") is pleased to provide a 2021 annual review of progress.
K2 Year in Review
Vancouver, British Columbia--(Newsfile Corp. - January 18, 2022) - K2 Gold Corporation (TSXV: KTO)
(OTCQB: KTGDF) (FSE: 23K) ("
K2
" or the "
Company
") is pleased to provide a 2021 annual review of
progress.
Highlights:
The two most significant advancements at Mojave in 2021 were a 50% increase in the gold
footprint, and the discovery of large zones of copper and base metals on the western margins
of the property.
The Mojave property in California is progressing to the drill stage.
The next phase of proposed
drilling was submitted to the Bureau of Land Management ("BLM") and is progressing through the
necessary review process.
The Company has applied for 30 drill sites (approximately 10,000m)
which will infill and extend the footprint of gold mineralization previously drilled at the Dragonfly and
Newmont targets in October 2020.
The results of the next drilling programme will be incorporated
into the current database to provide a preliminary gold resource estimation of the Eastern Target
Area which will incorporate the Dragonfly, Remi and Newmont targets.
Through a comprehensive exploration program, the Company identified nine more areas of gold
mineralization on the Eastern Target Zone expanding the anomalous geochemical surface
expression from four to six kilometers in continuous strike length, an increase of thirty percent.
The 2021 exploration program was also successful in beginning to understand extensive areas of
copper mineralization at the Stega target on the western side of the property.
Samples of up to 14.2% copper with mineralization associated with locally anomalous gold
and silver.
The current surface expression of the Stega Copper Zone is up to 250m in width, 1.8km in
length, and is open to the N-NW.
The relationship between the recently discovered sediment hosted copper sampled at surface,
and possible buried intrusives/porphyries (identified by recent VTEM
TM
) is unclear at this time but
spatially there appears to be a distinct and direct relationship.
The 360 Ha Morning Star property adjacent to Mojave was optioned from a private vendor.
The
property consists of a combination of patented and unpatented mining claims, the majority of which
are unpatented.
The geology is similar to Mojave, however, more mapping and interpretation is
required to fully understand the mineralization style.
The property has a valid drill permit. Previous
drilling in the 80's and 90's on the property intersected grades up 3.7g Au over 38m (this figure is
considered historical, the core is still available for review but the assay certificates from drilling
have not been located).
Over the course of 2021 the Company has been actively pursuing prospective gold properties in
Nevada and other states in southwestern USA.
News on potential property additions are expected
to be released in Q1 and Q2 2022.
Steve Swatton, President and CEO of K2, commented:
"2021 was a pivotal year for K2.
As the US's
government departments adjusted to the expectations of the new administration, we continued to
advance the Mojave property as per the BLM guidelines.
Our strategy was to continue exploration at
Mojave while actively looking for complementary properties in other regions of the southwest US.
The
discovery of significant copper in addition to gold at Mojave was a welcomed development,
particularly in light of the announcements throughout the year from the State Department that the
government would like to source more critical metals from domestic sources.
We have identified
several mineral properties in other states, and we expect to be announcing agreements on one or
more other projects in the short term as we await the BLMs decision on the timing of permitted drilling
at Mojave."
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Summary of 2021 Highlights:
March 2021 - Positive decision letter of completion of documents for Phase 2 of drilling delivered to K2
by the BLM.
April 2021 - The Company announced that based on a comprehensive rock sampling program the
mineralization in the area of previous drilling (by Newmont, BHP and K2) was extended to approximately
1 km at surface.
May 2021 - Further sampling in the Dragonfly zone returned gold values of up to 14.5 g/t gold and both
the Newmont and Flores zones were extended at surface.
In addition to the known gold zone of previous
drilling the company discovered sediment hosted copper in a parallel zone approximately 3km to the
west.
Extensive sampling recovered samples of up to 14.2% Cu from the Stega zone.
June 2021 - Additional sampling at Stega revealed that the mineralization is zoned with a distinct Cu, Pb
and Zn banding occurring adjacent to a gold zone.
