K2 Gold reports 83.82m gold intercept in Dragonfly step‑out
The interval grades 3.40 g/t gold from surface, but the oblique hole's reported length does not represent true thickness.
Mara Quinlan
K2 Gold Corporation CVEKTO OTCMKTSKTGDF FRA23K reported on Tuesday that drilling at Dragonfly in California returned 3.40 grams per tonne gold over 83.82 metres from surface. The results extend high-grade mineralization northward from a pad 94 metres beyond its 2020 highlight intercept, K2 said.
Shares CVEKTO closed unchanged at C$0.69 on the TSX Venture Exchange at 4:00 p.m. EDT on Monday. That close preceded Tuesday's announcement.
The Oct. 20 assay table identifies DF26-031 as the highlight hole; its reported length does not represent true thickness. Its included run returned 7.58 grams per tonne over 19.81 metres, beginning 64.01 metres down hole.
K2 reported 42 completed holes totalling 8,013 metres. The company describes its 14,000-metre campaign as permitted and fully funded, with drilling now underway at the Newmont target.
K2 is a gold explorer whose wholly owned Mojave project lies in Inyo County. Dragonfly sits midway along the Eastside Gold Trend, which extends more than 6.5 kilometres.
Tuesday's results cover the final four holes of Dragonfly's first drilling phase. Three were drilled from DF-M, the northernmost pad tested at the zone, while the fourth returned to DF-A to help constrain the geometry of previously intersected gold.
Results from 15 Dragonfly holes now span approximately 240 metres of strike, with every hole intersecting high-grade oxide gold mineralization, according to K2. The company says the latest northern drilling supports continuity across the target.
"The hole was drilled obliquely to the interpreted trend of the Dragonfly mineralization and results do not represent true width of the structure," K2 said of the highlight hole in its Oct. 20 release.
The release also says true thickness remains unknown for the reported intervals. Drilling difficulties forced the highlight hole to stop while still in mineralization; its final 1.52 metres returned 9.72 grams per tonne gold.
In the highlight hole, a broader included interval graded 4.98 grams per tonne over 48.77 metres. That interval began 35.05 metres down hole and continued to the end of drilling.
The three northern holes encountered oxide gold in sedimentary rocks containing quartz and calcite veins.
The assay table and detailed highlights give the included interval's grade as 7.58 grams per tonne. The release headline instead gives 7.51 grams per tonne.
Hole DF26-030 returned 100.58 metres at 1.01 grams per tonne from surface. Hole DF26-029 intersected 38.10 metres at 1.38 grams per tonne, also from surface.
At DF-A, hole DF26-032 returned 28.95 metres at 3.11 grams per tonne. That interval began 33.53 metres down hole.
Read more: Thunder Gold drills 102.0m at 1.178 g/t gold at Tower Mountain
The next assays are pending from 27 holes at the Newmont target, as reported in K2's Oct. 20 update.
