K9 Gold Confirms Continuity of Gold Mineralization; Intersects 1.52g/t Gold over 31.75m at Stony Lake
K9 Gold Confirms Continuity of Gold
Mineralization; Intersects 1.52g/t Gold over
31.75m at Stony Lake
Vancouver, British Columbia--(Newsfile Corp. - October 18, 2022) -
K9 Gold Corp. (
TSXV:
KNC)
(FSE: 5GP) (OTCQB: WDFCF) ("K9" or the "Company")
is pleased to announce that it has received
complete analytical results from its 2022 diamond drill program at the Jumper's Pond zone on its highly
prospective Stony Lake project in central Newfoundland.
Results show multiple well mineralized zones
were encountered with significant widths of continuous gold mineralization present in many of the holes
drilled during the 2022 campaign.
Chris M. Healey, P.Geo., Chief Geologist and member of K9 Gold's Board of Directors, commented;
"The remarkable consistency of gold values encountered during the 2021 and 2022 drill campaigns is of
particular importance in determining the true metal content of the Jumper's Pond zone.
Whereas with a
high nugget effect the analytical results may not be indicative of the true metal content (either high or low),
we now have significantly increased our confidence in the reliability of our data."
The drill program consisted of 8 diamond drill holes, for a total of 2,919 meters.
The drill holes were
designed to follow up on the extremely wide mineralized zone encountered in hole JP21-022 during the
2021 drilling season.
That drill hole intersected a 127.4-meter zone of continuous gold mineralization,
averaging 0.61 g/t over the entire length of the zone (see Company release dated July 5, 2022).
Highlights from 2022 drill program at Jumper's Pond:
JP22-026
14.20 m averaging 0.51 g/t Au, from 74.80 to 89.00
10.20 m averaging 0.80 g/t Au, from 105.50 to 115.70
JP22-028
9.50 m averaging 0.87 g/t Au, from 155.40 to 164.90
JP22-029
31.75 m averaging 1.52 g/t Au, from 238.75 to 270.50
including
20.40 m averaging 1.91 g/t Au, from 248.40 to 268.80
including
13.50 m averaging 2.14 g/t Au, from 250.00 to 263.50
JP22-030
27.35 m averaging 1.88 g/t Au, from 225.00 to 252.35
including
14.85 m averaging 3.18 g/t Au, from 229.50 to 244.35
including
2.85 m averaging 5.36 g/t Au, from 234.50 to 237.35
JP22-031
6.80 m averaging 1.71 g/t Au, from 149.00 to 155.80
including
4.80 m averaging 2.32 g/t Au, from 151.00 to 155.850
JP22-032
3.00 m averaging 1.18 g/t Au, from 180.00 to 183.00
Jeff Poloni, CEO of K9 Gold commented, "The recent drilling at Jumper's Pond, continues to intersect
multiple, significant intervals of continuous gold mineralization along strike and down dip hosted in a
broad deformation zone. The mineralized intervals exhibit continuity and grade consistency over
significant intervals. It is expected that completion of the 3D modelling of the geology and mineralization
at Jumper's Pond will facilitate future drill hole locations as we continue delineating the strike and dip of
this exciting new gold discovery in the emerging Central Newfoundland gold belt."
Discussion of results:
The gold mineralization occurs within a broad deformation zone characterized by shearing and
brecciation hosted in a sequence of intermediate to mafic volcanic rocks.
As previously reported,
significant gold mineralization is interpreted to be concentrated along the axis of an anticlinal structure in
the footwall of a major fault zone. The mineralization exhibits a strong spatial correlation to a positive
chargeability anomaly.
The mineralization remains open along strike and at depth.
Analytical results, to date, indicate a highly consistent pattern of gold distribution.
In 2021, 12 samples from drill hole JP21-012 were sent to MSALABS in Langley, British Columbia for
analysis using the metallics screening method.
The half-core split samples were dry crushed to 70%
passing 2 mm, then a 1000g split was pulverized to 85% passing 75μm.
This was followed by a metallic
screening of the 1000g, with a fire assay finish (30g fusion).
The metallic screening method is commonly
used to determine the proportion of coarse gold in a deposit.
This year, for comparison, half of the
remaining core was split, and submitted to Eastern Analytical, in Springdale, NL for analysis by the
traditional fire assay method (see below under QA/QC Procedures).
The variations in the results from the two sets of analyses (shown in the table below) indicate the
weighted average value of the traditional fire assays was approximately 16% lower than the average
from the metallic screening. While there was some variability between individual samples, the weighted
average gold content of the 13.0m intersection was 1021 ppb for MSALABS and 858 ppb for Eastern.
Considering that the two analytical methods take completely different approaches to analyzing the gold
content of each sample, this difference is fully within the expected variance between samples and
indicates that there is now significant confidence in the reproducibility of results.
