Mr. William Wagener reports

GETCHELL GOLD CORP. ANNOUNCES RAISING SUFFICIENT FUNDS TO MAKE THE FINAL EARN-IN OPTION PAYMENT TO ACQUIRE 100% OF THE FONDAWAY CANYON GOLD PROJECT, NV

Getchell Gold Corp. has received sufficient funds through its continuing debenture financing to execute on the final $1.6-million (U.S.) earn-in option payment to acquire a 100-per-cent interest in the Fondaway Canyon and Dixie Comstock gold properties located in Nevada.

"Completing the acquisition of the Fondaway Canyon gold project will undoubtably be a milestone event, marking a key inflection point in the trajectory of the company," Bill Wagener, chairman and chief executive officer, commented. "A 100-per-cent acquisition of a large developing open-ended at-surface gold deposit in Nevada will deliver a major impetus for the company going into the new year, especially as we head into a highly supportive and burgeoning gold market."

The debenture financing, as announced on Nov. 27, 2023, remains in progress and open for subscription to maximum proceeds of $5-million (Canadian). Proceeds received in excess of $1.6-million (U.S.) will be used to conduct further exploration work on the Fondaway Canyon gold project and for general working capital.

Under the terms of the option agreement with Canagold Resources Ltd. executed on Jan. 3, 2020, the company has the option to acquire 100 per cent of the Fondaway Canyon and Dixie Comstock properties by paying Canagold a total of $2-million (U.S.) in cash and $2-million (U.S.) in the company's shares staged over four years. The company also has work commitments totalling $1.45-million (U.S.) over the four years, which have been fully satisfied.

In the preceding three anniversary payments, the company has paid a total of $400,000 (U.S.) in cash and $1-million (U.S.) in the company's shares, with the outstanding balance, required to complete the acquisition, of $1.6-million (U.S.) in cash and $1-million (U.S.) in the company's shares due on or before the fourth anniversary date.

The company is preparing the final cash payment and share issuance to be fulfilled prior to year-end.

Fondaway Canyon gold project

Getchell is delineating a potential Tier 1 gold resource at its flagship Fondaway Canyon gold project in Nevada, United States.

Following three consecutive successful drilling programs, the company has effectively doubled the size of the historic resource, firmly placing Fondaway Canyon amongst the foremost developing projects in a world-class mining jurisdiction. The company recently published its first mineral resource estimate at Fondaway Canyon (see the company news release dated Feb. 1, 2023):

• Gold mineralization is at and near surface supporting an open-pit mine model;
• 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;
• Strong gold mineralization in the most peripheral drill holes leaves the mineral resources open in most directions for further expansion and indicates a substantially larger body of mineralization than delineated to date (see the company news release dated Aug. 9, 2023);
• Fully permitted drill program designed to expand the mineral resources and upgrade inferred resources to indicated.

Getchell is well positioned to continue expanding the mineral resource estimate and advancing toward a preliminary economic assessment.

Notes on the mineral resource estimate

1. Mineral resources are not mineral reserves and have not demonstrated economic viability. There has been insufficient exploration to define the inferred resource as indicated or measured mineral resources; however, it is reasonable to expect that the majority of the inferred mineral resource could be upgraded to indicated mineral resources with continued exploration. There is no guarantee that any part of the mineral resources discussed herein will be converted into a mineral reserve in the future. The estimate of mineral resources may be materially affected by environmental, permitting, legal, marketing or other relevant issues. The mineral resources in this report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum standards on mineral resources and reserves, definitions, and guidelines prepared by the CIM standing committee on reserve definitions and adopted by the CIM council (CIM 2014 and 2019).

2. The effective date of the mineral resource estimate is Dec. 12, 2022, and a technical report on the Fondaway Canyon project titled "Technical Report Mineral Resource Estimate Fondaway Canyon Project, Nevada, USA," was filed by the company on SEDAR+ on Feb. 1, 2023.

3. The independent and qualified person for the MRE, as defined by National Instrument 43-101, is Michael Dufresne, PGeo, from Apex Geoscience Ltd.

Supplemental financing increased

Further to the company's announcement dated Nov. 30 and Dec. 8, 2023, and due to elevated demand, the amount of the financing has been increased, while all other terms remain unchanged. The financing will consist of up to five million units at a price of 10 cents per unit for gross proceeds of up to $500,000.

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.

About Getchell Gold Corp.

The company is a Nevada-focused gold and copper exploration company, trading on the Canadian Securities Exchange: GTCH, OTCQB: GGLDF and 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.

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