Breaking Gold stock News: Getchell Gold
Corp. (CSE: $GTCH.CN) (OTCQB: $GGLDF) Engages Forte Dynamics for Preliminary
Economic Assessment of the Fondaway Canyon Gold Project, Nevada; @getchell_gold
VANCOUVER,
BC - June 25, 2024 (Investorideas.com Newswire) Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) (FWB: GGA1) ("Getchell" or the "Company") is
pleased to announce the engagement of Forte Dynamics, Inc., of Fort Collins,
Colorado ("Forte Dynamics") to prepare a preliminary economic
assessment ("PEA") on the Fondaway Canyon gold project in Nevada
("Project").
The Company has been diligently
advancing its flagship Fondaway Canyon gold project through the first half of
2024, building upon three highly successful drill campaigns and the publishing
of the Project's first Mineral Resource Estimate in early 2023 ("2023
MRE")* (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
The Company has been focusing on a
number of key activities required to support a PEA on the Project with the
first major task consisting of the generation of an updated mineral resource
estimate ("Updated MRE").
Of the 26 holes drilled by the
Company in the Central Area of Fondaway Canyon, 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 (refer to Company news release dated June 6, 2024, for further
details).
This news is paid
advertisement/ news disseminated on behalf of/issued on behalf of Getchell Gold
Corp.
Read this news featuring GTCH.CN in
full at https://www.investorideas.com/news/2024/06251GTCH-Forte-Dynamics-Fondaway-Canyon-Gold-Project.asp
As part of the Updated MRE process,
the Company has completed a bulk density sampling program to establish a
representative value to input into the Updated MRE model. A density of 2.74
g/cm3 was derived from the bulk density sampling program
representing a 7% increase to the rock hosting the mineralized zones factored
into the 2023 MRE (refer to Company news release dated June 6, 2024, for
further details). 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 second major task launched is a
metallurgical study of the mineralized material hosted within the Updated MRE.
There has been a fair breadth of historical metallurgical studies on the
Project, however the majority were conducted 20 years ago or more. The current
metallurgical study will represent a modernized analysis considering
advancements in mineral processing experienced over the last 20 years.
Additional drilling was not required
to source material for the metallurgical testwork. Two batches of analytical
laboratory coarse rejects from the Company's drill programs were delivered to
Forte Dynamics laboratory in April and May to initiate the metallurgical
testwork. A supplemental sampling program to collect oxide drill core material
was determined to be warranted to assess the rock mechanics of the oxide zone
material in addition to gold recoveries. Four Company drill holes that had
reported mineralized oxide material from surface were selected for sampling.
The half-core material residing in the core box, after splitting for the
original analytical analysis for gold, was fully collected and delivered to the
lab last week.
Figure 1: Fondaway Canyon, Colorado
Pit drill pad showing the mineralized oxide zone at surface and hole FCG22-20
(CNW Group/Getchell Gold Corp.)
Upon completion of the Updated MRE
(to be completed by Apex Geoscience Ltd. of Edmonton, AB) and the modernization
of the metallurgy (to be completed by Forte Dynamics), the Company will post a
news release detailing the results. Forte Dynamics awaits receipt of these two
studies to incorporate into the Fondaway Canyon PEA with completion scheduled
for the Fall.
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.
Mike Dufresne, P.Geo., of Apex
Geoscience Ltd., author of the Technical Report Mineral Resource Estimate
Fondaway Canyon Project, Nevada, USA filed by the Company on SEDAR+ on February
1, 2023, is an independent and qualified person for the 2023 MRE, as defined by
National Instrument 43-101.
*Notes on the 2023 Mineral Resource
Estimate:
- 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).
- 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.
- The independent and qualified person for the MRE, as defined by
National Instrument 43-101, is Michael Dufresne, P.Geo., from APEX
Geoscience Ltd.
- 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.
- 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".
- 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.
- Grade interpolation was performed by ordinary kriging using 1.5
metre composites (block size of 3m x 3m x 3m).
- A default density of 2.56 g/cm3 was used for the mineralized zones.
- 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.
- 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.
- 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).
- 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 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).
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 of an updated Mineral
Resource Estimate, metallurgical testwork, and Preliminary Economic Assessment
at the Fondaway Canyon gold project. 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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