TSX-V: KTO
VANCOUVER, BC, April 1, 2021 /CNW/ - K2 Gold Corporation
("K2" or the "Company") (TSXV: KTO) (OTCQB: KTGDF)
(FRANKFURT: 23K) is pleased to report additional exploration
results from its Mojave project,
in Southern California. A total of 482 prospecting chip and
grab samples were collected on the Mojave property, with the majority of sampling
focused on the Upland target area
(416), and with additional sampling conducted on the Newmont,
Broken Hill, and Gold Valley target areas. Assays for the
work ranged from trace to 2.17 g/t Au and from trace to 126 g/t Ag,
respectively. K2 is also pleased to announce that its Board
of Directors has approved the launch of the 2021 Exploration
Program at Mojave.
Highlights:
- Upland: Reconnaissance
sampling outline two new target areas of gold and pathfinder
element anomalies.
- Newmont: Extended strike extent of the Newmont zone over
230m to northeast. The current strike
extend of the target now stands at 950m and is open on trend.
- Broken Hill: Confirmation of mineralization at surface
over 320m trend, open in all
directions.
- Gold Valley: Reconnaissance sampling outline consistent
anomalous Au mineralization with similar alteration and structural
controls as the Dragonfly, 750m to
the SE.
Stephen Swatton, President and CEO of K2 commented, "The
identification of two new un-drilled gold targets at Upland further highlights the potential of the
mineral rich environment at Mojave. Our exploration efforts
continue to unearth anomalous gold across multiple kilometers on
surface and along strike to known occurrences of high-grade oxide
gold. We are excited to launch our 2021 field program which
will follow up on last year's successful program and provide
complementary information for the next phase of drilling that is
advancing well through permitting."
Please CLICK HERE to view all figures related to newly
identified targets.
Upland
The Upland target is located in
the south-central portion of the Mojave property, approximately 1.7km west of
the Newmont target, and consists of a 4km x 2km, N-S trending area
of strong structural deformation and alteration initially defined
by World-View 3 alteration surveys. The area was historically
unexplored and reconnaissance style rock chip sampling was
conducted across the target to evaluate for zones of anomalous gold
and pathfinder geochemistry for follow up work. The sampling
was conducted either along lines approximately 125m apart or along ridge lines with composite
chip samples collected from outcrop approximately every 15 – 25
meters pending ground conditions. A total of 416 samples were
collected on the target and assays for the initial program defined
two areas, the Belshaw and Boland zones, with anomalous gold (up to
0.34 g/t Au) associated with broader halos of anomalous pathfinder
geochemistry (Ag, As, Hg, Pb, Sb +/- Cu).
The Belshaw zone occurs along a north-south trending ridgeline,
immediately east of the Stega target, and consists of a
275m, open, trend with locally
anomalous gold (up to 0.34 g/t Au) and strongly elevated pathfinder
elements associated with a northly trending fault zone within
Triassic siltstone, limestone, and conglomerate. Pervasive
quartz-sericite alteration and strong iron-oxide development occurs
over trend with localised zones of stockwork quartz veining.
A series of historic working also occur on the target and are
focused on galena bearing barite-carbonate veins that return assays
up to 1% Pb and up to 126 g/t Ag.
The Boland zone is located approximately 1km south of the BR
zone and consists of an approximately 400m x 500m area of
locally anomalous gold (up to 0.23 g/t Au) with strongly anomalous
pathfinder elements associated with a complexly deformed sequence
of siltstone and limestone with sericite-clay alteration, localized
silicification, strong iron-oxide development, and numerous altered
diorite porphyry sills and dikes.
The reconnaissance sampling program was successful at
highlighting the strongest zones of anomalous geochemistry within
the broader Upland target area.
Upcoming work will include geologic mapping and detailed
sampling of both the Boland and Belshaw zones to define the
controls on and strongest zones of mineralization.
Newmont
Additional rock sampling was conducted on the Newmont Zone where
the Company recently announced drilling results of 1.64 g/t Au over
41m from hole NM20-011 and 1.00 g/t
Au over 22.86m from hole NM20-016.
