Burlington, Ontario–(Newsfile Corp. – January 21, 2019) – Getchell Gold Corp. (CSE: GTCH) (“Getchell Gold” or the “Company”) reports on explorations results and presents the first phase four-hole drill plan for the Buena Vista Valley project areas (BVP). The drill plan is based on the Company’s mapping-sampling, airborne magnetic and ground IP-Resistivity surveys conducted in 2018, earlier mapping in 2014 and a gravity survey conducted in 2011. BVP is located in Pershing County, Nevada approximately 60 km SSW of Winnemucca (see map below). Additional information on the Company can be found on the Company’s website at http://getchellgold.com.
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The north half of the Buena Vista Project area is 7 kilometers in length and occurs on the western margin of the Northern Nevada Rift (see graphic below). The land controlled by Getchell Gold contains three surface mineralized project areas named Star Point, Star South and HS Canyon. The HS Canyon target is a new target identified by the 2018 airborne magnetic survey and was recently staked by Getchell Gold.
These three project areas occur along the thrust fault boundary separating upper plate quartzite, chert and argillite from lower plate dolomite and limestone. The thrust fault is exposed at the surface on the HS Canyon project area and is projected to continue under gravel cover west of the Star Point and Star South project areas. The northern project areas, Star Point and Star South, occur in upper plate quartzite and argillite with the thrust contact concealed under shallow gravel cover as interpreted from the gravity survey results.
The northern project areas transition from copper only (Star Point) into copper-gold occurrences (Star South). The strength of the surface mineralization in the northern two project areas is of interest from a standpoint of targeting what management believes to be the more favorable host rocks in the lower plate carbonates. The southernmost HS Canyon project area occurs on the thrust fault contact at the surface and contains gold mineralization of up to 0.5 g/t in marble as documented by the QP for the Company in 2014.
Figure 2: IP-Resistivity Survey Results
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Star Point is the site of a historic, near surface, mining operation underlain by a magnetically defined intrusion. There are no historic production records available. The IP-Resistivity survey over the intrusion returned chargeability and resistivity highs that have been interpreted as potential copper sulfide mineralization, possibly intrusion related. The drill test at Star Point is centered on the high-grade copper oxide (tenorite) mine shaft area and will penetrate into a magnetically defined intrusion signature containing high chargeability and a very strong conductor. The primary target to be tested is the supergene enrichment zone of copper and primary copper sulfide associated with an intrusion. The sulfide target is below the surface copper oxide deposits that were mined in upper thrust plate quartzite, chert and phyllite. Sericite altered mafic dikes are associated with the copper oxide mineralization at the surface. Carbonate rocks of the lower plate are not expected to be intersected at shallow depths based on the chargeability and resistivity responses.
Figure 3: Chargeability high below the mine area indicating an oxide/sulfide boundary and continuation of sulfide to depth possibly associated with copper mineralization.
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Figure 4: Resistivity mapping of a very strong conductor starting at 350 meters depth and continuing below 1,000 meters depth. Data is not reliable below 500 meters.
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The Star South Project is a historic artisanal shallow mining area that contains surface copper-gold oxide mineralization (tenorite) along northeast trending faults and along the thrust fault boundary at the surface. The IP-Resistivity survey returned elevated chargeability and a resistivity high indicating the presence of a strong conductor. The central drill target on the mine area is designed to test through the thrust fault into the top of the elevated chargeability and strong conductor, possibly altered and mineralized argillite and carbonates. The western drill target is a follow-up hole to test the shallow and strong chargeability more likely to be in lower plate carbonates, outside of the historic mine area and concealed under gravel cover.
Figure 5: IP Inversion Model
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Figure 6: Resistivity Inversion Model
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The HS Canyon target is a new target and occurs near the eastern edge of a magnetically defined intrusion. The IP-Resistivity survey returned a strong chargeability in the lower plate limestone at the contact with the overlying thrust fault. Replacement of the limestone at the surface by marble is evident in the surface outcrop where gradational boundaries of the marble replacement are observed. The drill target is the strong chargeability in limestone and is planned to drill-test for sulfide content and gold mineralization. This is a “Carlin Type” gold mineralization test that can be followed under gravel cover toward the Star South Project as indicated by the gravity survey results.
Figure 7: Strong chargeability in limestone crosscutting into marble replacement containing gold at surface. Carlin Style alteration at the surface. This target has never been drilled and is on claims recently staked which are not part of the adjacent mining leases controlled by the Company. Gold mineralization (0.5 g/t) was discovered during mapping.
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Figure 8: High resistivity in marble replacement of limestone at the surface.
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Management is in agreement with the QP and technical advisor for Getchell Gold that these are justified drill targets to test in 2019. The technical part of this report was written by Timothy Master, a Qualified Person (QP) for Getchell Gold Corp as that term is defined in NI 43-101 and an independent technical advisor for Getchell Gold. The QP has investigated these drill target areas in the field and has verified the mineralization type, structural controls to mineralization, the alteration types and the host rock compositions. Projections of mineralization and structural trends controlling where mineral deposits may occur under gravel cover is subjective and conceptual until proven by drilling as are all geophysical responses generated by electrical methods. However, case studies on known deposits have shown that certain geophysical responses such as mentioned above are associated with copper-gold deposits, although the responses can also be generated by certain un-mineralized host rocks.
Assay results from the Company’s 2018 reverse circulation drill program at Hot Springs Peak have been received and are being interpreted. A news release will be issued as soon as the interpretation and analysis has been completed.
For further information contact:
William Wagener, CEO
+1 303 517 8764
Peter M. Clausi, President
1 416 890 1232
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release. Not for distribution to U.S. news wire services or dissemination in the United States.
This news release contains certain statements that constitute forward-looking statements as they relate to the Company and its management. Forward-looking statements are not historical facts but represent management’s current expectation of future events, and can be identified by words such as “believe”, “expects”, “will”, “intends”, “plans”, “projects”, “anticipates”, “estimates”, “continues” and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, the Company will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, the Company assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to: reliance on key personnel; risks of future legal proceedings; income tax matters; availability and terms of financing; distribution of securities; effect of market interest rates on price of securities, and potential dilution.