December 22, 2023 (Newsfile Corp.)(Investorideas.com Newswire) Investorideas.com, – stocks in play commentary: Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) (FWB: GGA1) is currently up 10% and has a day’s range of $0.1650 – $0.190 on volume of over 500,000 shares following news from the company.
Getchell announced that the Company has received sufficient funds through its ongoing debenture financing (the “Debenture Financing”) to execute on the final USD 1.6 million earn-in option payment to acquire a 100% interest in the Fondaway Canyon and Dixie Comstock gold properties located in Nevada.
“Completing the acquisition of the Fondaway Canyon gold project will undoubtably be a milestone event, marking a key inflection point in the trajectory of the Company.” Bill Wagener, Chairman and CEO, commented. “A 100% acquisition of a large developing open-ended at-surface gold deposit in Nevada will deliver a major impetus for the Company going into the new year, especially as we head into a highly supportive and burgeoning gold market.”
The Debenture Financing, as announced on Nov. 27, 2023, remains ongoing and open for subscription to maximum proceeds of CA$5 million. Proceeds received in excess of US$1.6 million will be used to conduct further exploration work on the Fondaway Canyon gold project and for general working capital.
Under the terms of the option agreement (the “Agreement”) with Canagold Resources Ltd. (“Canagold”) executed on January 3, 2020, the Company has the option to acquire 100% of the Fondaway Canyon and Dixie Comstock, properties by paying Canagold a total of US$2 million in cash and US$2 million in the Company’s shares staged over 4 years. The Company also has work commitments totaling US$1.45 million over the four years which have been fully satisfied.
In the preceding three anniversary payments, the Company has paid a total of US$400,000 in cash and US$1 million in the Company’s shares with the outstanding balance, required to complete the acquisition, of US$1.6 million in cash and US$1 million in the Company’s shares due on or before the fourth anniversary date.
The Company is preparing the final cash payment and share issuance to be fulfilled prior to year-end.
Fondaway Canyon Gold Project
Getchell Gold Corp. is delineating a potential Tier-1 gold resource at its flagship Fondaway Canyon gold project in Nevada, USA.
Following three consecutive successful drilling programs, the Company has effectively doubled the size of the historic resource, firmly placing Fondaway Canyon amongst the foremost developing projects in a world class mining jurisdiction. The Company recently published its first Mineral Resource Estimate (“MRE”) at Fondaway Canyon (Company news release dated February 1, 2023):
- Gold mineralization is at and near surface supporting an Open Pit mine model;
- Inferred Mineral Resource of 38.3 million tonnes at an average grade of 1.23 g/t Au for 1,509,100 ounces of gold;
- Indicated Mineral Resource of 11.0 million tonnes at an average grade of 1.56 g/t Au for an additional 550,800 ounces of gold;
- Strong gold mineralization in the most peripheral drill holes leaves the mineral resources open in most directions for further expansion and indicates a substantially larger body of mineralization than delineated to date (Company news release dated August 9, 2023); and
- Fully permitted drill program designed to expand the mineral resources and upgrade Inferred Resources to Indicated.
Getchell Gold Corp. is well positioned to continue expanding the Mineral Resource Estimate and advancing towards a Preliminary Economic Assessment.
Notes on the Mineral Resource Estimate:
- Mineral Resources are not Mineral Reserves and have not demonstrated economic viability. There has been insufficient exploration to define the Inferred Resource as Indicated or Measured Mineral Resources, however, it is reasonable to expect that the majority of the Inferred Mineral Resource could be upgraded to Indicated Mineral Resources with continued exploration. There is no guarantee that any part of the mineral resources discussed herein will be converted into a mineral reserve in the future. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues. The Mineral Resources in this report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) standards on mineral resources and reserves, definitions, and guidelines prepared by the CIM standing committee on reserve definitions and adopted by the CIM council (CIM 2014 and 2019).
- The effective date of the Mineral Resource Estimate is December 12, 2022, and a technical report on the Fondaway Canyon project titled “Technical Report Mineral Resource Estimate Fondaway Canyon Project, Nevada, USA” was filed by the Company on SEDAR+ on February 1, 2023.
- The independent and qualified person for the MRE, as defined by National Instrument 43-101, is Michael Dufresne, P.Geo., from APEX Geoscience Ltd.
Full news and disclaimers /disclosures https://www.investorideas.com/CO/GTCH/news/2023/12221Raising-Sufficient-Funds.asp
Visit the free mining stocks directory to find more mining investor ideas
https://www.investorideas.com/Gold_Stocks/Stocks_List.asp
The directories are not meant as recommendations but as a research tool to discover opportunities and trading ideas in a particular sector.
About Investorideas.com – Big Investing Ideas
We publish breaking stock news, stock research, guest posts and create original top rated investing podcasts, plus sector tag articles featuring up and coming companies and industry leaders. Investor Idea’s original branded content includes the Crypto Corner Podcast, Play by Play Sports Podcast, Cannabis News and Stocks on the Move Podcast, Cleantech and Climate Change Podcast, Exploring Mining Podcast, Betting on Gaming Stocks Podcast and the AI Eye Podcast. We also create free investor stock directories for AI and tech, biotech, cannabis, cleantech, crypto, defense, gaming, health and wellness, mining, oil and gas, sports and water.
Public companies within the sectors we cover use our news and content services to tell their story to interested investors. Paid for content is disclosed. Getchell is a paid featured mining stock on Investorideas.com
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions. More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/ and tickertagstocknews.com
Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp
Follow us on Twitter https://twitter.com/Investorideas
Follow us on Facebook https://www.facebook.com/Investorideas
Follow us on YouTube https://www.youtube.com/c/Investorideas
Contact Investorideas.com
800 665 0411