K2 Gold Reports Strong Initial Gold Solubility Results at Mojave
TSX-V: KTO
Suite 1020 – 800 West Pender Street, Vancouver, BC V6C 2V6
NEWS RELEASE
K2 Gold Reports Strong Initial Gold
Solubility Results at Mojave
Vancouver, B.C. – September 16, 2026 – K2 Gold Corporation (“K2” or the “Company”) (TSX-
V: KTO | OTCQX: KTGDF | FSE: 23K) today announced initial gold -solubility results from the
Dragonfly Zone at its 100% -owned Mojave Project in Inyo County, California. A total of 211
mineralized samples from seven holes drilled in 2026 return a soluble-gold-to-fire-assay-gold ratio
(“AuCN/AuFA ratio”) of 97.1% based on the ratio of summed CN-soluble and fire-assay gold
grades. Initial soluble gold recoveries combined with field observations confirm the presence of
readily leachable gold in an oxide environment to depths of up to 180 meters below surface – the
limit of drilling to date. Aggregate ratios for the individual holes ranged from 93.4% to 99.9%.
Furthermore, K2 conducted soluble gold check assays in 2020 on 206 paired samples from nine
holes covering Dragonfly and Newmont and these data returned an aggregate AuCN/AuFA ratio
of 95.0% . Collectively, the 2026 and 2020 results are encouraging and consistent with the
extensive visual oxidation documented in K2’s drilling at Dragonfly and Newmont.
Highlights
• Strong initial gold solubility: 211 mineralized samples from seven 2026 Dragonfly holes
returned a 97.1% aggregate AuCN/AuFA ratio, with individual -hole aggregate ratios
ranging from 93.4% to 99.9%.
• K2’s 2020 results support the 2026 data: 206 samples from 9 holes drilled at Dragonfly
and Newmont in 2020 return a 95.0% aggregate AuCN/AuFA ratio.
• Iron oxide rich sedimentary rocks have been documented throughout K2’s drilling at both
Dragonfly and Newmont historically and through the current drilling program with visible
oxidation within the gold-bearing structures tested to date.
• Previously reported intervals demonstrate high initial gold solubility ratios: 3.05m of 17.55
g/t Au in DF26-024 returned a 97.0% AuCN/AuFA ratio, and 18.29m of 3.77 g/t Au in
DF26-018 returned a 99.4% AuCN/AuFA ratio.
• Drilling completed by previous operators indicate oxidation to depths of at least 237m
depth, and preliminary “cyanide shake” tests on the mineralization by BHP indicated
recoveries up to 91% on material >0.5 g/t Au (see Great Bear Resources news release
dated Oct. 30, 2013, here).
• K2 is planning to conduct preliminary representative bottle- roll metallurgical testing to
evaluate gold extraction, extraction over time and reagent consumption under controlled
laboratory conditions.
“The results provide an encouraging first indication that a high proportion of the gold in the
Dragonfly samples tested is readily soluble,” stated Anthony Margarit, President and CEO of K2
Gold. “This is consistent with the widespread deep oxidation profile we have visually observed in
drilling at Dragonfly and Newmont. The next step is a more comprehensive bottle- roll program
designed to evaluate gold extraction using representative mineralized material.”
Oxide Mineralization Across Dragonfly and Newmont
K2’s geological logging has documented deep oxidized mineralization profiles in all drilling
completed by the Company to date at Dragonfly and Newmont. At Dragonfly, visual oxidation has
been observed throughout the gold-bearing structures tested in the 2020 and 2026 programs. At
Newmont, K2’s 2020 drilling intersected oxidized gol d mineralization in pervasive iron oxide rich
environments, including 41.15 m grading 1.69 g/t Au from 44.20 m in hole NM20-011.
Historical operators, including Newmont Exploration and BHP Minerals, also completed limited
drilling in the broader project area and their data report well oxidized sedimentary rock across
both targets . K2 is continuing to review available historical drill information alongside its own
geological observations. The physical evidence of oxidation, very low sulphur geochemistry, and
the high AuCN/AuFA ratios provide complementary indications that this preliminary test work
conducted on Dragonfly and Newmont mineralization has responded quite favorably and future,
more extensive metallurgical test work may respond well to conventional leach testing methods.
Metallurgical testing is required before conclusions can be made regarding processing
performance or potential recovery.
Initial Dragonfly Cyanide Soluble Gold Results - 2026
ALS Laboratories has analyzed 2026 samples from the first seven drill holes in this year’s program
that returned more than 0.100 g/t Au by initial fire assay using method Au-AA13. K2 compared
each cyanide-soluble gold result with the corresponding fire-assay result and calculated the
AuCN/AuFA ratio. Because the sample set includes only samples above the stated gold
threshold, the results should not be interpreted as representative of all drilled material.
Table 1: Hole-by-hole aggregate AuCN/AuFA ratio, as well as mean and median individual ratios (equal-
weight).
