Toronto, Ontario – August 07, 2020 – Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) ("Getchell" or the "Company") a leading Nevada focused Gold and Copper exploration company is pleased to announce the launch of a video highlighting the Company’s flagship Fondaway Canyon Gold Project in Nevada (“Fondaway” or “Project”) and an update on the forthcoming 2020 drill program at Fondaway.
“The extensive near-surface gold mineralization as depicted by the exploration model in the video is quite compelling and reflects our high expectations for the Fondaway Canyon Gold Project.” states Mike Sieb, President, Getchell Gold Corp. and “We look forward to the much anticipated drill program scheduled to commence late this month that will test the further extent of the gold mineralization.”
Fondaway Canyon Gold Project
Fondaway Canyon is an advanced stage gold property located in Churchill County, Nevada comprising 171 unpatented lode claims totaling 1,186 hectares (2,932 acres). Gold was first discovered in Fondaway Canyon in 1977 and over the intervening 40+ years has been the subject of multiple exploration campaigns totaling 735 reverse circulation and core drill holes, and small-scale open pit mining of the oxidized zone at surface.
Over the last few months, Getchell’s technical team has conducted a comprehensive interpretation of the historic data set to develop a newly refined geological and gold mineralizing model, and design a first phase drill program.
To assist with the interpretation, the drill hole data set, with mineralization and geological controls applied, was rendered in a 3D exploration modelling software package. Ancillary to the process, the Company has produced a video as a means to convey and help our shareholders to visualize the mineralized domains used for exploration targeting and mineral inventory. The Fondaway Canyon Gold Project video can be found on the Company’s website on the Investors page under Videos (https://www.getchellgold.com/investors/videos/).
The exploration model in the video is constructed from drill hole sample intervals and shows two mineralized domains: a higher grade gold domain based on drill intercepts grading >1 g/t Au and an enveloping lower grade domain based on drill intercepts grading >0.25 g/t Au.
Contained within the lower grade mineralized domain is a large historic resource (detailed below) and is highlighted by significant intervals previously reported in a news release dated May 6, 2020, such as 2.83 g/t Au over 65.4m (Hole FC17-03) and 1.77 g/t Au over 62.9 m (Hole FC17-02) at the Colorado zone with the latter supporting the continuity and extent of the mineralization 250 metres down dip of the surface expression of the zone, and 1.01 g/t Au over 66.1 m (Hole FC17-04) at the Halfmoon zone.
The 3.5 km long gold mineralization trend remains open internal to the mineralization as well as along strike and at depth.
Table 1: Fondaway Canyon Central Area - Select Highlights from the 2017 Drill Program
Table 2: Fondaway Canyon Central Area – Highlighted 2017 Drill Hole Locations and Orientation
Of note, the modelled mineralization domains presented in the video strictly represents an exploration model. A qualified person has not done sufficient work to classify a current mineral resource at Fondaway Canyon and the issuer is not treating the exploration model as a mineral resource.
The 2017 drill program was conducted by a previous operator. Samples were analyzed by Bureau Veritas Minerals of Sparks, Nevada, an ISO-certified lab that meets the requirements of ISO/IEC 17025:2005 and ISO 9001:2015. The laboratory employed a QAQC protocol that included insertion of control samples at a rate of 1 per 100 feet of core, approximately 1 per 22 samples, and conducted duplicate analyses of core pulps and rejects. Control samples included a blank and four gold standards at various grades. A qualified person from Getchell has verified that the 2017 drill program results disclosed have been generated with proper procedures, have been accurately transcribed from the original source and are suitable for guidance and characterization of the area at the current stage of exploration.
Downhole sample interval lengths reported in this news release are not representative of true width and true width will be less than the reported core length intervals by a certain factor. Getchell has performed insufficient work to determine the attitude of the mineralized zones and an estimation of true width.
2020 Drill Program at Fondaway Canyon
The Company has designed the first phase drill program at Fondaway Canyon that will consist of 5-7 drill holes totaling 1,500 to 2,000 metres. The Company is operating under an existing work permit filed by the previous operator and due to the newly refined geological model, the drill targeting has been modified and a number of the existing permitted drill sites needed to be adjusted. Upon approval of the revision to the existing drill permit, the Company’s technical team and the drill crew are prepared to mobilize to site. The initiation of the first phase drill program is currently scheduled for late August.
Fondaway Canyon Historic Resource Estimate
A 2017 Technical Report on the Fondaway Canyon Project, authored by Techbase International Ltd., reported a historical estimate of Indicated resources of 409,000 oz. Au contained in 2,050,000 tonnes grading 6.18 g/t and Inferred resources of 660,000 oz. Au contained in 3,200,000 tonnes grading 6.4 g/t, using a 1.8 m width cut-off and a cut-off grade of 3.43 g/t Au.
This historic resource estimate was completed by Techbase International Ltd of Reno, Nevada, and it is contained within a NI 43-101 report dated April 3, 2017 that was commissioned by Canarc Resource Corp of Vancouver, B.C., Canada. The resource estimate was compiled only from drill holes that could be validated (591 holes @ 49,086 m), a sufficient amount to deem the historic resource as reliable. Using Techbase software, a method of polygons was used along each mineralized shear vein. With a minimum 0.10 opt (3.43 g/t) Au and 6 feet (1.8 m) horizontal vein width used as cut-off parameters, twelve mineralized shear veins had sufficient composited intercepts within the sulfide mineralization for the estimate. No capping or cutting of grades was applied. The historical resource estimate used classifications in accordance with NI 43-101 standards, namely, “indicated” and “inferred”. A review and/or re- calculation of the historic resource is required by an independent Qualified Person to confirm these as current resources as defined by NI 43-101. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources; and the issuer is not treating the historical estimate as current mineral resources.
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.
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 Point and Hot Springs Peak. Getchell has the option to acquire 100% of the Fondaway Canyon and Dixie Comstock properties, Churchill County, Nevada.
The Company reiterates that its near-term strategy to advance its assets is not impacted by the COVID-19 Corona virus. The Company continues to monitor the situation and is in compliance with all government guidelines.
Mr. William Wagener, Chairman & CEO
Getchell Gold Corp.
+1 303 517 8764
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release. Not for distribution to U.S. news wire services or dissemination in the United States.
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 private placement and the completion thereof 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, including: the receipt of all necessary regulatory approvals, use of proceeds from the financing, capital expenditures and other costs, and financing and additional capital requirements. 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.