2021 (MSA)
2022 (Eastern)
Hole ID
From
(m)
To
(m)
Length
(m)
sample ID
Au
ppm
Au
g/t
sample ID
Au
ppm
Au
g/t
JP21-012
247.00
249.20
2.20
145129
660
0.66
105060
475
0.48
JP21-012
249.20
250.13
0.93
145131
520
0.52
105061
524
0.52
JP21-012
250.13
251.00
0.87
145132
1100
1.10
105062
805
0.81
JP21-012
251.00
252.00
1.00
145133
1300
1.30
105063
1215
1.22
JP21-012
252.00
252.70
0.70
145135
990
0.99
105064
1198
1.20
JP21-012
252.70
253.30
0.60
145136
1390
1.39
105065
1882
1.88
JP21-012
253.30
255.00
1.70
145137
1070
1.07
105066
653
0.65
JP21-012
255.00
255.64
0.64
145138
1010
1.01
105067
894
0.89
JP21-012
255.64
257.00
1.36
145139
870
0.87
105068
610
0.61
JP21-012
257.00
258.00
1.00
145141
1990
1.99
105069
1327
1.33
JP21-012
258.00
259.00
1.00
145142
1611
1.61
105070
1603
1.60
JP21-012
259.00
260.00
1.00
145143
316
0.32
105071
294
0.29
weighted
average
1022
1.02
858
0.86
Further evidence of the consistency in gold values is that fact that most of the intersections to date exhibit
reasonably consistent gold concentration within each intersection.
An example of this is shown in the
following table, showing a portion of JP22-029.
Hole #
From
To
Length
sample #
ppb Au
g/t Au
JP22-029
248.40
249.00
0.60
215531
1172
1.17
JP22-029
249.00
250.00
1.00
215532
1289
1.29
JP22-029
250.00
251.00
1.00
215533
2673
2.67
JP22-029
251.00
251.85
0.85
215535
3371
3.37
JP22-029
251.85
252.85
1.00
215536
1532
1.53
JP22-029
252.85
253.85
1.00
215537
1943
1.94
JP22-029
253.85
254.40
0.55
215538
1496
1.50
JP22-029
254.40
255.40
1.00
215539
1482
1.48
JP22-029
255.40
255.80
0.40
215541
2053
2.05
JP22-029
255.80
256.70
0.90
215542
1138
1.14
JP22-029
256.70
257.70
1.00
215543
2350
2.35
JP22-029
257.70
258.70
1.00
215544
2451
2.45
JP22-029
258.70
259.70
1.00
215545
2269
2.27
JP22-029
259.70
260.70
1.00
215546
939
0.94
JP22-029
260.70
261.70
1.00
215547
2826
2.83
JP22-029
261.70
262.70
1.00
215548
2924
2.92
JP22-029
262.70
263.85
1.15
215549
2328
2.33
JP22-029
263.85
264.85
1.00
215551
911
0.91
JP22-029
264.85
265.85
1.00
215552
1149
1.15
JP22-029
265.85
266.60
0.75
215553
1710
1.71
JP22-029
266.60
267.10
0.50
215555
2457
2.46
JP22-029
267.10
268.10
1.00
215556
2034
2.03
JP22-029
268.10
268.80
0.70
215557
1162
1.16
Weighted average grades for the mineralized intervals were estimated using a 0.2 g/t Au cut-off.
Weighted average grade intervals include sample intervals below cut-off provided that the interval below
the cut-off did not exceed a 2.0 m core interval.
Intervals reported in this release are core lengths; there
are insufficient data points to determine true widths at this time.
A summary of the significant intervals of gold mineralization intersected in the resent drilling program are
presented in the following table:
Hole #
From
To
Length
g/t Au
JP22-025
343.45
349.90
6.45
0.33
JP22-026
74.80
89.00
14.20
0.51
including
74.80
79.90
5.10
0.96
105.50
115.70
10.20
0.80
including
106.50
107.50
1.00
1.89
and
114.27
115.70
1.43
2.63
170.45
171.45
1.00
0.87
197.00
200.00
3.00
0.33
288.50
291.50
3.00
0.42
JP22-027
346.60
347.60
1.00
0.46
JP22-028
139.00
146.40
7.40
0.16
155.40
164.90
9.50
0.87
202.80
204.25
1.45
1.23
237.50
240.00
2.50
0.72
305.80
307.80
2.00
0.43
316.85
318.60
1.75
2.13
JP22-029
238.75
270.50
31.75
1.52
including
248.40
268.80
20.40
1.91
including
250.00
263.50
13.50
2.14
315.05
316.05
1.00
0.25
330.61
333.60
2.99
0.40
342.75
346.25
3.50
0.79
JP22-030
140.50
141.00
0.50
0.23
155.10
156.80
1.70
0.44
181.60
182.60
1.00
0.77
201.25
203.65
2.40
0.49
225.00
252.35
27.35
1.88
including
229.50
244.35
14.85
3.18
including
234.50
237.35
2.85
5.36
321.00
324.00
3.00
0.19
344.00
344.70
0.70
0.29
JP22-031
26.00
31.00
5.00
0.30
149.00
155.80
6.80
1.71
including
151.00
155.80
4.80
2.32
272.12
273.12
1.00
0.61
287.85
288.85
1.00
0.31
JP22-032
45.35
48.35
3.00
0.32
180.00
183.00
3.00
1.18
191.45
193.40
1.95
0.77
3D modelling of the geology, structure and mineralized intervals for all drill holes completed on the
Jumper's Pond target is in progress and results will be reported on completion of this work. It is expected
that these activities should define the strike direction and dip of the main mineralized structure to
effectively plan the next phase of drilling at Jumper's Pond.
