VANCOUVER, BC, May 13, 2021 /CNW/ – K2 Gold Corporation is pleased to report preliminary results from its 2021 Exploration Program from the Company’s Mojave project in Southern California.
“We are very pleased to report the discovery of a new, sub-parallel zone of gold mineralization approximately 300 meters west of last year’s drill program,” stated Stephen Swatton, President and CEO of K2.
The mineralized zones are focused along lithologic contacts and fracture/fault networks adjacent to a series of north-northwest trending, west dipping, normal-sinistral faults and splays comprising the Conglomerate Mesa Fault System .
A total of 279 rock chip and grab samples were collected across the Eastern Target area as part of an ongoing geologic mapping and geochemical sampling program.
Additionally, they occur in less favorable lithologic units higher in the stratigraphic sequence indicating potential for stronger mineralization at depth, particularly at the unconformity of Triassic and Permian sediments.
The Dragonfly is located 600m south of Gold Valley and consists of approximately 500m of structurally controlled alteration and mineralization that consistently returns surficial samples >1 g/t Au and has anomalous mineralization extending over 1km on trend to the south towards the Remi target.
At least three primary segments of the CMFS transect the Dragonfly target with numerous 2nd – 3rd order splays forming a 500m wide corridor of alteration and mineralization traceable over 1.5km south to the Remi target and at least 900m north to the Gold Valley target.
In addition to gold targets, a previously unknown prospect was discovered along an E-W trending cliff face with stockwork barite-carbonate veining and up to 3% relict, oxidized, sulfides in strongly altered siltstone.
Newmont is located approximately 1.2km south of the Remi and consists of a northeast trending, gently south dipping, zone of mineralization along the Newmont fault, a structurally controlled contact of Permian siltstone and bioclastic limestone.
Mapping and sampling successfully traced the Newmont fault a further 350m to the north and is interpreted to continue into the Remi zone; extending the strike extent of the Newmont to 1.1km.
Mineralization occurs in both sets of structures over a 650m trend, is strongest at structural intersections and lithologic contacts, and is associated with carbonate veining, strong iron oxide development, and localised silicification.
The results reported above are a portion of samples collected from an ongoing geologic mapping, prospecting, and geochemical sampling program across the Mojave property.
The results of a resource estimate at this stage of drilling is still extremely preliminary, and will not provide enough information to continue to mining and furthermore it will not provide enough information to determine the type of mining or method of gold extraction.
The Company’s Board also granted incentive stock options to certain directors, officers, and consultants of the Company to purchase up to an aggregate 1,380,000 common shares in the capital stock of the Company, in accordance with K2’s shareholder-approved stock option plan.
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.
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.
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.