TSX-V: KTO
VANCOUVER, BC, May 20, 2021 /CNW/ - K2 Gold Corporation
("K2" or the "Company") (TSXV: KTO) (OTCQB: KTGDF)
(FRANKFURT: 23K) is pleased to report the discovery of a
significant zone of copper mineralization at the Stega target on
the western side of the Company's Mojave project in Southern California. A
total of 99 rock chip and grab samples were collected on the Stega
target with the results for 53 samples collected along the Stega
copper zone ("Stega Copper Zone") discussed in this release.
Highlights:
- Discovery of significant sediment hosted copper zone at the
Stega target.
- Samples of up to 14.2% copper with mineralization associated
with locally anomalous gold and silver.
- The Stega Copper Zone is up to 250m in width, 1.8km in length, and is open to
the N-NW.
"The discovery of a significant high grade copper zone on the
western side of the Mojave project
is an intriguing development and speaks to the overall mineral
potential of the property," stated Stephen Swatton,
President and CEO of K2. Although we were aware that
copper was reported from Stega we were surprised at the extent and
grades of the mineralization. We look forward to following
up on these preliminary copper results – a mineral of critical
importance to the clean energy transition."
Please CLICK HERE to view all figures related to
this news release.
Stega Target
The Stega target is located on the western side of the
Mojave property, approximately
3.4km NW of the Newmont target, covering a 1.5km x 2km NW trending
zone of alteration and mineralization in strongly folded and
faulted Triassic siltstone, limestone, and shales with at least two
generations of porphyritic sills and dikes. Mineralization on
the target is polymetallic and shows a sharp zonation consisting of
an eastern silver-lead (+/- zinc) zone, a central copper zone, and
western gold zone. Individual mineralized zones are hosted along NW
oriented normal faults and NE trending thrust faults and fold
hinges, and are typically associated with silicification,
quartz-carbonate veining, strong iron-oxide development, sericite –
argillic alteration (gold-copper zones), and/or propylitic
alteration (silver-lead zones). The mineralization is
interpreted as intrusion-related and shows strong similarities to
polymetallic skarn, replacement, and/or structurally controlled
mineralization in the Cerro Gordo district, 5.5km to the
north.
Stega Copper Zone
A total of 99 rock chip and grab samples were collected on the
Stega target with 53 samples collected along the Stega Copper Zone.
The sampling was conducted to follow up on historic
high-grade copper samples (>1%) and evaluate the target for
further exploration. Individual results from the program
ranged from trace to 14.2% copper and the copper mineralization is
associated with locally anomalous gold (up to 0.18 g/t Au) and
silver (up to 72.9 g/t Ag). The highest-grade mineralization is
associated with a series of N-NE trending structures over a
200m wide zone with silicification,
quartz veining, strong malachite-azurite-hematite, and, locally,
semi-massive chalcopyrite. Individual structures are typically
1-5m in width with alteration and
anomalous copper mineralization (>0.05%) extending up to
30m from the structures.
Combined with historic sampling, the copper zone is up to
250m in width, 1.8km in length, and
is open to the N-NW. Including work by the Company, 247
samples have been collected on the Copper Zone and includes 28
samples >1% Cu and 68 samples >0.1% Cu (up to 15% Cu).
Numerous historic workings occur along the trend and
additional work is in progress to fully evaluate the zone and
identify potential drill targets including geologic mapping, soil
sampling, continuous chip-channel sampling, and heliborne
EM-resistivity (VTEM), magnetic, and radiometric surveys.
Additional results from the ongoing work on the Stega Copper
Zone, as well as result from sampling on the adjacent Gold and
Silver-Lead zones will be released in due course.
Exploration Overview at Mojave
This work is part of an on-going evaluation of the entire
Mojave property. The 2021
exploration results now confirm previous work from the 1980' and
1990's that interpreted the entire Mojave project area as part a large
multi-commodity mineral zone that hosts gold, silver, copper and
other base metals. The broader district has seen exploration
and mining activity from the mid 1800's to present. This
includes the Cerro Gordo district which produced an estimate 4.4
million ounces of silver, 37 tons of lead, and 12,000 tons of zinc
with lesser amounts of gold and copper (Merriam 1963); the Santa
Rosa Mine which produced 76,584 tons of ore averaging 0.45 g/t
gold, 397.7 g/t silver, 16.3% lead, and 0.7% copper (MacKevatt 1953
& Dixon 1991); and numerous other high-grade gold, silver, and
base-metal mines and prospects. The gold, as reported
by K2 from the Eastern Target Areas was discovered only more
recently (1980's and 1990's).
A VTEM (+ magnetics and radiometrics) geophysical survey has
also recently been completed over the Mojave property, and is currently being
processed. The survey consisted of 1036 line-km on
50m spaced lines and covered all
known target areas on the property. This includes the Owens, a target identified by previous
operators as having potential for porphyry copper mineralization
beneath colluvial cover 3km to the west of Stega. Ionic leach
sampling is also planned on the Owens target and other areas of colluvial
cover including Upland Valley. Results of the VTEM, in
combination with rock, soil, and ionic leach geochemistry and
previously completed WorldView-3 and LiDAR surveys, will assist in
the interpretation and definition of drill targets outside of the
Eastern Target area.
All mineralization at Mojave is
interpreted to be part of an intrusion related polymetallic
system(s). The gold mineralization in the Eastern Area
(Dragonfly, Newmont, Flores) is structurally controlled with
similarities to both low sulfidation epithermal and Carlin type
systems and may represent the distal expression of a much larger
intrusion-related hydrothermal system. Whereas targets on the
Western target area including Stega, Boland, Belshaw, Soda
Canyon/Soda Ridge, and, potentially, Owens are likely proximal to causative
intrusions and demonstrate the potential for sediment-hosted,
polymetallic, skarn, epithermal, and, potentially, porphyry styles
of mineralization.
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.
About K2
K2 is a well-financed gold exploration company with
approximately C$5.5M 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.
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
