Getchell Gold Corp. Reports on High-Grade Gold Underground Channel Samples at Fondaway Canyon, Churchill County, Nevada

Toronto, Ontario--(Newsfile Corp. - June 29, 2020) - Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) ("Getchell" or the "Company") a leading Nevada focused Gold and Copper exploration company is pleased to report on the underground channel samples collected by a previous operator at the Company's flagship Fondaway Canyon Gold Project in Nevada (Fondaway Canyon" or "Project").

"The underground development along the Half Moon shear vein reveals a significant high-grade gold mineralizing system at Fondaway Canyon with remarkable vertical extent," states Mike Sieb, Director, Getchell Gold Corp. and, "The Half Moon high grade, in conjunction with the extensive gold mineralization found at or near surface supports the Company assessing the Project's potential for both bulk tonnage and underground mining."

Key Highlights:

  • Underground workings developed to test the Half Moon shear vein 75 m below surface report substantial widths of high-grade gold;

  • Composite channel sample grades 12.4 g/t Au across full 4.3 m width of UG drift at the most eastern drift face (1125E);

  • 19.4 g/t Au over 3.1 m, including 24.1 g/t Au over 1.8 m, composite channel sample reported at the development drift face 1040E;

  • 12.0 g/t Au over 3.2 m, including 21.8 g/t Au over 1.5 m, composite channel sample reported at the development drift face 1031E;

  • Including drill results, gold mineralization in the Half Moon area has been traced for a 375 m vertical extent and remains open to depth;

  • The characteristics of the gold mineralization at Fondaway support the Company assessing the Project's potential for both bulk tonnage and underground mining; and,

  • The Company has provided Boart Longyear a cash deposit to ensure rig availability for a late July drill program.

Half Moon Shear Vein Underground Development

Tenneco Minerals Corporation actively operated the Fondaway Canyon Gold Project from 1986 through 1990. During this period, Tenneco drilled >350 exploratory holes and mined 169,000 tonnes of oxidized material from various pits across the Project. In 1989, Tenneco completed 165 metres (540 feet) of underground development to access, bulk sample and assess the sulfide bearing mineralization of the Half Moon shear vein; one of the prominent gold mineralized quartz rich shear zones within the central area of the Project. The underground development was 4.3 m (14 feet) wide, consisting of a 107 m (350 foot) adit to access the plane of the Half Moon shear vein and a 52 m (169 feet) drift on strike with the shear vein for sample collection (Fig 1). Each mining blast round along the shear vein advanced the working face by approximately 3.05 m (10 feet) and when possible, each blast face was mapped and channel sampled (Fig 3).

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Figure 1: Fondaway Canyon Central Area showing gold zones, drilling and Tenneco UG development

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Figure 2: Photographs from left to right - i) Dick Fisk, one of the original property land owners, underground at the Half Moon shear vein circa 1990; ii) Tenneco adit portal circa 1990; and
iii) Tenneco adit portal post closure and reclamation circa 2000.

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The gold mineralization was shown to be fairly continuous along the extent of the drift and covered the full width or extended beyond the width of the drift over part of the drift's length. Of note, was the multitude of exceptionally high-grade channel samples reporting from the sampling campaign. Table 1 and Figure 3 show the composite channel samples for the drift faces that were mapped and sampled.

The most eastern and final blast face, 1125E, exposed the gold mineralization across the entire face and returned a composite channel sample grading 12.4 g/t Au over 4.3 m (Fig 4).

The highest grades were reported from blast faces 1040E and 1031E that graded 19.4 g/t Au over 3.1 m, including 24.1 g/t Au over 1.8 m (Fig 4); and 12.0 g/t Au over 3.2 m, including 21.8 g/t Au over 1.5 m respectively.

Table 1: Half Moon Shear Vein - Tenneco Underground Drift Development Face Channel Samples

Face
(Easting ft)
Au Grade
(g/t)
Metres
Face
(Easting ft)
Au Grade
(g/t)
Metres
112512.44.3
104019.43.1
incl.  
16.71.5
incl.24.11.8
11145.95.2
103112.03.2
110353.4
incl.21.81.5
10938.24.3
9764.44.1
10837.34.0
incl.16.40.8
incl.11.32.3
9678.72.6
10737.42.4
incl.18.11.2
105011.23.5
9561.44.0

 

Individual channel samples ranged from below detection limit to as high as 33.2 g/t Au over 1.2 m (4 feet).

The channel samples disclosed in this news release were sourced directly from geological maps of the advancing drift faces on official Tenneco stationary. The assay certificates are unavailable and as such the sample analysis methodology or the quality control measures are not documented. The channel samples reported range up to 1.3 m (4 feet), the drift faces have been sampled in their entirety and it is apparent that overlapping channel samples for duplication and quality control was the prescribed practice. The portal providing access to the underground workings has been closed and precludes entry for sample verification, and until such time as reopening of the portal is warranted, sample verification cannot be conducted. A qualified person from Getchell, considers that the quality of the work, the established standing of the operator and the support that drill hole intersections in proximity to the underground workings, which reflect similar grades, regards the channel samples disclosed as suitable for their current use.

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Figure 3: Half Moon Shear Vein - Tenneco UG development, composite channel samples

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Figure 4: Half Moon Shear Vein - Tenneco UG development faces, channel samples

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Figure 5: Drill Section across Half Moon Shear Vein and showing Tenneco UG development - looking East

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Half Moon Shear Vein Vertical Extent of Gold Mineralization

The Tenneco underground drift is located 75 m below the surface expression of the Half Moon shear vein and the deepest drill intersection of gold mineralization below the drift is an additional 300 m. This translates into a known vertical extent of gold mineralization in this locale of 375 m that remains open to depth (Fig 5) and represent another example of the robust expression and considerable extent of the gold mineralizing system at Fondaway Canyon.

The widespread gold mineralization reported and observed at or near surface, and the distinct high-grade zones as shown at Half Moon, support the Company assessing the Project's potential for both bulk tonnage and underground mining.

2020 Drill Program at Fondaway Canyon

The Company is currently planning for the 2020 drill program at Fondaway Canyon and has provided Boart Longyear with a cash deposit to ensure rig availability for late July and 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 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 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.

For further information please visit the Company's website at www.getchellgold.com or contact the Company at info@getchellgold.com.

Mr. William Wagener, Chairman & CEO
Getchell Gold Corp.
+1 303 517 8764
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. 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.

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