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Monday, Feb 26, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


Getchell Gold expands flagship Nevada project by 50% through staking

The company has added 75 claims spanning 600 hectares to its Fondaway Canyon operation

Getchell Gold expands Nevada's Fondaway Canyon project by 50% through staking
The Fondaway Canyon project in May this year, Nevada. Photo via Getchell Gold

Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) (FWB: GGA1) has increased the size of its flagship Nevada project by 50 per cent through staking, a site estimated to contain 550,000 indicated gold ounces.

The junior company announced Thursday that it had added 75 claims spanning 600 hectares to the land package, which now has a total of 1,785 hectares.

Getchell says the increased number of claims will provide it with room to substantially expand the site’s mineral resource and conceptual open pits and additional space needed for required infrastructure in the future.

The company published its initial mineral resource estimate for the Fondaway Canyon project on Feb. 1 this year and recently listed its shares on the Frankfurt Stock Exchange to try and get increased trading volume in Europe.

The project is situated in Churchill County, about 170 kilometres east of Reno. In January, the company intercepted 3.4 g/t gold over 44.6 metres at the site’s North Fork zone, the best drill result this year.

Map via Getchell Gold

Read more: Calibre Mining secures largest undeveloped gold resource in Atlantic Canada through $345M Marathon Gold merger

Read more: Calibre Mining reports record year-to-date earnings in Q3 financials

Eye-turning drill results from Nevada in recent days

In 2022, Canada’s Fraser Institute ranked Nevada as the world’s top mining jurisdiction. Gold explorers in the state have been pulling some eye-turning core samples out of their holes in recent days.

Earlier this month, the junior explorer CopAur Minerals Inc. (TSX-V: CPAU) (OTCQX: COPAF) intercepted 15.3 g/t au over 32 metres, including 24.1 g/t over 10.7 metres at the Kinsley Mountain gold project in Elko County. Nevada Sunrise Metals Corp. (TSX-V: NEV) (OTC: NVSGF) has a 19 per cent stake in the company.

Approximately three-quarters of the gold produced in the United States comes from Nevada.

The Reno-based miner i-80 Gold Corp (TSX: IAU) (NYSE: IAUX) reported an intercept containing 25.4 g/t Au over 20.1 metres at its McCoy Cove property in Lander County earlier this month as well.

Nevada King Gold Corp. (TSX-V: NKG) (OTCQX: NKGFF) reported its best drill result to date from the Atlanta Gold Mine project last month, intercepting 11.64 g/t Au over a substantial length of 103.3 metres.

The Nevada Mining Association says 15,000 state residents are directly employed by the mining industry, with a high average salary of US$93,000 per year.

Calibre Mining (TSX: CXB) (OTCQX: CXBMF) is a company that has been active in Nevada for years as well and it attributes a significant portion of its recent financial success to its operations in the state. The company will begin producing gold from its Gold Rock project there next year, a federally permitted open-pit operation currently under construction.

Calibre’s well-established Pan Gold mine in central Nevada has an annual throughput rate of approximately 4.6 million tonnes. The company significantly expanded its resources this summer.


Calibre Mining is a sponsor of Mugglehead News coverage


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