VANCOUVER, British Columbia, March 10, 2022 (GLOBE NEWSWIRE) -- K9 Gold Corp (TSXV:KNC) (OTCQB:WDFCF) (FSE:5GP) ) has intersected significant gold mineralization at the Moonlight zone located within its Stony Lake project in Central Newfoundland. Drill hole ML21-016 intersected 9.52 metres averaging 0.84 g/t gold, from 163.0 to 172.52 metres downhole, including 2.0 metres averaging 2.18 g/t gold from 163.0 to 165.0 metres downhole. The Stony Lake property lies within the Exploits Subzone Gold Belt of the Cape Ray/Valentine Lake structural trend in Central Newfoundland, lying parallel to that of New Found Gold's Queensway project, along the prolific Dog Bay Line.
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The project covers 13,625 hectares and 27 kilometers of favorable trend between Sokomon's Moosehead discovery immediately to the northeast and Marathon's Valentine Lake deposit to the southwest. Excellent infrastructure exists on the project lands and in the surrounding area.
This new discovery at Moonlight is approximately 14 kilometres southwest of the Jumper's Pond discovery, and on the same geological trend. Three drill holes were then completed in late 2021 from a drill pad approximately 300 metres west of the trench. The gold mineralization in ML21-016 is hosted by dark grey-green intermediate volcanics of the Lawrenceton Formation and is located approximately 200 m west of a channel samples of the B horizon soil material that averaged 0.81 g/t gold over a width of 15 metres.
Drill hole ML21-016 intersected 9.52 metres averaging 0.84 g/t gold, from 163.0 to 172.52 metres downhole, including 2.0 metres averaging 2.18 g/t gold from 163.0 to 165.0 metres downhole. A table in the video shows the weighted average grade for all intervals of significant gold mineralization above a 0.1 g/t gold cut-off.
Historical work in the Moonlight area located a number of well mineralized boulders, with gold values ranging from 50 to 3241 ppb gold. The boulders occur in several clusters, both around what is now known as the Moonlight trench, and along the eastern shore of Tumbler Lake.
A series of 3 metre long channel samples of B horizon soil was collected, that returned a weighted average of 0.81 g/t gold and >1000 ppm arsenic, with channel samples ranging from 0.24 to 2.14 g/t gold.
At Stony Lake, ground prospecting and sampling has led to the identification of seven broad areas of highly anomalous to low grade (up to 4.0 g/t gold) to high grade (>4.0 g/t gold) gold mineralization.
Following up on the prospecting work, systematic exploration with property-wide airborne geophysical and extensive soil sampling, plus two large grids of IP ground geophysical survey, has led to the interpretation of about 100 anomalies, at least ten of which are rated as high priority drill targets.
The company also owns a 100% interest in the Desert Eagle Vanadium-Uranium project located in the historic Henry Mountains Mining District in southeast Utah. The area has seen extensive historic vanadium and uranium mining and is close to Anfield Energy Inc's Shootaring Canyon mill.
The shares are trading at $0.26. For more information, please visit the company’s website, www.k9goldcorp.com, call 1-833-434-GOLD (4653), contact Kosta Tsoutsis, Director, at 604-808-9134 or by email at kosta@k9goldcorp.com, or contact Brian Morrison, CFO, at 604-312-6910 or by email at brian@k9goldcorp.com.
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