K2 Significantly Expands the Mineralized Footprint at Mojave Gold - Copper Project
K2 Significantly Expands the Mineralized
Footprint at Mojave Gold - Copper Project
Vancouver, British Columbia--(Newsfile Corp. - November 15, 2021) - K2 Gold Corporation (TSXV:
KTO) (OTCQB: KTGDF) (FSE: 23K) ("
K2
" or the "
Company
") is pleased to provide an update on
exploration activities at the Company's Mojave project in Southern California.
A geochemical sampling
program was recently conducted and included the collection of 1,178 soil samples on the Eastern Target
area, Upland-Gold Valley, Stega, and Soda Canyon target areas.
In addition to the extensive soil
program, 143 Ionic Leach samples were collected from the Upland Valley target area in specific
locations where the surface substrate was predominantly covered by locally transported colluvium
material.
Highlights:
Stega:
New
- Defined a new 1.7km gold in soil anomaly on the Stega target that is open in both
directions along strike. Includes samples up to 15,787 ppb Au (15.79 g/t Au) and five samples
>1,000 ppb Au.
Soda Canyon:
New
- Defined a new 1.2km gold in soil anomaly on the Soda Canyon target;
including samples up to 2,473 ppb Au (2.47 g/t Au).
Also defined an adjacent copper in soil
anomaly over 1.5km of strike length; includes samples up to 2,427 ppm Cu.
Upland Valley:
New
- Defined a new NW trending, gold (+Hg, Sb, & Mo) in soil and ionic leach
anomaly extending over 1km and indicating the potential for a previously unrecognized trend of
gold mineralization.
Gold Valley:
Extension
- Gold Valley gold in soil anomaly has been extended a further 450m to
the north; includes samples up to 2,561 ppb Au (2.56 g/t Au).
Steve Swatton, President and CEO of K2 commented:
"These latest exploration results at Mojave are
spectacular and continue to highlight the mineral potential of the entire property, not only for gold, but
also for copper, silver, lead, and zinc. Rigorous fieldwork following up geochemical anomalies defined
from the 2020-2021 field season, combined with interpretation of new geophysical data, has led the
Company to interpret previously unrecognised intrusive(s), situated beneath structurally complex low
to high sulphidation epithermal gold, copper, and base-metal showings, and indicates the potential for
Cu+/-Au-Mo porphyry style mineralization at depth.
We look forward to continuing to advance the
project and beginning our proposed Phase 2 exploration drilling. The decision to permit the next
phase of drilling continues to advance through the Bureau of Land Management's review process."
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Soil Sampling
A total of 1,178 soil samples were collected across the Eastern Target Area, Upland-Gold Valley, Stega,
and Soda Canyon target areas.
The samples were targeting 'C-horizon' soil material and were collected
from depths ranging from surface to 90cm.
Individual results for the sampling ranged from trace to
15,787 ppb Au (15.79 g/t Au) and defined a series of new exploration targets for gold and associated
pathfinder elements across the property. Each target area is discussed below:
Eastern Target Area
The Eastern Target Area comprises the Flores, Broken Hill, Newmont, Remi, and Dragonfly targets on
the eastern side of the Mojave property.
A total of 314 soil samples were collected across the area to
update historic sampling by Newmont and BHP and provide an updated and consistent geochemical
database across the targets.
Individual samples returned values ranging from trace to 7,650 ppb Au
(7.65 g/t Au) and the results further refined known gold and associated pathfinder anomalies on these
targets.
Upland - Gold Valley
A total of 122 samples were taken in the Upland-Gold Valley target areas.
The sampling was conducted
to expand upon known gold in soil anomalies on the Gold Valley target to the north and selectively
sample areas of developed soil cover on the Upland Valley area.
The interleaving areas of colluvial
cover on Upland Valley were sampled using Ionic Leach and area discussed further below.
Individual soil
samples on Upland-Gold Valley returned results ranging from trace to 2,561 ppb Au (2.56 g/t Au) and
include an approximately 100m x 450m expansion of the Gold Valley target to the north.
The Gold Valley
target now spans over 1.1km of strike length and is interpreted to cover the northwestern extension of
faults associated with high-grade mineralization on the Dragonfly target.
Additionally, two adjacent
samples from an unexplored area on the west side of Upland Valley approximately 800 west of Gold
Valley returned 88.5 and 94.7 ppb Au, respectively. Follow-up investigation of both anomalous areas is
currently underway.
Stega
A total of 438 samples were collected across the Stega target area(s). The Stega is located on the
southwestern side of the Mojave property and consists of three adjacent geochemical trends consisting
of the Stega Gold Zone, Stega Copper Zone, and Stega Silver - Lead Zones defined by previous rock
sampling.
The soil sampling was focused on the gold zone and was designed to help define the trends
and identify additional targets along the trends for follow up sampling and mapping efforts.
Individual
samples on the target ranged from trace to 15,787 ppb Au (15.79 g/t Au) and the sampling defined a
continuous, NW trending, gold in soil anomaly over 1.7km and up to 800m in width that is open in both
directions along strike.
This includes 6 samples > 1000 ppb Au and 48 samples > 100 ppb Au.
The
strongest anomalies are along NNW trending normal faults and NE trending fold hinges and thrust faults
and highlight multiple anomalous areas on the target with minor to no historic rock sampling.
Follow up
investigation of these areas is currently underway.
Soda Canyon
Soda Canyon is located approximately 4km NW of Stega and covers a NW trending fault associated
with silicified siltstone and limestone and minor historic rock sampling up to 2.5 g/t Au. A total of 304
samples were collected on Soda Canyon. Individual samples ranged from trace to 2473 ppb Au and
defined a 1.2km gold in soil anomaly along the fault contact on the northern margin of the soil grid.
