K9 Gold Upgrades Moonlight Target on Stony Lake Project

Rhea-AI Summary

K9 Gold Corp. reports a significant upgrade to the Moonlight target on its Stony Lake Project in central Newfoundland. The 2023 soil sampling program has widened and enhanced the target area at Moonlight. The 2023 exploration program comprised the collection of 311 soil samples on two grids, Moonlight and Rattling Brook. Field work was performed by GroundTruth Exploration. Previous work on the Moonlight Grid included airborne and ground geophysics, soil sampling, trenching, and diamond drilling, which discovered a wide zone of significant gold mineralization. In 2023, 213 soil samples were collected on the grid, with twelve exceeding 10 ppb Au. The Rattling Brook Grid, with limited previous exploration, saw the collection of 98 soil samples, with two exceeding 10 ppb Au. CEO Jeff Poloni considers these values in soils to be highly significant and point to the potential of the Moonlight area.

West Vancouver, British Columbia--(Newsfile Corp. - February 8, 2024) - K9 Gold Corp. (TSXV: KNC) (FSE: 5GP) (OTCQB: WDFCF) ("K9" or the "Company") is pleased to report a significant upgrade to the Moonlight target on its Stony Lake Project in central Newfoundland. The 2023 soil sampling program has both widened and enhanced the target area at Moonlight.

2023 Exploration Program:

The 2023 exploration program on the project comprised the collection of 311 soil samples on two grids, Moonlight and Rattling Brook. Field work was performed by GroundTruth Exploration, of Dawson City, YK.

Moonlight Grid:

Previous work performed by K9 Gold on the Moonlight Grid included airborne and ground geophysics, soil sampling, trenching and diamond drilling. The grid covers a flexure in a major regional fault zone. Trenching on the grid in 2021 discovered a wide zone of significant gold mineralization (0.81 g/t Au over 15.0 m in soil samples from the trench). Follow up diamond drilling encountered a similar zone (0.84 g/t Au over 9.52 m downhole) in hole ML21-016.

In 2023, 213 soil samples were collected on the grid, on a nominal 100 x 25 m spacing. Of these, twelve exceeded 10 ppb Au, with a range of 10 to 315 ppb as well as 0.9 g/t Au).

Rattling Brook Grid:

This grid has seen limited previous exploration. Historic data includes several geochemical anomalies. The 2023 program on this grid comprised 98 soil samples. Of these, two exceeded 10 ppb Au (11 and 32 ppb respectively).

Jeff Poloni, CEO of K9 Gold commented, "The 2023 work program was designed to help understand and better define the zone of gold mineralization. These values in soils are considered to be highly significant and clearly point to the potential of the Moonlight area."

About Stony Lake Project

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. The project covers 13,625 ha 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.

K9 Gold acknowledges the financial support of the Stony Lake project by the Government of Newfoundland and Labrador, through the Department of Industry, Energy and Technology Junior Exploration Assistance Program.

About K9 Gold Corp

K9 Gold Corp has assembled a highly-experienced and dynamic team to explore its Stony Lake Project. The project has been acquired from District Copper Corp by an option agreement, whereby K9 can earn up to a 100% interest in the project (see Company release dated July 30, 2020). K9 also operates the JB Lithium Project in the James Bay region of Québec. Additionally, the Company owns a 100% interest in the Desert Eagle Vanadium-Uranium project located in the historic Henry Mountains Mining District in SE Utah. The area has seen extensive historic vanadium and uranium mining and is close to Anfield Energy Inc's Shootaring Canyon mill.

To ensure a safe workplace environment that protects the health and safety of employees and contractors, K9 Gold follows all federally and provincially mandated and recommended guidelines regarding Covid 19.

Chris M. Healey, P. Geo, Chief Geologist and a Director of K9 Gold Corp., is the qualified person under NI 43-101 guidelines who is responsible for the technical content of this release and approves its release.

Toll Free Number: (833) 434-GOLD (4653)

Kosta Tsoutsis
Director
K9 Gold Corp.
email: kosta@k9goldcorp.com
Telephone: 604 808-9134

Brian Morrison
Chief Financial Officer and Director
K9 Gold Corp.
email: brian@k9goldcorp.com
telephone: 604 312-6910

The Company is listed on the TSX Venture Exchange.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking Information

Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding K9's intention to continue to identify potential transactions and make certain corporate changes and applications. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits K9 will obtain from them. These forward-looking statements reflect managements' current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including K9's inability to identify transactions having satisfactory terms or at all and the results of exploration or review of properties that K9 does acquire. These forward-looking statements are made as of the date of this news release and K9 assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements, except in accordance with applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/197237

FAQ

What is the significance of the 2023 soil sampling program for K9 Gold Corp.?

The 2023 soil sampling program has widened and enhanced the target area at Moonlight on the Stony Lake Project, indicating the potential for significant gold mineralization.

Who performed the field work for the 2023 exploration program?

The field work for the 2023 exploration program was performed by GroundTruth Exploration.

How many soil samples were collected on the Moonlight Grid in 2023?

In 2023, 213 soil samples were collected on the Moonlight Grid.

What is the CEO's opinion on the values in soils collected in 2023?

CEO Jeff Poloni considers these values in soils to be highly significant and point to the potential of the Moonlight area.