K2 Drills New High Grade Structures at Wels Project Highlights include 34.7 g/t Au over 1.52m and 1.60 g/t Au over 21.34m
K2 Drills New High Grade Structures at Wels
Project
Highlights include 34.7 g/t Au over 1.52m and 1.60 g/t Au over
21.34m
Vancouver, British Columbia--(Newsfile Corp. - November 6, 2023) - K2 Gold Corporation (TSXV: KTO)
(OTCQB: KTGDF) (FSE: 23K) ("
K2
" or the "
Company
") today announced the first assay results from its
2023 Reverse Circulation ("RC") drilling program at the Wels Project, located in west-central Yukon
60km south of Newmont's Coffee gold deposit. Results from a proof-of-concept program consisting of
six holes targeting the Saddle, Saddle North, and Saddle South Zones are reported herein, assays from
six additional holes across the property are pending.
Highlights:
The highest-grade gold assay to date at the Wels Project, was returned from drilling at the Saddle
South target in newly defined structures, including multiple high-grade gold intersections:
34.7 g/t Au over 1.52m in WRC23-006 from 82.3m down hole.
1.60 g/t Au over 21.34m in WRC23-005 from 3.05m down hole, including 3.22 g/t Au over
9.14m.
High grade gold drilled in a structure 60m south of the Saddle Main target returned 7.14 g/t Au over
3.05m from 60.96m down hole, in WRC23-003
First test hole at the Saddle North target returned 1.17 g/t Au over 7.62m from 25.91m down hole
(WRC23-004).
A set of at least 8 steeply-dipping, stacked mineralized structures within a +400m wide corridor
which is open to the NW, SE, and at depth, now comprise the Saddle Zone.
Figure
1
: Cross section of Saddle Zone drill holes.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6578/186380_3d699020349eab66_002full.jpg
"The results of the first assays from our 2023 drill program at the Wels have proven that the Saddle
Zone hosts multiple stacked mineralized structures over a more than 400m wide corridor which
remains fully open along strike to the west, east, and at depth The program was a successful proof-of-
concept and confirms that our exploration strategy is working. We were successful in discovering an
entirely new set of mineralized structures, which significantly expanded the footprint of mineralization.
The dataset we have complied combined with these new discoveries suggest the system extends
hundreds of metres along strike."
stated Anthony Margarit, CEO of K2 Gold.
Discussion of Results
The goal of K2's drilling at the Saddle Zone was to expand the area of known mineralization, where
earlier drilling identified high-grade gold over a limited area and in two host structures. The 2023 proof-
of-concept drilling at Saddle consisted of six RC holes drilled in a NNE-SSW oriented fence across the
target area to test for additional stacked, high-angle, mineralized structures with coincident surficial gold
anomalism. All six RC holes returned anomalous gold mineralization with values ranging from trace to
34.7 g/t Au.
"The fence-style drill layout provided coverage over the entirety of the Saddle target and led to the
discovery of a new structural corridor at Saddle South. This new set of structures hosts the highest
gold grades drilled to date at Wels and remains fully open for expansion."
Stated Eric Buitenhuis, K2's
VP Exploration.
"Saddle now exhibits many features that we observed initially at the Coffee gold
deposit, including a strong structural control, mineralization in all rock types drilled to date, and a
strong gold-arsenic-antimony geochemical signature. Crucially, the high-grade gold drilled south of
the Saddle Main structure suggests that each structure at the target area has the potential to host
these high grades and points to a strong mineralizing event."
Figure 2
: Plan map of drilling at the Saddle target area showing 2023 RC drill holes.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6578/186380_3d699020349eab66_003full.jpg
Table 1:
Assay summary table from the Saddle Zone.
Hole ID
Azimuth (°)
Dip
From (m)
To (m)
Width (m)
Au (g/t)
WRC23-001
0
-50
33.53
51.82
18.29
1.07
WRC23-002
25
-50
36.58
45.72
9.14
1.01
WRC23-003
205
-48
60.96
64.01
3.05
7.14
WRC23-004
30
-45
25.91
33.53
7.62
1.17
and
76.2
86.87
10.67
0.272
WRC23-005
30
-45
3.05
24.38
21.33
1.6
incl.
4.57
13.72
9.15
3.22
and
68.58
80.77
12.19
0.625
WRC23-006
30
-45
45.72
48.77
3.05
1.35
and
82.3
83.82
1.52
34.7
The first-ever drill holes into the
Saddle South
target successfully intersected gold mineralization from
immediately below surface, including:
a broad intercept of 1.6 g/t Au over 21.33m beginning at 3.05m down hole in WRC23-005.
Beneath this mineralized zone,
hole WRC23-006 intersected 34.7 g/t Au over 1.52m from 82.3m down hole, indicating the
potential for the Saddle South structures to host significant gold grades.
