33 grams gold per tonne over 14.9 metres.
To date, 42 holes have been drilled on the nearby Rio Suro zone, which is characterized by oxide gold mineralization to the west and copper-gold sulphide mineralization to the east. Assay results have yet to be released.
A portal has been surveyed for a tunnel across a portion of the southern portion of Rio Suro, and underground development is expected to begin this month.
Mineralization at Rio Suro remains open to the south, west and at depth.
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