Breaking Gold Stock News: Getchell Gold
Corp.'s (CSE: $GTCH.CN) (OTCQB: $GGLDF) 2024 Field Work Delivers a 7% Increase
in the Bulk Density of the Mineralized Host Rock at the Fondaway Canyon Gold
Project, Nevada; @getchell_gold
VANCOUVER,
BC - June 6, 2024 (Investorideas.com Newswire) Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) (FWB: GGA1) ("Getchell" or the "Company") is pleased to
announce the completion of the bulk density ("BD") field program that
forms part of an updated Mineral Resource Estimate ("Updated MRE") at
the Fondaway Canyon gold project in Nevada.
Key Highlights
- 7% Increase to the density of the mineralized host rock;
- Bulk density is one of the main factors utilized in mineral
resource estimates;
- The Updated MRE for the Fondaway Canyon gold project is in
progress; and
- 8 drill holes with notable gold intervals, not previously
incorporated, will augment the Updated MRE;
Bulk Density Program
The Company published its first
Mineral Resource Estimate* ("2023 MRE") for the Fondaway Canyon gold
project (Company news release dated February 1, 2023), 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; and - 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;
This news is paid advertisement/
news disseminated on behalf of/issued on behalf of Getchell Gold Corp.
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full at https://www.investorideas.com/news/2024/06061GTCH-Fondaway-Canyon-Gold-Project.asp
As there was an insufficient
population of bulk density samples previously collected, a default density of
2.56 g/cm3 was assigned to the rock hosting the mineralized
zones in the 2023 MRE. In order to establish a more representative value to be
utilized in the Updated MRE, a field program was initiated in April 2024 to
measure a statistically significant population of drill core.
A total of 1,382 sample measurements
were recorded from nine holes drilled by the Company between 2020 and 2022,
well representative of the lithologies, alteration, and mineralization
contained within the mineral resource. Validating the field measurements, a
subset of 121 samples was sent to Bureau Veritas analytical laboratory in
Sparks, Nevada for independent confirmation and to provide a number of
measurements using a wax coating methodology.
A density of 2.74 g/cm3,
representing a 7% increase, was derived from the BD program and assigned to the
rock hosting the mineralized zones. This value is a direct input factor in a
mineral resource estimate and may potentially represent a commensurate increase
in tonnes given all other factors and inputs remain unchanged.
"The positive result of the bulk
density sampling program is another one in a long series of positive results
produced by Getchell Gold Corp. at Fondaway Canyon, and one that continues to
increase the attractiveness and potential of the project." states Mike
Sieb, President of the Company.
Updated Mineral Resource Estimate
Of the 26 holes drilled by the
Company in the Central Area of Fondaway Canyon since 2020, only 18 of those
holes were incorporated into the 2023 MRE. The results of the additional eight
(8) drill holes were received after the cutoff date for data to be included in
the 2023 MRE. All eight (8) of these drill holes, FCG22-20 to FCG22-28,
excluding FCG22-24 that drilled a separate target area, reported significant
intervals of gold mineralization**:
Figure 1: Fondaway Canyon Gold Project – Drill Hole
Location Plan Map of holes not included in the MRE (CNW Group/Getchell Gold
Corp.)
Mike Dufresne, P.Geo., of Apex
Geoscience Ltd., 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.
** Drill results published in Company
news releases dated November 2 and 15, 2022, and January 10 and 18, 2023.
*Notes on the 2023 Mineral Resource
Estimate:
1. Mineral Resources are not Mineral
Reserves and do not have 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 15, 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.
4. The Mineral Resource Estimate is
underpinned by data from 518 reverse circulation and diamond drillholes
totalling 52,395m of drilling that intersected the mineralized domains.
5. 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".
6. Original Au assays were composited
to 1.5 m with 11,957 composites generated overall in the mineralized domains
including 9,980 composites generated for the Central Zone, 1,323 for the
Mid-Realm / South Mouth Zone, and 654 for the Silica Ridge / Hamburger Hill
Zone.
7. Grade interpolation was performed
by ordinary kriging using 1.5 metre composites (block size of 3m x 3m x 3m).
8. A default density of 2.56 g/cm3
was used for the mineralized zones.
9. The mineral resources estimate is
categorized as indicated or inferred and classified based on data density, data
quality, confidence in the geological interpretation and confidence in the
robustness of the grade interpolation. The indicated category was defined by a
search ellipse extending 55m along the major axis, 40m along the minor axis,
and 10m vertical. In addition, a minimum of 3 drill holes were required,
reporting 9 samples with a maximum of 3 samples per drill hole. The inferred
category was defined using a search of up to 120 m and requiring at least 1
sample per drillhole from a minimum of 2 drillholes.
10. High-grade capping supported by
statistical analysis was completed on composite data for each zone and was
established at 29 g/t Au for the Central Zone, 6.5 g/t Au for the Mid Realm -
South Mouth Zone, and 8.0 g/t Au for the Silica Ridge – Hamburger Hill Zone.
11. The number of metric tonnes was
rounded to the nearest thousand and gold ounces was rounded to the nearest
hundred, and any discrepancies in the totals are due to rounding effects. Metal
content is presented in troy ounces (tonnes x grade (g/T) / 31.10348).
12. The author is not aware of any
known environmental, permitting, legal, title-related, taxation,
socio-political or marketing issues or any other relevant issue not reported in
the technical report that could materially affect the mineral resource
estimate.
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, 100% owned, Fondaway Canyon gold project, a past gold producer with a
large mineral resource estimate. Complementing Getchell's asset portfolio are
the 100% owned; 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) projects. Fondaway Canyon and Dixie Comstock properties are located
in 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 timing and results, albeit an increase or
decrease, of the specific density characterization program or of an updated
Mineral Resource Estimate at the Fondaway Canyon gold project; and 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)
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