Anomalous Gold In New Epithermal System At Si2 Project

VANCOUVER - K2 Gold Corporation reported on its inaugural diamond drilling program at the Si2 Project, located in the Walker Lane trend of south-central Nevada. The program successfully intersected anomalous gold in all four holes, including a peak assay of 0.520 g/t Au over 3.2m in hole SD-23-001. The program confirms that the barren steam-heated alteration observed at surface is the product of a gold-bearing epithermal system.

K2's drilling has successfully identified a blind-to-surface gold-bearing epithermal system at Si2. Gold mineralization is hosted within a major NE-trending fault zone focused along the margin of a rhyolite dome. Assay highlights include: SD-23-001: 3.2 metres of 0.520 g/t gold from 344.58m to end of hole; SD-23-002: 185.57 metres of 0.053 g/t gold from 200m to end of hole; and Both holes were drilled into the NE-trending fault zone and ended in mineralization and increasing arsenic anomalism. A 6.4m thick quartz vein intersected in the immediate footwall of the controlling fault is gold-bearing, exhibits high-level textures, and indicates the epithermal system is capable of forming large veins. Drilling was conducted at a single target area within an 8km2 alteration cell. Additional target areas with identical surficial alteration, structural control, and geochemistry are ready for future drill testing.

"Our 2023 drill program at Si2 was designed with one goal in mind - determine if the steam-heated alteration identified at surface might hide a gold-bearing epithermal system below." stated Anthony Margarit, CEO. Our diamond drilling has successfully demonstrated that the Si2 epithermal system is gold bearing. The 185m gold bearing intercept we drilled indicates that the hydrothermal system that created the extensive property-wide steam-heated alteration at surface mobilized a tremendous amount of gold-bearing fluid. The next step will be to identify where that fluid was trapped, concentrated, and potentially deposited higher grades of gold. This first drilling program tested only one of the fault-controlled alteration cells on the property, all of which share similar characteristics and are just as prospective."