K2 Gold Corporation announced that its 2023 diamond drilling program at the Si2 Gold Project is underway. The 2023 drilling program will consist of a minimum of 2,500m of diamond drill core. Drilling will focus on the "area of interest" (AOI) AOI1, AOI1.5, and AOI2 target areas.

The drill holes are designed to intersect steeply northwest-dipping fault structures which control the extensive steam-heated alteration and mercury anomalism mapped and sampled by K2 at surface. These fault structures are interpreted to be the main fluid pathways within the system which may have transported mineralizing hydrothermal fluids. The faults will be tested at depths of a minimum of 100m below surface, and deeper.

The Si2 Gold Project is located in Esmeralda County, Nevada, approximately 60km northwest of Tonopah, Nevada, and 20km northwest of Allegiant Gold's Eastside deposit (1.4Moz Au, 8.8 Moz Ag). The project is road accessible and consists of 118 BLM lode claims covering 986 Ha, 65 of which are under option from Orogen Royalties Inc. The claims cover an 8 km2 area of steam heated alunite-kaolinite-buddingtonite alteration within a sequence of felsic to intermediate volcanic rocks displaying brecciation and strongly anomalous mercury. The alteration is interpreted to represent a high-level setting within a low-sulfidation epithermal gold-silver system.

In this type of geologic setting there is typically minimal anomalous gold mineralization at surface, however, gold grades may increase at depth along controlling structures at critical locations in the hydrothermal system (i.e., boiling zones). The Si2 Gold Project was initially identified by the same exploration team that identified AngloGold Ashanti's 4.22 Moz Au Silicon project1 near Beatty, Nevada, and was staked based on its strong geological similarities to Silicon.