About 170 miles northeast of Reno, Nevada, Getchell is in the midst of a drilling campaign at the advanced-stage Fondaway Canyon project in Churchill County.
The property has been the subject of multiple exploration campaigns dating from the end of the 80s and the beginning of the 90s, with nearly 50,000 m of drilling carried out. It covers 12 known veins, including five mineralized zones – Colorado, Halfmoon, Paperweight, Silica Ridge and Hamburger Hill.
A 2017 technical report estimated 409,000 oz of indicated gold resources grading 6.18 g/t Au and 660,000 oz inferred grading 6.4 g/t Au, for a combined total of 1.1 million oz. Up to 80% of these ounces are found in the Colorado, Paperweight and Halfmoon zones, with the remainder occurring in parallel veins or diverging from the main veins.
Ten holes were drilled in 2021, eight of which returned assay results. All 10, or 3,874 meters, were sunk in the central zone and tracked over the Colorado SW, Juniper and North Fork gold zones, discovered in 2020.
The 2022 exploration program is expected to double last year’s drilling capacity with the addition of a second drill rig.
The second hole will also allow Getchell to test Star, a copper-gold-silver project known for historic small-scale mining of exceptionally high-grade mineralization.
“There is a significant leak of surface mineralization. What we’re trying to do is find the big body of mineralization that’s buried under this section, the source of the mineralization that you see on the surface,” says Mike Sieb, President of Getchell Gold.
There are two main historical showings, the Star Point copper mine and the Star South series of artisanal operations.
Over the past year, the company has identified a number of attractive geophysical targets, received drilling permits and constructed drilling rigs in preparation for the upcoming program.
In a December 2021 message from the President, Sieb said January and February 2022 promise to be a busy time with a steady stream of news as the Company releases results from six 2021 drill holes for which assays have not yet been received. In addition, with the majority of outstanding warrants expiring in January, the Company’s capital structure will be significantly strengthened, as will cash. The Company is expected to have over $4 million available before the start of the 2022 field exploration programs, providing a solid financial position for the future.
Earlier this month, Getchell released assays from two holes targeting the Colorado SW and Juniper zones.
In the southwest zone of Colorado, hole FGC21-11 reached several gold intersections over 242 meters depth, including 1.4 g/t over 14.9 m, 1.0 g/t over 52.5 m and 2.2 g/t over 9.1 m. Hole 11 also encountered high grade mineralization near surface in the Juniper Zone, returning 8.8 g/t over 8.2 m.
Hole FGC21-12 also found the Colorado SW Zone, reaching mineralization over 92 meters downhole, including 6.3 g/t Au over 3.6 m, 2.5 g/t Au over 24.5 m and 1.6 g/t Au over 25.5 m.
According to Getchell, the Colorado SW Zone has now been drill tested with eight holes, confirming its continuity over a 150 meter wide section along a 300 meter down-dip extent.
Including historic drilling, the zone is modeled to extend 800m down-dip from surface and remains open laterally and at depth.
“Gold assay results from these latest two drill holes continue to demonstrate the strong continuity and potential scale of the mineralization system at Fondaway Canyon and provide an excellent start to 2022,” Sieb said in the press release. of January 12.
The good news continued this week, with analyzes of holes FGC21-13 and 14 released on Tuesday January 25th.
Both holes were drilled from the same drill pad targeting mineralization beneath the historic Colorado Trench, with Hole 13 intersecting three major gold zones at surface: Colorado, Colorado SW and Juniper.
In Colorado, several 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 downhole length of 103.5 m showed 1.0 g/t over 19.7 m, 1.9 g/t over 11.8 m and 1.2 g/t over 29.1 m.
Hole 14 was equally successful, with drilling finding surface mineralization in the Colorado zone. Highlights included 2.6 g/t over 18.5 m, including a higher grade section of 6.8 g/t over 5.4 m.
Further down the hole, the drill drilled through a known block of marble, home to the old Quick-Tung tungsten mine. According to Getchell,
- The marble unit is an isolated thin thrust sheet outcropping at surface and bounded by the main siltstone/argillite unit which hosts the targeted gold mineralization; and
- Due to the acute hardness of the marble unit, the drill hole was stopped before its planned depth;
The tungsten potential at Fondaway Canyon has been noted by previous operators but none have evaluated it. Drill hole 14 was partially designed to start this process, the company says, while adding that the project’s tungsten grade is considered to be contingent on gold mineralization.
“In combination, holes FCG21-13 and FCG21-14 demonstrate that the envelope of gold mineralization extends to a depth of 250 meters beginning just below our feet at the Colorado pit and they reinforce the scale upside potential of the mineralization system at Fondaway Canyon,” Sieb said in the January 25 press release. “Furthermore, FCG21-14 tested the contact relationship of gold mineralization with a local block fault marble unit providing valuable information to aid in resource modeling and planning future drill holes in the area. to target the extension of gold mineralization.”
Assays are pending for the last two holes, FGC21-15 and 16.
Getchell expects to compile results from the past two years of drilling at Fondaway into an updated resource estimate in the second half of 2022.
$0.56 CAD, 2022.01.25
Shares outstanding 95.5 million
Market capitalization C$48.8m
Richard (Rick) Mills
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