Getchell Gold (CSE: GTCH; US-OTC: GGLDF) has released the latest drill results from the SW Colorado Zone at its Fondaway Canyon gold project in Nevada, about 170 km east of Reno.
Assay results from two drill holes have extended the Colorado SW Zone along strike. In a 40-metre step out to the southeast from previous drilling, drill hole FCG22-26 intersected two wide intercepts: a 29.4-metre interval grading 1.8 grams gold per tonne starting from 108.3 metres downhole, and an 83.8 metre intercept grading 1.1 grams gold from 229.8 metres downhole.
Drillhole FCG22-27 cut 29.9 metres of 1.2 grams gold from 143.1 metres and FCG22-28 intersected 98 metres of 0.8 gram gold from 182.5 metres and 58 metres of 1.3 grams gold from 294 metres.
The company drilled 10 holes in 2021 and 11 in 2022. The Colorado SW remains open along strike and dip.
The Fondaway Canyon gold project in Nevada. Credit: Getchell Gold Corp.
Getchell released its first resource estimate for Fondaway in December, outlining open pit indicated resources of 11 million tonnes grading 1.56 grams gold per tonne for contained metal of 550,800 gold ounces. Open pit and underground inferred resources add 38.25 million tonnes averaging 1.23 grams gold per tonne for 1.51 million oz. gold. The resource estimate used a cut-off grade of 0.3 gram gold.
Fondaway was mined in the late 1980s and early 1990s. Getchell Gold acquired the option to gain a 100% interest in the project in January 2020 from Canarc Resource Corp., which changed its name in December of that year to Canagold Resources (TSX: CCM; US-OTC: CRCUF).
At press time in Toronto Getchell was trading at 32¢ per share within a 52-week trading range of 21¢ and 56¢.
The junior explorer has about 105 million common shares outstanding and a market cap of roughly $34 million.
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