Getchell nears 1M oz indicated gold in Nevada as dispute lingers over claims

Getchell Gold (CSE: GTCH; US-OTC: GGLDF), which is contending with alleged illegal staking on its Fondaway Canyon project in Nevada, has issued a new resource raising indicated tonnage by more than half while expanding the overall inventory.

The update outlines 22.1 million indicated tonnes grading 1.4 grams gold per tonne for 999,000 oz. contained metal, and 45.6 million inferred tonnes at 1.25 grams for 1.81 million oz., according to a release on Thursday.

That compares with a late 2024 resource that outlined 13.5 million indicated tonnes grading 1.49 grams gold per tonne for 648,000 oz. contained metal, and 44.8 million inferred tonnes at 1.16 grams for 1.67 million ounces. Fondaway Canyon is about 130 km east of Reno.

The update adds scale in Nevada’s Walker Lane belt, with indicated tonnage up 54% and inferred tonnes rising about 8%, lifting the overall resource by roughly one-fifth. Getchell is advancing towards a preliminary economic assessment (PEA) due by the end of June, even as it challenges alleged illegal staking over part of the project.

“The capacity of the mineral resource to increase across the resource classifications demonstrates the robustness of the deposit and the inherent ability for further growth,” Getchell President Mike Sieb said in the release. “I am excited for the PEA to highlight the economic potential at Fondaway Canyon.”

Legal claims

The resource update comes as Getchell filed a counter-claim on Monday after a third party — NV Minerals — staked on 120 of its 261 claims, including ground covering the conceptual pit area. Getchell says its claims remain valid and in good standing. This month, NV filed papers at the county level to gain title of the project.

“NV Mineral’s complaint alleges claims for quiet title and declaratory relief related to mining claims based on a purported ‘long ago’ forfeiture of claims,” Getchell said in its filing this week. “In Getchell’s opinion, the NV Minerals complaint is without merit. The mineral claims tenure at Fondaway has been continuously held and maintained by Getchell (and predecessors) in an uninterrupted manner since the mid-1950’s.”

The resource update didn’t mention the alleged illegal staking and Sieb didn’t immediately reply to an email sent outside of regular business hours seeking comment.

“It’s business as usual,” Sieb said in March. “And that’s what we’re trying to convey to our shareholders and potential investors.”

Shares in Getchell Gold have declined nearly 40% this year to 23¢ apiece Wednesday in Toronto, giving the company a market capitalization of $46.3 million (US$33.9 million).

Mineral tenure disputes can take time to resolve in Nevada, where the Bureau of Land Management records claims but does not validate them, leaving competing parties to settle ownership through legal channels, state officials say

Upgrade

The update adds about 8.6 million indicated tonnes and more than 350,000 oz. of contained gold to that category, while inferred ounces rise by roughly 140,000 oz., reflecting modest growth at depth alongside a significant upgrade to higher-confidence material.

Even so, grades slipped in the indicated category compared with the 2024 model, while inferred grades improved, suggesting the expansion is driven more by tonnage additions and pit-shell growth than high-grade discoveries.

The company attributed the increase to drilling completed in 2025 that extended mineralization in the central zone, along with a higher gold price assumption of $3,000 per oz. used in the model, up from $1,950 previously.