RC Holes Drilled At Dragonfly Zone In Southern California
VANCOUVER - K2 Gold Corporation has received assays for the final five reverse circulation ("RC") holes drilled at the Dragonfly zone, located within its 100% owned Mojave property in Southern California. In total eight holes were drilled at Dragonfly, with results for three of these previously reported. The eight Dragonfly zone holes were drilled from two sites 236 meters apart: holes DF20-001, through 004 were drilled at site DF1 and holes DF20-005 through 008 from site DF2.
Dragonfly Zone Highlights: Hole DF20-004 intersected 30.5 meters of 7.2 g/t gold from surface, including 15.2 meters of 11.1 g/t gold; Drill hole DF20-002 intercepted 86.9 meters of 4.0 g/t gold, including 45.7 meters of 6.7 g/t gold from surface; One hole at site DF1 (holes DF20-004) and all four holes at site DF2 (DF20-005 through 008) were successful in intersecting gold mineralization but were terminated prior to target depth due to difficult drilling conditions resulting from the highly fractured and silicified nature of the rocks; The Dragonfly results confirm the broad intervals of gold mineralization reported from previous drilling by BHP and demonstrates strong continuity at Dragonfly along strike; and Assays are pending for nine additional holes from the Newmont zone 3 km to the south of Dragonfly.
In total the drill program at Mojave comprised 17 reverse circulation holes (2,540-meters of chip samples) from two zones, the 8 holes now reported from Dragonfly plus an additional 9 holes at the Newmont zone located 2 km apart from Dragonfly on the same structural trend. Assay results from the nine holes drilled at the Newmont are pending.
The nature of the gold mineralization at Mojave is becoming better understood and is interpreted to be high-level and intrusive related with strong structural controls, hosted within a variety of Permian-Triassic calcareous sediments, similar to other porphyry – epithermal systems throughout the Walker Lane trend.
Stephen Swatton, President and CEO, said, "The second set of drill results from our flagship Mojave project continues to highlight the potential for near surface high-grade oxide gold resource definition. Despite being unable to reach the target depths from the second platform due to difficult drilling conditions, significant gold intercepts were encountered demonstrating the robust nature of the mineralized horizon; this is very encouraging news. We look forward to receiving the outstanding assay results from the remaining nine drill holes at the Newmont target, two kilometers south of Dragonfly."