The first hole of the program, FCG22-17, was collared on the canyon floor on the same drill pad as hole FCG21-16. It was designed as a 25-meter step-out to the northwest, from the high-grade intercept encountered in FCG21-16. More follow-up drill holes are planned to bracket and expand upon the North Fork Zone mineralization.
This week Getchell released partial results from hole 17, which hit shallow mineralization starting at 66.1 meters downhole. Results were therefore received for the upper 119.5m. The intercept highlighted 5.4 grams per tonne gold over 51.9m, with a higher-grade interval featuring 17.7 g/t Au over 9.9m. Assays are pending for the remainder of the hole, to a depth of 348.7m.
“This is a spectacular start to the 2022 drill program especially with the discovery of high-grade gold mineralization lying shallow below the canyon floor,” said Getchell’s President Mike Sieb, in the June 15 news release. “The mineralizing system at Fondaway Canyon continues to impress and we wait with anticipation for what the year will bring.”
The company’s stock added 8.5 cents on the news, for a gain of 22%.
A second drill hole, FCG22-18, collared on the same pad as FCG22-17 and FCG22-16, was completed to 437.1m, with the bottom portion representing a 100m step out from the closest North Fork Zone drill intercept. This hole was designed to test the up-dip extent of the mineralization found in hole 16, and the extent of the zone to the northeast, where no drilling has been done. Assays are pending.
Fondaway Canyon is an advanced-stage gold property located in Churchill County, NV. The project has been the subject of multiple exploration campaigns in the late 1980s and early ‘90s.
During the 2021 program, 10 holes for a total of 3,874 meters were completed, all of which returned significant gold mineralization. These drill holes were sunk into the Central Area, designed to follow up on the Colorado SW, Juniper and North Fork gold zones discovered in 2020, the first year of Getchell’s exploration at Fondaway Canyon.
While multiple high-grade intercepts were reported in 2021, the best was hole FCG21-16, which targeted the North Fork Zone. Stationed on the canyon floor at the junction of Fondaway Canyon and North Fork, FCG21-16 was drilled steeply to the northeast as a step-out from three previously completed holes (FCG20-04, FCG21-09 and FCG21-10).
The FCG21-16 interval had the greatest “gold grade x thickness” value in the 40+ year history of gold exploration and mining on the property, and likely represents a major conduit for the gold mineralizing system at Fondaway Canyon.
Furthermore, the hole intersected multiple gold intercepts downhole, including 3.1 g/t Au over 33.4m from 265.0 to 298.4m, with two higher-grade intervals grading 9.6 g/t Au over 3.0m and 6.1 g/t Au over 6.1m.
The drill holes completed prior to FCG21-16 returned some very exciting results from various other zones:
A compelling aspect of Fondaway Canyon is the open-pit/ high grade potential, as demonstrated by the 2021 drill results, and the results so far in 2022, starting with June 15th’s.
The 2022 drill campaign is bigger than last year’s and initially focuses on the high-grade gold discovery at North Fork. The broader plan is to continue expanding on the substantive zones of mineralization discovered during the previous two years of drilling.
The goal is to tighten up each of these zones, such as North Fork and Colorado SW, to deliver a new resource estimate.
The last resource estimate for Fondaway Canyon, from 2017, 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. Up to 80% of these ounces are within the Colorado, Paperweight and Halfmoon zones, with the remainder found in parallel veins or splays off the main veins.
Fondaway Canyon isn’t the only property Getchell Gold is drilling this summer. Earlier this month, the company sunk a drill into its Star copper-gold project, comprised of two main mineralized occurrences — the formerly producing Star Point copper mine, and the Star South copper-gold-silver prospect — for the first time.
Multiple priority drill targets have been identified at the Star property. A geophysical survey delineated four additional anomalies exhibiting characteristics of porphyry-style mineralization, which will be tested during this year’s maiden drill program.
Star Point is the site of a near-surface, high-grade copper oxide mine operated during the 1940s and ‘50s. Previous development focused on a 300 x 300m area at the southern edge of a north-south trending promontory. The surface is covered with various pits, portals, shafts, open cuts and associated dumps. Underground development consists of several short shafts, winzes and tunnels of varying lengths, leading to a series of stopes and drifts.
The Star South prospect is 2 km south of the past-producing mine and comprises a series of pits, artisanal adits and associated dumps within a 300 x 150-meter area. These adits appear to follow high-grade copper-gold-silver mineralization hosted within quartz veins that are associated with shears trending in several different orientations.
Induced polarization (IP) surveys done in 2018 and 2020 worked up some good drill targets, that Getchell plans on drill testing this summer.
Both of the two main occurrences at Star, Star Point and Star South, lie over-top of low-resistivity, high-chargeability geophysical anomalies, that are characteristic of porphyry-style mineralization. The surface mineralization is interpreted as potentially deriving from a larger source at depth.
Getchell has two drill programs happening simultaneously, giving investors plenty of catalyst-inducing news flow to get excited about as the results continue to flow in during the second half of the year.
Fondaway Canyon is all about building ounces into Getchell’s new resource estimate that suggests the possibility of a high-grade open pit. Add a lot of juicy drill targets at Star, and Getchell Gold looks to be, imo, exceptionally undervalued by today’s market.
Getchell Gold Corp.
Shares Outstanding 95.5m
Market cap Cdn$44.9m
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