#Mining #Stock News: Getchell Gold Corp. (CSE: $GTCH.C) (OTCQB: $GGLDF) Receives Authorization to Construct
12 Additional Drill Pads and Highlights the Upside Potential at the Fondaway
Canyon #Gold Project, #Nevada; @getchell_gold
Vancouver, BC – August 8, 2023 – Getchell
Gold Corp. (CSE:
GTCH) (OTCQB:
GGLDF) ("Getchell" or the
"Company") announces that as part of the planned 2023 drill
program to expand the Mineral Resource at the Fondaway Canyon gold project ("Project"),
the Company has received authorization from the US Bureau of Land Management to
construct an additional 12 drill pads.
Read this news, featuring GTCH.CN in full at https://www.investorideas.com/news/2023/mining/08091CSE-GTCH.asp
The Fondaway Canyon gold project is host to
a large, at
and near surface Mineral Resource Estimate (“MRE”) reporting:
· 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; and
· The drill plan is designed to expand the
volume of mineralization to grow the mineral resources and upgrade Inferred
resources to Indicated.
“Having released a
continuous series of exceptional drill results in batches over the last three
years, it is important to step back and weigh the potential of the Fondaway
Canyon project as a whole,” States Getchell President Mike Sieb. “What
becomes immediately obvious is the strong and prevalent gold mineralization
encountered in the most peripheral drill holes, signifying a robust mineralization
system that has yet to be truly tested. This causes us to seriously wonder how
big it can be, and the authorization for an additional 12 drill pads will enable
us to conduct step-out drilling and start to answer that question.”
Permitted Drill Pads
The Company has received authorization from the US Bureau of Land
Management to construct twelve additional drill pads under its Notice level
permit for the Fondaway Canyon gold project has brought the total number up to
26 property wide. The additional 12
permitted holes allow the Company to substantially increase the already sizable
mineral resource, as well as further delineate the mineralization internal to
the current mineral resource to upgrade Inferred Resources to Indicated.
The remaining 22 drill pads that cover the Central Area span a
considerable zone of 500m x 650m, a 270% increase in range from the previously
permitted pad coverage. The 22 drill pads will provide an excellent drill array,
sufficient to support more than one drill campaign with multiple directional
holes intended from each drill pad. For reference, from just
six drill pads in the Central Area the Company has drilled 26 drill holes over
three drill campaigns.
Mineralization Wide Open
Of the 26 drill holes drilled in the Central Area, only 18 were
used in the Mineral Resource Estimate due to the resource model data inclusion
cut off in late September 2022. These 18
drill holes were responsible for a doubling of the Mineral Resource Estimate
from historical levels. The balance of the drilling not included in the MRE – nine
holes drilled in the latter half of 2022 – all intersected substantive
mineralization.
Upon completion of the 2022 drill program the limits of the gold
mineralization had yet to be encountered, remaining open in most directions and
with strong gold mineralization observed in the most peripheral drill holes
(i.e. the furthest extent of drilling). These are highlighted in yellow on the
plan map of the Central Area below (Fig. 1).
Figure 1: Fondaway Canyon Central Area plan
map highlighting most peripheral drill holes
Six drill holes on the periphery of existing drilling have been
selected to illustrate the continued strength and degree of openness of the
gold mineralization at the furthest edge of drilling.
Three drill holes into the Colorado SW Zone:
i.
FCG22-20: open
up dip to the NE;
ii.
FCG21-08: open
on strike to the NW; and
iii.
FCG21-15: open
down dip to the SW.
Three drill holes into the North Fork Zone:
i.
FCG22-18 and
FCG22-22: open on strike to the SE; and
ii.
FCG22-19: open
down dip to the SW.
Figure 2: Colorado SW
Zone cross section C1W highlighting gold intervals from most-peripheral drill
holes
Figure 3: Colorado SW Zone cross
section C highlighting gold intervals from most-peripheral drill holes
As shown in the Colorado SW cross section C1W (Fig 2), the most
northwestern extents of drilling, the trend of the gold mineralization is well
defined, displaying high consistency along a 300m down-dip drill length,
maintaining good thickness, and shallowly dipping. These are all highly favourable attributes to
look for in a deposit in terms of both level of confidence and future
potential.
Hole FCG22-20, drilled vertically from the base of the Colorado
Pit, a historic small-scale open pit, intersected two gold intervals grading
0.8 g/t Au over 33.0m and 1.7 g/t Au over 56.6m. The mineralization remains open with the plan
to drill on section to the northeast to extend the mineralization up-dip
towards the surface.
Hole FCG21-08, drilled to the southwest from the Colorado Pit,
intersected a lengthy gold interval grading 1.4 g/t Au over 203.9m. The mineralization remains open with the plan
to drill off section to the northwest to extend the mineralization along
strike.
