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Gitennes acquiring Maroon gold project in British Columbia

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Gitennes acquiring Maroon gold project in British Columbia

Gitennes Exploration Inc. agreed to acquire the Maroon gold property, comprising four claims totaling 1,059 hectares in British Columbia, from private firm Angel Jade Mines Ltd.

Recent exploration at Maroon indicated that the Bear vein, one of the known gold-bearing structures on the property, is exposed in two underground workings, surface trenches and bedrock exposures over a strike length of up to 1,800 meters.

Past drilling at the project also returned silver, zinc and lead mineralization, the company said May 10.

Gitennes will pay C$15,000 in cash and issue 300,000 shares upon the deal securing approval from the TSX Venture Exchange, with another 600,000 shares due by Sept. 30, 2020. The company must also spend C$400,000 on exploration by Sept. 30, 2020.

The project is also subject to a 2% net smelter royalty, half of which Gitennes can purchase for C$500,000.

Gitennes currently holds two gold properties in British Columbia, Hixon and Snowbird, as well as a 1% net smelter royalty on the Urumalqui silver project in Peru.