K2 Drills 27.43m of 4.03 g/t Au at Dragonfly, Confirms Multiple Stacked High-Grade Oxide Gold Structures Additional Intercepts Include 32.01m of 2.02 g/t Au, 33.53m of 1.63 g/t Au, and 3.05m of 17.55 g/t Au
TSX-V: KTO
Suite 1020 – 800 West Pender Street, Vancouver, BC V6C 2V6
NEWS RELEASE
K2 Drills 27.43m of 4.03 g/t Au at Dragonfly,
Confirms Multiple Stacked High-Grade
Oxide Gold Structures
Additional Intercepts Include 32.01m of 2.02 g/t Au, 33.53m of 1.63 g/t Au, and
3.05m of 17.55 g/t Au
Vancouver, B.C. – September 9, 2026 – K2 Gold Corporation (“K2” or the “Company”) (TSX-
V: KTO | OTCQX: KTGDF | FSE: 23K) today announced the results from four additional drill holes
completed at the Dragonfly Zone at its 100% owned Mojave Project. Results from these four holes
drilled off the second pad of the 2026 program confirm the presence of multiple stacked structures
hosting high-grade oxide gold in a 40m step back to the west of K2’s 2020 discovery intercept.
The Dragonfly Zone is located 1.5km south of the undrilled Gold Valley target (rock samples to
375 g/t Au), 2km north of the Newmont target, and midway along the >6.5km long Eastside Gold
Trend, a broad mineralized trend which has been identified by K2 sampling and limited historical
drilling (see NI43-101 Technical Report).
23 holes have been completed to date for 4 182m of a fully permitted and fully funded 14,000m
campaign, with drilling currently in progress at the Newmont Zone. Results from 16 additional K2
drill holes are pending.
Highlights
• Results from all four holes reported herein are from site DF -F, a drill pad placed 40 m to
the west of K2’s 2020 highlight hole in the Dragonfly Zone, DF20-002: 45.72m of 6.68 g/t
Au (see K2 release of November 30, 2020) and designed to target the down-dip and lateral
extension of the exceptional 2020 intercept, reporting the following:
o DF26-023: 27.43m of 4.08 g/t Au from 82.30m down hole, including 15.24m of
5.30 g/t Au
o DF26-024: 3.05m of 17.55 g/t Au from 62.48m followed by 28.95m of 2.03 g/t
Au, including 16.76m of 3.03 g/t Au from 97.54m down hole.
o DF26-021: 32.01m of 2.02 g/t Au from 50.29m down hole, including 4.57m of
8.81 g/t Au
o DF26-022: 33.53m of 1.63 g/t Au from 102.11m down hole, including 6.10m of
4.97 g/t Au from 109.73m and 4.58m of 3.67 g/t Au from 131.06m
• Results continue to confirm that the Dragonfly zone consists of multiple stacked west-
dipping gold-bearing structures and remains open in all directions.
• Individual structures appear to widen at depth, with all structures drilled to date
demonstrating the potential to host high- grade oxide gol d mineralization, with 2026 drill
samples returning up to 19.00 g/t Au.
“Dragonfly continues to deliver. These four holes have intersected multiple stacked zones of
high-grade oxide gold and provide further evidence of a robust mineralized system beyond
our 2020 drilling. What is particularly exciting is that we are beginning to define Dragonfly ’s
architecture while a significant portion of the broader structural corridor remains undrilled. With
the system open in all directions and additional results pending, we are excited by what we
are seeing and by the opportunity that remains ahead of us,” sta ted Anthony Margarit,
President and CEO of K2 Gold.
Figure 1: Map of target areas throughout the region – new Dragonfly results noted.
Figure 2: Plan map of 2026 RC drilling at the Dragonfly Zone.
Dragonfly Zone – Site DF-F
Dragonfly is centrally located in the middle of the Eastside Gold Trend 1.5km south of Gold Valley
and 2km north of Newmont and hosts high-grade oxide gold mineralization within a steeply west-
dipping structural corridor. Ribs of silicified and strongly oxidized conglomerate and limestone
plus recessive but strongly gold mineralized siltstone are exposed at surface in the core of the
target area and carry gold values of up to 22.53 g/t Au . Surrounding the currently drilled portion
of the target, stacked, subparallel, primarily steep and west dipping structures are observed over
a 400 m wide corridor, with the majority undrilled to date.
