Vancouver, British Columbia–(Newsfile Corp. – October 13, 2021) – K9 Gold Corp (TSXV: KNC) (OTC Pink: WDFCF) (FSE: 5GP) has intersected a new broad zone of low grade gold mineralization at its Stony Lake gold project in central Newfoundland. Full results have been received from the first three holes as well as partial results from hole JP21-012, which intersected 1.03 grams per tonne gold over a core width of 7.9 meters, along with more than 8,000 parts per million arsenic in a zone of intense quartz veining and shearing.
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The company has an option to earn up to a 100% interest in the Stony Lake Project, which lies within the Cape Ray/Valentine Lake structural trend in Central Newfoundland, lying parallel to that of New Found Gold’s Queensway project, along the prolific Dog Bay Line. The project covers 13,625 hectares and 27 kilometers of favorable trend between Sokoman’s Moosehead discovery to the northeast and Marathon’s Valentine Lake deposit to the southwest.
Jeff Poloni, CEO, stated: “Our 2021 program focussed on using a combination of mapping, sampling and airborne and ground geophysical surveys to locate auriferous leakage halos from buried hydrothermal centres in outcrop on which to focus our maiden drilling program. The program successfully located a number of mineralized re-activated structural zones within the Botwood Sediments. While these results are extremely encouraging, we eagerly await the balance of the analytical results from the phase 1 drilling and continue the compilation of results to vector toward the hydrothermal center.”
To date, drilling has been mainly in the Jumper’s Pond area, with hole JP21-012 located immediately south of Sokoman’s Moosehead gold project, and has been targeted to intersect several large, interpreted shear zones. These shear zones, which can be up to 20 meters wide, exhibit locally intense brecciation, with substantial amounts of quartz veining, with ginguro banding noted in JP21-008 and 012, and sulphide concentrations up to 20%, with both pyrite and arsenopyrite.
Interpretations of the airborne geophysical surveys and the recent IP survey indicate the presence of several significant cross cutting shear zones in this area, all extending for strike lengths of at least 2 km. Three holes have been drilled adjacent to the Deliverance trench and two on the Moonlight prospect.
Hole JP21-012 returned an average grade of 1.03 grams per tonne gold over a 7.9 meter zone. In addition, the zone averaged 8032 ppm arsenic, with elevated antimony. A similar zone was noted in hole JP21-008. The gold values are almost exclusively in the fine fraction and are consistent at about 1.0 gram per tonne gold. The very high arsenic values, along with elevate antimony, are highly significant. The company is awaiting results from drill holes JP21-004 to 017 and says there is a backlog of assays at labs across the country with 82% of the results still to come.
K9 Gold has already received approval from the Newfoundland Government Mineral Lands Division for an additional 25 drillholes to cover an additional 5,000 meters in the Jumper’s Pond area.
In a recent report by Stock Market Media Group, the company’s professional geologist, Chris Healey, P.Geo, who has more than 50 years of experience in the industry, stated that: “He isn’t easily impressed these days; however, these early results had him discussing the drilling program with true excitement about the program and what is to come for K9 Gold. Healey said getting results that identify ‘a gram of gold with a whole lot of arsenic‘ excites experts and it’s ‘absolutely key to find this arsenic’. When he compared the tables that are being generated by the analytical data from K9 Gold’s drilling program with the tables being reported by its neighbors, he found the results K9 Gold is receiving are identical to what its neighbors are getting on their properties, including a very severe ‘nugget effect’. Healey added that results from drilling at the company’s Stony Lake Project could get exactly the same ‘core‘ as could be received from drilling on both the Sokomon and the New Found Gold properties.”
News releases from other companies active in the Central Newfoundland Gold Belt continue to increase the profile of this newly emerging gold district. For example, on April 28, 2021 Sokoman Minerals announced a new discovery at South Pond on their Moosehead project, immediately adjacent to K9’s Stony Lake property. On May 4, 2021, New Found Gold announced an intercept of 124.4 g/t gold over 17.7 meters at their nearby Queensway property. Management cautions that mineralization on nearby properties may not be indicative of mineralization on its property.
The company also owns a 100% interest in the Desert Eagle Vanadium project located in the historic Henry Mountains Mining District in southeast Utah, close to Anfield Energy’s Shootaring Canyon Mill, in an area that has seen extensive historic vanadium and uranium mining.
For more information, please visit the company’s website, www.k9goldcorp.com, call 1-833-434-GOLD (4653), contact Kosta Tsoutsis, Director, by email at [email protected], or contact Brian Morrison, CFO, at [email protected]
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