NEW YORK, NY, Jan. 13, 2021 (GLOBE NEWSWIRE) -- K9 Gold Corp. (OTC Pink: WDFCF) (TSXV: KNC) (FSE: 5GP) joined Sokoman Minerals Corp. and New Found Gold Corp. as the latest company in the newly emerging Central Newfoundland “Gold Belt” to receive positive news about its gold mining exploration project, the Stony Lake Project, located within the Cape Ray/Valentine Lake structural trend in Central Newfoundland. And, as we usher in the new year, K9 Gold will use its latest news, to further define the company’s path forward in 2021 and step up its efforts to further explore the Stony Lake Project.
In a new report interpreting the data collected from the airborne geophysical survey that K9 Gold conducted on its Stony Lake Project, the company announced that it has met its objective to outline linear trends that demonstrate changes in resistivity due to faulting, alteration, sulfide mineralization, and intrusive activity. K9 Gold says the report shows that the Versatile Time Domain Electromagnetic (VTEM) survey has actually identified a number of linear trends, and the interpretations in the report are offering a trove of valuable information that K9 Gold will use to refine plans for its upcoming 2021 field season, which the company says includes drilling.
In laymen’s terms, the VTEM survey produced an electromagnetic survey with resistivity data and a magnetic survey with magnetic information. Together, both of these surveys give K9 Gold a better idea of what is happening in the bedrock below the surface.
K9 Gold’s Chief Executive Officer, Jeff Poloni, explaining the findings in the report, said, “Areas of reduced resistivity can be correlated to a higher conductivity, and these were seen in the northwestern corner where we might find a spherical intrusion of some kind, and along the eastern boundary of the survey where we detect linear anomalies, almost parallel to the trend of the geological layering. These most likely relate to shear zones, which are commonly more conductive than undisturbed lithologies due to the possible presence of graphite or other more conductive minerals.”
Some of the interpretations based on the data from the VTEM survey include:
- The interpretation shows two highly significant areas of interest that are coincident with various anomalies from earlier work and will improve K9 Gold’s understanding of the geological setting of these areas.
- The two areas are the Jumper's Pond zone and Island Pond.
- Additionally, there are numerous indications of potential narrow vertical conductive zones in the basement rocks beneath the Botwood sediments.
Jeff Poloni, discussing the benefits that this data and interpretations provide the company, said, “With the VTEM and Mag surveys, we continue to define both lithological trends and structure. The importance of these structures cannot be overstated as they are the conduits for auriferous fluids.
“We can use the airborne surveys with the location of gold anomalies in the soil, till and rocks to focus our next phase of ground geophysics and mapping to orient our upcoming drill program. I believe we are creating a compelling story, systematic exploration to discovery.”
While K9 Gold’s Stony Lake Project covers more than 13,000 hectares and 27 kilometers of favorable trend between Sokoman Minerals Corp.’s Moosehead high-grade gold discovery to the northeast, Marathon Gold Corp.’s Valentine Lake deposit to the southwest, and New Found Gold Corp. operates its Queensway high-grade gold Project to the northeast of K9 Gold’s property, we’re going to focus on the report’s good news in the Jumper’s Pond zone and at Island Pond.
First, in the Jumper’s Pond area, which borders Sokoman’s mineral-rich Moosehead property, K9 Gold reports that there is a highly conductive zone that is interpreted to be in the basement rocks, beneath the Botwood sediments, at a depth of approximately 200 meters below the surface. Interpretation of the 2019 airborne magnetic survey, indicates that this structural zone extends from the Moosehead discovery through the northern property boundary and for approximately 1 kilometer to the south on K9 Gold’s property.
This news is exciting because, as K9 Gold reports, exploration work carried out by Cornerstone Resources in this area back in 2001 and 2002, which included ground geophysics (IP/Resistivity and magnetometer), identified various areas of interest in the same zone. That work identified numerous northwest trends that are interpreted to represent cross faulting, and it’s significant because work on adjacent properties has shown these cross-cutting structural trends as highly significant in the localization of gold mineralization.
Meanwhile, At Island Pond, K9 Gold announced that the report shows there is a large (3000 x 500 meter), relatively shallow, conductive zone, possibly within the Botwood sediments, with indications of several deeper, vertical conductive structures directly beneath. The company says that historic work in this area has resulted in numerous overburden gold bearing till anomalies with coincident highly anomalous lake sediment samples, as well as a cluster of mineralized boulders. This area also correlates with quartz feldspar intrusive activity.
For shareholders, this news should make for an interesting 2021 as the company begins its upcoming field season with more clarity and confidence that they are, in fact, sitting on a very promising property. In a vacuum, this news might be more wait and see; however, with the company being situated among and bordering other companies active in the Central Newfoundland Gold Belt, who are registering real results, the profile of this newly emerging gold district is growing exponentially as a hotbed for some real potential success.
For example, on November 19, 2020, Sokoman Minerals announced drill results which included two zones in hole MH-20-115, 47.2 g/t Au over 4.60m and 68.7 g/t Au over 8.10m at their Moosehead project, immediately adjacent to K9's Stony Lake property.
And, on December 15, 2020, New Found Gold announced intercepts of 45.3 g/t Au over 13.1m in hole NFGC-20-32 and 25.0 g/t Au over 16.9m in hole NFGC-20-29 at their nearby Queensway property.
So, K9 Gold’s confidence moving forward should be at an all-time high as the gold exploration company is armed with solid data, a path forward for its 2021 field season, and with the company expecting drilling to come this season.
Poloni concluded by stating, “Over the next few weeks, we will be compiling the information from additional surveys and will be better able to define high priority targets for ground geophysics, trenching and drilling.”
To learn more about K9 Gold Corp., visit https://www.k9goldcorp.com or call toll free (833) 434-GOLD.
About K9 Gold Corp.
K9 Gold Corp. is a mineral exploration company headquartered in Vancouver, British Columbia, Canada, and currently exploring for gold in Central Newfoundland.
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