NEW YORK, NY, Nov. 30, 2020 (GLOBE NEWSWIRE) -- K9 Gold Corp.’s (OTC Pink: WDFCF) (TSXV: KNC) (FSE: 5GP) Stony Lake Project is perfectly situated among extremely good company in an area that has become a gold-mining hotbed and affectionately designated the “Central Newfoundland Gold Belt.” The landscape, in all directions, is dotted with mining operations in various stages of development and exploration, and K9 Gold is ideally positioned right in the middle of it all.
K9 Gold’s mining operations at the Stony Lake Project, which is located within the Cape Ray/Valentine Lake structural trend in Central Newfoundland, 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 and Marathon Gold Corp.'s Valentine Lake deposit to the southwest. Additionally, New Found Gold Corp. operates its Queensway high-grade gold Project to the northeast of K9 Gold’s property.
With mineral resources aplenty being found on nearby and adjacent properties throughout the Central Newfoundland region, K9 Gold has joined the great dig with exploration well underway at Stony Lake. The company’s Chief Executive Officer, Jeff Poloni, says, “Currently we are actively working at Stony Lake conducting airborne VTEM, LiDAR and Imagery surveys, mapping, and rock and till sampling. We are also planning some trenching to open up a few areas with mineralized outcrop.”
So, what’s driving so many companies to Central Newfoundland? It’s simple. They’re flocking to the region because the geology is rich with opportunity, mineral finds by Marathon Gold, Sokoman Minerals, and others are influencing companies to seek the same success, and the price of gold per ounce on the world stage demands attention from those entities fortunate enough to own exploration projects there.
When discussing the geology in Central Newfoundland, where K9 Gold’s Stony Lake Project is located, geologist Derek Wilton opined that the rocks in this region just have the “right geology.” “You can’t have gold deposits without having the right rocks and the rocks are good,” he said.
Jeff Poloni agrees, “The importance of faults in this zone is that it allows gold-bearing hydrothermal fluids to leak upwards from a deeper intrusive source. Central Newfoundland is on both the Canadian and world stage as a source for orogenic gold deposits, with Stony Lake having all of the correct signatures for discovery.”
Last week, K9 Gold reported that on-going interpretive work on the Stony Lake property has yielded several direct comparisons with the Sokoman Minerals Corp. Moosehead discovery, immediately to the northeast of Stony Lake's Jumper's Pond area. And, according to the company, the similarities increase K9 Gold's confidence in the prospectivity of the Jumper's Pond area.
The company’s latest news comes on the heels of an announcement that Overburden Drilling Management has completed the preliminary phase of till sampling at Stony Lake. The program followed up on an on-going compilation of historic exploration work on the property that has identified a large area with highly anomalous gold values in tills collected in 1989 by Teck Explorations Limited. The company said that these samples are clustered around the Island Pond - Moccasin Lake area in the central part of the property.
Jeff Poloni stated that calculated visible gold assays, by Overburden Drilling, yielded 15 samples with values over 1500 parts per billion, four of which had values of approximately 11.8, 12.8, 14.1, and 19.5 grams per tonne gold.
Further, analysis of a non-magnetic heavy mineral concentrate by Chemex Labs, yielded 16 samples with values greater than 1,000 parts per billion gold. And four of these samples were reported as greater than 10,000 parts per billion gold, which was the upper detection limit.
K9 Gold reports that the first phase of mapping and sampling to follow up on the anomalous 2019 results covering the northeast section of the property is complete, with samples shipped for whole rock and geochemical analysis.
Poloni is confident in both his company’s future and the future of gold in the region. “I believe the long-term outlook for gold will have investment moving into the sector.” And moving in they are. Investors are dedicating money to exploration in the region to quench their suspicions and to support a myriad of promising projects, including the $3.5 million that K9 Gold has secured in the last few months to further the first phase of exploration at Stony Lake and fund an initial drill program.
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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