Mining Stock News: Getchell
Gold Corp. (CSE: $GTCH.CN) (OTCQB: $GGLDF) (FWB: GGA1) Announces Raising
Sufficient Funds to Make the Final Earn-In Option Payment to Acquire 100% of
the Fondaway Canyon Gold Project, NV; @getchell_gold
VANCOUVER, BC - December 22, 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 received sufficient funds through its ongoing
debenture financing (the "Debenture Financing") to execute on the
final USD 1.6 million earn-in option payment to acquire a 100% interest in the
Fondaway Canyon and Dixie Comstock gold properties located in Nevada.
Read
this news, featuring GTCH.C in full at https://www.investorideas.com/CO/GTCH/news/2023/12221Raising-Sufficient-Funds.asp
"Completing the acquisition of
the Fondaway Canyon gold project will undoubtably be a milestone event, marking
a key inflection point in the trajectory of the Company." Bill Wagener,
Chairman and CEO, commented. "A 100% acquisition of a large developing
open-ended at-surface gold deposit in Nevada will deliver a major impetus for
the Company going into the new year, especially as we head into a highly
supportive and burgeoning gold market."
The Debenture Financing, as announced
on Nov. 27, 2023, remains ongoing and open for subscription to maximum proceeds
of CA$5 million. Proceeds received in excess of US$1.6 million will be used to
conduct further exploration work on the Fondaway Canyon gold project and for
general working capital.
Under the terms of the option
agreement (the "Agreement") with Canagold Resources Ltd.
("Canagold") executed on January 3, 2020, the Company has the option
to acquire 100% of the Fondaway Canyon and Dixie Comstock, properties by paying
Canagold a total of US$2 million in cash and US$2 million in the Company's
shares staged over 4 years. The Company also has work commitments totaling
US$1.45 million over the four years which have been fully satisfied.
In the preceding three anniversary
payments, the Company has paid a total of US$400,000 in cash and US$1 million
in the Company's shares with the outstanding balance, required to complete the
acquisition, of US$1.6 million in cash and US$1 million in the Company's shares
due on or before the fourth anniversary date.
The Company is preparing the final
cash payment and share issuance to be fulfilled prior to year-end.
Fondaway Canyon Gold Project
Getchell Gold Corp. is delineating a
potential Tier-1 gold resource at its flagship Fondaway Canyon gold project 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):
- 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.
Notes on the Mineral Resource
Estimate:
- 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).
- 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.
- 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 Increased
Further to the Company's announcement
dated Nov. 30 and Dec. 8, 2023, and due to elevated demand, the amount of the
Financing has been increased, while all other terms remain unchanged. The
Financing will consist of up to 5 million units at a price of 10 cents per
unit, for gross proceeds of up to $500,000.
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
and the Debenture 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.
For further information please visit
the Company's website at www.getchellgold.com or
contact the Company at 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 launching and completion of the Debenture Financing
and Financing, the terms of the Debenture Financing and Financing, the issuance
and vesting of Warrants, payment of finder's fees in connection with the
Debenture Financing and Financing, receipt of all applicable regulatory
approval of the Debenture Financing and Financing, the use of proceeds, and
timing for the amended proxy materials for the Annual General and Special
Meeting. 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
More
info on Getchell at Investorideas.com Visit: https://www.investorideas.com/CO/GTCH/
Get News Alerts on
Getchell Gold
Disclaimer/Disclosure: Investorideas.com is a digital publisher of
third party sourced news, articles and equity research as well as creates
original content, including video, interviews and articles. Original content
created by investorideas is protected by copyright laws other than syndication
rights. Our site does not make recommendations for purchases or sale of stocks,
services or products. Nothing on our sites should be construed as an offer or
solicitation to buy or sell products or securities. All investing involves risk
and possible losses. This site is currently compensated for news publication
and distribution, social media and marketing, content creation and more.
Disclosure is posted for each compensated news release, content published
/created if required but otherwise the news was not compensated for and was
published for the sole interest of our readers and followers. Contact
management and IR of each company directly regarding specific questions.
Disclosure: Getchell Gold Corp. is a
paid featured mining stock on Investor ideas. Read full disclosure https://www.investorideas.com/About/News/Clientspecifics.asp
Mining Sector Stocks- investing ideas in
mining stocks
Like Mining Stocks? View our Mining Stocks Directory
Get News Alerts on Mining Stocks
