Explorer Finds Hidden Gold Corridor in Nevada's Canyon Depths

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Getchell Gold Corp. (GTCH:CSE; GGLDF:OTCQB) has reported assay results from drill holes FCG25-33 through FCG25-35 at its 100% owned Fondaway Canyon gold project in Nevada. The holes targeted a 250-meter undrilled gap between the Colorado SW and North Fork zones, two of the most significant mineralized areas within the project's Central Area open pit.

Drill hole FCG25-33 intersected 1.4 grams per tonne (g/t) gold (Au) over 122.3 meters, along with additional intercepts of 1.4 g/t Au over 27.8 meters and 1.0 g/t Au over 22.1 meters. The hole ended in a zone grading 4.8 g/t Au over 12.5 meters, which the company stated may represent a new deep-rooted high-grade structure. In the news release, Mike Sieb, President of Getchell Gold, said: "The most recent drill holes confirm strong lateral continuity of mineralization in the 250m gap between the Project's biggest discoveries, the Colorado SW and North Fork gold zones. This is a critical development addressing and adding to the in-pit resource model as well as supporting strong confidence for further expansion at the Fondaway Canyon gold project."

Hole FCG25-34 produced intercepts of 2.1 g/t Au over 51.0 meters, 1.5 g/t Au over 36.0 meters, and 1.4 g/t Au over 22.9 meters, extending mineralization 125 meters along strike and 80 meters down-dip. Hole FCG25-35, drilled furthest down-dip, returned 2.0 g/t Au over 25.7 meters and intersected multiple high-grade structures.

These results follow the release of prior drill holes from the 2025 campaign. In total, Getchell drilled 10 holes comprising 3,346 meters this year. Assays have been published for seven of them to date, with the remaining results anticipated later in the year.

The Fondaway Canyon project remains at the preliminary economic assessment (PEA) stage. The February 2025 PEA outlines an open-pit operation with a base-case gold price of US$2,250 per ounce, 1.23 million ounces of life-of-mine gold production, and an average gold recovery of 84%. The report estimates a pre-tax net present value (NPV) of US$546 million at a 10% discount rate and a 51.2% internal rate of return (IRR).

Gold Strengthens Amid Policy Shifts and Market Uncertainty

According to a November 10 report from Bloomberg, gold surged as U.S. lawmakers moved closer to ending the longest government shutdown in American history. The publication noted that bullion climbed as much as 2.9% to trade above US$4,115 per ounce, supported by expectations that the Federal Reserve would inject additional liquidity into the system to offset the effects of the shutdown. Nicky Shiels, head of research at MKS Pamp SA, said that "gold and silver like the prospect of either more liquidity being pumped into the system or higher asset prices." Ole Hansen, commodities strategist at Saxo Bank A/S, wrote that renewed fiscal uncertainty had "historically been supportive for investment metals," as rising yields driven by fiscal anxiety tend to bolster demand for gold.

Kitco News reported on November 11 that gold prices eased slightly after touching a three-week high as shorter-term futures traders took profits. December gold settled at US$4,113.10 per ounce, while silver held modest gains at US$50.54 per ounce. The article noted that gold remained on track for its best annual performance since 1979, having reached an all-time high in October. Market sentiment was influenced by expectations of a Federal Reserve rate cut following a weaker outlook for U.S. economic data once the government reopened. The report added that lower interest rates generally supported precious metals by making them more attractive relative to yield-bearing assets.

In a November 12 commentary, Matthew Piepenburg wrote that gold's enduring appeal rested on its role as "real money" capable of preserving wealth amid what he described as growing distortions in global financial systems. He explained that gold had "retained purchasing power as fiat currencies have been debased," referencing the long-term loss in the U.S. dollar's value since the Federal Reserve's establishment. Piepenburg stated that "the case for gold [was] almost too obvious," emphasizing its function as a hedge against inflation and monetary instability.

Analyst Confidence in Fondaway Canyon's Growth Potential

In an October 9 report, Jeff Clark of Paydirt Prospector reiterated a Buy recommendation on Getchell Gold Corp., describing the company's ongoing metallurgical testing as a "major catalyst." Clark acknowledged that processing refractory ore presented challenges but said the project's 84% recovery rate remained a key achievement.

