K2 Gold Submits Notice of Intent and Secures Diamond Drill for Si2 Project, Nevada
K2 Gold Submits Notice of Intent and Secures
Diamond Drill for Si2 Project, Nevada
Vancouver, British Columbia--(Newsfile Corp. - February 21, 2023) - K2 Gold Corporation (TSXV: KTO)
(OTCQB: KTGDF) (FSE: 23K) ("
K2
" or the "
Company
") is pleased to announce that it has submitted a
Notice of Intent ("NOI") to the Bureau of Land Management ("BLM") to begin drilling at the Si2 Gold
Project. The NOI covers the preparation of up to 15 drill sites with hole depths of up to 600m each, for
which the Company has secured a diamond drill from Big Sky Exploration.
The targets at Si2 exhibit many characteristics of a preserved mineralized epithermal system. K2's initial
drill program is designed to drill test steeply dipping faults which act as the plumbing for large, steam-
heated alteration zones. Faults on the property which are found adjacent to, and within the alteration
zones have been confirmed as key fluid pathways through multiple geological, geochemical, geophysical
surveys (Figure 1). These structures appear to control the extensive steam-heated alteration observed at
surface and may be indicative of a preserved epithermal system.
"The targets at Si2 are indicative of a preserved epithermal system. Many of the characteristics they
exhibit are similar to those initially observed at AngloGold Ashanti's Silicon project - where a 3.37 Moz
Au resource was announced in 2022 - prior to drilling and discovery.
Since acquiring the Si2 project in January 2022, our team has rapidly developed targets based on
geologic, geochemical, and geophysical evidence compiled using numerous methods. We plan to
test the highest-ranking targets and are focusing on potential areas of precious mineral enrichment in
the "boiling zone" of the epithermal system which we believe may lie at depth beneath the alteration
we see at surface at Si2.",
stated Anthony Margarit, President and CEO of K2 Gold.
Figure 1:
Plan map of WorldView 3 alteration hotspots and planned drill sites at the Si2 Gold
Project.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6578/155530_e87b092ef4a62898_002full.jpg
About the Si2 Project
The Si2 Gold Project is located in Esmeralda County, Nevada, 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, 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 with brecciation and
strongly anomalous mercury. The alteration is interpreted to represent a high-level setting within a low-
sulfidation epithermal gold-silver system. In this type of geologic setting there is typically minimal
anomalous gold mineralization at surface, however, gold grades may increase at depth along controlling
structures at critical locations in the hydrothermal system (i.e., boiling zones).
The Si2 Gold Project was initially identified by the same exploration team that identified AngloGold
Ashanti's Silicon project near Beatty, Nevada, and was staked based on its strong geological
similarities to Silicon.
Qualified Person ("QP")
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 Wels Project is located in Western Yukon, approximately 40km east of the community of Beaver
Creek and 60km south of Newmont Goldcorp's 4Moz Coffee deposit, within the traditional territory of
White River First Nation. The land position consists of 350 contiguous Quartz Claims covering 7,200
hectares.
Wels is underlain by metasedimentary and metavolcanic rocks of the White River Formation
that have been intruded by a series of Triassic gabbroic sills and Cretaceous granitic plugs. This
package has been cut by a series of WNW trending high-angle structures that host alteration and gold
mineralization. Mineralization is noted in all rock types observed on the property to date and is
associated with quartz veining, brecciation, and sericite alteration with anomalous As, Sb, and, locally,
visible gold. Four discrete mineralized trends are currently known, with only one trend drilled to date,
delivering encouraging assay results of 2.37 g/t Au over 28.5m and 10.38 g/t Au over 6.0m. All
mineralized trends remain open along strike and approximately 80% of the property is currently
unexplored.
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.
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 by email at
.
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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