Drill holes reported in this release were collared from pad DF-F, a 40m step back to the west from
the high-grade gold drilled by K2 in 2020 (45.72m of 6.68 g/t Au in hole DF20- 002). Two holes
were drilled to undercut the 2020 drilling at a 070° azimuth in an angled fan: DF26-021 (-50° dip)
and DF26-022 (-70° dip). Two additional holes were drilled at a 035 -degree azimuth to test for
possible northwest plunging ore shoots and test an undrilled pocket within the target area: DF26-
023 (-50 dip) and DF26-024 (-70 dip).
All four holes intersected an upper, high- grade structure (gold to 19.00 g/t Au in DF26- 024)
approximately 50m below surface. This zone may correlate with low -grade gold mineralization
intersected at surface in the previously reported drilling, indicating that low -grade mineralization
may increase with depth (see K2 release of August 18, 2026). Each hole then intersected a middle
zone believed to represent the main Dragonfly structur al corridor; this gold-mineralized corridor
appears to have increased in width at depth, as observed in DF26 -023 and DF26- 024 when
compared to intersections observed in adjacent drilling.
Table 1: Highlight results from drilling at site DF-F at the Dragonfly Zone. Full gold assay results for each
hole are available here.
Drill Hole From (m) To (m) Width* (m) Gold (g/t)
DF26-021 alteration envelope 50.29 82.30 32.01 2.02
including 50.29 54.86 4.57 8.80
and including 65.53 68.58 3.05 4.79
138.68 143.26 4.58 1.34
156.97 164.59 7.62 0.99
DF26-022 71.63 76.20 4.57 2.60
alteration envelope 102.11 135.64 33.53 1.63
including 109.73 115.82 6.09 4.97
and including 131.06 135.64 4.58 3.67
DF26-023 57.91 70.10 12.19 2.29
82.30 109.73 27.43 4.08
including 94.49 109.73 15.24 5.30
DF26-024 62.48 65.53 3.05 17.55
97.54 126.49 28.95 2.03
including 105.16 121.92 16.76 3.03
169.16 181.36 12.20 0.57
*Reported widths are from angled drill holes and are drilled/apparent widths; true thickness of mineralization
is currently unknown.
Table 2: Drill hole specifications for the initial holes in this release. Coordinates are in UTM NAD83 Z11.
Drill Hole Drill Site UTM X UTM Y Elevation
(m)
Azimuth
(deg.)
Dip
(deg.)
Length
(m)
DF26-021 DF-F 432977 4039140 2184 70 -50 192.02
DF26-022 DF-F 432977 4039140 2184 70 -70 192.02
DF26-023 DF-F 432977 4039140 2184 35 -50 192.02
DF26-024 DF-F 432977 4039140 2184 35 -65 192.02
Figure 3: Cross section of drilling in this release at the Dragonfly Zone, looking NN W. Results from 2020
are shown. Note that DF26- 023 and DF26- 024 were drilled to a 030 azimuth off -section; the section is
oriented 070-250 degrees.
DF26-021 (192.02 m, 070 Az., -50 Dip)
Hole 021 drilled through 15.20m of silicified conglomerate transitioning to an interbedded pebble
conglomerate with sandstone and shale with variable iron oxides (goethite, hematite) and quartz-
calcite veinlets to 21.00 m. An alternating mixture of sandstone and siltstone continues to final
depth with pure calcite veins, quartz veinlets and silicification, and oxidized finely disseminated
sulphides. The sandstone/siltstone mixture hosts strong gold mineralization with a m oderate
amount of iron oxides within the 32.01m structural corridor starting at 50.29m that carries 2.02 g/t
gold with a high- grade interval of 8.81 g/t gold over 4. 57m from 50.29m depth. Other notable
observations include the development of gypsum halos around quartz -oxidized sulphides, deep
yellow, orange, and red phyllitic siltstone. Increased iron oxides and fine- grained muscovite/illite
are associated with the phyllitic siltstones. Additional intercepts starting at 118.82m contain 3.05m
of 1.20 g/t gold followed by 4.58m of 1.34 g/t at a depth of 138.68m within hematitic and partly
veined sandstone. A lower structure returning 7.62m of 0.99 g/t Au was cut at 156.97m, with the
interval including 1.53m of 3.99 g/t Au.
Geochemical associations to Au include elevated As, Ag, Sb, Tl and typically depleted Ca.
