Getchell to kick off drill campaign at Nevada gold/copper projects
Getchell Gold (CSE: GTCH) closed a non-brokered private placement with net proceeds of $700,000 to be used for the next stage of exploration at the company’s Fondaway Canyon, Dixie Comstock and Star Point properties in Nevada.
In a press release, Getchell said the private placement totals 2.8 million units at a price of $0.25 per unit. At the same time, each unit consists of one common share and one-half of one warrant of the company.
The Toronto-based miner said that, for Fondaway Canyon, it is currently designing a drill program with the goal is to provide high-value enhancement relative to cost and set the stage for the further advancement and development of the project.
Fondaway is located in Churchill County and contains 170 unpatented lode claims. Mineralization is contained in a series of 12 steeply dipping en-echelon quartz- sulphide shears outcropping at surface and extending laterally over 1,200 metres, with drill-proven depth extensions to > 400 metres.
The property has a history of previous surface exploration and mining in the late 1980s and early 1990s, while a 2017 technical report shows a historical estimate of indicated resources of 409,000 oz. Au contained in 2,050,000 tonnes grading 6.18 g/t and inferred resources of 660,000 oz. Au contained in 3,200,000 tonnes grading 6.4 g/t, using a 1.8-metre width cut-off and a cut-off grade of 3.43 g/t Au.
Dixie Comstock consists of 26 unpatented lode claims and is a low-sulfidation, epithermal gold system localized along a moderately dipping range-front normal fault on the east flank of the Stillwater Range, also in Churchill County.
Dixie is the site of a historic mine with surface and four levels of underground development. A historic 1991 geologic and mining study completed by Mine Development Associates of Reno estimated a geologic resource containing 146,000 ounces of gold in 4.26 million tonnes grading 1.063 g/t Au at a cut-off grade of 0.34 g/t Au.
Star Point consists of 199 lode mining claims and is situated 65 kilometres to the north of Fondaway Canyon, in Pershing County. It is the site of a historic, near-surface, copper mining operation underlain by a magnetically defined intrusion.
According to Getchell, an IP-Resistivity survey conducted in 2018 over the intrusion returned chargeability and resistivity highs interpreted as potential copper sulphide mineralization, possibly intrusion-related. The primary target at Star Point is the strong conductor lying below the historic high-grade copper oxide mine.