K2 Completes Phase 1 Drilling Program at Mojave and Samples New Large Regional Gold Target
Suite 1020 – 800 West Pender Street, Vancouver, BC V6C 2V6
TSX-V: KTO
NEWS RELEASE
K2 Completes Phase 1 Drilling Program at Mojave and
Samples New Large Regional Gold Target
Vancouver, B.C. – November 16, 2020 – K2 Gold Corporation (“K2” or the “Company”) (TSX-V:
KTO; OTCQB: KTGDF; FRANKFURT: 23K ) is pleased to provide an exploration update for its
Mojave project (“Mojave”) located in Inyo County, Southern California. The Company has
completed its Phase 1 drilling program, which consisted of 17 RC drill holes for a total of 2,540m.
“We are pleased to have completed this initial drilling program at Mojave, the first such program
since the project was successfully drilled by BHP in 1997. Initial assay results are expected within
the next month,” stated Stephen Swatton, President and CEO of K2. “ The results from the first
phase of drilling will lay the groundwork for a larger exploration program . A n application for a
modified Plan of Operations utilizing an existing reclaimed exploration road for the second phase
of drilling is expected to be submitted to the Bureau of Land Management by December.”
Highlights:
• RC drilling program consisting of 2,540m in 17 holes, focused on the Dragonfly and
Newmont target areas.
• 422 rock samples collected on the recently identified Upland Valley target area. Large
zones of alteration, quartz -carbonate veining, and strong iron -oxide development
associated with regional scale structures identified in the area.
• Five sample shipments covering all drilled holes and rock chip samples have been
submitted for analysis.
• Initial assay results anticipated within four weeks.
Please CLICK HERE to view all figures related to this news release.
Drill Program
The Phase 1 drilling campaign consisting of 2,540m of drilling over 17 RC holes has been
completed on the Eastern side of the 5,830 ha (14,406 acre) Mojave property . The drilling
program focused on the Dragonfly and Newmont target areas; two gold rich zones within a 4.5km
strike length of known mineralization. The deepest hole was drilled to a vertical depth of 201.2m.
All historic holes drilled by Newmont and BHP within the Newmont and Dragonfly targets
intersected alteration and anomalous gold mineralizatio n (see October 13, 2020 news release
HERE).
The drilling was conducted from four sites: two on Dragonfly (“DF-1” and “DF -2”) and two on
Newmont (“NM-1” and “NM-2”), with multiple holes drilled from each site. A total of eight holes
were completed on the Dragonfly and nine holes completed on the Newmont with the drilling
designed to evaluate the extent of mineralization intercepted in the historic Newmont and BHP
drill programs.
A summary of the Phase 1 drill program is in the table below:
Hole ID Drill Site UTM_E UTM_N Elv (m) Azimuth Dip Depth(m)
MPMDF20-001
DF - 1
433014 4039153 2200 70 -50 196.60
MPMDF20-002 433014 4039153 2200 70 -80 201.17
MPMDF20-003 433014 4039153 2200 25 -65 174.35
MPMDF20-004 433014 4039153 2200 115 -65 132.59
MPMDF20-005
DF - 2
433059 4038921 2217 70 -50 22.86
MPMDF20-006 433059 4038921 2217 25 -60 89.92
MPMDF20-007 433059 4038921 2217 270 -50 74.68
MPMDF20-008 433059 4038921 2217 0 -90 36.58
MPMNM20-001
NM-1
432875 4036639 2165 115 -60 202.69
MPMNM20-002 432875 4036639 2165 0 -90 201.17
MPMNM20-003 432875 4036639 2165 70 -60 201.17
MPMNM20-004 432875 4036639 2165 160 -50 103.63
MPMNM20-005 432875 4036639 2165 160 -65 169.16
MPMNM20-006
NM-2
432952 4036933 2129 360 -50 173.74
MPMNM20-007 432952 4036933 2129 110 -50 202.69
MPMNM20-008 432952 4036933 2129 155 -60 192.02
MPMNM20-009 432952 4036933 2129 0 -90 164.59
Total (m) 2,539.61
All samples from the program have been shipped to MSALABS in Langley, BC and initial results
for the program are anticipated within four weeks.
Positive results from the first phase of drilling will provide support for an expanded second phase
of drilling. The permitting document for the larger program is well advanced and will be submitted
to the Bureau of Land Management by December.
Large Regional Gold Target Sampled
A systematic rock chip sampling program was also conducted across the Upland Valley area,
located in the centre of the Mojave property, 1.7km west of the Newmont target and adjacent to
the Stega target on the western margin of the property . The sampling was conducted to follow
up on previously identified alteration and iron -oxide anomalies which were recognized from
recently acquired World View-3 remote sensing imagery (see June 1, 2020 news release HERE).
A total of 422 rock chip and grab samples were collected on the target covering an approximate
2.6km x 1km area. There is evidence of numerous workings from early exploration work, probably
from the early 1900’s, but this target has not been followed up by more recent operators. The
area is characterized by large zones of quartz -carbonate (+/-barite) veining, argillic to quartz -
sericite alteration and strong iron -oxide development. Alteration occurs within a package of
strongly deformed Permian-Triassic calcareous sediments and porphyritic intrusive dikes and sills
cut by a series of NNW trending high angle faults that are associated with the strongest zones of
alteration.
In addition to Upland, additional prospecting s amples and geologic mapping was conducted on
the Gold Valley, Dragonfly, Newmont, and Broken Hill target areas.
Assay Methodology & QA/QC
The analytical work on the Mojave project w ill be performed by MSALABS an internationally
recognized analytical serv ices 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 repo rted work w ill 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 exploration company with approximately C$2M and projects
in SW USA and the Yukon. In the 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 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 dis claims 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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