Getchell Gold Corp. Resumes trading on CSE and Updates on Phase 1 Drill Program at the Hot Springs Peak Project
Burlington, December 3, 2018 - Getchell Gold Corp. (CSE: GTCH) ("Getchell Gold" or the "Company") (formerly Wabi Exploration Inc.) announces that the CSE has approved the Company for listing following a fundamental change. The company name and trading symbol will remain the same. Below, the Company provides an update on its maiden drill program at the Hot Springs Peak Project and on its IP-Resistivity Survey at Star Point and Star South. All of the Company's mining properties are in northern Nevada.
Hot Springs Peak Project Drill Program
The Hot Springs Peak Project is located northeast of Winnemucca, Nevada, in the highly mineralized Northern Nevada Rift. The press release dated November 13, 2018 detailed the initial 4-hole reverse circulation drill plan for the Hot Springs Peak Project. The Company is pleased to announce that drilling commenced on Tuesday November 13, 2018, a short break was taken for the Thanksgiving Holiday, and drilling resumed on Tuesday November 27th. The drill is currently being set up on drill site #4 adjacent to turquoise-cinnabar prospects.
The drill program was planned on four locations along a 3 kilometer trend to understand elevated chargeability and resistivity responses detected along a trend of historic mine shafts and prospects. Chip samples from the drill holes have been and are in the process of being delivered to the laboratory for assay and the Company awaits the results. To date, three of four holes have been drilled into the upper levels of the chargeability highs.
The drill program was designed to target 4 altered-mineralized areas of the project containing variable host rock compositions. This initial drill program will begin the process of understanding the geophysical responses below the surface alteration and gold-copper mineralization as discussed in the Phase 2 plan of the NI 43-101 report filed on SEDAR (https://bit.ly/2JJYTzR). The following set of cross sections show the initial planned drilling of the geophysical responses that can be generated from alterations containing gold mineralization. Management cautions that these types of geophysical responses can be generated from rock compositions other than a gold mineralized system. However, multiple elements of a gold mineralized system occur at the Hot Springs Peak surface which includes gold-arsenic mineralization, widespread hornfels alteration and silicification.
The gold in a Carlin Style system is very closely associated with arsenic in the form of arsenian-pyrite. These gold system elements are overlying and adjacent to the geophysical responses and follow the outline of the responses in the sub-surface. A hydrothermal alteration zone of silica-sulfide replacement and abundant quartz veining has been encountered in the central project area at Hot Springs Peak at drill site #1. Quartz veined limestone and quartz-sericite pyrite altered dikes were encountered at drill site #3.
Figure 1: Project Map showing all the elements of the surface alteration, mineralization and geophysical responses. The drill sequence for the first phase of drilling is shown as locations numbered 1-4 and discussed as follows.
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The first hole targeted the central structural intersection area of the geophysical responses. This hole was designed to test both the high chargeability and resistivity within the intense magnetic low area, reflecting what Getchell Gold believes to be a continuation of the surface hornfels alteration into the sub-surface where the high chargeability indicates the presence of sulfide mineralization (Cross Section 1). Hole #1 was an attempt to drill into the top of the central zone of the system where the chargeability and resistivity high responses are 1,000 meters wide, as shown on the cross section.
Figure 2: Cross Section 1
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The central structural intersection area of the alteration system containing a 1,000 meter wide chargeability high. Chargeability highs commonly indicate sulfide mineralization when occurring in a mineralized system. The arrow shows the planned drill test to a depth of 500 meters. Readers are cautioned that carbon and graphite in sedimentary rocks have also been known to generate high chargeability responses and may or may not be associated with Carlin Style gold mineralization.
Drill hole #2 was designed to test the chargeability high geophysical responses below and adjacent to the 0.701 ounce per ton surface gold mineralization on the southwest end of the system (Cross Section 2). Drill hole #3 was intended to test the northeast end of the system where limestone is expected to be intersected with the chargeability high geophysical responses (No cross section shown).
These 3 initial drill tests are on a geophysical response that is 2 x 3 kilometers in size, and are at best a preliminary test of the upper part of the system. Management has already planned the second phase of drilling, where the surface gold-arsenic mineralization will be tested with an angle hole under the historic mine shafts, crossing the mineralized structures and into the margin of the high geophysical responses, to better understand the connection between the surface mineralization and the geophysical responses.
Figure 3: Cross Section 2
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The Southwest end of the alteration system containing surface gold. The high chargeability response is commonly found with sulfide mineralization. The right arrow shows the planned drill test to 300 m. The northwestern hole is an intended follow-up hole to be angled under and across the gold-arsenic mineralized structures and into the margin of the chargeability high response.
A 4th drill test is planned 2 kilometers south of the first 3 drill tests and on a different style of mineralization containing turquoise, cinnabar and surface copper mineralization of 3.86% (Cross Sections 3 and 4) (see Getchell's press release of July 10, 2018). This mineralization occurs in a mafic volcanic breccia that returned high chargeability and resistivity geophysical responses similar to the first 3 drill tests.
Figure 4: Cross Section 3
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Hole #4 shows planned drilling into the chargeability high below 3.86% surface copper containing turquoise. The chargeability high is a response commonly but not always associated with sulfide mineralization.
Figure 5: Cross Section 4
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Corresponding resistivity high under surface copper and along a fault zone in limestone. The high resistivity is a response common to silicification in limestone associated with mineralization. The responses are 400 meters wide and begin at 125 meters depth.
Buena Vista Project
The Buena Vista Project consists of five mining assets, namely, Star Point, Star South, Gold Knob, Jasperoid Peak, and French Boy. Getchell Gold carried out an IP-Resistivity Survey at Star Point and Star South. The results have been received and have an interpretive connection with the copper and copper-gold mineralization.. A new (Carlin Style) target has been identified in the project area associated with surface marble alteration containing gold mineralization. Caution is advised when interpreting IP responses as possible sulfides associated with intrusions or carbon graphite responses in sedimentary rocks. A more complete release of this information and drill targets will be made at a later date.
The technical part of this report was written by Timothy Master, author of the HSP Report and a Qualified Person for Getchell Gold Corp. as that term is defined in NI 43-101. Sample data disclosure has been verified as conforming to NI 43-101, 3.2 (a) to (c) where the QP collected the representative samples of the sites and cross checked the different analytical methods used to confirm consistent results between ICP and assay results. Gold values greater than 10 ppm are analyzed with a gravimetric finish. Preparation of samples were performed by ALS Minerals Labs, according to certified standards for reporting results. Internal standards were completed by ALS. All samples were assayed by Fire-AA finish for gold and silver. Inductively Coupled Plasma (ICP) analyses were completed on all samples for other metals. Copper analyses greater than the ICP upper detection limit of 1% copper are routinely assayed for copper per cent. Readers are cautioned that sampling is selective by nature and represents only the site sampled and not intended to be extended over large areas.
For further information contact:
William Wagener, CEO
+1 303 517 8764
wswagener@att.net
Peter M. Clausi, President
1 416 890 1232
pclausi@brantcapital.ca
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.
