Business
Getchell Gold Corp. Completes $700,000 Private Placement to Accelerate Advancement of Nevada Gold Projects
Toronto, Ontario--(Newsfile Corp. - June 1, 2020) - Getchell Gold Corp. (CSE: GTCH) ("Getchell" or the "Company") is pleased to announce it has closed the non-b
About this update from Getchell Gold Corp.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - June 1, 2020) - 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 warrant (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 stage 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 significant merits and blue-sky potential. The evidence of thick drill intercepts of Carlin Style mineralization under the pediment at the far western edge of exploration adds yet another dimension to the multitude 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...