11:35 AM EDT, 09/11/2024 (MT Newswires) -- Getchell Gold ( GGLDF ) on Wednesday released an updated mineral resource estimate (MRE) for the Fondaway Canyon project in Nevada that showed an 18% increase in indicated mineral resources.

Indicated mineral resources increased to 13.5-million tonnes at an average grade of 1.49 grams per tonne (g/t) gold for 648,000 ounces of gold.

Inferred mineral resources rose 11% to 44.8 million tonnes at an average grade of 1.16 g/t gold for an additional 1.7 million ounces of gold.

Gold mineralization starts at surface and remains open for further expansion.

"The significant increase to the Mineral Resource Estimate at Fondaway Canyon moves the valuation bar considerably higher and continues to demonstrate the incredible upside potential that has yet to be discovered," said Getchell Gold ( GGLDF ) President Mike Sieb.

The company's shares were last seen up $0.01 to $0.13 on the Canadian Securities Exchange.

Price: 0.13, Change: +0.01, Percent Change: +8.33