Vancouver, British Columbia--(Newsfile Corp. - November 19, 2024) - K2 Gold Corporation (TSXV: KTO) (OTCQB: KTGDF) (FSE: 23K) ("K2" or the "Company") today announced the first results from the Fall 2024 rock sampling program completed at the Mojave Project, located in Inyo County, California. The program followed up on high grade gold and copper from the Gold Valley and Soda Valley targets, respectively, while also exploring the Cerro Gordo target area in detail for the first time. Results from 74 of 179 total samples are reported here.
Highlights
Sampling at the Gold Valley target returned rock grab samples of up to 375 g/t Au (12.1 oz/t) and 142.5 g/t Au (4.6 oz/t) with the first-ever visible gold observed at Mojave noted in both samples.
Gold Valley is located 1.5km north-northwest along the same structure as the Dragonfly target, which K2 successfully drilled in 2020 with a highlight result of 86.9m of 4.0 g/tgold from surface.
Sampling at the Soda Valley target returned 9 samples with >1% Cu, including: 2.91, 2.61, and 2.47% Cu over a 2km long northwest-southeast trend.
Mojave represents a polymetallic mineralized system, hosting a 4.5km long corridor of high-grade gold mineralization in the east (Dragonfly to Newmont) and 5km of strike of high-grade copper mineralization in the west.
Results are pending for 105 samples from the Cerro Gordo Au-Ag-Pb-Zn target, located in the northwestern corner of the Mojave Project, which will be released imminently.
"The first results from K2's Fall 2024 sampling campaign demonstrate the remarkable scale, and intensity of the mineralization system at the Mojave Project. The 4.5km long eastern fault system has proven to host high-grade gold in drilling at the Newmont and Dragonfly targets, and via these exceptional new surface samples at Gold Valley. Based on our geological mapping, we believe the mineralized structures extend throughout the entire eastern corridor. The now 5km long copper trend on the western half of the property extending from Soda Valley in the north to the Stega target in the south, is impressive in its own right, and will be exciting to follow as we continue to develop the area. We look forward to releasing the results from our fieldwork at the Cerro Gordo target, which can be considered on trend of both the eastern and western target areas." stated Anthony Margarit, President and CEO of K2 Gold.
Fall Rock Sampling Program
The 2024 rock sampling program at Mojave was completed to follow up on bonanza-grade gold mineralization uncovered at the Gold Valley target (1) and high-grade copper mineralization at the Soda Valley trend. In addition, K2 extended sampling work to the Cerro Gordo target area in the northwest of the greater Mojave Property to conduct a verification sampling program.
A total of 179 rock samples were collected during the campaign:
38 samples from Gold Valley from trace to 375 g/t Au
21 samples from Soda Valley from trace to 2.91% Cu
15 samples from Dragonfly and Flores from trace to 8.38 g/t Au
105 samples from Cerro Gordo; assays pending
Results from the sampling program will guide future exploration targeting and aid in prioritizing future target areas.
Gold Valley - Visible Gold at Surface
Gold Valley is located about 1.5 km north-northwest of Dragonfly along the same mineralized structural corridor where K2 drilled high-grade gold in 2020 (86.9 meters with 4.0 g/t Au from the surface). The target was discovered when prospecting identified outcrops of silicified and jasperoidal breccia along the interpreted extension of the Dragonfly structure, with early samples containing up to 32.1 g/t Au.
In 2024, new sampling at Gold Valley revealed the first visible gold ever found at the Mojave Project. Sample G777505, taken from a spot that previously had a sample with 208 g/t Au, returned 375 g/t Au, showing fine grains of gold in a limonitic matrix. Visible gold in sediment-hosted mineralization is rare, even in material with very high gold grades.
Highlights from Gold Valley prospecting include samples of 375, 208, 142.5, and 32.1 g/t Au. The high-grade samples are linked to areas with extensive silicification and quartz-carbonate veining within silty to sandy limestone, calcareous siltstone, and conglomerate units.
Figure 1: Plan map of the Gold Valley target in relation to the Dragonfly target. Multiple parallel structures extend over 1.5km north-northwest from Dragonfly to Gold Valley.
Soda Valley is located at the northern end of a ~5km long northwest-southeast trend of high-grade copper mineralization in the western half of the Mojave project. Limited historic exploration has occurred in the area and work in 2024 identified several historical workings and located multiple previously unknown zones of mineralization.
A total of 21 samples were collected from Soda Valley during the 2024 program, with highlight samples returning 2.91% Cu with 118 g/t Ag, 2.61% Cu, 2.47% Cu, and 1.49% Cu with 125 g/t Ag. Mineralization consists of quartz-carbonate veining within northwest trending structures in favourable limestone - siltstone units. The mineralized zones are typically silicified, brecciated, and/or cut by quartz-carbonate veins with individual zones up to 5m wide observed in the field. The mineralization consists of strong copper oxide minerals (malachite and azurite) and hematite-geothite with locally fresh, disseminated to vein controlled, chalcopyrite and tetrahedrite. The Cu (+/- Ag) mineralization is associated with elevated As, Hg, Sb, & Zn with the strongest zones typically located near small diorite intrusive plugs. Overall, this mineralization is similar to the copper rich portion of the Stega target, along trend 4km to the southeast.
Figure 2: Plan map of the Soda Valley target area with copper-in-rock results indicated.
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 rock sampling programs was performed by ALS Laboratories ("ALS") in Reno, Nevada and North Vancouver, British Columbia. Samples were submitted to ALS's Reno, Nevada 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 containing >10 g/t Au were analyzed by Au-GRA21, a 30-gram Fire Assay fusion with gravimetric finish. Samples containing overlimit silver, copper, lead, or zinc were analyzed by methods Ag-OG62, Cu-OG62, Pb-OG62, and Zn-OG62, which are aqua regia digests with ore grade ICP finishes.
About K2 Gold
K2 is a proud member of Discovery Group and currently has three projects in Southwest USA and the Yukon.
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 km2 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 project1 near Beatty, Nevada, and was staked based on its strong geological similarities to Silicon.
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 (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 2023 Reverse Circulation drilling program at the Wels Project intersected gold in every drill hole, including the discovery of a new mineralized corridor at the Saddle South target. 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 by email at info@k2gold.com.
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.
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