VANCOUVER, BC, Nov. 19, 2024 /CNW/ - Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) (FWB: GGA1) ("Getchell" or the "Company") provides an update on the progress of the Preliminary Economic Assessment ("PEA") for the Fondaway Canyon gold project in Nevada ("Project").
Getchell Gold Corp. Logo (CNW Group/Getchell Gold Corp.)
A key component for the generation of the PEA is the results of the metallurgical testwork currently being conducted. The objective of the testwork is to optimize the recoveries and processing pathway and provide the essential parameters for plant design and mine schedule to be integrated into the PEA.
The metallurgical testwork commenced in July on coarse reject material sourced from the Company's most recent drill campaigns. Subsequently, when it was determined that a significant portion of the 2024 Mineral Resource Estimate ("2024 MRE") was comprised of oxidized host rock (refer to Company news release dated September 11, 2024, detailing the 2024 MRE), it necessitated the collection of additional material, reflecting the oxide blanket, and delivery to the lab for supplemental testwork.
Following delays in the initiation of the testwork, the requirement for additional oxide material, and lab equipment mechanical issues, which have now been resolved, the testwork is anticipated to be completed by year end. This has resulted in a commensurate delay in the completion of the PEA.
"All parties responsible and contributing to the PEA are committed and focused on its completion with the release of results now targeted for early January 2025." stated Mike Sieb, President. "The PEA will provide essential guidance as to the Fondaway Canyon gold project's potential and we at Getchell look forward to the PEA's impending release."
Fondaway Canyon Gold Project Highlights
The Fondaway Canyon project is an advanced exploration stage gold property located in Churchill County, Nevada, approximately 170 kilometres east of Reno.
The 2024 MRE, recently released in September, is comprised of an Indicated Mineral Resource of 13.5 million tonnes at an average grade of 1.49 grams per tonne ("g/t") gold ("Au") for 648,000 ounces of gold and an Inferred Mineral Resource of 44.8 million tonnes at an average grade of 1.16 g/t Au for an additional 1,670,100 ounces of gold (Company news release dated September 11, 2024).
Some of the Project's most notable attributes are that the gold mineralization starts at surface, is broad and consistent, exhibits exceptional high-grade zones, and remains fully open for further expansion. In addition, Getchell Gold has secured control of the entire length and breadth of the four-kilometre under-explored gold structural corridor effectively removing constraints for future potential growth and development.
Scott Frostad, P.Geo., is non-independent and the Qualified Person (as defined in NI 43-101) who reviewed and approved the scientific and technical information in the news release.
Notes on the Mineral Resource Estimate:
The independent and qualified person for the mineral resource estimate, as defined by NI 43-101, is Michael Dufresne, P.Geol., P.Geo., from APEX Geoscience Ltd.
Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability. There has been insufficient exploration to define the Inferred Resources tabulated above as an Indicated or Measured Mineral Resource, however, it is reasonably expected that the majority of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. There is no guarantee that any part of the Mineral Resources discussed herein will be converted into a Mineral Reserve in the future. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues. The Mineral Resources herein were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum standards on mineral resources and reserves, definitions, and guidelines prepared by the CIM standing committee on reserve definitions and adopted by the CIM council (CIM 2014 and 2019).
The MRE blocks that make up the oxide component of the In Pit resource are within the overall conceptual pit shape defined by the parameters for the unoxidized material.
The author is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues or any other relevant issue not reported in the technical report that could materially affect the mineral resource estimate.
The effective date of the Mineral Resources Estimate is September 1, 2024, and the effective date for the drill-hole database used to produce this Mineral Resource Estimate is February 7, 2024.
For a complete list of notes on and parameters utilized for the 2024 MRE, please refer to the Company's news release dated September 11, 2024, detailing the 2024 MRE, or visit the Company's website at www.getchellgold.com
The full documentation for the 2024 MRE will be reported within the forthcoming PEA.
About Getchell Gold Corp.
The Company is a Nevada focused gold and copper exploration company trading on the CSE: GTCH, OTCQB: GGLDF, and FWB: GGA1. Getchell Gold is primarily directing its efforts on its most advanced stage asset, Fondaway Canyon, a past gold producer with a large mineral resource estimate. Complementing Getchell's asset portfolio is Dixie Comstock, a past gold producer with a historic resource, and the high-grade Star (Cu-Au-Ag) projects.
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 Mineral Resource Estimate and future planned activities. 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. 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.
