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Getchell working to build a Tier One asset at Fondaway Canyon

 

November 18, 2022 (Investorideas.com Newswire) Getchell Gold (CSE: GTCH, OTCQB:GGLDF) has come up with another winner on the sixth hole of 12, drilled into its flagship Fondaway Canyon gold project this 2022 drill season.


The Vancouver-based company has been releasing drill results all summer and fall, with the latest news release detailing hole FGC22-22, which successfully intersected four significant intervals of gold mineralization at the North Fork Zone in the Central Area of the Fondaway Canyon Project in Nevada.

The highlights were:

  • 3.0 g/t Au over 56.6m down hole including 8.8 g/t Au over 8.1m (Upper North Fork);
  • 2.4 g/t Au over 21.7m including 7.1 g/t Au over 5.3m;
  • 0.8 g/t Au over 41.6m; and
  • 1.1 g/t Au over 25.8m.

"The North Fork zone drilling has consistently returned substantial gold intercepts and extended the known mineralization well beyond last year's high-grade discovery [50m to the south and east]," said Getchell Gold's President Mike Sieb. "Better yet, North Fork continues to remain open in all directions for further expansion."

Hole 22 was drilled eastward from the southern margin of the Main Pit (Figures 1 and 2), a site of small-scale mining during the 1970's and ‘80s. The hole was designed to test for a continuation of the North Fork mineralization towards the southeast.

According to Getchell, The upper high-grade interval correlates well with the high-grade gold mineralization encountered in holes FCG21-16 and FCG22-17 that graded 6.3 g/t Au over 50.7 m and 3.8 g/t Au over 85.9 m respectively. This Upper North Fork gold zone is now prominent across at least seven drill holes and remains open in all directions.

The lower three gold intervals encountered down hole indicate the strength and pervasiveness of the mineralizing system at North Fork with additional holes required to delineate the extent of these lower intervals of mineralization.


Figure 1: Fondaway Canyon North Fork Zone drill location plan map.


Figure 2: Fondaway Canyon plan map highlighting Getchell's drill results at the North Fork Zone.


Figure 3: Cross-section highlighting Getchell's gold intervals at North Fork up to drill hole FCG22-22.


FCG22-22 notable gold Intervals

With the 2022 drill season now complete, Getchell reports that it finished 12 holes totaling 4,645 meters. Assay results have been released for the first six of those holes (FCG22-17 to 22), with results pending for the remaining six, holes FCG22-23 to 28.

2020-22 drilling

Getchell Gold carried out three drill programs, in 2020, 2021 and 2022. The aim was to significantly upgrade the 2017 resource estimate into a new resource, that will combine the drill results from all three drill programs.

Getchell's field work has resulted in significant discoveries, expanded gold zones and delivered consistently successful drill results.

Mineralization within the Central Area's delineated envelope has been considerably expanded; substantial high-grade shear vein structures with significant depth contribute to the potential. The drilling has yet to test the full extent of the gold mineralization.

Notably, drill hole FGC-21-16, the last hole of the 2021 drill program, intersected exceptionally high gold mineralization of 10.4 g/t gold over 25m, within a broader zone grading 6.3 g/t gold over 50.7m.

This interval exceeded the results of any hole drilled in the more than 40-year history of gold exploration and mining at Fondaway Canyon.

Holes FCG22-17, 18, 19, 22, 23, and 25 were designed as step outs to test the extent of the North Fork mineralization encountered in hole 16. Holes FCG 22, 23, and 25 were additionally designed as step outs to test the extent of two lower North Fork gold intervals discovered in FCG22-18 that graded 2.1 g/t Au over 43.4m and 1.9 g/t Au over 72.6m.

Holes 17-19 successfully extended the North Fork Zone. FCG22-17 returned 3.8 g/t Au over 85.9m including 17.7 g/t Au over 9.9 m, and FCG22-19 returned 1.8 g/t Au over 107.5m.

New resource estimate

Assay results up to and including hole FCG22-19, will be incorporated into a new resource estimate, expected this month.

