Vancouver, British Columbia--(Newsfile Corp. - March 12, 2021) - K9 Gold Corp (TSXV: KNC) (FSE: 5GP) reports that the crew from Simcoe Geosciences has started surveying at the company's Stoney Lake project in central Newfoundland. The company has an option to earn up to a 100% interest in the Stony Lake East Project, which lies within the Cape Ray/Valentine Lake structural trend in Central Newfoundland, lying parallel to that of New Found Gold's Queensway project, along the prolific Dog Bay Line. The project covers 13,625 hectares and 27 kilometers of favorable trend between Sokoman's Moosehead discovery to the northeast and Marathon's Valentine Lake deposit to the southwest.
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Simcoe Geoscience, of Stouffville, Ontario, is carrying out a High Resolution Wireless Alpha IP survey over the Jumper's Pond and Moonlight areas, which is expected to be completed in approximately 45 days. The survey will cover approximately 60 line kilometres, with Simcoe using their Alpha IPTM Wireless Time Domain Distributed Induced Polarization system. Being wireless, this system has the significant advantage of not requiring any line cutting, thereby minimizing the footprint of the survey.
It is designed to provide a detailed 2D data set with a depth of investigation of approximately 450 metres.
Full 2D and 3D studies will provide interpretations to depths of approximately 650 metres, which will provide crucial data for detailed planning of a 5000 metre drill program scheduled for this summer. The Jumper's Pond and Moonlight grids were identified in the recently reported inversion studies of the 2019 airborne magnetic survey (3D) and the 2020 VTEM™ survey (2D) as high priority targets for further exploration. The company has submitted applications for its planned drilling program as well as for additional trenching.
Jeff Poloni, CEO, stated: "This IP survey is a vital step in the further refinement of our exploration model for the property. The data collected will enhance our ability to fine tune drill targeting for these two high priority areas, as well as assist in the effective development of targets on a property-wide scale."
At Stony Lake, large areas of significant gold mineralization occur primarily in altered Botwood sediments and quartz-feldspar porphyry intrusives associated with intense silicification, sericite-chlorite-carbonate alteration and a strong pyrite-arsenopyrite mineralogical association. These features indicate epizonal/mesozonal temperatures for the hydrothermal fluids and support the exploration model of hydrothermal fluids leaking upwards into the Botwood sediments from a deeper igneous intrusive source.
This area is now referred to as the Exploits Subzone gold district which essentially covers the Silurian-age clastic sediments surrounding the Mount Peyton intrusive.
Prior to the 2020 field season, airborne geophysical coverage, with follow-up ground prospecting and sampling, led to the identification of eight areas of highly anomalous to high grade gold mineralization.
The gold mineralization is hosted in a variety of environments, including quartz-feldspar porphyries, reduced sandstones, quartz stockworks and quartz veins. The property hosts both widespread low grade mineralization up to 4.0 g/t gold within the Botwood Formation and high grade veins greater than 4.0 g/t gold in the basement rocks below the Botwood, similar to the nearby New Found Gold Queensway project, and the immediately adjacent Sokoman Minerals Moosehead discovery.
The Central Newfoundland Gold Belt continues to attract investor interest as a newly emerging gold district following significant results such as the hole reported by Sokoman Minerals at its Moosehead project adjacent to K9's Stony Lake property. Sokoman Mineral's hole MH-20-115 reported 2 zones with 47.2 grams per tonne gold over 4.6 metres and 68.3 grams per tonne gold over 8.1 metres. In February, New Found Gold announced intercepts 224.7 g/t gold over 2.45 metres and 25.0 g/t gold over 16.9 metres in two holes at their nearby Queensway property.
Management cautions that mineralization on nearby properties may not be indicative of mineralization on its property.
The company also owns a 100% interest in the Desert Eagle Vanadium project located in the historic Henry Mountains Mining District in southeast Utah, close to Anfield Energy's Shootaring Canyon Mill, in an area that has seen extensive historic vanadium and uranium mining.
For more information, please visit the company's website, www.k9goldcorp.com, contact Kosta Tsoutsis, Director, at 604-808-9134 or email kosta@k9goldcorp.com, or contact Brian Morrison, CFO, at 604-312-6910 or email brian@k9goldcorp.com.
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