Getchell Gold Corp. Intersects 1.7 g/t Au over 56.6 m and 0.9 g/t Au over 74.3 m at the Colorado SW Gold Zone, Fondaway Canyon, NV

Vancouver, British Columbia--(Newsfile Corp. - November 2, 2022) - Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) ("Getchell" or the "Company") is pleased to provide assay results for drill holes FCG22-20 and FCG22-21 that successfully intersected and extended the Colorado SW gold mineralization at the Fondaway Canyon gold project in Nevada.

Key Highlights

  • FCG22-20: intersected four significant gold mineralized intervals starting from surface including 1.7 g/t Au over 56.6 m extending Colorado SW 35 metres up-dip and remains open to the east;
  • FCG22-21: 0.9 g/t Au over 74.3 m extends Colorado SW zone 50 metres along strike and remains open to the west;
  • Six additional holes completed with assays pending;
  • Drilling ongoing to expand the Colorado SW zone; and
  • The Fondaway Canyon Mineral Resources Estimate is on track for mid-November.

"The latest gold assays from drilling have continued our successful extension of the Colorado SW zone that remains well mineralized and open for further expansion." states Mike Sieb, President, Getchell Gold Corp. "We look forward to receiving additional assay results from the ongoing 2022 drill program as well as the Company's first Mineral Resources Estimate for the Fondaway Canyon gold project scheduled for release mid-November."

Drill Hole FCG22-20

Drill hole FCG22-20, the fourth drill hole of the 2022 drill program at Fondaway Canyon (the "Project"), was drilled vertically from the Colorado Pit (Fig. 1 and 2), a site of small-scale mining during the 1980s, and was designed to test the up-dip extension of the Colorado SW mineralization.

FCG22-20 intersected four significant gold mineralized intervals starting from surface including a major interval grading 1.7 g/t Au over 56.6 m from 160.4 to 217.0 m down hole (details in Figure 3 and Table 1). This interval represents a 35 metre step out to the east with the Colorado SW zone remaining open and untested to the east and northeast.

Drill Hole FCG22-21

Drill hole FCG22-21 was drilled north, from a drill pad partway up the north slope (Figure 2), to extend the Colorado SW zone along strike from the broad intervals of gold mineralization encountered by hole FCG21-08 and FCG20-02 that returned 1.6 g/t Au over 167.3 m and 1.9 g/t Au over 43.5 m respectively (Figures 1 and 3).

FCG22-21 intersected a significant interval of gold mineralization grading 0.9 g/t Au over 74.3 m from 191.7 to 266.0 m down hole, representing a 50 metre step out to the north-northwest from previous drilling. The Colorado SW zone remains open and untested to the north and west from this drill hole.

Overall, the Colorado SW zone remains open for expansion in most directions both along strike as well as up and down dip.

Cannot view this image? Visit: https://images.newsfilecorp.com/files/3941/142770_b24d7f7eb4bc58c2_001.jpg

Figure 1: Fondaway Canyon plan map highlighting Getchell's drilling at the Colorado SW gold zone.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3941/142770_b24d7f7eb4bc58c2_001full.jpg

Cannot view this image? Visit: https://images.newsfilecorp.com/files/3941/142770_b24d7f7eb4bc58c2_002.jpg

Figure 2: Fondaway Canyon Central Area - north slope showing Colorado SW drill pads

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3941/142770_b24d7f7eb4bc58c2_002full.jpg

Cannot view this image? Visit: https://images.newsfilecorp.com/files/3941/142770_b24d7f7eb4bc58c2_003.jpg

Figure 3: Cross-section highlighting gold intervals in drill holes FCG21-20 and FCG22-21.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3941/142770_b24d7f7eb4bc58c2_003full.jpg

Table 1: Drill Hole FCG22-20 and FCG22-21 Notable Intervals

Cannot view this image? Visit: https://images.newsfilecorp.com/files/3941/142770_b24d7f7eb4bc58c2_004.jpg

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/3941/142770_b24d7f7eb4bc58c2_004full.jpg

2022 Fondaway Canyon Drill Program Update

Eleven holes have been completed (FCG22-17 to FCG22-27) during the 2022 drill program totalling 4,200 metres at Fondaway Canyon. Assay results have been released for five of those holes (FCG22-17 to FCG21) and assays are pending for holes FCG22-22 through FCG22-27.