Both zones are pervasive along a distinct north-west
fault and the mineralization extends for approximately 6km by 1km.
August 2021 - K2 signed an option agreement to acquire the Morning Star property (formerly known as
the Cerro Gordo property) for certain cash payments, work commitments and a 3% NSR of which 1.5%
can be purchased by the Company.
November 2021 - Results of additional soil, rock and select ionic leach samples confirmed and
extended mineralization at 4 zones (Stega, Soda Canyon, Upland Valley and Gold Valley). This
information combined with previous work lead to the conclusion that the mineralization at the Mojave
property is district wide and occurs intermittently over 100km
2
.
December 2021 - Announced results of a heli-borne electromagnetic VTEM
TM
survey.
The interpretation
of the results is highly suggestive of at least 2 or more buried intrusives that may be the source of the
fluids that transported the mineralization at Mojave.
Qualified Person
Jodie Gibson, P.Geo, Vice President of Exploration and a Qualified Person under National Instrument
43-101, has reviewed and approved the technical information on this release.
About K2
K2 is a member of the Discovery Group of companies and has option agreements on projects in SW
USA and the Yukon.
In the USA, the Company is represented by its 100% subsidiary, Mojave Precious
Metals Inc. ("MPM").
The Company is focused on the Mojave property in California, a 5,830-hectare
oxide gold project with base metal targets.
The location of Mojave enables the Company to have year-
round news flow on multiple previously recognized surface gold targets that have been successfully
drilled in the past by majors BHP and Newmont.
Besides affording immediate drill targets based on the
Company's soil data integrated with LiDAR and Worldview-3 data, the property also has undrilled
locations with gold enriched historical trench results including one at the Flores zone which recorded 8.4
g/t gold over 25.6m (see October 30, 2013 news release from Great Bear Resources Ltd.).
K2 and MPM are committed to transparency, accountability, environmental stewardship, safety, diversity
and inclusion, and community engagement.
On behalf of the Board of Directors,
"Stephen Swatton"
President and CEO
K2 Gold Corporation.
For further information about K2 Gold Corporation or this news release, please visit our website at
k2gold.com
or contact Investor Relations Offices in Canada 604-653-9464, or in the USA at Lone Pine,
California +1 (760) 614-5605 or by email at
.
K2 Gold Corporation is a member of Discovery Group based in Vancouver, Canada. For more
information please visit:
discoverygroup.ca
.
Cautionary Statement on Forward-Looking Statements
This news release contains forward-looking statements that are not historical facts.
Forward-looking
statements involve risks, uncertainties and other factors that could cause actual results, performance,
prospects and opportunities to differ materially from those expressed or implied by such forward-looking
statements, including statements regarding the exploration program at Mojave, including results of
drilling, and future exploration plans at Mojave.
Factors that could cause actual results to differ materially
from these forward-looking statements include, but are not limited to, variations in the nature, quality and
quantity of any mineral deposits that may be located, the Company's inability to obtain any necessary
permits, consents or authorizations required for its planned activities, and the Company's inability to
raise the necessary capital or to be fully able to implement its business strategies.
The reader is referred
to the Company's public disclosure record which is available on SEDAR (
www.sedar.com
).
Although the
Company believes that the assumptions and factors used in preparing the forward-looking statements
are reasonable, undue reliance should not be placed on these statements, which only apply as of the
date of this news release, and no assurance can be given that such events will occur in the disclosed
time frames or at all.
Except as required by securities laws and the policies of the TSX Venture
Exchange, the Company disclaims any intention or obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or otherwise.
This news release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be
any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be
unlawful, including any of the securities in the United States of America.
No securities of the Company
have been or will, in the foreseeable future, be registered under the United States Securities Act of 1933
(the "1933 Act") or any state securities laws and may not be offered or sold within the United States or
to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless
registered under the 1933 Act and applicable state securities laws, or an exemption from such
registration requirements is available.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/110731