RC Drilling Program Completed At The Wels Project

VANCOUVER - K2 Gold Corporation has completed its 2023 Reverse Circulation (RC) drilling program at its Wels Project, located in west-central Yukon 23km east of a road-accessible staging area.

"The 2023 RC drill program was designed to test 5 target areas across the property. A combination of efficient drilling, and logistics led to a 25% increase in metres drilled and allowed K2 to drill 2 holes more than planned. A total of 12 holes were drilled, with mineralization observed in all holes, several of which test kilometre-scale structures. We look forward to releasing assay results to the public in the near future," stated Anthony Margarit, President and CEO.

A total of 1,961m of RC drilling was completed in 12 drill holes over the program. The Wels Project is host to a high-grade, structurally controlled gold system which exhibits characteristics similar to projects in the Yukon's White Gold district.

”Wels bears striking similarities to the Coffee Gold deposit we discovered in 2010," stated John Robins, Executive Chairman. "Similar to what we saw in the early days of exploration at the Coffee project extensive kilometre-scale gold-in-soil anomalies with associated arsenic and antimony + strong geophysical anomalies are localized around fault corridors which control mineralization, the same characteristics are observed at the Wels property."

The 2023 RC program began at the Saddle target, with the goal of drilling a complete section across the target area from North Saddle, through the Saddle core to South Saddle. Both North and South Saddle were previously undrilled. A total of 1,042.42m of drilling was completed across the Saddle North to Saddle South section. Drilling operations then shifted to the Chai and Pekoe targets, both of which were previously undrilled and host high grade gold in soil, rock, and trench samples. At Chai, three holes for 432.82m were completed in a north-south oriented fence. At Pekoe, two holes for 338.33m were completed, with each hole targeting a separate VLF anomaly. A final 147.83m drill hole was completed at West Saddle, stepping out over 100m from mineralization drilled by K2 at the main Saddle target. The drill holes cut structurally controlled pyrite-arsenopyrite mineralization and quartz veining in all rock types, including granite, diorite, gabbro, quartzite, and siltstone.