Getchell Gold Corp. Commences 2021 Drill Program at Fondaway Canyon, Nevada

- June 1st, 2021

Getchell Gold Corp. a leading Nevada focused Gold and Copper exploration company is pleased to announce the commencement of the 4,000 metre Phase One 2021 drill program on the Central Area of the Fondaway Canyon Gold Project in Nevada . Key Highlights The 4,000 metre Phase One 2021 drill program at Fondaway Canyon has commenced; The objective is to conduct infill and step-out drilling to further delineate and expand …

Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) (“Getchell” or the “Company”) a leading Nevada focused Gold and Copper exploration company is pleased to announce the commencement of the 4,000 metre Phase One 2021 drill program on the Central Area of the Fondaway Canyon Gold Project in Nevada (“Fondaway” or “Project”).

Key Highlights

  • The 4,000 metre Phase One 2021 drill program at Fondaway Canyon has commenced;
  • The objective is to conduct infill and step-out drilling to further delineate and expand on the mineralization discovered during the highly successful 2020 drill program;
  • Initially the drill plan will target the newly named “Juniper” high-grade structural gold zone, shallowly located down-dip of the Colorado Pit, reporting a 21.9 metre interval grading 6.2 g/t Au from last year’s hole FCG20-02. The Juniper gold zone was previously intersected by hole TF-114, drilled in 1989, that reported one of the highest gold grade-thickness intervals in the history of the Fondaway Canyon Gold Project, returning 17.6 g/t Au over 15.2 metres†;
  • The Central Area drill plan will also target the two >100m thick zones of mineralization, the Colorado SW Extension and the North Fork Zone, that were both newly identified in 2020 and remain open laterally and to depth.

“The stellar results from the 2020 drill program blew the potential of the Fondaway Canyon Gold Project wide open,” stated Mike Sieb, President, Getchell Gold Corp. “The revised geological interpretation represents more than a doubling in the projected down-dip extent of the gold mineralization from previous geological models and has provided ample target areas for the 2021 drill program to further delineate and expand upon our recent discoveries.”

Fondaway Canyon 2020 Drill Program

The 2021 Phase One drill program will follow-up on the highly successful 2020 drill program that consisted of 6 holes drilled for a total 1,996 metres (6,550 feet).

Five of the six drill holes were collared within the Central Target Area, a 1,000 x 700 metre highly mineralized NE-SW extensional zone within the central portion of the 3.5 km long E-W trending Fondaway Canyon gold mineralized corridor (Figures 1 and 2).

The holes drilled in the Central Area reveal the presence of a thick zone of gold mineralization projected down-dip from surface on two NE-SW sections drilled 300 metres apart (for further details refer to Company news release dated April 7, 2021). The down dip trace of the mineralization for both sections drilled is now projected as being over 800 metres in length, more than twice the distance thought to exist based on previous geological models.

On the Colorado Pit to Pack Rat drill section, three 2020 drill holes intersected the newly identified Colorado SW Extension Zone while on the Half Moon section, one hole discovered the North Fork Gold Zone (Figure 3). Both mineralized zones are situated on the same stratigraphic plane and remain open laterally and at depth.

In addition, one hole (FCG20-02) on the Colorado Pit to Pack Rat section intersected a new structural zone of high-grade gold mineralization, the newly named Juniper High-Grade Gold Zone, less than 100 metres below surface. Of 17 consecutive samples extending 21.9 metres down hole, only one sample assayed less than 1 g/t Au with the highest sample grading 25.5 g/t Au (1.7m sample). The mineralized interval graded 6.2 g/t Au over 21.9 metres including 9.6 g/t Au over 12.0 metres and including 20.4 g/t Au over 3.2 metres† (not true thickness; see QP note below).

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Figure 1: Fondaway Canyon Plan Map showing gold mineralized corridor.

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Figure 2: Fondaway Canyon Central Area Plan Map showing 2020 drill hole locations and gold intercepts.

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Figure 3: Fondaway Canyon 3D Model Showing 2020 Drill Results and 2021 Gold Domain*.

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* The modelled gold domain highlights areas where gold intervals have been geologically linked and projected. The modelled gold domain is solely for exploration planning purposes and does not indicate a mineral resource. A qualified person has not done sufficient work to classify a current mineral resource estimate at Fondaway Canyon.

Fondaway Canyon 2021 Drill Program

The 2020 drill program in the Central Area represents sizable step outs from the historical drilling and has produced a revised geo-mineralization model that has extrapolated the continuity of the gold mineralization over extensive distances.

The objective of the Phase One 2021 drill program will be twofold:

  1. To conduct sufficient infill drilling to increase the confidence in the geo-mineralization model to support a revised mineral resource estimate; and
  2. To continue stepping out from the known gold intercepts to expand the geo-mineralization model.

Colorado to Pack Rat Section

The first series of holes will be drilled from the Colorado Pit and target the Juniper High-Grade Gold Zone (Figure 4). The Juniper Zone is interpreted as striking to the NW and dipping fairly vertical. In addition to FCG20-02’s gold intercept, a number of historic drill hole gold intercepts (Table 1) reside within the strike plane and potentially form part of the Juniper mineralized structural zone.

One noteworthy drill hole, TF-114, drilled in 1989 reported one of the highest gold grade-thickness intervals in the history of the Fondaway Canyon Gold Project. TF-114 returned 17.6 g/t Au over 15.2 metres included within a larger 44.2 metre interval grading 8.1 g/t Au. Figures 5 and 6 show the Juniper Zone as interpreted on section (on strike) and long section (perpendicular to the strike plane) respectively.

