Lion Copper and Gold Corp. Announces Proposed Shares for Debt Settlement

  • Fondaway Canyon gold project resource estimate is targeted for late September 2022;
  • Exploration developments resulting to 2017 historic resource estimate include:

– Three drill campaigns completed plus one ongoing drill program conducted;
– Significant discoveries and expanded gold zones; and
– Consistently successful drill results;

  • Extensive gold mineralized zones complemented by high-grade shear veins add to the Project’s potential;
  • Gold mineralization remains open in most directions.

“We have been and continue to be extremely successful in our drill programs and look forward to formally quantifying the mineralization defined to date.” states Mike Sieb, President, Getchel Gold Corp. “I expect this is only the first such exercise as we continue to expand and delineate the extensive gold mineralizing system so readily evident at Fondaway Canyon.”

Fondaway Canyon is an advanced stage gold property with a large historic resource located in Churchill County, Nevada. Gold was first discovered in Fondaway Canyon in 1977 and over the intervening 40+ years has been the subject of multiple exploration campaigns along a 3.5 km EW gold mineralized corridor (Figure 1) totaling over 700 reverse circulation and core drill holes, small-scale open pit mining of the oxidized zone at surface, and underground development for exploration and bulk sampling.

There have been three drill campaigns completed (Canagold Resources Ltd. in 2017, Getchell in 2020 and 2021) and one ongoing (Getchell 2022) subsequent to the release of a historic resource estimate in early 2017 by a past operator.

The full complement of the 2017, 2020, and 2021 drill results combined with any drill results received from the current drill program up to a July 31, 2022, cut off date will be incorporated in the 2022 Resource Estimate. The completion of the 2022 Resource Estimate and supporting NI43-101 technical report is targeted for late September 2022.

Recent Results

There have been significant advancements and discoveries since the publishing of the historic resource estimate. The delineated envelope of the gold in the Central Area has expanded mineralization with the to-date defined ranging 600 metres EW along strike, 800 metres down dip to the SW, and approximately 100 metres thick. Within this envelope, substantial and very high-grade shear vein structures with significant depth extents contribute to the potential. The drilling has yet to test the full extent of the gold mineralization and the mineralization remains open in most directions.

Figure 1: Fondaway Canyon Gold Project 3.5 km EW Gold Corridor, Aerial View.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/3941/128700_7a5a0b865438189f_001full.jpg

Below is a partial selection of drill intervals (Table 1) drilled by the Company in recent years that demonstrate some of the broad high-grade intervals characteristic of the gold mineralization at Fondaway Canyon and will be incorporated in the 2022 Resource Estimate encounter.

Table 1: Selected Drill Highlights – 2020 to 2022 Getchell Gold Intervals

Drill Hole Au
(g/t)
Interval (m) From
(m)
To
(m)
Zone Drill Hole Au
(g/t)
Interval (m) From
(m)
To
(m)
Zone
FCG20-02 6.2 21.9 106.1 128.0 Juniper Zone FCG20-04 2.5 58.0 383.0 441.0 North Fork
including 20.4 3.2 120.5 123.7 including 10.3 5.2 414.6 419.8
FCG20-05 1.8 90.0 177.5 267.5 Colorado SW FCG21-10 3.0 41.8 275.5 317.3
including 3.0 45.3 222.2 267.5 including 47.0 1.5 293.3 294.8
FCG21-08 4.2 27.5 223.4 250.9 FCG21-16 6.3 50.7 117.5 168.2
including 13.0 4.3 243.9 248.2 including 10.4 25.0 139.9 164.9
FCG21-08 2.8 24.5 261.5 286.0 FCG21-16 3.1 33.4 265.0 298.4
FCG21-08 1.4 30.7 323.5 354.2 FCG22-17 5.4 51.9 66.1 118.0
FCG20-04 8.6 9.8 108.1 117.9 Half Moon including 12.2 5.3 72.4 77.7
FCG20-04 2.7 20.5 128.5 149.0 including 17.7 9.9 94.7 104.6

Of note, additional drilling, both infill and extensional, will be required to further define and add to the gold mineralization model at Fondaway Canyon.

Getchel Webinar Series

As part of the continuing series of webinars to apprise the shareholders of ongoing activities and developments, President Mike Sieb and the Getchell team will host a live webinar on July 12.