DF26-022 (192.02 m, 070 Az., -75 Dip)
Hole 022 collared on the same site as DF26-021 and drilled through a similar initial sequence of
conglomerate and sandstone. An upper intercept within siltstone and sandstone returning 4.57m
of 2.60 g/t Au was cut at 71.63m down hole, before a broad alteration envelope returning 33.53m
of 1.63 g/t Au was intersected at 102.11m, including 6.09m of 4.97 g/t Au from 109.73m and
4.58m of 3.67 g/t Au from 94.49m. Starting at 79.25m the lithologies alternate from shale,
siltstone, and sandstone with moderate to locally strong iron oxides (goethite, hematite) in
fractures, veinlets, and disseminated with or without quartz veinlets. The gold intervals noted
above are associated with a significant increase in iron oxide content.
DF26-023 (192.02 m, 035 Az., -50 Dip)
Drill hole 023 collared in bedrock, cutting siltstone, sandstone, and a pebble conglomerate. The
strongest gold mineralized intervals vary in alteration style, some of which are hosted in strongly
foliated siltstone/shale units with strong goethite and hematite, whereas other horizons contain
quartz and minor calcite veining, disseminated oxidized sulphides to goethite and hematite, plus
thin horizons of pure gossan. The best interval is 27.43m with 4.08 g/t Au starting at 82.30m down
hole, including a core of 15.24m of 5.30 g/t Au, and crosses both strong foliated siltstone and
quartz replaced/altered siltstone with iron oxides. Minor vuggy silica occurs in high-grade gold
intervals with two separate samples hosting 5.59 and6.75 g/t Au, revealing the strong affinity
between gold and silica. The majority of lithologies are siltstone and shales with minor sandstone,
plus a basal conglomerate near the bottom of the hole and localized section of black siltstone.
DF26-024 (192.02 m, 035 Az., -65 Dip)
Drill hole 024 cut mostly sandstone and siltstone throughout the hole, with a pebble conglomerate
at 24.4 to 39.6m, similar to that seen in hole 023, but slightly shallower. The hole intersected three
distinct quartz veinlet/silicification zones with goethite, calcite, and manganese oxides, all of which
are gold bearing with the highest-grade interval located at 62.48m with 3.05m of 17.55 g/t Au.
Further down the hole, at 97.54m is a broader interval of alteration returning 28.95m of 2.03 g/t
Au including 16.76m of 3.03 g/t Au within a broader 28.95m corridor at 2.02 g/t gold, all in oxidized
quartz-altered siltstone. Towards the bottom of the hole is a third lower-grade gold zone of 12.20m
of 0.57 g/t Au starting at 169.60m paired with strong quartz-calcite alteration of sandstone with
moderate goethite-hematite.
Permitting
In early 2026, the Company received a positive Record of Decision (“ROD”) approving the Mojave
Exploration Drilling Program from the U.S. Bureau of Land Management (“BLM”) authorizing
exploration drilling from up to 22 drill sites.
The Company’s drilling program is proceeding under a comprehensive Plan of Operations that
aims to minimize environmental impact. Drill sites are limited in size, pads are constructed out of
timber to avoid extensive excavation, and all sites have been pr e-cleared by qualified biologists
and archaeologists after years of baseline work, avoiding all known cultural and biological
resources. In addition, Tribal Monitors from participating tribes are present at each drill site 24/7.
The current program constitutes the largest drill program ever undertaken on the Mojave Project.
Next Steps
In total 15 holes have been drilled at Dragonfly with the results of 7 of those released to date
including the 4 holes disclosed in this release. 8 additional holes have been completed at
Dragonfly from the DF-G, DF-M, and DF-A drill sites, with results from all 8 pending. All drill holes
from all sites have intersected strong silicification, carbonate veining, and iron oxide enrichment
due to the oxidation of sulphides. An additional 16 holes are currently permitted at Dragonfly and
are slated for drilling in the second phase of work at the target.
K2 has now drilled 8 holes at the Newmont target, located at the southern extent of the >6.5 km
long Eastside Gold Trend, 2 km south of Dragonfly and 1.6 km west of the Flores target. At
Newmont, K2 drilled oxide mineralization returning 1.64 g/t Au over 41.15m in hole NM20 -011
(see K2 News Release Feb 20, 2021 ), and historical operators including BHP Minerals and
Newmont Exploration completed limited drilling in 1997 and 1991, respectively.
The Company will continue to release results upon receipt and interpretation throughout the
ongoing, fully permitted, drilling program.