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 FCG21-16 that graded 6.3 g/t Au over 50.7 m. Holes FCG 22, 23, and 25 were additionally designed as step outs to test the extent of the lower North Fork gold zone discovered in FCG22-18 that graded 1.9 g/t Au over 72.6 m.

The results from holes FCG22-17 to 19 have been previously released with all three holes reporting substantial gold intervals (listed below) that successfully extended the North Fork zone.

FCG22-17: 3.8 g/t Au over 85.9 m including 17.7 g/t Au over 9.9 m (July 26, 2022 news release);

FCG22-18: 2.5 g/t Au over 43.4 m, 2.1 g/t Au over 46.9 m, and 1.9 g/t Au over 72.6 m (August 17, 2022 news release); and

FCG22-19: 1.8 g/t Au over 107.5 m (Sept. 27, 2022 news release).

The Company's first Mineral Resources Estimate for the Fondaway Canyon Gold project will include results up to, and including, hole FCG22-19.

Hole FCG22-24 was designed to test the Pediment target area located 2 km to the west of the Central Area. The Pediment target area is the westernmost known gold mineralized occurrence along the 3.5 km long E-W trending Fondaway Canyon gold mineralization corridor. The Pediment target area is the site of two vertical drill holes completed in 2002, 02FC-10 and 02FC-11, collared 185 metres apart that intersected 27.4 m grading 0.82 g/t Au and 36.6 m grading 0.52 g/t Au, respectively. FCG22-24 successfully drilled through the Rangefront Fault and tested the target zone on the footwall side of this structure with results pending. Upon completion of FCG22-24, the drill rig was demobilized from site leaving one rig to continue delineating the mineralization at Fondaway Canyon in the Central Area.

FCG22-26 and 27, stationed near the canyon floor on the same 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, currently in progress, is stationed midway up the north slope and is designed to conduct infill drilling and test the down-dip extent of the Colorado SW zone.

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.

The 2022 drill core is being processed using the same methods as the 2020 and 2021 drill programs. The core is cut at Bureau Veritas Laboratories' ("BVL") facilities in Sparks, Nevada, with the samples analyzed for gold and multi-element analysis in BVL's Sparks, Nevada and Vancouver, BC laboratories, respectively. Gold values are produced by fire assay with an Atomic Absorption finish on a 30-gram sample (BV code FA430) with over limits re-analyzed using method FA530 (30g Fire Assay with gravimetric finish). The multi-element analyses are performed by ICP-MS following aqua regia digestion on a 30g sample (BV code AQ250). Quality control measures in the field include the systematic insertion of standards and blanks.

Highlighted drill intervals are based on minimum interval lengths of 3.3 metres (10 feet), a 0.25 g/t Au cut-off, and a maximum of 3.3 metres of internal dilution, with no top cut applied. Broader reported Intervals may include internal dilution in the calculated average weighted grades. All intervals are reported as downhole drill lengths and additional work is required to determine the true widths.

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 and on the Star project, a past high-grade copper, gold, and silver small-scale producer. Complementing Getchell's asset portfolio is Dixie Comstock, a past gold producer with a historic resource and one earlier stage exploration project, Hot Springs Peak (Au). Getchell has the option to acquire 100% of the Fondaway Canyon and Dixie Comstock properties, Churchill County, Nevada.

For further information please visit the Company's website at www.getchellgold.com or contact the Company by e-mail at info@getchellgold.com or by phone at +1 647 249-4798.

Mr. William Wagener, Chairman & CEO

Getchell Gold Corp.

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 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: use of proceeds from the financing 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/142770

info