Junior Gitennes Exploration (GIT-T) is planning a program of ground geophysics and geochemical surveying, followed by exploratory diamond drilling for two recently optioned properties north of Thunder Bay, Ont.
The 160-ha Bear property hosts a distinct magnetic anomaly coincident with a strong electromagnetic anomaly detected by a previous airborne geophysical survey. The top of the anomaly is estimated to be 55 metres below surface. Gitennes is currently staking additional claims in anticipation of a first phase of ground geophysical surveying.
The 3900-ha Badger property is situated 25 km north of North American Palladium‘s (PDL-T) Lac des les mine, Canada’s only primary platinum group metal mine. The claims cover a highly anomalous lake sediment sample site, which returned a best value of 0.07 grams palladium per tonne associated with elevated platinum, gold, chromium, nickel and copper. So far some 11,000 samples have been collected. The lake containing the anomalous samples sits on the northwestern flank of a 2,500-metre-wide circular magnetic anomaly found at the intersection of two regional structures.
The Badger property also includes five circular magnetic features, which the company says have the potential of being untested kimberlite targets.
Gitennes selected the properties based on the results of a $29-million Ontario government initiative called Operation Treasure Hunt. The program’s aim is to generate new exploration targets that will stimulate mineral exploration and attract investment to the province.
Under the option agreement, Gitennes must initially pay $7,500 in cash, issue 25,000 shares and spend at least $60,000 on exploration. To earn a 100% interest, Gitennes must issue another 75,000 shares, pay $60,000 in cash and spend $160,000 on exploration by Jan. 22, 2005. The vendor will retain a 2% net smelter return royalty (NSR) from any mineral production. Half of the NSR can be bought back at any time for $500,000.
The transaction is subject to regulatory approval.
Be the first to comment on "Gitennes to test Ontario properties"