K9 Gold Corp (TSXV: KNC) (OTC Pink: WDFCF) (FSE: 5GP) has completed its Induced Polarization survey at its Stony Lake property in Central Newfoundland and prepares for drill program in June. The company has an option to earn up to a 100% interest in the Stony Lake Project, which lies within the Cape RayValentine 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.
Simcoe Geoscience completed the High Resolution Wireless Alpha IP survey over the Jumper’s Pond and Moonlight areas. Preliminary interpretation of the IP data has confirmed several previously identified airborne geophysical anomalies that coincide with areas of coincident pyrite and arsenopyrite and weak-moderate gold mineralization in the Botwood sandstone. The survey also identified several new targets for ground follow-up.
Detailed review and interpretation of the data is ongoing and will assist in locating specific drill targets for the upcoming drill program. On the Moonlight grid, the IP data confirms and better defines the structural targets previously identified by airborne geophysics and geochemical anomalies from a variety of historic surveys. The anomalous zone appears to continue for a distance of 2 to 3 km. A second anomaly has been discovered on the NW side of the grid, which extends for over one kilometre to the northern limit of the survey, where it coincides with significant geochemical anomalies at the south end of Island Pond.
At Jumper’s Pond the main target, which extends north toward the property boundary, is now well defined and will be a high priority drill target area. A new zone has been discovered on the western side of the survey grid, west of the Bay d’Espoir highway. This zone extends southwards from the Rabbit Tracks East anomaly, where trenching and drilling are planned.
K9’s geological crew has commenced the 2021 field program which includes trenching, extensive soil sampling and mapping/prospecting.
Jeff Poloni, CEO, stated: “The preliminary IP data from the Moonlight and Jumper’s Pond areas continues to show the excellent potential of the Stony Lake Property. We will be working on detailed 3D interpretation and review over the next few weeks and are excited to be planning the first phase of drilling in June.”
Recent (2019) and historic (2001) geophysical work on the Jumper’s Pond area strongly suggests the presence of a large fold structure that plunges to the NE towards Moosehead, as well as several NW-trending structural features. The major fault structure related to the Mooseheads discovery can clearly be traced by regional magnetics for 5 – 6 km onto the Stony Lake property. These similarities increase K9’s confidence in the prospectivity of the Jumper’s Pond area.
Prior to the 2020 field season, airborne geophysical coverage, with follow-up ground prospecting and sampling, led to the identification of eight areas of highly anomalous to high grade gold mineralization.
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 metres 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.
The company is well financed having recently raised gross proceeds of $2,250,000 from the non-brokered private placement of 7.5 million units priced at $0.30 per unit, with Eric Sprott subscribing for $2,000,000 of the placement.
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