Nevada Gold Miner Nears Breakthrough as Prices Smash US$4,000 Record

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Getchell Gold Corp. (GTCH:CSE; GGLDF:OTCQB) has expanded the scope of metallurgical testing at its Fondaway Canyon gold project in Nevada. The 2025 program is focused on upgrading concentrate quality, refining the metallurgical process, and verifying the final concentrate composition for market readiness.

The latest round of test work builds upon a 2024 scoping-level metallurgical study, which analyzed both oxide and sulfide samples in support of the company's Preliminary Economic Assessment published in February 2025. The 2024 study confirmed that the mineralized material at Fondaway Canyon was amenable to conventional flotation, achieving gold recoveries of 84% and producing a low-weight, high-grade concentrate.

Further test methods were identified to potentially improve recoveries, but additional work was postponed due to time constraints. Multi-element analysis conducted in 2024 also indicated that deleterious elements were not present in concentrations likely to impact the concentrate's marketability. According to the company, the product was intended for sale to third-party smelters or pressure oxidation facilities.

The expanded 2025 metallurgical study aims to test and refine those identified process enhancements, with specific goals of increasing gold recovery, maximizing concentrate grade, reducing the mass pull, and confirming the multi-element composition. Mass pull refers to the proportion of the total ore feed retained in concentrate. A smaller mass pull typically improves processing efficiency and reduces shipping, handling, and milling costs.

Getchell Gold stated that the new study is being conducted by McCarl's Technical Services at the RDi facilities in Denver, Colorado, under the supervision of metallurgist Deepak Malhotra. The program will continue through the end of the year, with results intended for inclusion in the next iteration of the project's economic assessment.

A Sector Built on Scarcity and Sovereign Demand

Gold prices continued their historic climb in October as a series of macroeconomic and geopolitical factors converged to drive strong global demand. On October 6, spot gold breached the US$4,000 per ounce mark for the first time, a move described as both "structural and symbolic" in a same-day analysis highlighting the shift in market trust toward tangible stores of value. The report stated that the breach reflected "a flight to quality" as confidence in fiat currencies and sovereign debt declined.

The surge was attributed to a repricing of global financial risk, with the rally characterized by its speed and intensity. According to that commentary, central bank demand played a critical role, and the decisive price action occurred during Asian trading hours, signaling a shift in economic influence toward the East. The analysis also emphasized a broader trend of reserve repatriation, noting that 68% of gold-buying central banks held their reserves domestically in 2023, up from 50% in 2020, with further increases expected by 2028.

In an October 9 report, Jeff Clark of Paydirt Prospector reiterated a Buy recommendation, stating that the ongoing metallurgical work could serve as a "major catalyst."

A report published on October 8 by Bruno Venditti underscored the rising influence of central banks in gold markets. For the first time since 1996, foreign central banks held more gold than U.S. Treasuries, marking a fundamental shift in global reserve management. The article noted that nearly one-fifth of all gold ever mined was now held by central banks and that heavy official buying in 2022, 2023, and 2024 had helped push prices above the US$4,000 threshold. The move was described as a symbolic crossover that pointed to a reweighting away from dollar-denominated assets and toward hard currency alternatives.

A subsequent October 10 article by Anthony Keane highlighted that gold had surged 123% over the previous two years, outperforming most traditional asset classes. The rise was attributed to interest rate cuts, geopolitical instability, and increasing demand for fixed-supply assets. According to Capital.com analyst Kyle Rodda, "The supply of money grows at a much faster pace than we can pull gold out of the ground." He also pointed to rising demand amid wars and trade tensions as key drivers.

The article added that structural demand from institutions, particularly central banks, continued to support the sector. Tony Catt of Catapult Wealth observed that "gold is an asset class where there is a lot of central bank buying" and suggested the trend was likely to persist given continued global uncertainty. A research note from UBS cited in the same piece said it was "hard to find anyone who isn't a gold bull," while data from Dimensional Fund Advisors offered a more cautious historical perspective, noting that gold returns had been positive in just 56% of calendar years since 1980.

Experts Highlight Value and Potential at Fondaway Canyon

Newsletter writers continued to express confidence in Getchell Gold Corp. following the company's October announcement that it had expanded metallurgical testing at the Fondaway Canyon gold project.

In an October 9 report, Jeff Clark of Paydirt Prospector reiterated a Buy recommendation, stating that the ongoing metallurgical work could serve as a "major catalyst." Clark acknowledged the challenges associated with processing refractory ore but emphasized the significance of the company's 84% recovery rate.

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

Clark also drew attention to the relatively early-stage investor interest in the stock, noting 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 important step toward improving the economic profile of the project. At the time of publication, Clark stated the stock had "tripled year-to-date," and recommended holding existing positions or accumulating shares on weakness.

In an October 3 report, Michael Ballanger of GGM Advisory reiterated a Strong Buy rating on Getchell  Gold  Corp., commending management's consistent execution and technical focus at the Fondaway Canyon project. Ballanger noted that despite market skepticism over the project's metallurgy in 2023, "never was [President] Mike Sieb ever the slightest degree concerned over the economic viability of the Fondaway Canyon asset." He explained that the company's record of successful drilling and follow‑through on development plans had validated that confidence.

Ballanger emphasized that the continued metallurgical work was an important step in optimizing gold recoveries, particularly as prices approached US$4,000 per ounce. He wrote that the company's latest press release was "yet another strongly impressive example of the commitment and logistical excellence of the management group." Ballanger also highlighted the economic implications of recovery improvements, stating that "a difference between 85% recovery rates and 92% affects the economics in a huge manner."

He pointed to Getchell's financing achievements since 2023, raising nearly CA$10 million, as further evidence of management's ability to execute. Ballanger concluded that the combination of strong leadership, consistent exploration success, and continued technical refinement positioned the company well within the rising gold market. He reaffirmed his stance: "Getchell Gold continues to be a STRONG BUY."

Refining the Path Forward: Advancing Metallurgy to Strengthen Economics

The current metallurgical study follows a continuous program of process optimization aimed at enhancing the economics of the Fondaway Canyon project. As noted in company materials, the PEA demonstrated the potential for a robust open-pit mining operation, and 2025 initiatives are focused on improving recoveries and demonstrating a marketable product.

The testwork seeks to validate previously identified methods to increase recovery and upgrade concentrate quality — two parameters that directly influence project economics. Company materials emphasized that gold recovery improvements directly impact economic performance and that even incremental increases can have a meaningful positive effect on the project's outlook.

Getchell Gold continues to hold 100% ownership of the Fondaway Canyon property, located 170 kilometers east of Reno in a top-tier gold mining jurisdiction that produces approximately 4 million ounces of gold annually. The company's 2025 exploration and metallurgical work is scheduled to continue through year-end, with results expected to inform the next project update. 

Ownership and Share Structure

According to Refinitiv, 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.

Getchell Gold has 194.79 million shares outstanding, a market capitalization of CA$51.41 million, and a 52-week range of CA$0.08 to CA$0.3480.