Announcement • May 02
Getchell Gold Corp. Announces Updated Mineral Resource Estimate At Fondaway Canyon
Getchell Gold Corp. announced an updated Mineral Resource Estimate for the Fondaway Canyon gold project in Churchill County, Nevada. The MRE conceptualizes potential open pit and underground mining. 21% Mineral Resource Estimate growth resulting from the addition of only 10 drill holes (3,400m); 54% increase in Indicated Mineral Resource to 22.1 million tonnes at an average grade of 1.40 g/t Au for 999 Koz of gold; 8% increase in Inferred Mineral Resource to 45.6 million tonnes at an average grade of 1.25 g/t Au for an additional 1,812 Koz of gold; MRE Open Pit model expanded by 50-65m on strike and dip; Gold mineralization remains open for further expansion; and An updated Preliminary Economic Assessment has been initiated. The Mineral Resource Estimate results are as follows: The 2026 MRE represents a significant expansion to the 2024 Mineral Resource Estimate primarily due to: The addition of ten holes drilled in 2025 in the Central Area, FCG22-29 through FCG22-36, that intersected significant gold intervals and extended the mineralization. Gold interval highlights from the 2025 drill program are presented in the tables below: An increase in the price of gold per ounce to USD 3,000 from USD 1,950 utilized in the 2024 Mineral Resource model, reflecting the substantial increase in the price of gold occurring over the intervening period. The 2025 drill program demonstrated continuity on-strike and on-dip expansion potential of the gold mineralization and by extension, the mineral resource estimate. In addition, this iteration of the mineral resource estimate modelled the near surface oxide cap to the resource. The oxide mineral resource estimate is a subset of, is included in, and represents less than 10% of the Global Mineral Resource Estimate. As expected, there was nominal change from the 2024 Oxide Mineral Resource Estimate. The Company has engaged Forte Dynamics Inc., of Fort Collins, Colorado, a part of SLR Consulting Limited, to prepare a preliminary economic assessment on the Fondaway Canyon gold project with completion scheduled for mid-year. The full documentation for the 2026 Mineral Resource Estimate will be reported within the forthcoming PEA. The MRE was completed by Kevin Hon, B.Sc., P.Geo., Senior Resource Geologist with APEX. Mr. Hon is an independent Qualified Persons, as defined by NI 43-101, and are responsible for the completion of the Mineral Resource Estimate, with an effective date of April 13, 2026. Michael Dufresne, M.Sc., P.Geo., President & CEO of APEX, completed a peer review of the estimate. Mineral Resources, which are not Mineral Reserves, do not demonstrate economic viability. There has been insufficient exploration to define the Inferred Resources tabulated above as an Indicated or Measured Mineral Resource, however, it is reasonably expected that the majority of the Inferred Mineral Resources 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, title, taxation, socio-political, marketing, or other relevant issues. The Mineral Resources herein were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum 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 Mineral Resources Estimate is underpinned by data from 546 reverse circulation and diamond drillholes totaling 20,460m of drilling that intersected the mineralized domains. The mineral resource is reported at a lower cut-off of 0.3 g/t Au for the conceptual open pit and 1.5 g/t Au for the conceptual underground extraction scenario. The lower cut-off grades and potential mining scenarios were calculated using the following parameters: mining cost = USD 2.75/t (open pit); G&A = USD 2.00/t; processing cost = USD 17.00/t; recoveries = 84%, gold price = USD 3,000/oz; royalties = 1%; and minimum mining widths = 1.5 meters (underground) in order to meet the requirement that the reported Mineral Resources show "reasonable prospects for eventual economic extraction". Original Au assays were composited to 1.5 m with 13,471 composites generated overall in the mineralized domains including 11,548 composites generated for the Central Zone, 1,267 for the Mid-Realm /South Mouth Zone, and 654 for the Silica Ridge /Hamburger Hill Zone. Grade interpolation was performed by ordinary kriging (OK) using 1.5 meters composites (block size of 3m x 3m x 3m). A density of 2.74 g/cm3 was used for both mineralized and unmineralized zones. The mineral resources estimate is categorized as indicated or inferred and classified based on data density, data quality, confidence in the geological interpretation and confidence in the robustness of the grade interpolation. The indicated category was defined by a search ellipse extending 75m along the major axis, 35m along the minor axis, and 10m vertical. In addition, a minimum of 3 drill holes were required, reporting 9 samples with a maximum of 3 samples per drill hole. The inferred category was defined using a search of up to 120 m and requiring at least 1 sample per drillhole from a minimum of 2 drillholes. High-grade capping supported by statistical analysis was completed on composite data for each zone and was established at 35 g/t Au for the Central Zone, no Au capping for the Mid Realm - South Mouth Zone, and 10.2 g/t Au for the Silica Ridge – Hamburger Hill Zone. The number of metric tonnes and gold ounces were rounded to the nearest thousand, and any discrepancies in the totals are due to rounding effects. Metal content is presented in troy ounces (tonnes x grade (g/t) /31.10348). The author is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political or marketing issues or any other relevant issue that could materially affect the mineral resource estimate.