K2 Gold drills 34.7 g/t gold over 1.52 metres at Wels project, Yukon

K2 Gold Corp. [TSXV-KTO; OTCQB-KTGDF; FSE-23K] reported first assay results from its 2023 reverse circulation (RC) drilling program at the Wels project, located in west-central Yukon 60 km south of Newmont’s Coffee gold deposit. Results from a proof-of-concept program consisting of six holes targeting the Saddle, Saddle North, and Saddle South Zones are reported herein, assays from six additional holes across the property are pending.

Highlights: The highest-grade gold assay to date at the Wels Project, was returned from drilling at the Saddle South target in newly defined structures, including multiple high-grade gold intersections: 34.7 g/t gold over 1.52 metres in WRC23-006 from 82.3 metres down hole.

WRC23-005 returned 1.60 g/t Au over 21.34m in from 3.05m down hole, including 3.22 g/t Au over 9.14m.

WRC23-003 returned high-grade gold drilled in a structure 60m south of the Saddle Main target returned 7.14 g/t Au over 3.05m from 60.96m down hole.

First test hole at the Saddle North target returned 1.17 g/t Au over 7.62m from 25.91m down hole (WRC23-004).

A set of at least 8 steeply-dipping, stacked mineralized structures within a +400m wide corridor which is open to the NW, SE, and at depth, now comprise the Saddle Zone.

“The results of the first assays from our 2023 drill program at the Wels have proven that the Saddle Zone hosts multiple stacked mineralized structures over a more than 400m wide corridor which remains fully open along strike to the west, east, and at depth The program was a successful proof-of-concept and confirms that our exploration strategy is working. We were successful in discovering an entirely new set of mineralized structures, which significantly expanded the footprint of mineralization. The dataset we have complied combined with these new discoveries suggest the system extends hundreds of metres along strike.” stated Anthony Margarit, CEO.

The goal of K2’s drilling at the Saddle Zone was to expand the area of known mineralization, where earlier drilling identified high-grade gold over a limited area and in two host structures. The 2023 proof-of-concept drilling at Saddle consisted of six RC holes drilled in a NNE-SSW oriented fence across the target area to test for additional stacked, high-angle, mineralized structures with coincident surficial gold anomalism. All six RC holes returned anomalous gold mineralization with values ranging from trace to 34.7 g/t Au.

‘The fence-style drill layout provided coverage over the entirety of the Saddle target and led to the discovery of a new structural corridor at Saddle South. This new set of structures hosts the highest gold grades drilled to date at Wels and remains fully open for expansion.’ Stated Eric Buitenhuis, K2’s VP Exploration. “Saddle now exhibits many features that we observed initially at the Coffee gold deposit, including a strong structural control, mineralization in all rock types drilled to date, and a strong gold-arsenic-antimony geochemical signature. Crucially, the high-grade gold drilled south of the Saddle Main structure suggests that each structure at the target area has the potential to host these high grades and points to a strong mineralizing event.”

The first-ever drill holes into the Saddle South target successfully intersected gold mineralization from immediately below surface, including: a broad intercept of 1.6 g/t Au over 21.33m beginning at 3.05m down hole in WRC23-005. Beneath this mineralized zone, hole WRC23-006 intersected 34.7 g/t Au over 1.52m from 82.3m down hole, indicating the potential for the Saddle South structures to host significant gold grades.

The results of the drilling suggest that each mineralized structure drilled to date has the potential to host high grade gold mineralization. Direct controls on the distribution of high-grade gold are currently unknown but may be structural in nature. All structures drilled to date remain open along strike and at depth.

Coarse visible gold is noted from surficial sampling and historical drilling at the Saddle target and select intervals from the 2023 program will be assessed via Metallic Screen to assess for any “nugget” effect.

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 (also formerly a Discovery Group company prior to its acquisition by Goldcorp.

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.