K9 Gold Corp. Receives $4.2 Million for Drilling Program and Identifies Additional Exploration Targets
NEW YORK, NY, March 03, 2021 (GLOBE NEWSWIRE) -- K9 Gold Corp. (OTC Pink: WDFCF) (TSXV: KNC) (FSE: 5GP) remains well-financed for its 2021 drilling and exploration season, while at the same time, it continues to identify additional promising exploration targets on its Stony Lake project located in the newly emerging Central Newfoundland “Gold Belt.”
The all-in sustaining cost of mining, even a single ounce of gold, is steep; however, exploration costs for companies with the aim of discovering and mining gold daily, are even greater. So, when K9 Gold announced that it received another $4,217,450 in funding from its latest three private placements, it was welcomed news.
For shareholders, the funding is an injection of confidence that the company’s 2021 drilling season is alive and well. And, for the company, it’s an optimism that a steady stream of test results from its Stony Lake project show K9 Gold is potentially sitting on a prime piece of mining real estate within Newfoundland’s Gold Belt, and industry investors are convinced as well.
And the additional funding comes none too soon as, over the past week, K9 Gold announced it received what are very positive results from an orientation till sampling survey and received results from a 3D Magnetic Inversion study, both of which were carried out on its Stony Lake project. K9 Gold’s objective for the orientation till sampling survey was to determine whether or not such a survey could identify targets for further exploration work, and the initial results have proven that several areas of interest were identified, which comport with previous exploration work carried out on the property.
K9 Gold contracted with Overburden Drilling Management (ODM) to conduct the orientation till sampling survey. To that end, ODM collected 76 samples of C-horizon basal till from hand-dug pits that averaged at least a meter in depth, and then the company processed the samples to determine gold grain contents, if any. Geochemical analysis was performed on the non-magnetic Heavy Mineral Concentrate (HMC) using both Aqua Regia – ICP and INAA (Instrumental Neutron Activation Analysis).
Late last week, K9 Gold announced the analytical results from those samples, which show that ODM’s testing found “visible gold grains” in 69 of the 76 samples collected, including 14 samples with >10 grains and 3 with >20 gold grains. Results of the geochemical analysis show that 42%, or 32 out of the 76 samples, returned gold values of >500 ppb, including 5 with values >5000 ppb (maximum 17,900 ppb Au).
Additionally, K9 gold said that the 3D Magnetic Inversion study that was announced this week offers key guidance and when combined with previous ground work (sampling of rocks and tills), these inversions will provide a valuable guide to the next phases of exploration for the company. In particular, K9 Gold says that four areas have been identified as high priority targets for phased follow-up ground geophysical surveys. Two of these targets (Jumper's Pond and Moonlight) have been selected for the first phase of Induced Polarization (IP) surveying, for a total of 60-line kilometers.
These latest test results come on the heels of a January 2021 report interpreting the data collected from the airborne geophysical survey that K9 Gold conducted on its Stony Lake Project, where the company announced that it has met its objective to outline linear trends that demonstrate changes in resistivity due to faulting, alteration, sulfide mineralization, and intrusive activity. K9 Gold says the report shows that the Versatile Time Domain Electromagnetic (VTEM) survey has actually identified a number of linear trends, and the interpretations in the report are offering a trove of valuable information that K9 Gold will use to refine plans for its upcoming 2021 field season, which the company says includes drilling.
K9 Gold’s Chief Executive Officer, Jeff Poloni, explaining the findings in the report, said, “Areas of reduced resistivity can be correlated to a higher conductivity, and these were seen in the northwestern corner where we might find a spherical intrusion of some kind, and along the eastern boundary of the survey where we detect linear anomalies, almost parallel to the trend of the geological layering. These most likely relate to shear zones, which are commonly more conductive than undisturbed lithologies due to the possible presence of graphite or other more conductive minerals.”
The Stony Lake Project covers more than 13,000 hectares and 27 kilometers of favorable trend between Sokoman Minerals Corp.’s Moosehead high-grade gold discovery to the northeast, Marathon Gold Corp.’s Valentine Lake deposit to the southwest, and New Found Gold Corp. operates its Queensway high-grade gold Project to the northeast of K9 Gold’s property.
All of the company’s latest news has led the company to state that its 2021 field program will now include a program of till sampling to cover areas of the property where little previous work has been done. K9 Gold said that traverses will be established at 1.0 km intervals and samples will be taken at every 250 meters along the lines.
As the results of each survey and test are revealed, it becomes clearer that K9 Gold’s exploration efforts have an extremely promising future, and the company’s vast property is potentially every bit the hotbed that Newfoundland’s Gold Belt is revealing itself to be.
To learn more about K9 Gold Corp., visit https://www.k9goldcorp.com or call toll-free (833) 434-GOLD.
About K9 Gold Corp.
K9 Gold Corp. is a mineral exploration company headquartered in Vancouver, British Columbia, Canada, and currently exploring for gold in Central Newfoundland.
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