K9 Intersects 65 m of Continuous Gold Mineralization and Extends Mineralized Zone at Stony Lake Project
K9 Intersects 65 m of Continuous Gold
Mineralization and Extends Mineralized Zone
at Stony Lake Project
Vancouver, British Columbia--(Newsfile Corp. - February 23, 2022) -
K9 Gold Corp. (TSXV: KNC)
(OTCQB: WDFCF) (FSE: 5GP) ("K9" or the "Company")
is pleased to announce additional, multiple
mineralized intervals from drilling on its Stony Lake project in the Exploits Subzone Gold Belt in central
Newfoundland.
The analytical results reported in this news release are from the remaining drill holes
completed on the Jumper's Pond target completed to test the strike and dip extensions of the gold
mineralization reported in JP21-012 (see news release dated February 14, 2022).
Highlights:
The mineralized zone intersected in JP21-012 has been extended approximately 100m along
strike to the north;
The mineralization is interpreted to occur along the axis of an anticlinal structure, in the footwall of a
major fault zone and remains open along strike and at depth;
The mineralized intervals in four of the drill holes are open and additional sampling is required to
determine the full extent of the gold mineralization;
Higher grade samples include 5.09 g/t over 0.30m, 5.53g/t over 0.50m in JP21-022 and 4.48g/t
over 0.30m in JP21-019;
The mineralization exhibits a strong spatial correlation to a positive chargeability anomaly;
The mineralization is characterized by a quartz-pyrite-arsenopyrite-stibnite mineral association;
JP21-022 intersected twelve intervals of gold mineralization including 65.1 meters
averaging 0.78 g/t Au, from 98.5 to 163.6 m downhole;
and
Included in JP21-022 were intersections of 52.4 m averaging 0.93 g/t Au (98.5 to 150.9m), 5.7 m
averaging 2.37 g/t Au (98.5 - 104.2 m), 18.85 m averaging 1.22 g/t Au (121.3 - 140.15m) and 1.70
m averaging 3.17 g/t Au (129.3 - 121.0 m).
Jeff Poloni, CEO of K9 Gold, commented, "The drilling completed to follow-up the mineralization
intersected in JP21-012 has established continuity of the mineralized zone along strike and at depth.
The average grade and thickness of the mineralized intervals suggest that K9 has discovered a potential
large tonnage, low grade style of gold mineralization. The mineral associations, variable alteration,
multiple host rocks and correlation to an IP chargeability anomaly identified in JP21-012 are consistent
with observations on the drill holes reported in this news release. The correlation with the chargeability
anomaly outlined in the 2021 geophysical survey suggests a potential target of at least a 3km long.
"The analytical results combined with the drill core descriptions have better informed our understanding
of the location and structural controls on the gold mineralization and potential size of the exploration
target to be explored.
The additional sampling to define the limits of the gold mineralization reported in
this news release is expected to get underway immediately.
With the success of this phase, we are
reviewing a plan to increase drilling to 20,000 m."
Mineralization:
The gold mineralization is hosted by brecciated and sheared zones within intermediate volcanic flows of
the Lawrenceton Formation.
The grades encountered in these wide zones are comparable with the
reported mineral reserve grades from Marathon Gold's Valentine Lake project.
Both Valentine Lake and
Stony Lake lie within the Exploits Subzone Gold District, along the Cape Ray/Valentine Lake structural
trend. The more significant mineralized interval from the recent analytical results is set out below. A table
showing the weighted average grade for all intervals of significant gold mineralization is available on the
Company's website by following this link:
https://k9goldcorp.com/projects/stony-lake-project.html
DDH
Easting
Northing
Azi
Dip
From (m)
To (m)
Interval (m)
Au (g/t)
JP21-019
610963
5425262
92
-45
21.10
28.70
7.60
0.15
33.70
39.15
5.45
0.29
62.60
69.60
7.00
0.21
73.40
84.55
11.15
0.62
including
77.10
82.50
5.40
1.00
96.00
100.50
4.50
0.79
261.70
269.50
7.80
0.47
including
266.50
268.50
2.00
1.22
JP21-020
610963
5425262
92
-55
22.50
27.00
4.50
0.36
184.85
213.35
28.50
0.25
282.75
291.15
8.40
0.34
312.90
319.90
7.00
0.42
JP21-021
610972
5425279
86
-45
20.00
48.38
28.38
0.63
203.60
204.60
1.00
0.60
223.35
227.00
3.65
0.35
JP21-022
610972
5425279
86
-55
16.30
19.40
3.10
0.42
32.15
40.00
7.85
0.28
53.10
61.00
7.90
0.67
68.50
71.50
3.00
0.25
98.50
163.60
65.10
0.78
including
98.50
104.20
5.70
2.37
including
102.50
103.20
0.70
5.09
including
121.30
140.15
18.85
1.22
including
129.80
130.30
0.50
5.58
174.35
185.15
10.80
0.32
194.95
202.20
7.25
0.68
216.05
217.45
1.40
0.89
221.40
224.40
3.00
0.42
JP21-023
610959
5425261
101
-50
22.60
25.60
3.00
0.32
57.60
59.60
2.00
0.43
136.80
164.80
28.00
0.61
including
146.60
153.60
7.00
0.98
219.70
237.00
17.30
0.32
243.00
245.00
2.00
0.74
JP21-024
610963
5425262
105
-50
20.85
35.60
14.75
0.40
64.60
67.60
3.00
0.25
120.30
152.45
32.15
0.61
157.80
160.10
2.30
0.77
Note; reported interval are core intervals and do not represent true thickness, number have been rounded.
Jumper's Pond area summary:
Follow-up drilling completed in the vicinity of JP21-012 includes seven holes (JP021-013, 019, 020, 021,
022, 023 and 024) drilled from the same drill pad to test an interpreted ENE-trending positive
chargeability anomaly at a horizontal spacing of 10 to 40 metres, and a vertical spacing of 30 to 40
meters.
Clasts are typically subhedral and polymictic, with a bleached alteration halo.
These volcanic
breccias usually exhibit moderate chlorite alteration throughout the units.
Locally chaotic/splayed quartz
veinlets resembling hydrothermal breccias are present.
Within the volcanic breccias and quartz veins,
and along the contacts between the volcanics and quartz veins, pyrite mineralization is commonly
disseminated and/or blebby, with local concentrations up to 20%, and is typically associated with lesser
amounts of arsenopyrite and stibnite.
This could be indicative of late-stage hydrothermal activity.
A map showing the locations of the Jumper's Pond drill holes can be seen on the Company's website,
https://k9goldcorp.com/images/projects/stony_lake_gold/K9Gold_NothernDrillPlan_20211201.jpg
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 I.S.O. 17025 Accredited in Fire Assay Au, as well as
for their multi-acid ore grade assays in Cu, Pb, Zn, Ag, Fe and Co.
Weighted average grade for the mineralized intervals were estimated using a 0.2g/t cut-off. Weighted
average grade intervals include sample intervals below cut-off provided that the interval below the cut-off
did not exceed a 10m core interval.
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.
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.
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.
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.
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/114549