colorado time zone

Getchell Gold Corp. Extends Colorado SW Zone with 1.8 g/t Au over 90.0m and Discovers New North Fork Zone Grading 2.5 g/t Au over 58.0m, Fondaway Canyon Project, Nevada

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 remaining results from the recent six-hole 1,995 metre drill program at the Company's flagship Fondaway Canyon Gold Project in Nevada ("Fondaway" or "Project").

Key Highlights

  • Assay results have been returned for the last 3 holes (FCG20-04, 05, and 06) completed during the 2020 drill program at Fondaway Canyon;
  • These final three holes all intersected broad zones of gold mineralization and have significantly extended the previously defined gold domains;
  • 8.6 g/t Auover 9.8 metres high-grade gold intercept was encountered by FCG20-04 as it pierced the main Half Moon Shear Vein 54 metres below surface;
  • 2.5 g/t Au over 58.0m including 10.3 g/t Au over 5.2m, was intersected by FCG20-04 within the newly identified North Fork Gold Zone that extended known gold mineralization 200 metres;
  • Holes FCG20-05 and FCG20-06 successfully extended the mineralized Colorado structural zone, initially intersected by holes FCG20-02 and FCG20-03, 150 metres down dip towards the southwest;
  • 1.8 g/t Au over 90.0m including 4.4 g/t Au over 11.1m was returned from the Colorado SW Extension in FCG20-05;
  • 1.5 g/t Au over 37.7m and 1.1 g/t Au over 38.3m were returned from the Colorado SW Extension in FCG20-06; and
  • Highlighted gold zones remain open laterally and down-dip.

"We are extremely encouraged with our results from Getchell's inaugural drill program at Fondaway Canyon within the Central Target Area. It's not very often that every hole of an exploration drill program returns gold intersections as good as or better than anticipated," stated Mike Sieb, President, Getchell Gold Corp. "Our 2020 drill program substantially expanded the known mineralization and demonstrated our broadest gold zones remain open with excellent potential for further extension."

Assay results have now been received for all six diamond drill holes (FCG20-01 to FCG20-06) from the drill program completed at Fondaway Canyon in late 2020 with the notable gold mineralized intervals highlighted in Table 1*.

President Mike Sieb is hosting an online presentation of these drill results on Friday, February 12, 2021, at 2pm EST. The session will feature a live Question and Answer period. All investors and media are welcome to register here: https://bit.ly/3cUJ7np.

New North Fork Zone and Half Moon Shear Vein Drill Results

Drill hole FCG20-04 was collared north of where the Half Moon Vein is exposed on surface and drilled to the southwest. FCG20-04 was designed to (i) pierce the Half Moon vein to characterize the mineralization; and (ii) extend the gold mineralization intersected in hole FC17-04, drilled in 2017 by a previous operator, down-dip to the southwest (Figure 1).

Hole FCG20-04 encountered the high-grade Half Moon Shear Vein 108.1m down hole and 54m vertically below surface (Figure 2 and 3). In addition, two notable gold intercepts were encountered further down the hole that are interpreted to be splays of the main Half Moon Gold Shear Vein. The three Half Moon Shear Vein related gold intercepts are highlighted below.

  1. 8.6 g/t Au over 9.8 metres (main Half Moon Shear Vein);
  2. 2.7 g/t Au over 20.5 metres; and
  3. 6.3 g/t Au over 3.3 metres.

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. Within the North Fork broad zone of mineralization, the following notable gold intercepts are highlighted:

  1. 2.5 g/t Au over 58.0 m including 3.5 g/t Au over 36.1 m;
  2. 2.8 g/t Au over 13.4 m; and
  3. the last sample grades 7.9 g/t Au over 1.0 m.

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Figure 1: Fondaway Canyon Central Area Plan Map showing 2020 drill hole locations.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/3941/74109_82de1cd70417b86d_001full.jpg

The newly identified North Fork Gold Zone is geologically modelled as a 100m thick shallowly dipping to the southwest zone of gold mineralization and the results observed in FCG20-04 support this model. In addition, the North Fork Gold Zone represents a 200m step out to the southwest from hole FC17-04 and is open laterally and down-dip. As can be observed in the plan map of the area (Figure 2), there are no adjacent holes that have targeted the North Fork Gold Zone's depth horizon.

