K2 Gold's Year In Review
K2 Gold's Year In Review
Vancouver, British Columbia--(Newsfile Corp. - December 21, 2023) - K2 Gold Corporation (TSXV:
KTO) (OTCQB: KTGDF) (FSE: 23K) ("
K2
" or the "
Company
") is pleased to provide a year end
summary of its activities at its three properties and outline its objectives and milestones for the 2024
season.
"
2023 was an exciting year of exploration for K2 Gold drilling two of three projects in the company's
portfolio. The season began with a drill program at the Company's Si2 project in Nevada. The
diamond drilling at Si2 successfully demonstrated that the Si2 epithermal system is gold bearing. The
broad (185m) mineralized drill intercept encountered indicates that the hydrothermal system that
created the extensive property-wide steam-heated alteration at surface mobilized a tremendous
amount of gold-bearing fluid.
Next, the Company returned to the Wels project in Yukon Territory, completing 12 reverse circulation
drill holes designed as a proof of concept, as well as to expand the known mineralization footprint at
the Wels. The program returned compelling high grade gold intercepts, defined new mineralized
structures at all zones tested, and confirmed the mineralization model.
Finally, the Environmental Impact Statement ("EIS") at the Mojave project in Inyo County, California
successfully progressed on schedule through several milestones over the year. We are looking
forward to completing the EIS in preparation for the proposed Phase II Mojave drill program with a
goal of defining a gold resource on the eastern flank of the property at the Newmont, Remi, and
Dragonfly targets," stated Anthony Margarit - President and CEO of K2 Gold.
2024 Objectives:
Mojave Project: Successfully complete the Environmental Impact Statement in order to plan and
deliver a new 43-101 compliant resource at the Mojave project.
Wels Project: Plan drilling to follow up on 2023 success and expand the mineralized footprint, and
begin initial exploration of the untested western half of the property.
Si2 Project: Continue to explore non-dilutive financing options to execute a follow up drill program
testing new targets generated from the knowledge gained over the course of the 2023 program.
2023 Project Highlights
Mojave:
The EIS permitting process for the planned phase II drill program at the Mojave project in Inyo County
California surpassed a number of milestones over the course of 2023:
1
.
K2 Gold's modified Plan of Operations for a Phase II Drill Program at the Mojave Project has been
accepted as complete by the Bureau of Land Management (BLM). The program is designed to
delineate an initial NI 43-101 Inferred Mineral Resource Estimate at the project.
2
.
On July 3rd, 2023, a briefing was held for Senior Officials and Directors of the Department of the
Interior's BLM in Washington, D.C. Following the briefing, K2's Notice of Intent ("NOI") was
approved for publication.
3
.
The BLM announced the decision to publish the NOI on August 16th for the Mojave Exploration
Drilling Project.
4
.
The Project underwent a 60-day public scoping and comment period which ended October 10,
2023.
5
.
The BLM is now preparing a Draft Environmental Impact Statement (DEIS) which will incorporate
public comments and develop project alternatives. The DEIS is expected to be complete in
February.
Mojave Project- EIS Progress:
Mojave Project
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Wels:
The 2023 drill program was designed to:
Expand the footprint of mineralization at the Saddle zone.
As a proof of concept to demonstrate that our team's depth of experience in the Yukon, combined
with the implemented exploration methods and techniques could be successful in identifying new
gold bearing structures.
Both of these objectives were successfully completed.
K2's drilling at the Saddle target area 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 up
to 34.7 g/t Au.
The first ever drill holes into the Saddle South target successfully intersected several intervals of 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 newly drilled mineralized zone, hole
WRC23-006 intersected an interval of 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. Additional high-grade gold was
drilled in WRC23-003, which was collared in the centre of the Saddle Main target and drilled to the south
to test a weakly drilled portion of the Saddle Main area. The hole intersected an interval of 7.14 g/t Au
over 3.05m approximately 60m south of the Saddle Main structure.
The Saddle, Chai and Pekoe Zones host kilometre-scale gold-in-soil anomalies and corresponding
geophysical anomalies which suggest through-going structures and warrant follow up drilling. All
structures drilled to date remain open along strike and at depth. 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 encountered to date has the potential to host high grade gold mineralization. Direct controls on
the distribution of high-grade gold may be structural in nature and require further drilling. All structures
drilled to date remain open along strike and at depth.
Less than 40% of the Wels property has been explored by K2 to date, and only 4 target areas have been
tested.
Si2:
K2's drilling at the Si2 Project was designed to test the Southern Rhyolite Dome target area, which
consists of an extensive blanket of near-surface steam-heated alunite-kaolinite alteration. No gold is
found at surface, though high levels of mercury in rock samples at surface and the strong acid-leached
alteration indicate that the system represents the near-surface environment of an epithermal system. In
modern epithermal deposit models this alteration is formed by the boiling of a hydrothermal fluid at
depth.
The 2023 program consisted of four diamond drill holes for a total of 1,777.3m. The four holes were
oriented to the southeast, aligned in a fence-style pattern, and drilled at angles of 50 to 60 degrees from
horizontal to cut across a prominent set of NE-trending faults observed at surface at the margin of the
rhyolite dome. The objective of the drilling was to test beneath the steam-heated alteration to determine
if the epithermal system is gold bearing. A diamond drill was selected to obtain core samples to observe
textures of alteration and mineralization to guide future exploration.
All four drill holes intersected anomalous gold beginning at a depth of approximately 125-150m below
present surface, beneath the steam-heated alteration cap. Drillholes SD-23-001 (347.78m total depth
("TD")) and SD-23-002 (385.57m TD) successfully drilled across a prominent set of NE-trending,
moderate to steeply NW-dipping normal faults which control gold mineralization (Figure 1). In SD-23-
001, a fault mapped at surface as the "AOI1.5 fault" acts as a hard boundary, with anomalous gold
beginning in the immediate footwall in association with a 6.4m thick interval of quartz veining. The vein
exhibits high-level textures and represents a high-priority target for follow up drilling down-dip and along
strike to the northeast and southwest. The drillhole ended in mineralization, cutting a sulphide-bearing
fault breccia which returned 0.520 g/t Au over 3.2m.
Hole SD-23-002 drilled through the same fault system cut by hole SD-23-001, with barren steam-heated
alteration intersected from surface to 62m where a fault zone cutting oxidized and silicified rhyolite
returned 0.067 g/t Au over 4m. Consistently elevated gold values begin at a prominent fault at 200m
down hole, with an intersection of 0.053 g/t Au over 185.57m, including an interval of 0.179 g/t Au over
5.50m at 361m down hole with a sub interval of 0.228 g/t Au over 1.50m. The drill hole ended in
mineralization and increasing arsenic anomalism. The broad intercept is interpreted as "leakage" of hot,
mineralizing hydrothermal fluids adjacent to the controlling fault structures.
Minor gold was intersected in several fault zones with associated silicification deeper in the rhyolite
dome in holes SD-23-003 and SD-23-004, including an interval of fractured and silicified rhyolite which
returned 0.118 g/t Au over 6m in SD-23-003. Both holes drilled through the dome into andesitic rocks in
the footwall. Notably, the andesite was weakly mineralized where intersected, including program-high
arsenic anomalism in hole SD-23-003 associated with gold values in the 0.050 - 0.100 g/t Au range.
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.
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 drilling 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\
.
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.
K2 is committed to transparency, accountability, environmental stewardship, safety, diversity, inclusion,
and community and indigenous 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.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.
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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