Mr. William Wagener reports

GETCHELL GOLD CORP. PLANS TO UPGRADE MINERAL RESOURCE ESTIMATE AT FONDAWAY CANYON GOLD PROJECT, NEVADA

Getchell Gold Corp. plans to upgrade the mineral resource estimate at the Fondaway Canyon gold project in Nevada.

Upgrading mineral resource estimate

The company published its first mineral resource estimate for the Fondaway Canyon gold project (company news release dated Feb. 1, 2023), reporting:

• Inferred mineral resource of 38.3 million tonnes at an average grade of 1.23 grams per tonne gold for 1,509,100 ounces of gold;
• Indicated mineral resource of 11.0 million tonnes at an average grade of 1.56 g/t Au for an additional 550,800 ounces of gold.

Of the 26 holes drilled by the company in the Central area of Fondaway Canyon since 2020, only 18 of those holes were incorporated into the MRE. The results of the residual eight drill holes were received after the cut-off date for results to be included into the MRE. All eight of these drill holes, FCG22-20 to FCG22-28, excluding FCG22-24 that drilled a separate target area, reported significant intervals of gold mineralization with the majority extending the gold mineralization beyond the extents delineated for the MRE.

A default specific density of 2.56 grams per cubic centimetre was assigned to the rock hosting the mineralized zones and utilized in the estimation of the mineral resources. A default value was employed as there were insufficient specific density samples previously taken to derive a representative value. The default value is considered a conservative estimate, and following a field program to measure a statistically significant population of drill core, there is the potential to increase the specific density of the host rock, thereby proportionately increasing the amount of gold estimated in the mineralized rock.

The company is planning to initiate a specific density sampling program at the start of 2024 with those results to be incorporated into the updated MRE.

Scott Frostad, PGeo, is the qualified person (as defined in National Instrument 43-101) who reviewed and approved the content and scientific and technical information in the news release.

Supplemental financing amendment

Further to the company's announcement dated Nov. 30, 2023, and due to elevated demand, the amount of the non-brokered private placement supplemental offering has been increased, while all other terms remain unchanged.

The financing will consist of up to 2.5 million units at a price of 10 cents per unit, for gross proceeds of up to $250,000. Each unit will consist of one common share of the company and one common share purchase warrant. Each warrant will entitle the holder to acquire one additional common share of the company at a price of 15 cents per share for a period of two years from the date of closing.

This financing forms a supplemental part to a continuing debenture financing targeting a minimum of $2.5-million. Details and terms of the debenture financing can be found in the company announcement dated Nov. 27, 2023.

The proceeds from the financing will be used to conduct exploration work on the Fondaway Canyon gold project and for general working capital. In connection with the financing, the company may pay finders' fees.

Closing of the financing is subject to receipt of all necessary corporate and regulatory approvals, including acceptance by the Canadian Securities Exchange. The securities issued pursuant to the financing will be subject to a statutory four-month hold period in accordance with applicable securities laws.

Corporate update

The company has received the resignation of John Proust as a consultant to the company. The company appreciates his contributions and wishes him well in his other endeavours.

About Getchell Gold Corp.

The company is a Nevada-focused gold and copper exploration company trading on the Canadian Securities Exchange: GTCH, on the OTCQB: GGLDF and on the Frankfurt Stock Exchange: GGA1. Getchell is primarily directing its efforts on its most-advanced-stage asset, Fondaway Canyon, a past gold producer with a large mineral resource estimate. Complementing Getchell's asset portfolio is Dixie Comstock, a past gold producer with a historic resource, and two earlier-stage exploration projects, Star (copper-gold-silver) and Hot Springs Peak (gold). Getchell has the option to acquire 100 per cent of the Fondaway Canyon and Dixie Comstock properties, Churchill county, Nevada.

We seek Safe Harbor.