QA/QC Procedures
K9 Gold Corp employs a rigorous QA/QC protocol on samples submitted for analysis including the
insertion of blanks, reference standard and duplicated into its sample streams.
For every 40 samples,
one blank and three standards are inserted.
In addition, one reject duplicate is included in every batch of
40 samples.
To date, no significant discrepancies have been detected in the results of the blanks,
standards, and duplicates.
K9 uses the services of Eastern Analytical in Springdale NL, using their fire assay and 34 element ICP
package for sample analysis.
Eastern Analytical is ISO 17025 Accredited in Fire Assay Au, as well as
for their multi-acid ore grade assays in Cu, Pb, Zn, Ag, Fe and Co.
About Stony Lake Project
The Stony Lake property lies within the Exploits Subzone Gold Belt of the Cape Ray/Valentine Lake
structural trend in Central Newfoundland, lying parallel to that of New Found Gold's Queensway project,
along the prolific Dog Bay Line.
The project covers 13,625 ha and 27 kilometers of favorable trend
between Sokomon's Moosehead discovery immediately to the northeast and Marathon's Valentine Lake
deposit to the southwest.
Excellent infrastructure exists on the project lands and in the surrounding area.
At Stony Lake, ground prospecting and sampling has led to the identification of seven broad areas of
highly anomalous to low grade (up to 4.0 g/t Au) to high grade (>4.0 g/t Au) gold mineralization.
Following up on the prospecting work, systematic exploration with property-wide airborne geophysical
and extensive soil sampling, plus two large grids of IP ground geophysical survey, has led to the
interpretation of about 100 anomalies, at least ten of which are rated as high priority drill targets.
The
2021 drilling program has added to the potential of the project with multiple very wide intersections of
substantial gold mineralization, including 0.61 g/t Au over 127.4 meters in hole JP21-022.
To ensure a safe workplace environment that protects the health and safety of employees and
contractors, K9 Gold follows all federally and provincially mandated and recommended guidelines
regarding Covid 19.
K9 Gold acknowledges the financial support of the Stony Lake project by the Government of
Newfoundland and Labrador, through the Department of Industry, Energy and Technology Junior
Exploration Assistance Program.
About K9 Gold Corp
K9 Gold Corp has assembled a highly-experienced and dynamic team to explore its Stony Lake Project.
The project has been acquired from District Copper Corp by an option agreement, whereby K9 can earn
up to a 100% interest in the project (see Company release dated July 30, 2020).
The Company also
owns a 100% interest in the Desert Eagle Vanadium-Uranium project located in the historic Henry
Mountains Mining District in SE Utah.
The area has seen extensive historic vanadium and uranium
mining and is close to Anfield Energy Inc's Shootaring Canyon mill.
Chris M. Healey, P. Geo, Chief Geologist and a Director of K9 Gold Corp., is the qualified person
under NI 43-101 guidelines who is responsible for the technical content of this release, and consents
to its release.
Toll Free Number: (833) 434-GOLD (4653)
Kosta Tsoutsis
Director
K9 Gold Corp.
email:
Telephone: 604 808-9134
Brian Morrison
Chief Financial Officer and Director
K9 Gold Corp.
email:
telephone: 604 312-6910
The Company is listed on the TSX Venture Exchange.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of
management regarding K9's intention to continue to identify potential transactions and make certain
corporate changes and applications. Forward-looking statements consist of statements that are not
purely historical, including any statements regarding beliefs, plans, expectations or intentions
regarding the future. Such statements are subject to risks and uncertainties that may cause actual
results, performance or developments to differ materially from those contained in the statements. No
assurance can be given that any of the events anticipated by the forward-looking statements will occur
or, if they do occur, what benefits K9 will obtain from them. These forward-looking statements reflect
managements' current views and are based on certain expectations, estimates and assumptions
which may prove to be incorrect. A number of risks and uncertainties could cause actual results to
differ materially from those expressed or implied by the forward-looking statements, including K9's
inability to identify transactions having satisfactory terms or at all and the results of exploration or
review of properties that K9 does acquire. These forward-looking statements are made as of the date
of this news release and K9 assumes no obligation to update these forward-looking statements, or to
update the reasons why actual results differed from those projected in the forward-looking statements,
except in accordance with applicable securities laws.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/140901