Qualified Person (“QP”) and QA/QC
The technical information in this news release has been prepared in accordance with Canadian
regulatory requirements set out in NI 43- 101 and reviewed and approved by Eric Buitenhuis,
M.Sc., P.Geo., K2’s QP and Vice President of Exploration.
The analytical work for the 2026 drilling program was performed by ALS Laboratories (“ALS”) an
internationally recognized and accredited analytical services provider. All samples were submitted
to ALS’s Reno, Nevada facility, where they were prepared using procedure PREP-31Y (dry, crush
entire sample to 2mm , rotary split and pulverize 250g to better than 85% passing 75 microns).
Samples were then shipped to the ALS laboratory in North Vancouver, BC, Canada, where pulp
samples were analysed for gold by method Au-ICP21, a 30-gram Fire Assay fusion with an ICP-
AES finish. Samples returning >10 g/t Au by Fire Assay were subsequently analysed with method
Au-GRA21, a 30-gram fire assay with a gravimetric finish. A 0.25g pulp was analysed by method
ME-MS61, a 4-acid digestion and ICP-MS finish for 48 elements.
Quality Assurance and Quality Control procedures include inserting coarse blanks and certified
assay standards into the sample string at a rate of approximately 1/10 (10%). K2 personnel placed
samples in sealed bags and shipped them to ALS.
About K2 Gold Corporation
K2 is a gold focused exploration company primarily operating in the SW USA and Yukon territory
of Canada. The company is led by an experienced team with a track record of success including
Great Bear, Great Bear Royalties, Kaminak and Northern Empire. The company is well financed
with a treasury of over $27M.
K2 holds: The Mojave Project is a +6000- hectare oxide gold project with base metal targets
located in Inyo County, California. Multiple previously recognized surface gold targets have been
successfully drilled in the past, most notably by Newmont and BHP. Since acquiring the property,
K2 has completed geochemical and geophysical surveys, geologic mapping, LiDAR, a WorldView
3 alteration survey, and successfully completed a 17- hole RC drill program focused on the
Dragonfly and Newmont Zones. Highlights from K2’s drilling program include 6.68 g/t Au over
45.72m from surface at the Dragonfly Zone, and 1.69 g/t Au over 41.15m from 44.20m depth at
the Newmont Zone. A follow-up phase of drilling at Mojave is currently underway and will continue
for the remainder of 2026. See Mojave 43-101 report here.
The Si2 Project is a low-sulphidation epithermal gold system located in Nevada within the Walker
Lane Trend. Historical shallow drilling tested only the uppermost levels of the system and returned
anomalous gold, silver, and pathfinder elements. Since acquiring the projec t, K2 has completed
detailed geologic mapping, surface geochemistry, geophysics, alteration mineralogy studies, fluid
inclusion analysis, and age dating. These integrated datasets confirm that prior drilling did not test
the interpreted boiling zone, where gold grades are typically maximized in epithermal systems. In
early 2026, K2 completed an 8-hole, 3,871m exploration drilling program targeting the depths of
the system and successfully intersected broad intervals of gold mineralization and blind-to-surface
quartz veining.
The Wels Project lies approximately 60km south of Fuerte Metals Coffee project discovered by
Kaminak Gold Corporation (formerly a Discovery Group company prior to its acquisition by
Goldcorp-Newmont). Both the Coffee project and the Wels project lie within the Tintina Gold Belt,
share similar characteristics, and are host to structurally controlled gold mineralization within
intrusive rocks exhibiting multiple trends of mineralization. K2’s drilling at the Wels Project has
returned strong results including: 3.53g/t Au over 19.5m, and 10.38g/t Au over 6.0m.
The Wolf Project is a new district-scale gold exploration project in west-central Yukon Territory,
Canada, located 80 km south of the 3.0 Moz Au Coffee Gold Project currently under development
by Fuerte Metals. Wolf consists of the Wolf South block, a >10km long gold- in-soil anomaly
previously held by multiple operators and consolidated by K2, and the Wolf North claim blocks
which host greenfield intrusion-related and epithermal gold targets.
K2 Gold is committed to responsible exploration, safety, Indigenous and community
engagement, and advancing high-quality projects through a collaborative and technically
disciplined approach.
On behalf of the Board of Directors,
(signed) “Anthony Margarit”
Anthony Margarit,
President and Chief Executive Officer
Investor Inquiries
[email protected] | +1 (604) 331-5090
For additional information about K2 Gold Corporation, please visit K2Gold.com
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