Drill hole Paired
samples
Aggregate
AuCN/AuFA*
Mean individual
ratio
Median individual
ratio
DF26-018 25 99.2% 98.2% 97.9%
DF26-019 19 93.4% 93.5% 93.2%
DF26-020 38 96.4% 91.0% 95.8%
DF26-021 27 96.7% 91.9% 94.2%
DF26-022 30 95.1% 94.0% 95.3%
DF26-023 36 99.9% 90.8% 98.6%
DF26-024 36 96.2% 84.1% 95.1%
2026 Overall 211 97.1% 91.4% 95.9%
211 unique samples from DF26-018 through DF26-024, each representing a five-foot reverse
circulation drill interval equivalent to approximately 1.52m were analysed and compared. The
aggregate ratio is calculated as 100 × the sum of soluble-gold results divided by the sum of fire-
assay results. Each sample represents an approximately 1.52 m drill interval. The arithmetic mean
gives each individual sample ratio equal weight, while the median represents the middle sample
ratio. These analytical ratios provide a preliminary indication of the potential amenability of the
tested mineralization to cyanide leaching, including potential heap-leach processing.
2020 K2 Gold Results
The 2020 dataset comprises select coarse-reject splits originally analyzed by MSA Laboratories
that were submitted to Bureau Veritas Laboratories for check fire-assay and cyanide-soluble gold
analysis following the 2020 drill program. Across 206 samples with check fire-assay gold greater
than 0.100 g/t Au, the combined ratio of summed CN to summed check-FA grades is 95.0%, with
a mean individual ratio of 90.9% and a median of 94.2%. Dragonfly and Newmont separately
return ratios of summed grades of 95.0% and 94.9%, respectively.
Table 2: 2020 drill hole-by-hole aggregate AuCN/AuFA ratio, as well as mean and median individual ratios
(equal-weight).
Drill Hole Paired
samples
Aggregate
AuCN/AuFA
Mean individual
ratio
Median individual
ratio
DF20-001 20 96.9% 99.8% 98.1%
DF20-002 43 95.7% 88.0% 93.2%
DF20-003 32 95.2% 86.0% 91.8%
DF20-004 26 93.1% 91.8% 92.0%
DF20-006 23 96.7% 89.4% 92.5%
Dragonfly
Subtotal
144 95.0% 90.1% 93.0%
NM20-010 16 96.8% 93.6% 95.1%
NM20-011 28 91.9% 93.9% 96.6%
NM20-016 11 98.0% 87.9% 94.3%
NM20-017 7 102.4% 93.0% 105.3%
Newmont
Subtotal
62 94.9% 92.7% 95.8%
2020 overall 206 95.0% 90.9% 94.2%
The ratios above compare Bureau Veritas soluble-gold results with Bureau Veritas check fire
assays; they do not use the original MSA Laboratories assays reported for the 2020 drill
intercepts. Because these were selected check-assay samples, they should not be interpreted as
representative of all material drilled in 2020.
Next Steps and Drilling Update
K2 is planning a more comprehensive bottle-roll program with a qualified metallurgical laboratory.
Representative composites are expected to be selected across a range of gold grades, rock
types, oxidation intensities and locations within the Dragonfly mineralized structures. The program
is expected to evaluate gold extraction over time, cyanide and lime consumption and the effect of
particle size, supported by head and residue assays. The final scope and timing remain subject
to sample availability and laboratory consultation. Bottle-roll results will help guide any
subsequent metallurgical work but will not, on their own, establish commercial-scale recovery.
K2 has also completed eight holes at the Newmont target, approximately 2 km south of Dragonfly
along the greater than 6.5 km long Eastside Gold Trend. 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. Samples with fire-assay gold
greater than 0.100 g/t were selected for additional cyanide-soluble gold analysis by Au-AA13, a
30g cyanide leach with an atomic absorption spectroscopy (“AAS”) finish.
Samples from the 2020 Dragonfly and Newmont drilling were initially prepared and analysed by
MSA Laboratories. Selected splits of retained coarse-reject material were subsequently submitted
to Bureau Veritas (“BV”) for preparation, check fire-assay and cyanide -soluble gold analysis.
Check assay samples were riffle split by method SPTRF and pulverized to 85% passing 200 mesh
by method PUL85, then analysed for gold by method FA430, a 30-gram Fire Assay fusion with
an ICP-AAS finish. Samples returning >10 g/t Au by Fire Assay were subsequently analyzed with
method FA530, a 30-gram fire assay with a gravimetric finish. The BV cyanide-soluble analyses
used method CN401, a 15g, 30mL cyanide leach with an AAS finish. The 2020 AuCN/AuFA ratios
reported in this release compare BV cyanide-soluble gold with the corresponding BV check fire -
assay results, rather than the original MSA assays.
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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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 permi ts,
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+ ( 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 securiti es 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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