K9 Gold Corp. (TSXV: KNC) (OTC Pink: WDFCF) (FSE: 5GP) (‘K9’ or the ‘Company’) is pleased to provide its shareholders with an update on its successful 2021 exploration program on its highly prospective Stony Lake project in the Exploits Subzone Gold Belt in central Newfoundland.
Highlights
Drilling consisted of 24 drill holes (6865m) of a 10,000 m planned and permitted program testing potential mineralized targets in the Lawrenceton Volcanics below the Botwood sediments and encountered multiple zones of low grade gold mineralization with many analytical results yet to come.
Multiple wide zones of shearing, brecciation with quartz veining exhibiting a pyrite-arsenopyrite-stibnite mineral association have been intersected in the volcanics below the Botwood sediments.
Channel sampling of B horizon soil material at Moonlight returned an average of 809 ppb (0.81 g/t) Au over a width of 15.0 meters.
An extensive soil sampling program collected 3177 samples on 5 grids; multiple new target areas, showing multi-element anomalies which include Au, As and Sb.
51.5 line kilometres of Induced Polarization survey on two grids (Jumper’s Pond and Moonlight).
5.5 g/t Au over 4.0m in the Deliverance trench.
Continuation of the 2020 mapping, prospecting and sampling program.
Drilling planned to resume after a winter break.
Completion of full exploration commitment under the Purchase Option Agreement with District Copper Corp, as well as the second required payment, for the acquisition of a 75% interest in the Stony Lake property.
Jeff Poloni, CEO of K9 Gold commented, ‘The exploration model for phase I of our planned drilling program was to test the down dip extensions of interpreted leakage halos exposed in outcrops of Botwood sediments characterized by silicification and a gold-sulphide mineral association.
The drill cores from the Jumper’s Pond drilling indicate significant post sedimentation re-activation and late stage introduction of significant concentrations of sulphides and low grade gold mineralization in sheared Lawrenceton volcanics immediately south of Sokomon’s Moosehead gold deposit. Our exploration efforts have located suitable structural hosts exhibiting several factors that suggest potential for higher grade zones of gold mineralization along the shear zones.’
Chris Healey, P.Geo, Chief Geologist and a Director commented on the delay in receipt of analytical results from the drilling; ‘Like every other company working in Newfoundland, we are quite frustrated with delays in getting analytical results. This speaks volumes to the excitement generated in the Exploits Subzone Gold Belt and the shear volume of drill core samples being submitted which have inundated laboratories across Canada. When you hear that one company in particular is shipping samples to Australia for analysis, you know that this is an unprecedented situation. Drill results to date have allowed us to concentrate on a highly prospective zone in the Jumper’s Pond, and that is exactly where the vast majority of our pending analytical results are from.’
About Stony Lake Project
The Stony Lake property lies within the Exploits Subzone Gold Belt of 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 ha and 27 kilometers of favorable trend between Sokoman’s Moosehead discovery immediately to the northeast and Marathon’s Valentine Lake deposit to the southwest. Excellent infrastructure exists on the project lands and in the surrounding area.
At Stony Lake, ground prospecting and sampling has led to the identification of seven broad areas of highly anomalous to low grade (up to 4.0 g/t Au) to high grade (>4.0 g/t Au) gold mineralization. Following up on the prospecting work, systematic exploration with property-wide airborne geophysical and extensive soil sampling, plus two large grids of IP ground geophysical survey, has led to the interpretation of about 100 anomalies, at least ten of which are rated as high priority drill targets.
About K9 Gold Corp
K9 Gold Corp has assembled a highly-experienced and dynamic team to explore its Stony Lake Project. The project has been acquired from District Copper Corp by an option agreement, whereby K9 can earn up to a 100% interest in the project. The Company also owns a 100% interest in the Desert Eagle Vanadium-Uranium project located in the historic Henry Mountains Mining District in SE Utah. The area has seen extensive historic vanadium and uranium mining and is close to Anfield Energy Inc’s Shootaring Canyon mill.
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