Toronto, Ontario – March 30, 2020 – Getchell Gold Corp. (CSE: GTCH, OTCQB: GGLDF) ("Getchell" or the "Company") a leading Nevada focused Gold and Copper exploration company, today announced 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.
To that end, Getchell has taken possession of all of the physical data, digital data, core, cuttings, storage and logging facilities associated with the recently optioned Fondaway Canyon (“Fondaway”) and Dixie Comstock projects. (refer to Company news release dated January 7, 2020 for further details).
The Company is currently completing a new Fondaway technical report as a basis for an open- pit mining scenario and mineral resource estimate. The 2017 technical report (see details below) envisioned an underground operation and set the model parameters accordingly. The new Fondaway technical report will involve a comprehensive synthesis and geological reinterpretation of the substantial volume of data received. The data set was amassed over decades of work across multiple exploration and small-scale mining campaigns. The objective of this internal assessment of the data is to integrate the geology, structure, alteration and mineralization into a revised 3D model that will provide the basis for:
- A comparison of the revised 3D model with the geologic model used for the 2017 historic resource estimate;
- Assessing the impact of including the 2017 drill program results (7 holes totaling 2,534 metres) that were not used for the 2017 historic resource estimate;
- A new, third party, NI43-101 Mineral Resources Estimate and Technical Report; and
- Guidance on the next phase of exploration in support of a Preliminary Economic Assessment.
“This is a low-cost strategy which could yield significant results for shareholders and we look forward to updating the market as the results of our efforts materialize” said CEO Bill Wagener.
2017 Fondaway Technical Report
The 2017 Technical Report on the Fondaway Canyon Project was commissioned by Canarc Resources Corp. and was authored by Techbase International Ltd. The project has 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 vein. With a minimum 0.10 opt Au and 1.8 m horizontal vein width used as cut-off parameters, twelve 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 contents of this news release.
About Getchell Gold Corp.
The Company is a Nevada focused gold and copper exploration company listed on the CSE: GTCH and OTCQB: GGLDF. Getchell Gold is 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.
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.