K9 Gold Corp. Receives $4.2 Million for Drilling Program and Identifies Additional Exploration Targets
NEW YORK, NY, March 03, 2021 (GLOBE NEWSWIRE) -- K9 Gold Corp. (OTC Pink: WDFCF) (TSXV: KNC) (FSE: 5GP) remains well-financed for its 2021 drilling and exploration season, while at the same time, it continues to identify additional promising exploration targets on its Stony Lake project located in the newly emerging Central Newfoundland “Gold Belt.”
The all-in sustaining cost of mining, even a single ounce of gold, is steep; however, exploration costs for companies with the aim of discovering and mining gold daily, are even greater. So, when K9 Gold announced that it received another $4,217,450 in funding from its latest three private placements, it was welcomed news.
For shareholders, the funding is an injection of confidence that the company’s 2021 drilling season is alive and well. And, for the company, it’s an optimism that a steady stream of test results from its Stony Lake project show K9 Gold is potentially sitting on a prime piece of mining real estate within Newfoundland’s Gold Belt, and industry investors are convinced as well.
And the additional funding comes none too soon as, over the past week, K9 Gold announced it received what are very positive results from an orientation till sampling survey and received results from a 3D Magnetic Inversion study, both of which were carried out on its Stony Lake project. K9 Gold’s objective for the orientation till sampling survey was to determine whether or not such a survey could identify targets for further exploration work, and the initial results have proven that several areas of interest were identified, which comport with previous exploration work carried out on the property.
K9 Gold contracted with Overburden Drilling Management (ODM) to conduct the orientation till sampling survey. To that end, ODM collected 76 samples of C-horizon basal till from hand-dug pits that averaged at least a meter in depth, and then the company processed the samples to determine gold grain contents, if any. Geochemical analysis was performed on the non-magnetic Heavy Mineral Concentrate (HMC) using both Aqua Regia – ICP and INAA (Instrumental Neutron Activation Analysis).
Late last week, K9 Gold announced the analytical results from those samples, which show that ODM’s testing found “visible gold grains” in 69 of the 76 samples collected, including 14 samples with >10 grains and 3 with >20 gold grains. Results of the geochemical analysis show that 42%, or 32 out of the 76 samples, returned gold values of >500 ppb, including 5 with values >5000 ppb (maximum 17,900 ppb Au).