Mining Stock News: Getchell
Gold Corp. (CSE: $GTCH.CN) (OTCQB: $GGLDF) (FWB: GGA1) Increases Fondaway
Canyon Project Claim Area by 50%; @getchell_gold
VANCOUVER, BC - November 30, 2023
(Investorideas.com Newswire) Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF)
(FWB: GGA1) ("Getchell" or the "Company") is pleased to
announce that the Company has increased the size of the Fondaway Canyon
project, its flagship advanced exploration stage gold property, by 50% through
staking.
Read this in full at https://www.investorideas.com/CO/GTCH/news/2023/11301Fondaway-Canyon-Project.asp
The
Company has staked an additional 75 claims, for 600 hectares (1,480 acres),
bringing the total claim group to 246 claims, for 1,785 hectares (4,412 acres).
The extended claim package now spans 7 kms (4.5 miles) East-West and 3 kms (2
miles) North-South (Fig. 1).
The expanded claim boundary provides Getchell:
1. Sole
control of the entire Fondaway Canyon gold corridor and mineralizing system;
2. Room
to significantly expand the mineral resource and conceptual open pits; and
3. Ample
area to support the infrastructure required for future potential development.
Fondaway Canyon Gold Project
Getchell Gold Corp. is delineating a potential Tier-1 gold
resource at its flagship Fondaway Canyon gold project located in Nevada, USA.
Following three consecutive successful drilling programs, the
Company has effectively doubled the size of the historic resource, firmly
placing Fondaway Canyon amongst the foremost developing projects in a
world-class mining jurisdiction. The Company recently published its first
Mineral Resource Estimate ("MRE") at Fondaway Canyon (Company news
release dated February 1, 2023), which highlighted:
·
Gold mineralization is at and near surface supporting an Open
Pit mine model;
·
Inferred Mineral Resource of 38.3 million tonnes at an average
grade of 1.23 g/t Au for
1,509,100 ounces of gold;
·
Indicated Mineral Resource of 11.0 million tonnes at an average
grade of 1.56 g/t Au for an additional 550,800 ounces of gold;
·
Strong gold mineralization in the most peripheral drill holes
leaves the mineral resources open in most directions for further expansion and
indicates a substantially larger body of mineralization than delineated to date
(Company news release dated August 9, 2023); and
·
Fully permitted drill program designed to expand the mineral
resources and upgrade Inferred Resources to Indicated.
Getchell
Gold Corp. is well-positioned to continue expanding the Mineral Resource
Estimate and advancing towards a Preliminary Economic Assessment.
Scott Frostad, P.Geo., is the Qualified Person (as defined in
National Instrument 43-101) who reviewed and approved the content and
scientific and technical information in the news release.
Notes on the Mineral Resource Estimate:
1. Mineral
Resources are not Mineral Reserves and have not demonstrated economic
viability. There has been insufficient exploration to define the Inferred
Resource as Indicated or Measured Mineral Resources, however, it is reasonable
to expect that the majority of the Inferred Mineral Resource could be upgraded
to Indicated Mineral Resources with continued exploration. There is no
guarantee that any part of the mineral resources discussed herein will be converted
into a mineral reserve in the future. The estimate of Mineral Resources may be
materially affected by environmental, permitting, legal, marketing, or other
relevant issues. The Mineral Resources in this report were estimated using the
Canadian Institute of Mining, Metallurgy and Petroleum ("CIM")
standards on mineral resources and reserves, definitions, and guidelines
prepared by the CIM standing committee on reserve definitions and adopted by
the CIM council (CIM 2014 and 2019).
2. The
effective date of the Mineral Resource Estimate is December 12, 2022, and a
technical report on the Fondaway Canyon project titled "Technical Report
Mineral Resource Estimate Fondaway Canyon Project, Nevada, USA" was filed
by the Company on SEDAR+ on February 1, 2023.
3. The
independent and qualified person for the MRE, as defined by National Instrument
43-101, is Michael Dufresne, P.Geo., from APEX Geoscience Ltd.
Supplemental
Financing Amendment
Further to the Company's announcement dated November 27, 2023,
the warrant terms of the non-brokered private placement supplemental offering
(the "Financing") have been revised while all other terms remain
unchanged.
The Financing will consist of up to 1,500,000 units (each a
"Unit") at a price of $0.10 per Unit, for gross proceeds of up to
$150,000. Each Unit will consist of one common share of the Company and one
common share purchase warrant. Each whole warrant will entitle the holder to
acquire one additional common share of the Company at a price of $0.15 per
share for a period of two years from the date of closing.
The proceeds from the Financing will be used to conduct
exploration work on the Fondaway Canyon gold project and general working
capital. In connection with the Financing, the Company may pay finder's fees. Closing
of the Financing is subject to receipt of all necessary corporate and
regulatory approvals, including acceptance by the Canadian Securities Exchange.
The securities issued pursuant to the Financing will be subject to a statutory
four-month hold period in accordance with applicable securities laws.
The securities offered in the
Financing have not been and will not be registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in the
United States absent registration or applicable exemption from the registration
requirements.
About Getchell Gold Corp.
The Company is a Nevada focused gold
and copper exploration company trading on the (CSE: GTCH), (OTCQB: GGLDF), and
(FWB: GGA1). Getchell Gold is primarily directing its efforts on its most
advanced stage asset, Fondaway Canyon, a past gold producer with a large
mineral resource estimate. Complementing Getchell's asset portfolio is Dixie
Comstock, a past gold producer with a historic resource and two earlier stage
exploration projects, Star (Cu-Au-Ag) and Hot Springs Peak (Au). Getchell has
the option to acquire 100% of the Fondaway Canyon and Dixie Comstock
properties, Churchill County, Nevada.
The Canadian Securities Exchange has
not reviewed this press release and does not accept responsibility for the
adequacy or accuracy of this news release.
Certain information contained herein
constitutes "forward-looking information" under Canadian securities
legislation. Forward-looking information includes, but is not limited to,
statements with respect to the launching and completion of the Financing, the
terms of the Financing, the issuance and vesting of Warrants, payment of
finder's fees in connection with the Financing, receipt of all applicable
regulatory approval of the Financing, and the use of proceeds. Generally,
forward-looking information can be identified by the use of forward-looking
terminology such as "will" or variations of such words and phrases or
statements that certain actions, events or results "will" occur. Forward-looking
statements are based on the opinions and estimates of management as of the date
such statements are made and they are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results to be
materially different from those expressed or implied by such forward-looking
statements or forward-looking information. Although management of Getchell have
attempted to identify important factors that could cause actual results to
differ materially from those contained in forward-looking statements or
forward-looking information, there may be other factors that cause results not
to be as anticipated, estimated or intended. There can be no assurance that
such statements will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking statements and
forward-looking information. The Company will not update any forward-looking
statements or forward-looking information that are incorporated by reference
herein, except as required by applicable securities laws.
SOURCE Getchell Gold Corp.
Getchell
Gold (CSE:GTCH.CN;OTCQB:GGLDF)
is a featured mining stock on Investorideas.com
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