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K9 Gold Corp (TSXV: KNC) (FSE: 5GP) has received results from a 3D Magnetic Inversion study carried out on its Stony Lake project in central Newfoundland, with major IP survey now planned.
The company has an option to earn up to a 100% interest in the Stony Lake East Project, which lies within 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. The project covers 13,625 hectares and 27 kilometers of favorable trend between Sokoman's Moosehead discovery to the northeast and Marathon's Valentine Lake deposit to the southwest.
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When integrated with the interpretation of the recent VTEM survey, the inversions have provided a more detailed model of the distribution of potential exploration targets within the project area. Combined with previous ground work consisting of sampling of rocks and tills, these inversions provide a valuable guide to the next phases of exploration.
The inversion study of the airborne magnetic survey data was completed by Campbell & Walker Geophysics, North Vancouver, British Columbia. Due to the size of the block the inversion was carried out in two steps. A coarse inversion was performed, where the full block was inverted into 80 x 80 x 40 metre cells which was used as the reference point for a fine inversion. Four areas have been identified as high priority targets for phased follow-up ground geophysical surveys.
Simcoe Geoscience, of Stouffville, Ontario, has been awarded a contract to carry out a High Resolution Wireless Alpha IP survey over the Jumper's Pond and Moonlight areas, the first two targets. The total survey will include approximately 60 line kilometres, with Simcoe using their Alpha IPTM Wireless Time Domain Distributed Induced Polarization system. Being wireless, this system has the significant advantage of not requiring any line cutting, thereby minimizing the footprint of the survey.
Jeff Poloni, CEO, stated: "With our recent financing we are well funded to carry out our aggressive exploration plan for 2021. The planed IP survey will help to advance our understanding of the underlying structures and to continue to narrow down the source of the numerous gold anomalies property wide at Stony Lake."
Prior to the 2020 field season, airborne geophysical coverage, with follow-up ground prospecting and sampling, has led to the identification of eight areas of highly anomalous to high grade gold mineralization. The gold mineralization is hosted in a variety of environments, including quartz-feldspar porphyries, reduced sandstones, quartz stockworks and quartz veins.
The Central Newfoundland Gold Belt continues to attract investor interest as a newly emerging gold district following significant results such as the hole reported by Sokoman Minerals at its Moosehead project adjacent to K9's Stony Lake property. Sokoman Mineral's hole MH-20-115 reported 2 zones with 47.2 grams per tonne gold over 4.6 metres and 68.3 grams per tonne gold over 8.1 metres. In December, New Found Gold announced intercepts of 45.3 grams per tonne gold over 13.1 metres and a second hole with 25.0 grams per tonne gold over 16.9 metres at their nearby Queensway property.
Management cautions that mineralization on nearby properties may not be indicative of mineralization on its property.
The company also owns a 100% interest in the Desert Eagle Vanadium project located in the historic Henry Mountains Mining District in southeast Utah, close to Anfield Energy's Shootaring Canyon Mill, in an area that has seen extensive historic vanadium and uranium mining.
For more information, please visit the company's website, www.k9goldcorp.com, contact Kosta Tsoutsis, Director, at 604-808-9134 or email kosta@k9goldcorp.com, or contact Brian Morrison, CFO, at 604-312-6910 or email brian@k9goldcorp.com.
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Figure 1. Current known drillhole positions over gravity survey showing two distinct ridges following mineralised gold trends.