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Getchell’s two latest drill holes encounter three gold zones at Fondaway Canyon, including 2.6 g/t Au over 18.5m at surface


About 170 km northeast of Reno, Nevada, Getchell is in the midst of a drill campaign at the advanced-stage Fondaway Canyon project in Churchill County.

The property has been the subject of multiple exploration campaigns dating back to the late 1980s and early ‘90s, with nearly 50,000m of drilling completed. It covers 12 known veins, including five mineralized areas — Colorado, Halfmoon, Paperweight, Silica Ridge and Hamburger Hill.

A 2017 technical report estimated 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.

Ten holes were drilled in 2021, eight of which have reported assay results. All 10, or 3,874 meters, were sunk into the Central Area, and followed up on the Colorado SW, Juniper and North Fork gold zones, discovered in 2020.

2022’s exploration program is expected to double last year’s drilling capacity with the addition of a second drill rig.

The second drill will also enable Getchell to maiden drill-test Star, a copper-gold-silver project known for historical small-scale mining of exceptionally high-grade mineralization.

“There’s a significant leakage of the mineralization at surface. What we’re trying to do is find the big body of mineralization that’s buried underneath that section, the source of the mineralization that you see at surface,” says Getchell Gold’s President Mike Sieb.

There are two main historical showings, the Star Point copper mine and the Star South series of artisanal workings.

Last year the company identified a number of compelling geophysical targets, received drill permits and built drill pads in preparation for the upcoming program.

In a December 2021 President’s Message, Sieb said January and February 2022 promise to be a very active period with continuous news flow as the Company releases results from six 2021 drill holes for which assays have yet to be received. In addition, with the bulk of the outstanding warrants expiring in January, the Company’s capital structure will be significantly strengthened, as will the treasury. It is anticipated that the Company will have in excess of $4 million before the start of the 2022 exploration field programs, providing a solid financial position moving forward.

Earlier this month Getchell released the assays from two holes that targeted the Colorado SW and Juniper zones.

Within the Colorado SW Zone, hole FGC21-11 hit multiple gold intercepts over 242 meter down hole, including 1.4 g/t over 14.9m, 1.0 g/t over 52.5m and 2.2 g/t over 9.1m. Hole 11 also encountered high-grade, near-surface mineralization at the Juniper Zone, returning 8.8 g/t over 8.2m.

Hole FGC21-12 also found the Colorado SW Zone, hitting mineralization over 92 meters down hole, including 6.3 g/t over 3.6m, 2.5 g/t Au over 24.5m, and 1.6 g/t Au over 25.5m.

According to Getchell, the Colorado SW Zone has now been drill-tested with eight holes, confirming its continuity on a 150-meter-wide section along a 300-meter down-dip extent.

Including historical drilling, the zone is modeled to extend for 800m down-dip from surface, and remains open on strike and at depth.

“The gold assay results from these latest two drill holes continue to demonstrate the strong continuity and potential scale of the mineralizing system at Fondaway Canyon and provide an excellent start to 2022,” states Sieb, in the Jan. 12 news release.

The good news continued this week, with assays from holes FGC21-13 and 14 published on Tuesday, Jan. 25.

Both holes were collared from the same drill pad targeting the mineralization below the historical Colorado Pit, with hole 13 intersecting three major gold zones at surface: Colorado, Colorado SW and Juniper.

At Colorado, multiple significant gold intervals within the top 50 meters were encountered.

At Juniper, highlights included 9.3 grams per tonne gold over 1.9m and 5.7 g/t over 11.6m, while at Colorado SW, multiple intervals spanning a down-hole length of 103.5m featured 1.0 g/t over 19.7m, 1.9 g/t over 11.8m and 1.2 g/t over 29.1m.

Hole 14 was equally successful, with the drill finding mineralization at surface in the Colorado Zone. Highlights included 2.6 g/t over 18.5m including a higher-grade section of 6.8 g/t over 5.4m.

Further down hole, the drill pierced a known marble block, hosting the past-producing Quick-Tung tungsten mine. According to Getchell,

  • The marble unit is an isolated thin thrust sheet outcropping at surface and bounded by the major siltstone/argillite unit that is host to the targeted gold mineralization; and
  • Due to the acute hardness of the marble unit, the drill hole was stopped prior to its planned depth;

The tungsten potential at Fondaway Canyon has been noted by previous operators but none has evaluated it. Drill hole 14 was partially designed to initiate that process, the company says, while adding that the project’s tungsten content is considered subordinate to the gold mineralization.

Drill section highlighting holes FGC21-13 and 14 gold intervals.
Colorado Pit and Quick-Tung tungsten mine area. Upper photo: Aerial view looking southeast shows the limestone/marble outcrop. Lower photo: Looking west, showing interpreted geological contacts (dotted white and black lines) of the marble unit dipping to the south in cross section.

“In combination, holes FCG21-13 and FCG21-14 demonstrate that the gold mineralization envelope extends down to a depth of 250 metres starting right below our feet at the Colorado Pit and they reinforce the upside potential scale of the mineralizing system at Fondaway Canyon,” Sieb stated in the Jan. 25 news release. “In addition, FCG21-14 tested the contact relationship of the gold mineralization with a local block fault marble unit providing valuable information to assist with resource modelling and with planning future drill holes in the area to target the extension of the gold mineralization.”

Assays are pending for the last two holes, FGC21-15 and 16.

Getchell expects to compile the results of the last two years of drilling at Fondaway into an updated resource estimate sometime in the second half of 2022.

Getchell Gold Corp.
Cdn$0.56, 2022.01.25
Shares Outstanding 95.5m
Market cap Cdn$48.8m
GTCH website

Richard (Rick) Mills
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