Our reasons, at AOTH, for believing a new resource estimate will improve substantially on the previous one, are as follows:

  • Getchell has discovered three new zones within the Central Area which included Colorado SW; a high-grade zone close to surface called the Juniper Zone; and the North Fork Zone.
  • Getchell's 16 drill holes from 2020 and ‘21 all hit mineralization. New zones and higher-grade mineralization have been found, and a bigger drill program (4,645m) was executed this year.
  • The 2017 resource didn't include some very significant assay results from at least seven holes drilled by a former operator, so Getchell is missing some important drill hole intercepts.
  • The cut-off grade used to come up with the 1.1Moz resource was 3.4 grams per tonne. Lowering the cut-off grade would, in my opinion, add a lot of ounces.
  • Most of the +700 holes drilled at Fondaway were quite shallow; a previous operator was looking for heap-leach gold oxide deposits. But there are a lot of deeper holes that have mineralization shot through them, that are in the 0.5 to 3.0 g/t Au range. None of those intercepts made the 3.4 g/t cut-off, so they were excluded from the 2017 resource.
  • Highlights of intercepts that never would have been included in the previous resource, include: hole 3 had 2 grams per tonne over 49m, hole 5 had 1.8 grams over a 90m intercept, that included 3 grams over 45m. In hole 8 Getchell reported 2.8 grams over 24.5m, another intercept lower in the hole had 1.4 grams over 30m. These intercepts are not only really decent grades, they're over monster-sized widths.
  • If we start to look at Fondaway Canyon from a bulk-tonnage perspective, all of the sub 3 g/t Au intercepts, and there are literally thousands of them, are going to play a role in delivering ounces into a new, much bigger global resource.

The revised estimate should significantly improve upon the 2017 resource estimate, which showed 409,000 oz indicated gold resources grading 6.18 g/t Au and 660,000 oz inferred grading 6.4 g/t Au, for a combined 1.1 million oz.

Conclusion

Getchell drilled 12 holes in the 2022 drill program. Assay results have been released for six of those holes (FCG22-17 to 22), with results pending for the remaining six, holes FCG22-23 to 28. Only assay results up to and including hole FCG22-19, will be incorporated into the new resource estimate which is due any day.

But drilling continued to expand the North Fork and Colorado SW zones, both of which remain open in most directions.

FGC22-20 and 21 successfully intersected and extended the Colorado SW Zone gold mineralization at Fondaway Canyon. Among the highlights, hole 20 logged four significant gold mineralized intervals starting from surface including 1.7 g/t Au over 56.6m, extending Colorado SW 35 meters up-dip and remaining open to the east.

Hole 21 returned 0.9 g/t Au over 74.3m, extending the Colorado SW Zone 50m along strike and remaining open to the west.

Hole FCG22-24 was drilled into the Pediment Zone, located 2 km west of the Central Area. The Pediment is the western-most known gold mineralized occurrence along the 3.5 km long E-W trending Fondaway Canyon gold corridor. The area is blanketed by a broad alluvium cover, which is typical of the range and basin geomorphology. Visualize a heat source millions of years ago squeezing boiling-hot magma from west to east through the fissures and faults of the Earth's crust, depositing gold and silver minerals.

According to Getchell, FCG22-24 successfully drilled through the Rangefront Fault and tested the target zone on the footwall side of this structure with results pending.

FCG22-26 and 27, stationed near the canyon floor on the same drill pad as FCG21-12 and 15, were respectively designed to test the eastern extent and conduct infill drilling of the Colorado SW Zone.

FCG22-28, stationed midway up the north slope, was designed to conduct infill drilling and test the down-dip extent of Colorado SW.

In my opinion not only are we going to see a significant increase in the current resource, but it seems obvious that the potential is there for Getchell's Fondaway Canyon to become a Tier One asset.

Getchell Gold Corp.
CSE:GTCH, OTCQB:GGLDF
Cdn$0.35, 2022.11.17
Shares Outstanding 105m
Market cap Cdn$37.2m
GTCH website

Richard (Rick) Mills
aheadoftheherd.com
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Expressions of opinion are those of AOTH/Richard Mills only and are subject to change without notice.

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