K2 Gold Identifies Large Magnetic Anomaly at Mojave

VANCOUVER, British Columbia, Aug. 07, 2020 (GLOBE NEWSWIRE) -- K2 Gold Corporation (“K2” or the “Company”) (TSX-V: KTO; OTCQB: KTGDF; FRANKFURT: 23K) is pleased to report that it has identified a large magnetic anomaly on the Mojave gold project (“Mojave”) in Inyo County, California following an 8.3 km² ground magnetic survey. The magnetic survey was focused on the gold-rich Eastern Target area covering the East, Newmont, Central, and Dragonfly target areas. In addition to the geophysical survey K2 completed a 72 km² LiDAR topographic survey.

Please CLICK HERE to view all figures related to this news release.

Ground Magnetic Survey

An 8.3 km² ground magnetic survey was completed on the gold-rich Eastern Target area covering the East, Newmont, and Dragonfly target areas of Mojave. The data is being used in concert with available geochemical, geological, LiDAR, and WorldView-3 spectral imagery to advance the geologic and structural interpretation of the target area. In addition, a 3D inversion was completed on magnetic data to assess the potential for deep magnetic sources that may be associated with intrusions beneath the target. The inversion indicated a large, 600m x 900m, magnetic feature approximately 600m beneath the Central portion of the Eastern target area that is interpreted as an intrusion and may be associated with mineralization in the area. In addition, a set of smaller magnetic features also occur beneath the Dragonfly target. These appear to come to surface in colluvial cover immediately west of the target and may represent addition intrusive bodies. Follow up investigation of the anomalies will be conducted in the near future.

LiDAR Survey

A 72 km² LiDAR survey was also completed on Mojave, and provided high-resolution (<1m) base imagery and topographic data that is being utilized to advance the Company’s geologic and structural interpretation on the project. Preliminary analysis of the data highlighted a series of previously unmapped structural lineaments across the property and historic workings/prospects that warrant follow up investigation. Furthermore, the data provides high-resolution topographic data that will aid in drill planning, permitting, and 3D modelling efforts on the project. Further analysis of the data is ongoing.