WRC23-003 was located in the centre of the
Saddle Main
target and drilled to the south-
southeast.
The hole intersected an interval of 7.14 g/t Au over 3.05m approximately 60m south of the
Saddle Main structure.
Holes WRC23-001 and WRC23-002 were drilled to test and confirm the presence of the Saddle
Main structure. Both holes intersected mineralization where expected,
Hole WRC23-004 was drilled as the northernmost hole in the drill fence to test the
Saddle North
target.
The hole successfully intersected additional high angle mineralized structures beyond the
historical drill footprint,
two main intersections: 1.17 g/t Au over 7.62m from 25.91m down hole, and 0.272 g/t Au
over 10.67m from 76.2m.
Interpretation and Next Steps
The results from the greater Saddle Zone demonstrate the presence of a stacked system of
approximately east-west trending, high-angle mineralized structures. The structures are observed to cut
all observed rock types, including quartzite found at the Saddle North and South targets as well as the
granite hosting the Saddle Main target, with high grade mineralization found in all rock types. The results
of the drilling suggest that each mineralized structure drilled to date has the potential to host high grade
gold mineralization. Direct controls on the distribution of high-grade gold are currently unknown but may
be structural in nature. All structures drilled to date remain open along strike and at depth.
Coarse visible gold is noted from surficial sampling and historical drilling at the Saddle target and select
intervals from the 2023 program will be assessed via Metallic Screen to assess for any "nugget" effect.
About the Wels Project
The
Wels Project
lies approximately 40km east of the community of Beaver Creek and 60km south of
Newmont Goldcorp's Coffee deposit discovered by Kaminak Gold Corporation (also formerly a
Discovery Group company prior to its acquisition by Goldcorp). Both the Coffee project and the Wels
project lie within the Tintina Gold Belt and share many similar characteristics and are host to structurally
controlled gold mineralization within intrusive rocks exhibiting multiple trends of mineralization. The Wels
land position consists of 350 contiguous quartz claims covering 7,200 hectares and lies within the
traditional territory of White River First Nation.
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 2023 RC drilling program was performed by ALS Laboratories ("ALS"), an
internationally recognized and accredited analytical services provider. All samples were submitted to
ALS's Whitehorse, Yukon facility where they were prepared using procedure PREP-31 (crush, split, and
pulverize 250g to better than 85% passing 75 microns). Pulp samples were then analysed for gold by
method Au-AA23, a 30-gram Fire Assay fusion with an atomic absorption finish (AAS). A 0.5g pulp was
analysed by aqua-regia acid digestion and inductively coupled plasma-atomic emission spectrometry
(ICP-AES) for 36 elements using method ME-ICP41. Samples returning greater than 10 g/t Au by the
Au-AA23 method were subsequently analysed by method Au-GRA21, a 30-gram Fire Assay fusion with
a gravimetric finish.
Quality Assurance and Quality Control procedures include the insertion of coarse blanks and certified
assay standards into the sample string at a rate of approximately 1/20 (5%). Samples were placed in
sealed bags and delivered directly to ALS's preparation facility in Whitehorse by K2 personnel or
contractors.
About K2 Gold
K2 is a proud member of Discovery Group and currently has projects in Southwest USA and the Yukon.
The
Mojave Project
is a 5,830-hectare oxide gold project with base metal targets located in 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.
The
Si2 Gold Project
is located in Esmeralda County, approximately 60km northwest of Tonopah,
Nevada, and 20km northwest of Allegiant Gold's Eastside deposit (1.4Moz Au, 8.8 Moz Ag). The project
is road accessible and consists of 118 BLM lode claims covering 986 Ha, 65 of which are under option
from Orogen Royalties Inc. (TSXV: OGN). The claims cover an 8 km
2
area of steam heated alunite-
kaolinite-buddingtonite alteration within a sequence of felsic to intermediate volcanic rocks displaying
brecciation and strongly anomalous mercury.
K2's 2023 diamond drill program at the Si2 Project confirmed that the system is gold bearing. The
project was initially identified using the same methods, and by the same exploration team that identified
AngloGold Ashanti's 4.22 Moz Au Silicon project
1
near Beatty, Nevada, and was staked based on its
strong geological similarities to Silicon.
1
.
https://reports.anglogoldashanti.com/22/wp-content/uploads/2023/04/AGA-IR22.pdf
K2 is committed to transparency, accountability, environmental stewardship, safety, diversity, inclusion,
and community and stakeholder engagement
.
On behalf of the Board of Directors,
Anthony Margarit
President and CEO
For further information about K2 Gold Corporation or this news release, please visit our website at
k2gold.com
, contact our office at 778-266-1456, or
.
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 Si2, Wels, and Mojave, including
results of drilling, and future exploration plans at Si2, Wels, and 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.sedarplus.ca
). 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
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