Getchell boosts resource at Turquoise Ridge

Getchell Gold (GGO-X) has increased by nearly 1 million oz. the resource at its Turquoise Ridge gold deposit in northern Nevada.

The boost, which weighs in at 990,000 oz., comes from two new mineralized zones (Bud Hill and North Getchell), raising total resources on the 33-sq.-mile property to 8.1 million oz.

Proven and probable reserves stand at 14.9 million tons grading 0.3 oz. per ton, equivalent to 4.5 million contained ounces. The company did not provide tonnage or grade estimates for the improved resource.

At the Bud Hill zone, 2,000 ft. south of the main shaft of the Turquoise Ridge deposit, Getchell established a preliminary resource of 1.3 million tons grading 0.38 oz. per ton, equivalent to 490,000 contained ounces.

The seven drill holes on which that calculation is based encountered mineralization at depths of between 800 and 2,400 ft. below surface.

Significant intercepts include: 112 ft. (from 1,704 to 1,816 ft.) grading 0.33 oz. in hole 71; 21 ft. (from 2,113 to 2,134 ft.) grading 0.33 oz. in hole 54; 22 ft. (from 2,062 to 2,084 ft.) grading 0.11 oz. in hole 58; and 10 ft. (from 1,465 to 1,475 ft.) of 0.42 oz. and 24 ft. (from 1,515 to 1,539 ft.) of 0.19 oz. in hole 62.

The company also added to its resource base 1 million tons grading 0.5 oz., equivalent to 500,000 contained ounces, following the discovery of the North Getchell zone in the Getchell underground mine. Diamond drilling there began once the company drifted north, following the discovery of

northwest-trending oreshoots. Getchell has sunk 15 holes in that area this year, encountering mineralization it believes connects with the Burma Road resource to the south.

Getchell currently has nine diamond drills, three reverse-circulation rigs and two mud rotary rigs on the surface, as well as two diamond drills underground.

The company has completed the ventilation shaft to a depth of 1,708 ft. and has already begun development work. Two drill rigs are working on the 900-ft. level of the Turquoise Ridge deposit, evaluating the A, C and D beds, which the company deems potential production targets. The company expects to begin extracting development ore by October.

In the meantime, the proposed 2,250-ft. production shaft has reached a depth of 1,000 ft. Sinking of the shaft is expected to be complete by July 1998.

The company reports that ground conditions below surface are better than anticipated, but that dewatering pumps are operating at rates slower than expected.