Full results have now been received from the first three holes, as well as partial results form hole JP21-012. Diamond drill hole JP21-012 intersected 1.03 g/t Au over a core width of 7.9 meters, along with over 8000 ppm As, in a zone of intense quartz veining and shearing. This hole was drilled on the Jumper's Pond target located immediately south of the Sokoman's Moosehead gold project.
Approval has been received from the NL Government Mineral Lands Division for an additional 25 drillholes (5000 m) in the Jumper's Pond area.
To date, drilling has been mainly in the Jumper's Pond area, and has been targeted to intersect several large, interpreted shear zones, cutting through the Lawrenceton volcanic assemblage into the overlying
Most of the Jumper's Pond holes have intersected significant shearing in both the Wigwam Fm. sandstones and the Lawrenceton Fm. volcanics. Several gabbroic dykes have also been noted. These shear zones, which can be up to 20 m wide, exhibit locally intense brecciation, with substantial amounts of quartz veining (with ginguro banding noted in JP21-008 and 012), and sulphide concentrations up to 20%, with both pyrite and arsenopyrite. Locally, intense sericite and chlorite alteration have been observed, along with intense silicification. Descriptions of work by other companies from area projects suggest that these features are strongly indicative of proximity to significant gold mineralization, which fits well with K9's exploration model. In holes JP21-001 and 002, the shearing was accompanied by moderate quartz veining with pyrite. Assays from these two holes indicate that JP21-001 was not drilled deep enough.
In hole JP21-012, a zone of intense quartz veining, and associated strong clay alteration, fault gouge, shearing, was encountered within a zone of volcanic breccias and intermediate volcanic flows. Up to 10% pyrite and arsenopyrite was observed, along with possible ginguro banding.
The samples returned an average grade of 1.03 g/t Au over a 7.9 m zone. In addition, the zone averaged 8032 ppm As, with elevated Sb. The gold values are almost exclusively in the fine fraction, and are consistent at about 1.0 g/t Au. The very high arsenic values, along with elevate antimony, are highly significant. A similar zone was noted in hole JP21-008. Results from other companies working in the area clearly indicate that this discovery is very similar to the high grade gold veins reported by other companies working in the Exploits Subzone Gold Belt. With a significant nugget effect, high grade intersections are typically flanked by wide zones of +/-1.0 g/t Au.
The large soil sampling survey, covering much of the property, is almost complete, with a small area remaining. Analytical results have been received for approximately 95% of the samples submitted. The survey has lead to the identification of multiple new target areas, showing multi-element anomalies which include Au, As and Sb.
News Releases from other companies active in the Central Newfoundland Gold Belt continue to increase the profile of this newly emerging gold district. For example, on
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Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding K9's intention to continue to identify potential transactions and make certain corporate changes and applications. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits K9 will obtain from them. These forward-looking statements reflect managements' current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause actual results to differ materially from those expressed or implied by the forward-looking statements, including K9's inability to identify transactions having satisfactory terms or at all and the results of exploration or review of properties that K9 does acquire. These forward-looking statements are made as of the date of this news release and K9 assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements, except in accordance with applicable securities laws.
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