K2 Gold drills 1.53 metres of 3.63 g/t gold at Wels, Yukon

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K2 Gold Corp. [TSXV-KTO; OTCQB-KTGDF; FSE-23K] reported exploration drill results from its 2023 reverse circulation (RC) drilling program at the Wels project, located in west-central Yukon Territory 60 km south of Newmont’s Coffee gold deposit. These results demonstrate the presence of a mineralized system of significant size and scale at the Wels project.

Highlights: First ever drilling at Chai target defines a >270-metre-wide corridor hosting multiple mineralized structures: 0.827 g/t gold over 13.72 metres in WRC23-007 from 76.20 metres down hole, including 3.63 g/t gold over 1.53 metres.

Reconnaissance drilling at the Pekoe target intersected 0.411 g/t gold over 38.10 metres in WRC23-011 from 9.14 metres down hole; the first pierce point into a >900m long structure. All 2023 RC holes intersected gold mineralization, and all structures drilled to date remain open along strike and at depth.

“Using a proof-of-concept approach, the 2023 Wels drill program demonstrated the existence of a structurally controlled gold system nearly 3 km2 in size. This successfully expands the known footprint of mineralization on the property by 1,000%. To date, less than 40% of the Wels property has been explored, and all existing targets remain open along strike and at depth. Based on these positive results a systematic property-wide exploration program is being planned to explore and target high grade zones within these newly defined gold bearing structures,” said Anthony Margarit, President and CEO.

K2’s 2023 Wels exploration program consisted of the first drill holes at the Chai, Pekoe and Saddle West target areas and confirms that all target areas host gold bearing structures.

At the Chai zone, three holes were drilled in a north-northeast-south-southwest oriented fence with tip-to-tail coverage to cover broad surficial gold geochemical anomalism, and several previously identified geophysical anomalies. In the south of the zone, hole WRC23-007 drilled an interval of 0.827 g/t Au over 13.72 m within a gabbroic intrusive immediately above the contact with quartzite to the south. In the northern portion of the zone hole WRC23-009 drilled broad intervals of low-grade gold entirely within quartzite. Host rock does not appear to play a significant role in mineralization at this time.

Two holes were completed at the Pekoe zone, located 1.3km northwest of the Saddle area. The holes were widely spaced, situated 200 metres apart, and tested separate structures identified by K2’s geophysical surveys. Hole WRC23-011 intersected 0.411 g/t gold over 38.10 metres from 9.14 metres down hole within a structure that extends for more than 900 metres in a WNW-ESE orientation. Hole WRC23-010 tested a separate NW-SE trending geophysical feature and returned minor gold mineralization within both siltstone and quartzite, including 0.205 g/t gold over 7.62 metres from 160.02 metres down hole.

The final hole of the 2023 program was drilled at the Saddle West target as a 100-metre step-out west of known mineralization along the trend of the Saddle Main structure. The hole intersected a zone returning 0.255 g/t gold over 16.76 metres from 106.68 metres down hole at the contact between quartzite and a mafic dyke. Unfortunately, the hole and a portion of the drill rods were lost in heavily altered dyke before reaching the planned target depth and the interpreted extension of the Saddle Main structure.

Less than 40% of the Wels property has been explored by K2 to date, and only four target areas have been tested. The results from the first drill tests of the Chai and Pekoe targets combined with the previously released results from the Saddle Zone successfully identified at least 12 new gold-bearing structures and demonstrate the presence of a significant broad scale mineralized system at the Wels Project.

With a limited number of drill holes at the Chai Zone, K2 successfully defined a broad zone of mineralization which exceeded expectations based on prior surface sampling.

The Wels Project is 40km east of the community of Beaver Creek. 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 a member of Discovery Group and currently has projects in Southwest USA and the Yukon.

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