The Conversation (0)
K9 Gold Corp (TSXV: KNC) (FSE: 5GP) is preparing for a LiDAR and Imagery survey at its Stony Lake project, which lies within the Cape RayValentine 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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The company commissioned Leading Edge Geomatics of Lincoln, New Brunswick to conduct the LiDAR and Imagery survey. 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, allowing the company to develop a more focussed approach to mapping, sampling and prospecting programs.
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.
K9 Gold reported that on-going compilation of historic exploration work on the property has identified a large area with highly anomalous gold values in tills collected in 1989 by Teck Explorations Limited. These are clustered around the Island Pond - Moccasin Lake area in the central part of the property, where calculated visible gold assays, by Overburden Drilling Management, yielded 15 samples with values over 1500 parts per billion, four of which had values between 11,000 and 19,500 parts per billion gold. Analysis of non-magnetic heavy mineral concentrates by Chemex Labs yielded 16 samples with values greater than 1000 ppb gold, with four samples greater than 10,000 ppb gold, which was the upper detection limit.
At Stony Lake, large areas of significant gold mineralization occur primarily in altered Botwood sediments and quartz-feldspar porphyry intrusives associated with intense silicification, sericite-chlorite-carbonate alteration and a strong pyrite-arsenopyrite mineralogical association. This area is referred to as the Exploits Subzone gold district which essentially covers the Silurian-age clastic sediments surrounding the Mount Peyton intrusive.
Jeff Poloni, CEO and Director, stated: "With this survey, along with last year's airborne magnetometer/VLF/radiometrics survey and the soon-to-be completed airborne VTEM survey, we will have developed a solid data base upon which we can build a successful exploration program."
The company is well funded, having raised gross proceeds of $2.5 million in a private placement in August.
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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