The mineralization on Newmont comes to surface and occurs
along the Newmont fault, a northeast trending, shallowly west
dipping, fault zone occurring along the contact of Permian
calcareous siltstone and bioclastic limestone. The rock
sampling focused on following the surface trace of mineralization
along the Newmont Fault to the northeast and evaluating for
potential subparallel zones of mineralization. The samples
returned values from trace to 2.17 g/t Au with the strongest values
associated with strongly silicified siltstone with stock-work
quartz veining and strong iron oxide development along the trace of
the Newmont Fault, extending the surface trace of mineralization
230m along strike. The surface
trace of the Newmont zone now extends 950m along strike and is open to the northeast.
Upcoming work on the target will include detailed chip
sampling and geologic mapping along the northeastern extension of
the target and continued prospecting and evaluation on strike of
the trend.
Broken Hill
The Broken Hill target is located 1.2km east of the Newmont Zone
along an east-west trending ridgeline. Previously announced
soil sampling by the Company* defined a 300m, east-west trending, zone of anomalous gold
on the target, and minor historic rock sampling includes results up
to 1.3 g/t Au. A total of 9 samples were collected on Broken
Hill as an initial follow-up to prior soil and historic rock
sampling and returned values up to 0.88 g/t Au, with 7 of the
samples returning >0.1 g/t Au. The mineralization occurs
along a structurally controlled contact of Permian limestone and
siltstone and is associated with sericite alteration, localised
silicification, and strong iron-oxide development. The target
shares many characteristics with the Newmont zone and has now been
defined over 320m of strike length
from rock and soil geochemistry. Upcoming work on the target
will include detailed chip sampling and geologic mapping to refine
the geometry and controls on mineralization for future drill
targeting.
*See the Company's news release dated April 6, 2020, HERE.
Gold Valley
Initial follow up sampling was also conducted on the Gold Valley
target, 750m to the northwest and on
trend with the Dragonfly zone. Previously announced soil
sampling on the target** defined a 700m x 650m
north-northwest trending gold in soils anomaly associated with
small resistive ridges of silicified conglomerate within a
colluvium filled valley. A total of 13 rock chip samples were
collected and focused on the resistive outcrop ridges and returned
consistently anomalous gold values up to 0.28 g/t Au. This is
similar to the geological setting to the Dragonfly zone were
silicified Triassic conglomerate with lower gold values (<0.5
g/t Au) immediately overlie zones of high-grade (>1 g/t Au)
mineralization, indicating they may have acted as a cap rock to the
hydrothermal system during mineralization. Upcoming work on
the target will focus on evaluating the potential for higher-grade
mineralization adjacent to these resistive, silicified, units.
**See the Companies news release dated June 1, 2020, HERE.
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 rock and drilling samples will be
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 will be
reanalyzed using method FAS-415 (30g Fire Assay with gravimetric
finish). Samples containing >100 ppm Ag and/or >1% Cu,
Pb, & Zn will be reanalyzed using method ICF-6 (0.2g, 4-acid
digest and ore grade ICP-AES 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.
2021 Exploration Program
K2's Board of Directors has approved the launch of a field
program to systematically explore the Mojave project. Preliminary field work
program at Mojave will consist of
the following:
- Geological mapping and rock chip sampling focused on the
Eastern Target area (Newmont, Remi, Dragonfly) and Stega
- Follow-up work on Upland and
Soda Ridge and Soda Canyon
- Geochemical program over5 grids (Newmont, BHP,Stega, Soda
Ridge, andSoda Canyon). This also includes ionic leach sampling
within colluvial cover on the Upland Valley and Owens areas.
- 971 line-km heliborne VTEM EM/resistivity survey; including
magnetics and radiometrics
Qualified Person
Jodie Gibson, Vice President of
Exploration and a Qualified Person under National Instrument
43-101, has reviewed and approved the technical information in this
release.
About K2
K2 is a well-financed gold exploration company with
approximately C$6.0M 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 East
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.
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
SOURCE K2 Gold Corporation