Getchell Gold Corp. Completes $700,000 Private Placement to Accelerate Advancement of Nevada Gold Projects
4634107.pp013 May 28 Draft News Release
Getchell Gold Corp. Completes $700,000 Private Placement to Accelerate
Advancement of Nevada Gold Projects
Not for distribution to United States Newswire Services or for dissemination in the United States
Toronto, Ontario – J u n e 1 , 2 0 2 0 – Getchell Gold Corp. (CSE: GTCH) ("Getchell" or the
"Company") is pleased to announce it has closed the non-brokered private placement, previously
announced on May 11, 2020, totaling 2,800,000 units (each a “Unit”) at a price of $0.25 per Unit
for aggregate gross proceeds of $700,000 (the “Private Placement”).
Each Unit consists of one common share and one-half of one warr ant (each whole warrant, a
“Warrant”) of the Company. Each Warrant entitles the holder to acquire one common share at a
price of $0.35 per share for a period of two years from the date of issuance.
The net proceeds from the financing will be used for the next s tage of exploration at the
Company’s Nevada properties including Fondaway Canyon, Dixie Comstock and Star Point and
for general working capital.
The impressive 3.5 kilometre Fondaway Canyon gold trend with a known width of up to 800
metres and a vertical range of 670 metres from the higher elevations in the east to the range-front
in the west contains numerous exploration targets with signific ant merits and blue-sky potential.
The evidence of thick drill intercepts of Carlin Style minerali zation under the pediment at the far
western edge of exploration adds yet another dimension to the m ultitude of exploration
opportunities present at Fondaway Canyon. See news releases May 6, 2020 and May 21, 2020.
The Company is currently planning for the 2020 drill program at Fondaway Canyon. The drill
program will be designed to provide “high value enhancement relative to cost” and set the stage
for the further advancement and development of the Project.
Dixie Comstock is a low-sulfidation, epithermal gold system localized along a moderately dipping
range-front normal fault on the east flank of the Stillwater Range, Churchill County, Nevada. Dixie
Comstock is situated 15 kilometres to the northeast and on the opposite (eastern) flank of the
Stillwater Range relative to Fondaway Canyon. Dixie Comstock is the site of a historic mine with
surface and four levels of underground development.
Star Point, situated 65 kilometres to the North of Fondaway Canyon, is the site of a historic, near
surface, copper mining operation underlain by a magnetically defined intrusion. An IP-Resistivity
survey conducted in 2018 over the intrusion returned chargeability and resistivity highs interpreted
as potential copper sulfide mine ralization, possibly intrusion related. The primary target at Star
Point is the strong conductor lying below the historic high-grade copper oxide (tenorite) mine.
Hot Springs Peak is located 50 kilometres northeast of Winnemucca in Humboldt C ounty,
Nevada. A two-hole drill program in 2019 intersected a 26-meter anomalous gold-arsenic zone
indicative of a Carlin Style mineralizing system. A number of drill targets remain to be tested.
In connection with the Private Placement, the Company paid aggregate finder’s fees of $36,750
in cash, and issued 119,000 non-transferable compensation options and 28,000 non-transferable
finder’s warrants. Each compensation option is exercisable at a price of $0.25 per unit to acquire
either: (a) one common share and one Warrant until May 29, 2022; or (b) one common share until
May 29, 2025. Each whole Warrant issued to the finder entitles the holder to acquire one common
share at a price of $0.35 per share for a period of two years from the date of issuance.
The securities issued in connecti on with the Private Placement are subject to a statutory four
month hold period expiring on September 30, 2020, in accordance with applicable securities laws.
Scott Frostad, P.Geo., is the Qualified Person (as defined in N I 43-101) who reviewed and
approved the technical contents of this news release and has verified the data disclosed herein.
About Getchell Gold Corp.
The Company is a Nevada focused g old and copper exploration com pany 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 signi ficant in-the-ground historic
resource estimate. Complementing Getchell’s asset portfolio is Dixie Comstock, a past gold
producer with a historic resource and two earlier stage explora tion projects, Star Point and Hot
Springs Peak. Getchell has the option to acquire 100% of the Fo ndaway Canyon and Dixie
Comstock properties under an agreement with Canarc Resource Cor p. (see January 7, 2020
news release for further details).
For further information please visit the Company’s website at www.getchellgold.com or contact
the Company at [email protected].
Mr. William Wagener, Chairman & CEO
Getchell Gold Corp.
+1 303 517 8764
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.
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 private
placement and the completion thereof and 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 such statements are made and they are subject
to known and unknown risks, uncert ainties and other factors that may cause the actual results to be
materially different from those expressed or implied by such forward-looking statements or forward-looking
information, including: the receipt of all necessary regulatory approvals, use of proceeds from the financing,
capital expenditures and other costs, and financin g and additional capital requirements. Although
management of Getchell have attempted to identify im portant factors that could cause actual results to
differ materially from those contained in forward-lo oking 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 accu rate, 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-lookin g information that are incorporated by reference herein, except as
required by applicable securities laws.