K2 Commences Drilling at Mojave Project
Suite 1020 – 800 West Pender Street, Vancouver, BC V6C 2V6
TSX-V: KTO
NEWS RELEASE
K2 Commences Drilling at Mojave Project
Vancouver, B.C. – October 13, 2020 – K2 Gold Corporation (“ K2” or the “Company”) (TSX-V:
KTO; OTCQB: KTGDF; FRANKFURT: 23K) is pleased to announce the commencement of the
Company’s first drilling program at the Mojave project (“Mojave”) located in Inyo County, Southern
California.
John Robins, Chairman of K2 commented, “This project represents one of the most exciting
exploration opportunities I have ever worked on. Our surface work over the last year has identified
several large zones of oxide gold mineralization. The commencement of drilling is a very positive
step forward for the Mojave project.”
“We have now safely mobilized a drill rig and personnel to Mojave – a high grade oxide gold
project which has not been drilled since BHP’s 10-hole programme in 1997,” stated Stephen
Swatton, President and CEO of K2. “With approximately $2.5 million in cash, K2 is fully financed
to complete this initial drilling campaign comprising four sites on the Eastern side of the property.”
Current Drill Program
K2 is fully financed to complete this initial drill campaign, which is expected to comprise
approximately 16 holes from four prospective sites on the Eastern side of the 5,830 ha (14,406
acres) property. This drilling program will focus only on the Dragonfly and Newmont target areas,
two gold rich zones with a 4.5km strike length of known mineralization outcropping at surface. It
is expected to produce approximately 3,200m of drill chips to a maximum depth of 200m per hole.
Please CLICK HERE to view a map of the Mojave drill sites.
All 35 historic holes drilled by Newmont and BHP within the Newmont and Dragonfly zones
intersected alteration and anomalous gold mineralization.
Dragonfly
K2 is permitted to drill two sites at Dragonfly and each will be located at least 90m from previous
BHP drilling.
Highlights for the historic BHP drilling at Dragonfly are in the table below:
Hole ID Target Company From (m) To (m) Int (m) Au (g/t)
CM97‐3 Dragonfly BHP 0.00 53.34 53.34 0.55
Incl. 1.52 25.91 24.38 0.67
And 47.24 53.34 6.10 2.00
And 163.07 172.2 9.13 1.17
CM97‐4 Dragonfly BHP 0 99.06 99.06 1.05
Incl. 16.76 22.86 6.1 4.95
And 42.67 57.91 15.24 3.11
And 88.39 97.54 9.14 1.55
CM97‐5 Dragonfly BHP 0 16.76 16.76 0.4
And 146.3 208.76 62.48 0.42
Incl. 146.3 158.5 12.19 1.48
Site DF-1 is located approximately 90m south of historic holes CM97-3 & 4 and will test beneath
the historic BHP trench that returned 4.2 g/t Au over 42.7m. The second site, DF-2, is located
approximately 235m south of DF-1 along the same structure.
Mineralization at Dragonfly occurs along a series of closely spaced, NW trending, SW dipping,
extensional zones. These occur between NNW trending, west dipping, sinistral strike-slip faults
and are the focus of higher-grade mineralization. The mineralization is associated with an
overlapping assemblage of silicification and sericite-clay alteration, multiple generations of
stockwork quartz and quartz-carbonate veining, and strong iron-oxide development within a
sequence of conglomerate, limestone, and siltstone.
Newmont
Two drill sites are permitted for Newmont and will follow up adjacent to historic drilling by Newmont
(1991) and BHP (1997). The closest historic hole to K2’s drilling is 67m (CGL-1) from NM-1.