He wrote that "Getchell's 85% recovery rate is good, not great, but we knew going in there was a good chance they would be able to squeak out higher recoveries." Clark added that improved recoveries over the life of the mine could "have a significant impact on future gold output and cash flow."

Clark also noted the relatively early stage of institutional participation, observing that "institutional investors will be watching — and remember there aren't many of them in the stock yet." He described the metallurgical program, led by Deepak Malhotra at McCarl's Technical Services, as an essential step toward enhancing the project's economics. At the time of publication, Clark stated that Getchell's shares had "tripled year-to-date," and he advised investors to hold existing positions or consider accumulating on weakness.

Clark reiterated his Buy rating on October 23, writing, "As I said in my initiation of coverage, Getchell is priced attractively on the basis of the value of Fondaway Canyon's established open pit mineral resource alone. Earlier this year, the PEA for the resource outlined a post-tax NPV (discounted steeply at 10%) of US$474 million and an IRR of 46.7%—assuming a conservative gold price of just US$2,250. This looked very attractive in August when Getchell's market cap was around CA$50M and gold was trading around $3,500. It looks just as attractive today because, while Getchell's market cap has advanced some to nearly CA$64 million since then, the price of gold has also risen significantly. Not to mention the fact that Getchell also recently initiated work to boost recovery rates from their current 85%, addressing the potential limitations of its refractory ore head on. The simple point remains that . . . the gap between Getchell's market cap and the PEA's US$474 million NPV leaves plenty of room for a re-rate. That's why I maintain a full position."

According to the November 10 research note from Atrium Research, analyst Nicholas Cortellucci maintained a "Buy" rating on Getchell Gold Corp. as well, and reiterated a "target price of CA$1.10 per share," citing strong assay results from the company's recent drilling at the Fondaway Canyon gold project. Cortellucci described the reported drill results as "stellar," noting that the holes "confirmed continuity between key zones" within the mineral resource pit shell.

He wrote that hole FCG25-33 "intersected a 212-meter broad zone of gold mineralization" and "ended in 12.5 meters grading 4.8 g/t Au," while hole FCG25-34 "intersected a 145-meter broad zone of gold mineralization," and hole FCG25-35 "intersected multiple high-grade structures."

Cortellucci also underscored the strength of the project's economics, describing the preliminary economic assessment as a "low-capex, high-IRR open-pit mine with an annual gold production of 117,000 ounces." He cited an initial capital cost of US$227 million and an after-tax NPV10% of US$474 million at a gold price of US$2,250 per ounce, rising to US$973 million at US$3,300 per ounce. The report concluded that Getchell Gold "remained well-positioned for continued growth" and that insider buying reflected management's confidence in the project's long-term value.

The same day, Michael Ballanger of GGM Advisory Inc. sent out a newsletter on Getchell, rating it as a Strong Buy.

Advancing Growth in Nevada's Gold Corridor

Getchell Gold is positioning the Fondaway Canyon project for continued growth through a multi-pronged strategy. The company completed its 2025 drill campaign with the goal of expanding mineralization along strike and at depth. According to the investor presentation, results from FCG25-33 to FCG25-35 demonstrate strong connectivity between two key gold zones and support in-pit resource growth.

Beyond drilling, additional metallurgical studies are planned to enhance gold recoveries and improve the marketability of the project's concentrate. These findings are expected to inform a revised mineral resource estimate and an updated economic assessment in 2026. As outlined in the PEA, Fondaway Canyon features a 10.5-year mine life based on a 2.9 million tonne per annum processing rate. Gold mineralization remains open in most directions, and all 10 holes drilled in 2025 intersected gold, including high-grade near-surface intervals and deeper extensions of the system.

Located 170 kilometers east of Reno, Fondaway Canyon sits in one of the world's top-ranked gold jurisdictions. The project benefits from road access, proximity to existing infrastructure, and historical exploration dating back decades. The current program builds on a September 2024 mineral resource estimate and leverages Nevada's strong mining framework to pursue further advancement of this advanced-stage gold asset. 

Ownership and Share Structure ¹

12.15% of Getchell Gold is held by management and insiders. Robert Bob Bass holds the most with 10.10%, followed by Robert Christopher Bass with 1.08%. The rest is retail.

As of November 12, 2025, Getchell Gold Corp. had 194.79 million shares outstanding, a market capitalization of approximately CA$67.18 million, and a 52-week trading range of CA$0.08 to CA$0.35.