K9 Gold Corp (TSXV: KNC) (FSE: 5GP) has updated shareholders on its 2020 exploration program at its Stony Lake project on which it has an option to earn up to a 100% interest. The current program consists of overburden till sampling, mapping and sampling, orthophotos and LiDAR, and VTEM airborne geophysics.
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The Stony Lake East Project, 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.
Overburden Drilling Management has completed the preliminary phase of till sampling. The program followed up on-going compilation of historic exploration work on the property that has identified a large area with highly anomalous gold values in tills collected in 1989 by Teck Explorations Limited. These samples are clustered around the Island Pond - Moccasin Lake area in the central part of the property.
Calculated visible gold assays, by Overburden Drilling, yielded 15 samples with values over 1500 parts per billion, four of which had values of approximately 11.8, 12.8, 14.1 and 19.5 grams per tonne gold. Analysis of a non-magnetic heavy mineral concentrate by Chemex Labs yielded 16 samples with values greater than 1,000 parts per billion gold. Four of these samples were reported as greater than 10,000 parts per billion gold, which was the upper detection limit. The first phase of mapping and sampling to follow up on the anomalous 2019 results covering the north east section of the property is complete, with samples shipped for whole rock and geochemical analysis.
Leading Edge Geomatics of Lincoln, New Brunswick has completed the LiDAR and Imagery survey over the Stony Lake Project. Airborne LiDAR surveys are a rapid, highly accurate and efficient method of capturing 3D data of large areas. The survey will assist with ground mapping to extrapolate geomorphology and both regional and local geologic structures.
On the property, large areas of significant gold mineralization occur in altered Botwood sediments and Quartz Feldspar Porphyry intrusives associated with intense silicification, sericite-chlorite-carbonate alteration and a strong pyrite-arsenopyrite mineralogical association. The features indicate epizonal/mesozonal temperatures for the hydrothermal fluids and support the exploration model of hydrothermal fluids leaking upwards into the Botwood sediments from a deeper igneous intrusive source. Quality Control and data processing is underway.
Geotech Ltd. of Aurora, Ontario completed 100% of the planned Versatile Time-Domain Electromagnetic (VTEM™ Plus) survey.
Prior to the 2020 field season, airborne geophysical coverage, with follow-up ground prospecting and sampling, led to the identification of eight areas of highly anomalous to high grade gold mineralization, hosted in a variety of environments, including quartz-feldspar porphyries, reduced sandstones, quartz stockworks and quartz veins.
The property hosts both widespread low grade mineralization up to 4.0 grams per tonne gold within the Botwood Formation and high grade veins greater than 4.0 grams per tonne gold in the basement rocks below the Botwood, similar to the nearby New Found Gold Queensway project, and the immediately adjacent Sokoman Minerals Moosehead discovery.
The company is well funded, having raised gross proceeds of $2.5 million in a private placement in August along with another $1 million in October.
For more information, please visit the company's website, www.k9goldcorp.com, contact Kosta Tsoutsis, Director, at 604-808-9134 or email email@example.com, or contact Brian Morrison, CFO, at 604-312-6910 or email firstname.lastname@example.org.
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Barry Morgan, CFO
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