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Figure 4: Fondaway Canyon 3D Gold Domain Model – Colorado to Pack Rat (NE-SW) Section, 150m wide slice.

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Table 1: Gold Intervals Interpreted to Form Part of the High-Grade Juniper Structural Gold Zone

Drill Gold Interval Depth Depth Interval Depth Depth
(g/t) (m) From (m) To (m) (ft) From (ft) To (ft)
Hole
T-25 3.2 10.4 231.0 241.4 34.0 758.0 792.0
TF-114 8.1 44.2 176.8 221.0 145.0 580.0 725.0
Including 17.6 15.2 199.6 214.9 50.0 655.0 705.0
TF-134 3.3 12.2 114.3 126.5 40.0 375.0 415.0
5.5 6.1 138.7 144.8 20.0 455.0 475.0
TF209 1.5 70.1 173.7 243.8 230.0 570.0 800.0
Including 2.4 15.2 217.9 233.2 50.0 715.0 765.0
FC17-02 1.8 62.9 253.1 316.1 206.5 830.5 1037.0
FCG20-02 6.2 21.9 106.1 128.0 71.9 348.1 419.9
Including 9.6 12.0 116.0 128.0 39.4 380.6 419.9
Including 20.4 3.2 120.5 123.7 10.5 395.3 405.8
FCG20-03 4.3 21.1 148.7 169.8 69.2 487.9 557.1
Including 8.7 9.4 159.6 169.0 30.8 523.6 554.5
Including 14.6 3.4 163.4 166.8 11.2 536.1 547.2

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Figure 5: Juniper High-Grade Gold Structural Zone on Section.

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A series of short holes will be drilled to develop the Juniper High-Grade Structural Zone along strike, and up and down dip.

In addition, a select number of these short holes will be extended deeper to step out on FCG20-02 and FCG20-03’s lower gold interval to further delineate the Colorado SW Extension Zone (Figure 4).

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Figure 6: Juniper High-Grade Gold Structural Zone in Long Section.

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During the 2021 Phase One drill program the drill will be mobilized to the canyon floor so the Colorado SW Extension Zone can be further delineated in the vicinity of FCG20-05, FCG20-06, and HFC-02 (Fig. 4).

North Fork Gold Zone on Half Moon Section

Drill hole FCG20-04 was collared north of where the Half Moon Vein is exposed on surface and drilled to the southwest. FCG20-04 encountered the high-grade Half Moon Shear Vein 108.1m down hole and 54m vertically below surface. In addition, hole FCG20-04 encountered a broad 144 metre intercept of gold mineralization, newly identified as the North Fork Gold Zone, extending to the bottom of the hole with the final sample of hole FCG20-04 returning 7.9 g/t Au over 1.0 m indicating the lower extent of the North Fork Gold Zone was not reached (Figure 7).

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Figure 7: Fondaway Canyon 3D Gold Domain Model – Half Moon to North Fork Gold Zone (NE-SW) Section, 150m thick slice.

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The 2021 Phase One Drill Program will include a series of holes to further delineate the North Fork Gold Zone down dip of FC17-04’s gold mineralized interval and laterally around the broad gold mineralized interval intersected in FCG20-04.

Pediment Target Area

The Pediment Area is currently scheduled to be tested by one hole during the Phase One 2021 drill program. Further details on the Pediment target will be provided prior to the drill moving to the area.

Fondaway Canyon Gold Project

Fondaway is an advanced stage gold property with a large historic resource located in Churchill County, Nevada comprising 171 unpatented lode claims totaling 1,186 hectares (2,932 acres). Gold was first discovered in Fondaway Canyon in 1977 and over the intervening 40+ years has been the subject of multiple exploration campaigns along a 3.5km E-W gold mineralized corridor (Figure 1) totaling 735 reverse circulation and core drill holes, small-scale open pit mining of the oxidized zone at surface, and underground development limited to exploration and bulk sampling.

The historic resource estimate**, comprised 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, is predominately localized on the Paperweight, Half Moon, and Colorado gold zones within the Central Area of the Project.

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 true thickness of the gold intervals disclosed herein are not yet known, further work will be required to determine the true thickness.

The 2020 drill core was 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 were 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 analysis was performed by ICP-MS following aqua regia digestion on a 30g sample (BV code AQ250). Quality control measures in the field included the systematic insertion of standards and blanks.

The samples from the historic drill holes were analyzed by various laboratories including Shasta Analytical Geochemistry Laboratory (Redding, CA), Cone Geochemical (Denver, CO), Geochemical Services (Reno, NV), and G.D. Resources Inc. (Sparks, NV). Gold values were produced by fire assay with an Atomic Absorption finish and copies of the original assay sheets are available. The laboratories employed a QAQC protocol that included periodic duplicate analyses of core pulps. Although some of the labs are no longer in business, all of the labs were certified and known in the industry for professional procedures and quality results. A qualified person from Getchell has verified that the historic drill sample results disclosed have been accurately transcribed from the original source and are appropriate to be used.

**Fondaway Canyon Historic Resource Estimate

The 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 mineralized shear 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 mineralized shear 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.

Options

The Company announces that it has awarded incentive stock options pursuant to its stock option plan, to various directors, officers, and consultants of the Company, to purchase up to an aggregate of 695,000 common shares of the Company. The stock options are exercisable at a price of $0.59 per share and expire five years from the date of grant.

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 and Hot Springs Peak. Getchell has the option to acquire 100% of the Fondaway Canyon and Dixie Comstock properties, Churchill County, Nevada.

The Company reiterates that its near-term strategy to advance its assets is not impacted by the COVID-19 Corona virus. The Company continues to monitor the situation and is in compliance with all government guidelines.

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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