'The Wels Project represents one of the best underexplored gold systems within the Tintina Gold Belt, and
K2's previous drilling at Wels was focused on the Saddle target, testing 125m of strike.
Highlights included near-surface high grade intervals such as 10.38 g/t Au over 6m from 9m down hole, and 3.53 g/t Au over 19.5m from 31.5m down hole.
Saddle remains open in all directions.
K2's electromagnetic Very Low Frequency ('VLF') survey identified two prominent VLF anomalies interpreted as structures at the northern and southern margins of the Saddle granite, as well as kilometre-scale VLF anomalies at the Chai, Pekoe, and Gunpowder targets.
These structures host coincident high-grade gold in soil, are interpreted as major fluid conduits, and have never been tested by drilling. Additional kilometre-scale VLF anomalies are observed at the Pekoe, Chai, Gunpowder, and Matcha targets, all of which are undrilled and host strong soil and trench gold anomalies.
The 2023 RC drilling program is designed to test each target area, targeting soil and trench gold anomalies with coincident VLF structures, to make new discoveries.
Program Discussion
At Saddle, a significant soil anomaly with gold values reaching 1.4 g/t Au is found south of the drilling footprint. The anomaly extends for over 400m and is underlain by a coincident VLF WNW-trending VLF anomaly. Additionally, a >600m VLF anomaly tracks the undrilled northern contact of the granite. The anomaly is interpreted as a major fluid conduit and is untested.
At the Pekoe target, located 1.3km northwest of Saddle, trenching in 2019 identified two distinct zones of mineralization separated by approximately 300m. Trenches 19-T1a and 19-T1b returned 2.15 g/t Au over 8m and 0.8 g/t Au over 7.6m within quartz-carbonate veined and altered gabbro with arsenopyrite +/- pyrite and chalcopyrite.
At the Chai target, located 1km south of Saddle, trenching focused on high-tenor gold in soil anomalism returned highlights of 0.64 g/t Au over 36m including 1.2 g/t Au over 15m. The trenching and soil anomalism coincide with two stacked E-W trending VLF anomalies, with the target fully undrilled.
First ever drilling is also planned for the Gunpowder and Matcha target areas, located 1.2km and 2km southwest of the Saddle target. At Gunpowder, rock samples collected in 2017 returned grab samples grading up to 28.2 g/t Au. Grab and trench sampling 15m and 215m to the south returned values of 13.6 g/t Au and 2 g/t Au, respectively. The Mag-VLF survey has identified a very prominent NW-trending VLF anomaly coincident with what is now considered the main trend of mineralization at Gunpowder. At Matcha, a roughly NW-trending VLF anomaly extending for over 500m was identified adjacent to soil samples which historically returned 202 ppb Au and 105 ppb Au - the target has never been drill tested.
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This news release contains forward-looking statements that are not historical facts. Forward- looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements, including statements regarding the exploration program at Si2, Wels, and Mojave, including results of drilling, and future exploration plans at Si2, Wels, and Mojave. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's inability to obtain any necessary permits, consents or authorizations required for its planned activities, and the Company's inability to raise the necessary capital or to be fully able to implement its business strategies. The reader is referred to the Company's public disclosure record which is available on SEDAR+ (www.sedar.com). Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the
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