Significant New Gold Zone At Mojave Eastern Target Area
VANCOUVER - K2 Gold Corporation reported preliminary results from its 2021 Exploration Program from the Company's Mojave project in Southern California. A total of 279 prospecting chip and grab samples were collected on the Mojave's Eastern Target Area: Gold Valley, Dragonfly, Remi, Newmont, and Flores. Individual assays for the samples returned up to 23.4 g/t gold and highlights include: Dragonfly: Discovery of new, subparallel, zone of mineralization with rock samples up to 14.5 g/t Au; Newmont: Extended strike extent of Newmont fault by additional 350m. The strike extent of the Newmont zone is now over 1.1km; and Flores: Discovery of two EW and one NW oriented zone of mineralization with assays up to 23.4 g/t Au, 5.34 g/t Au, and 11.1 g/t Au; respectively.
"We are very pleased to report the discovery of a new, sub-parallel zone of gold mineralization approximately 300 meters west of last year's drill program,” said, Stephen Swatton, President and CEO. "These results continue to highlight the potential for near surface high-grade oxide gold across multiple zones. We look forward to advancing Mojave to the next phase of drilling later this year upon receipt of the necessary approval documents from the Bureau of Land Management."
The Eastern Target Area consists of seven sediment-hosted, oxide gold, targets over a 5km north-south trend. The mineralization is associated with sericite-clay alteration, silicification, decalcification, and strong iron-oxide development within a sequence of Permian-Triassic sediments consisting of limestone, siltstone, sandstone, conglomerate, and minor shale. The mineralized zones are focused along lithologic contacts and fracture/fault networks adjacent to a series of north-northwest trending, west dipping, normal-sinistral faults and splays comprising the Conglomerate Mesa Fault System (CMFS). Locally, on the southern portion of the mineralized trend, the CMFS overprints an early set of E-W oriented structures that were also reactivated and mineralized.
A total of 279 rock chip and grab samples were collected across the Eastern Target area as part of an ongoing geologic mapping and geochemical sampling program. Assays for the samples returned values from trace to 23.4 g/t Au. The sampling focused on five target areas including: Gold Valley, Dragonfly, Remi, Newmont, and Flores, as discussed below:
Gold Valley
Gold Valley is located along the northern projection of the CMFS, approximately 600m north of the Dragonfly target. Twenty samples were collected on the target with the most significant results (up to 0.297 g/t Au) occurring within faulted silicified and brecciated Triassic conglomerate, sandstone, and limestone units. The anomalous gold results demonstrate continuity of the mineralized system north from the Dragonfly. Additionally, they occur in less favorable lithologic units higher in the stratigraphic sequence indicating potential for stronger mineralization at depth, particularly at the unconformity of Triassic and Permian sediments.
The Dragonfly is located 600m south of Gold Valley and consists of approximately 500m of structurally controlled alteration and mineralization that consistently returns surficial samples >1 g/t Au and has anomalous mineralization extending over 1km on trend to the south towards the Remi target. Recent RC drilling on the Dragonfly by the company returned significant results including DF20 – 002: 86.9m of 4.0 g/t Au; incl. 45.7m of 6.7 g/t Au and DF20-004: 30.5m of 7.2 g/t Au; incl. 15.2m of 11.1 g/t Au; both from surface.
A total of 82 samples were collected at Dragonfly and the sampling focused on evaluating the surficial footprint of alteration and mineralization associated with known mineralized zones and to evaluate under explored portions of the target. Highlights of the sampling include: Discovery of a new, subparallel, trend of alteration and mineralization 300m west of the main Dragonfly zone with samples up to 14.5 g/t Au. Follow up sampling in progress; Identification of an approximately 30m zone of strongly sericite-clay altered siltstone with localized silicification on the northern trace of Dragonfly, 360m north of historic drilling. Seven chip samples across the area assayed from 0.044 – 13.6 g/t Au; averaging 3.06 g/t Au; and Identification of multiple, previously unsampled, altered and mineralized structural zones with anomalous gold up to 1.8 g/t Au over a 1.5km trend; extending from the Remi target on the south to the Gold Valley target to the north.
At least three primary segments of the CMFS transect the Dragonfly target with numerous 2nd – 3rd order splays forming a 500m wide corridor of alteration and mineralization traceable over 1.5km south to the Remi target and at least 900m north to the Gold Valley target. Strong silicification (jasperoid) occurs along fault traces with localized quartz-carbonate veining, carbonate blowouts, and sericite-clay alteration extending up to 20m from individual structures. The strongest mineralization occurs at lithologic contacts and is associated decalcification and strong hematite development along NNW oriented secondary structural zones. These secondary structures form an en echelon array and are interpreted to have developed as extensional zones due to a change in geometry along the CMFS from north to northwest.
Remi (formerly Central) is located approximately 1km south of Dragonfly and is transected by southern extensions of the CFMS from Dragonfly. At least 10 fault segments transect the area and are associated with variable alteration and mineralization. A total of 76 samples were collected on the target and returned values up to 0.232 g/t Au. In addition to gold targets, a previously unknown prospect was discovered along an E-W trending cliff face with stockwork barite-carbonate veining and up to 3% relict, oxidized, sulfides in strongly altered siltstone. Samples from the prospect also returned up to 4.5% Zn and 0.24% Pb.
Newmont is located approximately 1.2km south of the Remi and consists of a northeast trending, gently south dipping, zone(s) of mineralization along the Newmont fault, a structurally controlled contact of Permian siltstone and bioclastic limestone. Drilling on the target has defined mineralization over 530m of strike length and to 335m depth. Previously announced rock sampling by the Company further extended the Newmont fault 230m along strike to the northeast and beyond the limits of drilling. Recent mapping and sampling focused on the northern portion of the target and was designed to continue to trace the Newmont structure to the north and assess for additional subparallel zones.
A total of 62 samples were collected on the Newmont and returned assays up to 0.47 g/t Au. Mapping and sampling successfully traced the Newmont fault a further 350m to the north and is interpreted to continue into the Remi zone; extending the strike extent of the Newmont to 1.1km. While the sample results were lower order, they demonstrate continuity of the mineralized system north from the Newmont. Additionally, they occur in less favorable lithologic units (sandstone and conglomerate) higher in the stratigraphic sequence indicating potential for stronger mineralization at depth.
Flores is located approximately 1.4km east of the Newmont and consist of a series of E-W and N trends faults within a sequence of Permian siltstone and limestone. The E-W faults appear to be early and locally form the contact between the siltstone and limestone units. These were then reactivated and offset by later north oriented faults that is contemporaneous with mineralization and are interpreted as subparallel faults of the CMFS. Mineralization occurs in both sets of structures over a 650m trend, is strongest at structural intersections and lithologic contacts, and is associated with carbonate veining, strong iron oxide development, and localized silicification. Previous sampling on the target included trench 19-MOT-006: 43m of 3.78 g/t Au, incl. 6m of 14.38 g/t Au.
A total of 35 rock chip and grab samples were collected on Flores with individual samples up to 23.4 g/t Au and 10 of the samples returning >0.1 g/t Au. Highlights of the sampling include: 23.4 g/t Au from approximately 5m wide, E-W trending zone of brecciated and silicified siltstone with strong iron oxide development. Open along strike in both directions and located at the eastern end of the Flores trend; approximately 300m east of previous trenching; 11.1 g/t Au from NW trending fault with brecciation and strong iron oxides; and Up to 5.34 g/t Au associated with E-W carbonate breccia zone 30m north and subparallel to trench 19-MOT-006.