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Figure 2: Half Moon and North Fork Gold Zones Plan Map showing hole FCG20-04 gold grades.

To view an enhanced version of Figure 2, please visit:
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Of note is hole FC17-05, a hole drilled in 2017 by a previous operator and shown in Figures 1 and 3. Hole FC17-05 encountered a significant intercept of gold mineralization at the bottom of the hole, is 300 metres distant from the end of hole FCG20-04, and is within and on plunge with the projected window of the down-dip extension of the North Fork gold zone indicating a significant further potential extension to the North Fork Gold Zone.

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Figure 3: Fondaway Canyon North Fork Zone (NE-SW) Long Section

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Colorado SW Extension Drill Results

Drill holes FCG20-02 and 03 were both collared from the historic Colorado Pit (Figure 1) and successfully extended the known gold mineralization towards the southwest (Figure 4). The results from FCG20-02 and 03 are detailed in a Company news release dated January 27, 2021, and Table 1 presents a summary of the notable gold intervals from holes FCG20-02 and FCG20-03.

Drill holes FCG20-05 and 06, were collared on the same pad near the canyon floor and drilled to the northeast along a plane connecting the Colorado Pit to Pack Rat zone and on plane with hole FCG20-02 (Figures 1 and 4). Holes FCG20-05 and 06 were designed test the down-dip extension of the mineralization observed at surface at the historic Colorado Pit and the mineralization encountered in holes FGC20-02 and 03.

Both holes, FCG20-05 and 06, encountered broad 100-metre-thick zones of gold mineralization within the Colorado SW Extension Gold Target Zone. FCG20-05 encountered the Colorado SW Extension Gold Zone between 175 and 270 metres down hole while FCG20-06 encountered the zone between 165 and 285 metres downhole. The following notable gold intercepts are highlighted:

FGC20-05

  1. 1.8 g/t Auover 90.0 m including 3.0 g/t Auover 45.3 m and including 4.4 g/t Au over 11.1m
  2. 6.3 g/t Au over 3.3 m; and
  3. 0.6 g/t Au over 28.0 m.

FGC20-06

  1. 1.5 g/t Auover 37.7 m including 2.1 g/t Auover 19.2 m; and
  2. 1.1 g/t Auover 38.3 m including 2.5 g/t Auover 10.6 m.

The strongly mineralized interval encountered in FCG20-05 represents a 150-200m step out to the southwest from the mineralization intersected in hole FC20-02 and is open laterally and down-dip.

Of note is hole FC17-01, a hole drilled in 2017 by a previous operator and shown in Figures 1 and 4. Hole FC17-01 encountered a significant intercept of gold mineralization at the bottom of the hole, is 250 metres distant from hole FCG20-05, and is within and on plunge with the projection of the down-dip extension of the Colorado SW Extension Gold Zone indicating a significant potential further extension to the Colorado SW Extension Gold Zone.

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Figure 4: Fondaway Canyon Colorado to Pack Rat (NE-SW) long section

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Table 1: Fondaway Canyon 2020 Drill Program Highlighted Gold Intervals*

To view an enhanced version of Table 1, please visit:
https://orders.newsfilecorp.com/files/3941/74109_table1.jpg

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Table 2: Fondaway Canyon 2020 Drill Locations and Orientation (UTM metres - NAD83 Z11N)

To view an enhanced version of Table 2, please visit:
https://orders.newsfilecorp.com/files/3941/74109_table2.jpg

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.

* Gold Intervals reported in this news release are drill indicated core lengths, as insufficient drilling has been undertaken to determine true widths at this time. Average grades are calculated with un-capped gold assays, as insufficient drilling has been completed to determine if capping levels for higher grade gold intercepts are required.

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.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/74109

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