In
addition, the sampling defined a 1.5km zone of anomalous copper along with southern margin of the soil
grid with results ranging from 5.5 to 2427 ppm Cu.
The copper trend is subparallel to the gold trend to
the north and is open to the NW and SSE and occurs along NW trending lithologic contacts, fold hinges,
and/or faults with the strongest anomalies at intersections with ENE trending faults.
Numerous historic
workings were recognized along and adjacent to the trend and are associated with rock samples up to
3.3% Cu.
Ionic Leach Sampling
Upland Valley
Ionic Leach sampling was conducted on areas with colluvial cover on the Upland Valley target areas
where traditional soil sampling was not possible.
A total of 143 samples were collected and designed to
assess the potential for mineralization beneath areas of colluvial cover. Ionic Leach is a partial extraction
geochemical technique designed to detect subtle element responses in covered terranes that can
characterize larger mineral systems at depth that would be missed using traditional soil analysis
techniques. The samples were collected on 50m spaced sample spacings and 300m spaced line as an
initial reconnaissance across the target area.
Individual samples ranged from trace to 36.5 ppb Au and
statistics for the samples indicate that >14.06 ppb Au is above the 98th percentile (i.e. strongly
anomalous) for the target.
The sampling returned two areas of anomalous gold.
The first occurs at the
northern end of the grid and is associated with the extension of the Gold Valley soil anomaly discussed
above. The second anomaly occurs within the central portion of Upland Valley approximately 1.6km NW
of the Dragonfly target and forms a 1km trend of anomalous gold anchored by new soil anomalies of
88.5 & 94.7 ppb Au on the west side of Upland Valley discussed above.
The anomaly is coincident with
anomalous Hg, Sb, and Mo, primary pathfinder elements on the Dragonfly - Remi - Newmont - Flores
targets and is interpreted to occur along a previously unrecognized splay of the Conglomerate Mesa
Fault system, which is the primary control on mineralization on the Eastern Target area.
Follow up
investigation of the target is currently underway.
Ionic Leach samples were collected on the Owens target on the southwestern side of the Mojave
Property. The results of these samples are currently being assessed and will be released in due course.
Drill Permitting Update
A Plan of Operations (PO) for drilling at 30 sites was accepted as complete by the USDI Bureau of Land
Management (BLM). The drill program details have been made public and are being subjected to the
mandatory environmental review period as an Environmental Assessment is completed.
A Decision
(permit modification) is scheduled following the environmental review and public comment in Q2 2022.
Assay Methodology & QA/QC
The analytical work on the Mojave project is being performed by MSALABS an internationally
recognized analytical services provider, at its laboratory in Langley, British Columbia.
All soil samples
are prepared using procedure PRP-757 (dry, screen to 80 mesh) and analyzed by method IMS-131
(20g, aqua regia digestion and ICP-AES/MS analysis). All rock and drilling samples are prepared using
procedure PRP-910 (dry, crush to 70% passing 2mm, riffle split off 250g, pulverize split to better than
85% passing 75 microns) and analyzed by method FAS-111 (30g fire assay with AAS finish) and IMS-
130 (0.5g, aqua regia digestion and ICP-AES/MS analysis).
Any samples containing >10g/t Au are
reanalyzed using method FAS-415 (30g Fire Assay with gravimetric finish).
Samples containing >100
ppm Ag and/or >1% Cu, Pb, & Zn are reanalyzed using method ICF-6 (0.2g, 4-acid digest and ore
grade ICP-AES analysis).
All Ionic Leach samples on the Mojave Project were submitted to ALS Global, an internationally
recognized analytical services provider, at its laboratory in Vancouver, British Columbia. All ionic leach
samples were analyzed using procedure ME-MS23 (50g, static sodium cyanide leach using chelating
agents with the leachant buffered at an alkaline pH of 8.5 and ICP-MS analysis).
The reported work was completed using industry standard procedures, including a quality
assurance/quality control ("QA/QC") program consisting of the insertion of certified standard, blanks and
duplicates into the sample stream.
Qualified Person
Jodie Gibson, P.Geo, Vice President of Exploration and a Qualified Person under National Instrument
43-101, has reviewed and approved the technical information on this release.
About K2
K2 is a well-financed gold exploration company with approximately C$3.2M and projects in SW USA
and the Yukon.
In the USA, the Company is represented by its 100% subsidiary, Mojave Precious Metals
Inc. ("MPM").
The Company is focused on the Mojave property in California, a 5,830-hectare oxide gold
project with base metal targets.
The location of Mojave enables the Company to have year-round news
flow on multiple previously recognized surface gold targets that have been successfully drilled in the past
by majors BHP and Newmont.
Besides affording immediate drill targets based on the Company's soil
data integrated with LiDAR and Worldview-3 data, the property also has undrilled locations with gold
enriched historical trench results including one at the Flores zone which recorded 8.4 g/t gold over 25.6m
(see October 30, 2013 news release from Great Bear Resources Ltd.).
K2 and MPM are committed to transparency, accountability, environmental stewardship, safety, diversity
and inclusion, and community engagement.
On behalf of the Board of Directors,
"Stephen Swatton"
President and CEO
K2 Gold Corporation.
For further information about K2 Gold Corporation or this news release, please visit our website at
k2gold.com
or contact Investor Relations Offices in Canada 604-653-9464, or in the USA at Lone Pine,
California +1 (760) 614-5605 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 Mojave, including results of
drilling, and future exploration plans at 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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