Highlights of the historic drilling are shown in the table below:
Hole ID Target Company From (m) To (m) Int (m) Au (g/t)
CGL‐1 Newmont Newmont 8.23 9.75 1.52 8.23
and 29.57 32.61 3.05 2.45
CGL‐2 Newmont Newmont 61.26 119.18 57.91 0.58
Incl. 61.26 67.36 6.10 1.17
And 81.08 84.12 3.05 1.07
And 97.84 103.94 6.10 2.72
And 111.56 117.65 6.10 0.94
CGL‐3 Newmont Newmont 33.83 64.13 30.48 1.21
Incl. 38.4 55.17 16.76 2.08
CGL‐4 Newmont Newmont 26.52 32.61 6.10 2.64
CGL‐5 Newmont Newmont 23.47 37.19 13.72 1.13
Incl. 32.61 37.19 4.57 2.94
CGL‐6 Newmont Newmont 96.62 128.63 32.00 0.5
CGL‐12 Newmont Newmont 152.4 155.45 3.05 2.81
And 202.69 228.6 25.91 0.79
Incl. 210.31 224.03 13.72 1.27
CGL‐13 Newmont Newmont 123.44 143.26 19.81 0.3
CGL‐17 Newmont Newmont 147.83 152.40 4.57 0.35
CGL‐19 Newmont Newmont 22.86 33.53 10.67 0.61
And 74.86 99.06 24.38 0.91
CGL‐20A Newmont Newmont 56.39 59.44 3.05 0.12
CGL‐20B Newmont Newmont 24.38 47.24 22.86 0.15
And 79.25 86.87 7.62 0.42
CM97‐8 Newmont BHP 48.77 59.44 9.14 0.59
CM97‐9 Newmont BHP 120.4 156.97 36.58 0.5
Incl. 124.97 135.64 10.67 1.32
CM97‐10 Newmont BHP 158.5 164.59 6.1 1.13
And 228.6 309.37 80.77 0.22
Site NM-1 is at the southern end of the Newmont trend and will target near surface mineralization
beneath the ‘Discovery’ outcrop which includes chip/trench results of 2.46 g/t Au over 34m and
has not been previously drilled. The second site, NM-2, is located approximately 400m to the
north of NM-1 and will evaluate the continuity of the mineralized zone in a zone of widely spaced
historic drilling.
Mineralization at the Newmont is focused along a NNE trending, shallowly west dipping, structural
zone that forms the contact between calcareous siltstone and limestone. The mineralization
extends into both units where it is associated with strong sericite alteration, localised silicification
and brecciation, carbonate +/- quartz veining, and strong iron-oxide development.
The drill program is expected to last approximately three weeks. Rock chip samples will be
shipped to MSALABS laboratory in Vancouver, Canada, with an anticipated turnaround time for
analysis of rock samples between 3-4 weeks. The results from all four sites will contribute
significant data towards a preliminary resource estimation.
K2 is committed to ensuring compliance with all environmental regulations and local, state, and
federal laws. This drill program was approved by the Bureau of Land Management following
extensive environmental review, public input, and approval of a reclamation plan.
Health and Safety Protocols
K2 has been closely monitoring developments of the novel coronavirus pandemic (“COVID-19”).
The Company has implemented a set of health and safety protocols, with guidance from the
California Department of Public Health and Inyo County Health and Human Services, including:
daily screening procedures, temperature monitoring, guidelines for workers, self-assessment
checklists, directives regarding the use of face coverings and social distancing, cleaning and
disinfecting procedures, and contact tracing.
Assay Methodology & QA/QC
The analytical work on the Mojave project will be performed by MSALABS an internationally
recognized analytical services provider, at its laboratory in Langley, British Columbia. All rock
and drilling samples will be prepared using procedure PRP-910 (dry, crush to 70% passing 2mm,
riffle split off 250g, pulverize split to better than 85% passing 75 microns) and analyzed by method
FAS-111 (30g fire assay with AAS finish) and IMS-130 (0.5g, aqua regia digestion and ICP-
AES/MS analysis). Any samples containing >10g/t Au will be reanalyzed using method FAS-415
(30g Fire Assay with gravimetric finish). Samples containing >100 ppm Ag and/or >1% Cu, Pb,
& Zn will be reanalyzed using method ICF-6 (0.2g, 4-acid digest and ore grade ICP-AES analysis).
The reported work will be completed using industry standard procedures, including a quality
assurance/quality control (“QA/QC”) program consisting of the insertion of certified standard,
blanks and duplicates into the sample stream.
Qualified Person
Jodie Gibson, Vice President of Exploration and a Qualified Person under National Instrument
43-101, has reviewed and approved the technical information in this release.
About K2
K2 is a well-financed gold and silver explorat ion company with approximately $2.5M cash and
projects in SW USA and theYukon . In USA, the Company is represented by its 100% subsidiary,
Mojave Precious Metals Inc. 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 Dragonfly zone which recorded 4.2 g/t gold over 42.7m (BHP data).
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 604-354-2491, or in the USA at
Lone Pine, California +1 (760) 614-5605 or by email at [email protected].
K2 Gold Corporation is a member of the Discovery Group of Companies 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 st atements 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.
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THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
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