All interested Media and investors are invited to Register here: https://app.livestorm.co/getchell-gold/getchell-gold-nevada-exploration-highlights?type=detailed

The Company has posted significant news in 2022, starting with the release of the results from the last hole of the 2021 drill program at Fondaway Canyon, FCG21-16, targeting the North Fork zone (Company news release dated February 15, 2022). FCG21-16 encountered a gold interval grading 6.3 g/t Au over 50.7m that includes a higher-grade core returning 10.4 g/t Au over 25.0m and represents the greatest ‘gold grade x thickness’ value in the 40+ year history of gold exploration and mining at the Project.

Drill hole FCG22-17, the first drill hole of the 2022 drill program at Fondaway Canyon, designed to further delineate the gold interval encountered by FCG21-16, intersected high-grade gold mineralization at a shallow depth of 66.1 m down hole grading 17.7 g/t Au over 9.9 m within a zone broader grading 5.4 g/t Au over 51.9 m (Company news release dated June 15, 2022). Of note, assay results from FCG22-17 have been returned to a depth of 119.5 m and assays are pending for the remainder of the hole.

With two active drill rigs, one at the Fondaway Canyon gold project and the other at the Star Copper-Gold-Silver project, the Company expects drill results to be released through 2022.

This event will feature a live question & answer session and is open to all media and interested investors.

Apex Geoscience Ltd.

Apex is a privately-owned, independent geological consulting company that provides high quality, cost effective and timely geological consulting services to exploration companies, government, and non-government organizations. Apex has experience in all aspects of the mineral exploration industry from initial assessment and NI 43-101 reporting through to mining including the identification and outlining of resources. They specialize in managing large mine site and exploration databases, digital capture of historic datasets, and combining rigorous geostatistical analysis with modern geological, geochemical, and drill datasets to create concise 3D models that result in discovery and expansion of resources.

Apex has wide-ranging Nevada Carlin-type gold experience, including the completion of multiple mineral resource estimates and preliminary economic assessments for various companies across the region.

Scott Frostad, P.Geo., is the Qualified Person (as defined in NI 43-101) who reviewed and approved the content and scientific and technical information in the news release.

The true thickness of the gold intervals disclosed herein are not yet known, further work will be required to determine the true thickness.

The 2020, 2021, and 2022 drill core was cut at Bureau Veritas Laboratories’ (“BVL”) facilities in Sparks, Nevada, with the samples analyzed for gold and multi-element analysis in BVL’s Sparks, Nevada and Vancouver, BC laboratories respectively. Gold values ​​were produced by fire assay with an Atomic Absorption finish on a 30-gram sample (BV code FA430) with over limits re-analyzed using method FA530 (30g Fire Assay with gravimetric finish). The multi-element analysis was performed by ICP-MS following aqua regia digestion on a 30g sample (BV code AQ250). Quality control measures in the field included the systematic insertion of standards and blanks.

About Getchel Gold Corp.

The Company is a Nevada focused gold and copper exploration company trading on the CSE: GTCH and OTCQB: GGLDF. Getchell Gold is primarily directing its efforts on its most advanced stage asset, Fondaway Canyon, a past gold producer with a significant historic resource estimate and on the Star project, a past high-grade copper, gold, and silver small-scale producer. Complementing Getchell’s asset portfolio are Dixie Comstock, a past gold producer with a historic resource and one earlier stage exploration project, Hot Springs Peak (Au). Getchell has the option to acquire 100% of the Fondaway Canyon and Dixie Comstock properties, Churchill County, Nevada.

For further information please visit the Company’s website at www.getchellgold.com or contact the Company by e-mail at info@getchellgold.com or by phone at +1 647 249-4798.

Mr. William Wagener, Chairman & CEO
Getchel Gold Corp.

The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.

Certain information contained herein constitutes “forward-looking information” under Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the use of proceeds. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “will” or variations of such words and phrases or statements that certain actions, events or results “will” occur. Forward-looking statements are based on the opinions and estimates of management as of the date statements are made and they are subject to known and unknown risks, uncertainties and other factors that cause the actual results to be materially different from those expressed or implied by forward such-looking statements or forward-looking information. Although management of Getchell have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/128700

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