The Conversation (0)
Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) ("Getchell" or the "Company") wishes to convey a message from Mike Sieb, President, reflecting on the advancements the Company has accomplished this year and a look into what 2021 has in store.
President's Message and Letter to the Shareholders
Dear Shareholders,
As the year comes to a close, I am proud to say that 2020 was a truly transformational year for the Company. With the inclusion of two Nevada-based past producing gold properties at the outset of the year, Fondaway Canyon and Dixie Comstock, one with significant historic resources in the ground, the Company's foundational value increased markedly.
Upon the acquisition, the Company's technical team took possession of a voluminous data set covering more than 40 years of exploration and mining history. The team took advantage of the operational hiatus that the early months of COVID-19 created by taking the time to assimilate the historic data set, identify the controls for the gold mineralization, and develop a new geological model.
While the majority of the Company's efforts occurred behind the scenes in the first half of the year, the same couldn't be said for the gold market. The price of gold entered the year at USD1,520 and over the next 7 months experienced a bull run climbing 36% to a record price of ~USD2,070 on Aug. 6, 2020. In conjunction with a highly supportive gold market and a series of positive announcements detailing the numerous compelling attributes of the gold mineralizing system at Fondaway Canyon, the Company completed close to $2.5 million in increasingly priced private placements and took in $1.7 million from warrant conversions.
With a strong treasury and a solid exploration plan, the Company's maiden 6-hole 2,000m drill program commenced at Fondaway Canyon in early September. Five of the six 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. The drill program in the Central Target Area was designed to extend the known mineralization and characterize the known mineralization to assist with geological and resource modelling. One hole was collared at the westernmost extent of known gold mineralization, the Pediment Target Area, where two vertical drill holes completed in 2002 intersected broad intervals of gold mineralization that may represent a wholly unexplored Carlin Style gold target and has never been followed up.
The Company has yet to receive assay results from this drill program due to a backlog in sample analysis that all assay labs appear to be suffering. The blessing of a high gold price has spurred the increase in exploration activity, while the restrictions associated with COVID-19 have caused staffing challenges to address the increase in samples received. The Company awaits the release of results with as keen an interest as the Company's shareholders.
Located 60km to the north of Fondaway Canyon is the Star Project. The Star Project comprises two main mineralized occurrences, the formerly producing Star Point Copper Mine and the Star South high grade Cu-Au-Ag prospect, the site of a series of historical artisanal mining tunnels. The Company has been developing this project for a number of years and recently enhanced the induced polarization ("IP") geophysical coverage to refine drill targets. Four discrete anomalies have been identified and exhibit geophysical responses characteristic of porphyry style mineralization that underly or appear structurally linked to the surface showings.
As we approach year end with a healthy bank account, the stage has been set for a very exciting and active 2021. The Fondaway Canyon drill results will be received and released through January, allowing the Company to revise and update the geological and resource model. This will trigger the planning for a much-expanded drill program in 2021 to further characterize, test and extend the mineralization. The Star project will be the beneficiary of a maiden drill program in the first half of 2021 to test for the source of the high-grade mineralization observed at surface.
I anticipate that Getchell Gold Corp. will be one of the more notable Nevada focused junior explorers and look forward to 2021 with high anticipation.
Wishing everyone a safe and joyful holiday season.
Mike Sieb, President, Getchell Gold Corp.
Webinar Reminder
President Mike Sieb is presenting an "Overview of Getchell Gold's Nevada Projects" with special focus on the Fondaway Canyon Gold project. The presentation will take place on Friday, Dec 18, at 11am PST (2pm EST) and will be followed up by a live Q&A session. Investors interested in participating can register at https://app.livestorm.co/getchell-gold/introduction-to-getchell-gold-cgtch or email info@getchellgold.com for more details. All investors and media are welcome.
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 Point 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 field activities to advance its assets are not impacted by the COVID-19 Corona virus. The backlog reported by the analytical lab is primarily the result of the high volume of samples received due to the increased exploration activity triggered by a strong gold market; in respect to any impact the COVID-19 corona virus may contribute. 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/70503
Figure 1: A photo of interpreted copper sulfides/oxides (green) on the surface at the Chinook Deposit, Storm Project, Nunavut. The material has not been assayed.
Figure 2: Plan view of the Storm area showing the high-priority (initial drilling) areas with potential for further growth of copper mineralization based on drilling, geochemical sampling and geophysics, overlaying copper deposit outlines, and topography.
Figure 3: NE-SW geological section view through ST24-03 (looking NW) showing the Cirrus Deposit, interpreted Southern Graben Fault and modelled MLEM conductors. The planned drill hole depth is 650-700m.
Figure 4: Schematic geological section at 464730E. The mineralization intersected by ST24-01 is immediately below the Cape Storm Formation, similar to the Cyclone Deposit.
Figure 5: Copper gossan from the Hailstorm Prospect. This is massive chalcocite (copper sulfide) and returned a laboratory assay grade of >50% Cu, 61g/t Ag (Sample Y007193, 50% Cu is the upper limit of the assay technique used).
Figure 6: Proposed MobileMT survey showing the planned Phase 1 and Phase 2 survey lines, overlaying topography, and regional geology.
Figure showing surface outline of 2024 MRE, as well as currently and previously reported drill holes.
Table 1: Drill hole mineralized intervals, see attached map for drill hole locations.