Getchell delivers more assays from Fondaway Canyon, highlighting 1.7 g/t Au over 56.6m and 0.9 g/t Au over 74.3m – Richard Mills

2022.11.05

At Getchell Gold’s (CSE:GTCH, OTCQB:GGLDF) Fondaway Canyon gold project in Nevada, so far in 2022, 11 holes have been completed in the Central Area of the property, totaling 4,200m. Assay results have been released for five holes, with assays remaining for holes FCG22-22 to 27.

Drilling continues to expand the North Fork and Colorado SW zones, both of which remain open in most directions. Assay results up to and including hole FCG22-19, will be incorporated into a new resource estimate, expected by mid-November.

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.

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 really 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 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.

2020-22 drilling

Getchell Gold carried out three drill programs, in 2020, 2021 and 2022. Their 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; to date, it ranges 600 meters E-W along strike, 800m down-dip to the SW, and is approximately 100m thick.

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 greater than 40-year history of gold exploration and mining at Fondaway Canyon. The high concentration is a clear testament to the intensity of the gold-mineralizing system, and further raises the upside potential of the project.

The start of the 2022 drill program was composed of three holes: FGC-22-17, 18 and 19, designed to bracket hole 16’s high-grade gold interval.

The results from these three holes have been received, and each has been impressive. Hole 17 returned one of the most cumulative gold intervals recorded at the project, grading 3.8 g/t gold over 85.9m and is situated close to surface, just 66m down hole.

Hole 18 intersected three intervals grading at or better than 2 g/t gold ranging from 43 to 72m down hole lengths. The lower gold interval, outside of the target area, is 75m from the nearest drill hole and may represent a new discovery. To date, three new holes have been drilled on this section: FCG-22-22, 23 and 25, designed to bracket and delineate hole 18’s lower gold intervals. Assays are pending for these holes, along with FCG-24, 26 and 27.

Getchell this week released the assay results from drill holes FCG22-20 and 21, which 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.

“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,” Getchell Gold’s President Mike Sieb said in the Nov. 2 news release. “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.”

Getting more technical, hole 20 was drilled vertically from the Colorado Pit, the location of small-scale mining during the 1980s, and was designed to test the up-dip extension of the Colorado SW mineralization. The hole intersected four significant gold-mineralized intervals starting from surface including 1.7 g/t Au over 56.6m. The latter was a 35m step out to the east. The Colorado SW Zone remains open and untested to the east and northeast.

Hole 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 167.3m and 1.9 g/t Au over 43.5m respectively (Figures 1 and 3).

Hole 21 intersected a significant interval of gold mineralization grading 0.9 g/t Au over 74.3m from 191.7 to 266.0m down hole, representing a 50-meter 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.

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

The results from holes FCG22-17 to 19 were previously released, with all three reporting substantial gold intervals that successfully extended the North Fork Zone. Highlights included:

• FCG22-17: 3.8 g/t Au over 85.9m including 17.7 g/t Au over 9.9m;
• FCG22-18: 2.5 g/t Au over 43.4m, 2.1 g/t Au over 46.9m, and 1.9 g/t Au over 72.6m;
• FCG22-19: 1.8 g/t Au over 107.5m including 2.9 g/t Au over 32.9m.

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.

Two vertical drill holes, completed in 2002 and collared 185 meters apart, were designed to test potential gold mineralization beneath the sediment cover on trend with the Fondaway Canyon E-W gold corridor. Both holes successfully intersected thick lower-grade intersections, with hole 02FC-10 cutting 27.4m grading 0.82 g/t gold, and 02FC-11 intersecting 36.6 m grading 0.52 g/t. 

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, currently in progress, is stationed midway up the north slope and is designed to conduct infill drilling and test the down-dip extent of Colorado SW.

Conclusion

Getchell Gold continues to deliver solid sets of drill results in a difficult junior resource market. I’m looking forward to seeing the mineral resource grow substantially from the previous 2017 one, when Getchell releases its new estimate in a couple of weeks. Loyal Getchell Gold investors will hopefully be rewarded with a significant bump in the share price to better reflect the value in the ground.

Getchell Gold Corp.
CSE:GTCH, OTCQB:GGLDF
Cdn$0.26, 2022.11.03
Shares Outstanding 105m
Market cap Cdn$27.4m
GTCH website

Richard (Rick) Mills
aheadoftheherd.com
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