K2 Gold Corporation announced the results of its 2022 orientation IP survey at its Si2 Gold Project, located 60 km northwest of Tonopah Nevada. Si2 hosts a large, 8 km2 steam heated alteration cell interpreted to represent the upper levels of a buried gold-bearing epithermal system. To date the Company has completed exploration work including: Hyperspectral remote sensing imagery (WorldView3) which defined broad areas of high-level advanced argillic alteration.

Ground magnetic survey covering the entire project area which identified multiple interpreted fault structures. 308 rock samples analyzed using SWIR confirming the surface extent of alteration defined from remote sensing imagery. Geochemical analysis of all 308 rock samples with multiple zones returning strongly anomalous mercury, with an overlimit >100ppm sample located within the strongest area of argillic alteration, proximal to a site which displays the strongest silicification at surface.

Geologic mapping supporting the concept that the strongest areas of surficial alteration and geochemical evidence are connected by structures interpreted as faults from multiple methods of geophysical survey. 5.1 line-km of IP. Two Methods of Geophysical Information Supported by Geological Mapping and Rock Sampling Support Fault-Controlled Mineralization Model K2's orientation IP survey was designed to collect high resolution IP data over the most prominent areas of advanced argillic alteration, rock mercury anomalism, and mapped and interpreted structure in the project area.

Exploration work completed prior to the survey supported the concept that multiple northeast trending fault structures acted as the conduits for a hydrothermal fluid, ascending from depth, that created an extensive zone of steam-heated alteration at present day surface. At depth, these structures may have controlled the emplacement of precious metal mineralization, beneath the water table within the boiling zone. The IP survey lines were designed to transect these northeast trending faults and zones of strong advanced argillic alteration and image the subsurface to a depth of 400m.

Areas with coincident chargeability and resistivity responses may represent zones of silicification and sulphide mineralization and represent high priority drill targets. Both survey lines identified geophysical features believed to represent the continuation of faults observed at surface to depth. On Line L400, at AOI1, 1.5, and 2, these faults appear to dip moderately to steeply to the northwest and extend to the limits of the models at depth.

On survey Line L1600, a large, moderately to steeply southeast dipping coincident chargeability and resistivity anomaly is observed directly beneath strong mercury anomalism in rocks at surface and minor gold in shallow historical drilling (MC-08, 0.282 g/t Au over 1.5m from 17m down hole). The addition of geophysical evidence from the IP survey supports the interpretation that fault structures initially interpreted from the ground magnetic survey, geologic rock sampling, and mapping were at one time a conduit for metalliferous fluids and may point to concentrated mineralization at depth. Next Steps The Company will continue to refine and interpret the geologic model to define targets for a 2023 drill program.

K2 will immediately begin preparing a Notice of Intent for submission to the Federal Bureau of Land Management to support drilling activities.