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Canagold Optionee Getchell Gold Corp. Reports Broad High-Grade Gold Drill Intercepts at Fondaway Canyon, Nevada
VANCOUVER, BC / ACCESSWIRE / January 27, 2021 / Canagold Resources Ltd. (TSX:CCM)(OTCQB:CRCUF...
About this update from Canagold Resources Ltd
[{"type":"text","content":"Canagold Optionee Getchell Gold Corp. Reports Broad High-Grade Gold Drill Intercepts at Fondaway Canyon, NevadaVANCOUVER, BC / ACCESSWIRE / January 27, 2021 / Canagold Resources Ltd. (TSX:CCM)(OTCQB:CRCUF)(FSE:CAN) is pleased to announce the results of the first three drill holes by Getchell Gold Corp. from their maiden six-hole 1,995 metre drill program at the Fondaway Canyon Gold Project in Nevada. (See Figure 1 Fondaway Central Area Plan Map)Getchell can acquire a 100% interest in Fondaway Canyon from Canagold by paying US$4 million in cash payments and share issuances and incurring annual exploration expenditures on the property (See news release of January 7, 2020). Upon exercise of the option Canagold will retain a 2% NSR on the Project.Key HighlightsAssay results have been returned for the first three holes from the 2020 drill program at Fondaway (See Table 1 Fondaway 2020 Drill Interval Highlights)Holes FCG20-02 and 03 were drilled in the Central Area to test the down-dip extension of the Colorado Zone mineralization (See Figure 2 - Colorado-Pack Rat Long Section)Multiple gold zones were intersected in hole FCG20-02 including a new high-grade gold zone above the modelled Colorado Zone mineralization and closer to surface;The new high grade gold zone assayed 6.2 grams per tonne (g/t) gold (Au) over 21.9 meters (m) including 9.6 g/t Au over 12.0m, and 20.4 g/t Au over 3.2m;In addition, holes FCG20-02 and 03 both intersected broad intervals of mineralization down-dip of the Colorado Zone with higher than anticipated gold gradesHole FCG20-02 intersected 1.9 g/t Au over 43.5m and 4.2 g/t Au over 14.9mHole FCG20-03 intersected 4.3 g/t Au over 21.1m including 8.7 g/t Au over 9.4m and 2.0 g/t Au over 49.0mHole FCG20-01 drilled 2.3km to the west at the Pediment Target Area was lost within a fault zone prior to reaching the target depth. Additional drilling is planned for this prospective target; andAssays are still pending for holes FCG20-04 to FCG20-06 drilled in the Central Area.Hole 4 targeted the Halfmoon zone, assays pendingHoles 5 and 6 targeted the Colorado zone down dip of holes 2 and 3, assays pendingSampling and Assay MethodsThe 2020 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 Vancouve...