K2 Gold completes 2018 exploration at Wels; Discovers subcrop Gold (4.07 g/t Au) at the previously unexplored Pekoe Target, and additional high-grade float in the Saddle area (43 g/t Au) and Chai Target (4.38g/t Au).

K2 Gold Corporation (KTO:TSX-V) recently completed its 2018 exploration at the Wels Property located in west-central Yukon territory in the traditional territory of White River First Nation (WFRN). 

K2’s Wels discovery is an orogenic-style deposit and is located in southwest Yukon, close to infrastructure. Limited drilling to date (e.g. 28.5-metres at 2.37 g/t Au,12.5-metres at 5.08g/t) has demonstrated ore grade intersections over 150-metre strike and to 120-metre depth, and remains open in all directions. Only five per cent of the total area of interest (four kilometres by two kilometres) has been explored to date. The geochemical footprint of gold crosses all rock types (similar to the gold located at Goldcorp’s Coffee deposit), and remains largely unexplored.  Gold has been identified on surface in granites at Saddle (up to 43 g/t Au), gabbros at Pekoe and Gunpowder (up to 28.2 g/t Au), and quartzites at Chai (up to 4.38 g/t Au). 

Geophysics and Lidar conducted in the early summerat Wels has helped to refine the existing magnetic airborne data signal significantly for broad anomalies and develop finer nuances over some of the interpreted structures.  In addition, there is a relatively strong agreement between the low-to-moderate strength magnetics and the distribution of anomalous gold in soils.  New regional structures were identified at the Wels property with the help of ground magnetics, VLF, and Lidar data collected earlier in the summer. Ground truthing and prospecting of the new structures, together with coincident soil anomalies, returned gold (4.07 g/t Au) in altered rock quartz-carbonate gabbroic subcrop at the previously unexplored Pekoe soil target. Pekoe is located 1.6-kilometres northwest of the Saddle zone where previous drilling and exploration has been concentrated. Prospecting at the Saddle zone region located further gold-bearing quartz vein float (43 g/t Au) 25-metres north and upslope from the main known Saddle zone, perhaps representing a new parallel mineralized zone. In addition, limited prospecting at the Chai target 1.2-kilometres south of Saddle located further gold in quartzite float (4.38 g/t).

Geophysics and Lidar conducted in the early summerat Wels has helped to refine the existing magnetic airborne data signal significantly for broad anomalies and develop finer nuances over some of the interpreted structures.

As a result of the exploration undertaken in 2018, the footprint of gold mineralization at Wels (combined soils, rock and float samples) has now been extended to the north and is currently approximately four-kilometres north-south by two kilometres west-east. Limited drilling at Saddle (1,642-metres over two campaigns 2015/2017) has identified a 10-to-30-metre-wide gold zone, which is open in all directions. Apart from the Saddle target, none of the other targets at the Wels property, including Gunpowder, Chai, or Pekoe have ever been trenched or drilled, but are scheduled for further investigation in 2019. The Wels mineralization has geological analogies to an orogenic-style deposit. The most well known of this type locally is Goldcorp’s Coffee deposit located 60-kilometres northeast of Wels (2.16M ounces proven and probable reserves and 2.93M ounces of combined measured, indicated, and inferred resources, as reported by Goldcorp’s 2018 investor presentation). For reference, the footprint of the main mineralized zone at Coffee (the Supremo to Double-Double area) is five-kilometres by three-kilometres.    

The 2018 exploration results enable the development of numerous, untested structural targets that are well supported by coincident geochemical and geophysical evidence. It is anticipated that these new targets will be tested with prospecting, trenching, and/or drilling in the 2019 field season.

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