The Colorado SW cross section C (Fig 3), adjacent and to the
southeast of section C1W, continues to show the well-defined trend of the gold
mineralization. Hole FCG21-15, drilled
steeply to the northeast, intersected 1.2 g/t Au over 87.5m. This is the furthest down-dip hole drilled on
the Colorado SW zone and leaves the mineralization wide open in this direction
with the plan to drill to the southwest to extend the mineralization down-dip.
By themselves, these three holes display highly noteworthy
intercepts – but when considered that the gold intervals encountered are at the
furthest extents of drilling, a significantly larger body of mineralization is
indicated at Fondaway Canyon than delineated to date.
In the North Fork cross section N70 (Fig 4), the most southeastern
and southwestern extents of drilling are shown.
The North Fork zone differs from the Colorado SW zone as it is generally
higher grade, appears less constrained, and reveals the potential thicker and
deeper roots of the mineralizing system.
Hole FCG22-18 and FCG22-22, drilling to the northeast at the
Fondaway Canyon and North Fork branch junction, tested the southeastern extents
of the mineralization and intersected multiple significant gold intervals
spanning over 200 metres down hole distance.
Hole FCG22-18 intersected three gold intervals grading 2.5 g/t Au
over 43.4m, 2.1 g/t Au over 46.6m, and 1.9 g/t Au over 72.6m; and hole FCG22-22
intersected four gold intervals grading 3.0 g/t Au over 59.3m, 2.4 g/t Au over
21.7m, 0.8 g/t Au over 41.6m, and 1.1 g/t Au over 25.8m. The mineralization is fully open along strike
to the southeast with the drill plan intending to step out to extend the
mineralization in this direction.
Hole FC22-19, set up on the same drill pad, is a vertical hole and
the furthest down-dip intersection of the North Fork zone. Multiple significant gold intervals were
encountered spanning 145 metres down hole distance comprising 0.8 g/t Au over
23.5m, 2.1 g/t Au over 87.6m, and 2.1 g/t Au over 10.8m. The mineralization is fully open down dip to
the southwest with the drill plan intending to test the extent of the
mineralization further in this direction.
These three holes have encountered exceptional drill intercepts of
significant extents and grade, but when once again considered that these gold
intervals are at the furthest extents of drilling, the indication of a
substantially larger body of mineralization than delineated to date is
reaffirmed at Fondaway Canyon
Figure 4: North Fork Zone cross section
N70 highlighting gold intervals from most-peripheral drill holes
Scott Frostad, P.Geo., is
the Qualified Person (as defined in NI 43-101) who reviewed and approved the
content and scientific and technical information in the news release.
Engagement of Investor Ideas
The Company is also announcing the engagement
of Investor Ideas, an online media company, to provide investor relations, news
publishing, content creation, and communication consulting services to the
Company for a period of one year.
Content produced by Investor Ideas for the Company may appear on the
Investor Ideas website, through Newswire services, and emailed to Investor
Ideas subscribers.
In connection with the engagement of
Investor Ideas, the Company has granted Investor Ideas a total of 60,000 stock
options exercisable at a price of $0.20 per share for a period of five years.
Investor Ideas does not have a pre-existing relationship with the Company.
Notes on the Mineral Resource Estimate:
1. The independent and qualified person for the mineral resources estimate,
as defined by NI 43-101, is Michael Dufresne, P.Geo., from APEX Geoscience Ltd.
2. Mineral Resources, which are not Mineral Reserves, do not have
demonstrated economic viability. There has been insufficient exploration to
define the inferred resources tabulated above as an indicated or measured
mineral resource, however, it is reasonably expected that the majority of the
Inferred Mineral Resources 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 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).
3. The Mineral Resources Estimate is underpinned by data from 518 reverse
circulation and diamond drillholes totalling 52,395m of drilling that
intersected the mineralized domains.
4. The mineral resource is reported at a lower cut-off of 0.3 g/t Au for the
conceptual open pit and 2.0 g/t Au for the conceptual underground extraction
scenario. The lower cut-off grades and potential mining scenarios were
calculated using the following parameters: mining cost = US$2.70/t (open pit);
G&A = US$2.00/t; processing cost = US$15.00/t; recoveries = 92%, gold price
= US$1,650.00/oz; royalties = 1%; and minimum mining widths = 1.5 metres
(underground) in order to meet the requirement that the reported Mineral
Resources show “reasonable prospects for eventual economic extraction”.
5. The effective date of the Mineral Resources 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 3, 2023.
About Getchell Gold Corp.
The Company is a Nevada focused gold and copper exploration company
trading on the CSE: GTCH and OTCQB: GGLDF.
Getchell Gold is primarily
directing its efforts on its most advanced stage asset, Fondaway Canyon, a past
gold producer with a significant in-the-ground historic 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.
For further information please
visit the Company’s website at www.getchellgold.com or contact the Company at info@getchellgold.com or
by phone at +1 647 249-4798.
Mr. William Wagener, Chairman & CEO
Getchell Gold Corp.
1-647-249-4798
info@getchellgold.com
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 amendment of the Warrants. 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.
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