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K2 Signs Option Agreement to Obtain 100% Interest in Mojave Project

K2 Gold Corporation takes immense pleasure in announcing that it has signed an option agreement to obtain a 100% interest in the Mojave Gold Project.

Located 230 km northwest of Las Vegas and 100 km west of the Nevada-California border, the Mojave Gold Project covers an area of about 5,780 ha of land under the jurisdiction of the Bureau of Land Management (BLM).

In 1984, Mobil first discovered mineralization in the district. Since the mid-1980s, Mojave has been operated by many older, mid-tier, and newer companies such as Newmont, BHP, and more recently SSR.

Each successive company that has investigated the property since discovery has sanctioned the geological model and enhanced the overall potential by identifying more distinct sites of gold-bearing rocks at surface over a 7 km by 5 km area.

BHP, Newmont, and Asamara Minerals have drilled the project, and each program was successful in finding mineralization from various sites, several kilometers apart.

Almost 150 drill holes have been drilled so far covering an area of 7 km by 5 km encompassing five targets (Dragonfly, South Dragonfly, Newmont, Soda Ridge, and Soda Canyon). Other priority drill targets in four other regions (Stegosaurus Ridge, Far North, Far South, and Blade zones) have not yet been completely explored and drill tested.

The Mojave Project is mainly a surface and near-surface Carlin-type, sediment-hosted oxide gold system. Besides the eight distinct zones of Carlin-type mineralization currently known, the eastern side of the Newmont zone and the Stegosaurus zone also hold the potential for a porphyry Cu-Mo-Au and/or skarn targets.

The Mojave Gold Project represents one of the ‘best early-stage’ gold exploration camps I have ever seen in my career. The acquisition of this project represents a significant step forward for K2.

John Robins, Chairman, K2 Gold Corporation

Steve Swatton, CEO of K2, said, “I believe the Mojave Gold Project will significantly enhance our portfolio and complement our gold properties in the Yukon and Alaska by ensuring the possibility of year round exploration.”

The Mojave Project has delivered positive historical drilling and other exploration results from programs by several senior mining companies over the past 35 years. We believe it is an outstanding opportunity, and we look forward to working with the local communities in progressing this project through the different phases of exploration.

Steve Swatton, CEO, K2 Gold Corporation

Highlights of Historical Drilling from BHP and Newmont

  • BHP—Dragonfly Zone
    • DDH—CM 97-3 Depth 0 m to 53 m (53m intersection) of 0.55 g/t Au
    • DDH—CM97-4 Depth 0 m to 99 m (99 m intersection) of 1.1 g/t Au
      • Including: 15.2 m to 24.4 m (9.2 m intersection) of 3.46 g/t Au
      • And 42.6 m to 54.9 m (12.3 m intersection) of 3.43 g/t Au
  • Newmont—Newmont Zone
    • DDH—CGL1 7.6 m to 9.1 m (1.5 m intersection) of 8.23 g/t Au
    • DDH – CGL3 39.6 m to 53.3 m (17.7m intersection) of 2.5 g/t Au

Dragonfly and Newmont zones are situated around 3 km away from each other. South Dragonfly spans between Dragonfly and Newmont.

Highlighted Results from Historical Trenches

  • Dragonfly zone
    • 42.7 m of 4.22 g/t Au including 12.2 m of 12.69 g/t Au
    • 4.6 m of 3.6 g/t Au
  • South Dragonfly zone
    • 4.6 m of 7.13 g/t Au
  • Blade zone
    • 6.1 m of 1.30 g/t Au
  • Newmont zone
    • 12.2 m of 5.18 g/t Au
  • Far South zone
    • 6.1 m of 1.30 g/t Au

The qualified person has not checked the drilling data unveiled in this release, including sampling data and assays. These data are derived from historical reports compiled between 1984 and 2013 by different parties.

Exploration Plans

K2’s first phase of exploration is anticipated to include confirmatory mapping, rock sampling, and soil sampling in regions of recognized gold mineralization. This study is expected to be followed by an exploration of alteration targets and ground follow-up of the regions holding promise for porphyry copper and base metals.

Stegosaurus Ridge, one of the most important under-explored base metal and gold areas, is a 3 km by 500 m hill of Cu-Ag base metal showings that was earlier mined in the initial half of the last century.

This region is notable for an important alteration footprint over the whole ridge, large gravity, and magnetic geophysical anomaly, together with 700+ anomalous chip samples. Stegosaurus Ridge is situated 3 km northwest of the Newmont zone.

Source: http://k2gold.com/

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