K9 Gold Corp. Awaits Highly Anticipated Drilling Results from Diamond Drilling Program

Vancouver, BC CANADA

NEW YORK, NY, July 19, 2021 (GLOBE NEWSWIRE) -- K9 Gold Corp. (OTC Pink: WDFCF) (TSXV: KNC) (FSE: 5GP) and its investors are excitedly awaiting drill results from its diamond drilling program that began last month at its flagship Stony Lake project in central Newfoundland.  With the company’s first drilling program well underway, these are exciting times for K9 Gold, a young gold mining company that is well-capitalized, ideally situated in Central Newfoundland’s “Gold Belt,” and currently engaged in what has been a bustling 2021 exploration and drilling season.

The excitement surrounds a drill program that is expected to cover 5,000 meters or 3.1 miles in total depth spread out over approximately 15 drill holes on K9 Gold’s vast Stony Lake property.  According to the company, the first drill hole is located on the Jumper’s Pond grid, which K9 Gold says is “well defined and a high priority drill target.”  K9 Gold will be targeting a high priority anomaly that was identified from an induced polarization (IP) survey it completed in May.

Jeff Poloni, K9 Gold’s Chief Executive Officer (CEO), said the preliminary IP data from both the Moonlight and Jumper’s Pond areas continue to show the excellent potential of the Stony Lake property.  Jumper’s Pond became a main target after the company conducted myriad tests and surveys throughout the property in late 2020 and during the first half of 2021, which continued into last month and has helped to identify new targets with excellent potential for success.  As a matter of fact, K9 Gold has applied for a permit to increase its current drilling program from 5,000 meters to 10,000 meters in the Jumper’s Pond area.

And we shouldn’t be surprised that the Jumper’s Pond grid is shaping up to be a significant target given that it’s immediately to the south of Sokoman Minerals’ Moosehead discovery—an area where on-going interpretive work on the Stony Lake property has yielded several direct comparisons with the Sokoman Minerals Corp. Moosehead discovery.  The company says the major fault structure related to the Moosehead discovery can clearly be traced by regional magnetics for 5-6 kilometers onto the Stony Lake property and added that these similarities increase K9 Gold’s confidence in the prospectivity of the Jumper’s Pond area.

Amplifying the excitement, Sokomon Minerals has continued to announce a host of successful high grade finds, including earlier this month when it released news that it has discovered a new high-grade boulder train with visible gold-bearing boulders with values up to 14 g/t Au.

The Stony Lake property consists of more than 13,600 hectares and 27 kilometers of favorable trend situated among the adjacent property of Sokoman Minerals’ Moosehead high-grade gold discovery, Marathon Gold’s Valentine Lake deposit to the southwest, and New Found Gold’s Queensway high-grade gold project to the northeast.  Given that the company’s property resides among great company, K9 Gold outlined an aggressive plan and then executed the work necessary in late 2020 and through the first half of 2021 on the Stony Lake property to give the company its best opportunity for success during its drilling season, including:

K9 Gold implemented a condensed field program (due to COVID-19) in Q4 2020 as part of the company’s exploration program. During that time, till sampling, mapping, several airborne surveys, including Versatile Time-Domain Electromagnetic (VTEM), LiDAR and Orthophotography were completed.

In January 2021, K9 Gold received the interpretation of the VTEM survey conducted in late 2020.  The objective of the VTEM survey was to outline linear trends that demonstrate changes in resistivity due to faulting, alteration, sulphide mineralization and intrusive activity. According to the company, this objective was met, and a number of linear trends were identified.  K9 Gold said the interpretation shows two highly significant areas of interest that are coincident with various anomalies from earlier work and that work will further improve their understanding of the geological setting of these areas.  K9 Gold said the two areas are the Jumper’s Pond grid and Island Pond.

In February 2021, the company received what were very positive results from an orientation till sampling survey carried out on the property.  K9 Gold’s goal for the survey was to determine whether 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.

Overburden Drilling Management (ODM) was contracted to collect 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).

The analytical results from those samples, showed 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 showed that 42%, or 32 out of the 76 samples, returned gold values of >500 ppb, including 5 with values >5,000 ppb (maximum 17,900 ppb Au). 

K9 Gold said that the results from this orientation till sampling survey correlated with previous work done on the property.  Specifically, sample SLET-20-027, with a non-magnetic HMC gold content of 17,900 ppb in the Rabbit Tracks area, is located very close to a cluster of high-grade boulders (up to 6.3 g/t Au).  A broad area of elevated gold in tills in the Jumper’s Pond area correlates well with an area identified as a high priority target for follow up from the recently reported VTEM survey.

Then, in early March 2021, K9 gold said that the 3D Magnetic Inversion study that was conducted on the property offered key guidance and when combined with previous groundwork (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 stated that 4 areas were identified as high priority targets for phased follow-up ground geophysical surveys.  

Two of these targets (Jumper’s Pond and Moonlight) were selected for the first phase of the IP surveying, which began at the end of March 2021 and was completed in mid-May 2021, for a total of 51.5-line kilometers.  The survey was designed to provide K9 Gold a detailed 2D data set with a depth of investigation of approximately 450 meters.

Beginning in early June 2021, K9 Gold’s geological crew began its 2021 field program, which included trenching, extensive soil sampling and mapping/prospecting. 

The soil sampling survey is being conducted by Ground Truth Exploration, and the plan is to cover a total of 5 grids and approximately 4,000 samples.  The aim is to identify areas of anomalous gold concentration and associated "pathfinder" elements along interpreted structural features and to provide information to allow a better interpretation of the geochemical conditions over the property.  By late June, K9 Gold reported that 4 of the 5 planned soil sampling grids, for a total of 2,455 samples, has been completed.

The use of consistent sampling and analytical techniques will enable K9 geologists to rigorously evaluate the historical geochemical data and identify the geochemical characteristics of the property, which will lead to more effective exploration.

K9 Gold scheduled trenching of previously identified areas of gold mineralization in the Botwood sandstone/Quartz Feldspar porphyry/mafic dikes to take place at five sites, two in the Jumper’s Pond area and three in the area covered by the Moonlight grid.

Large areas of the company’s project remain unexplored. The mapping program that K9 Gold began in June is a continuation of the 2-week program completed in October 2020, with both detailed mapping/prospecting in target areas defined last year, as well as covering areas that were not previously mapped.

Finally, on June 22, 2021, K9 Gold’s CEO said, “We are extremely excited to have our maiden drill program underway.”  This announcement is the culmination of a great deal of work by many at K9 Gold and its working partners.  And now, as we all await those first results, it’s official—K9 Gold’s drilling program is front and center in a hotbed of activity in Central Newfoundland’s Gold Belt and combined with a string of positive results received from each of the tests and surveys conducted on the property, should make the anticipation for the unveiling of those first drilling results even more compelling.

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’s “Gold Belt.”

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