K9 Gold Completes 2022 Drill Program; Compilation of Analytical Results in Progress

Vancouver, British Columbia--(Newsfile Corp. - September 29, 2022) - K9 Gold Corp. (TSXV: KNC) (FSE: 5GP) (OTCQB: WDFCF) ("K9" or the "Company") is pleased to announce that the 2022 diamond drill program has been completed at the Jumper's Pond zone on its high prospective Stony Lake project in central Newfoundland. Partial analytical results have been received and are currently being compiled and incorporated into the project data base. On receipt of the analytical results, 3D modelling of the gold concentrations for the 2022 drilling program is planned.

The 2022 drill program, consisting of eight diamond drill holes totaling 2919 metres, was designed to follow up the gold mineralization encountered in hole JP21-022 that intersected a weighted average of 0.61g/t gold over a core interval of 127.4 metre. Geological and geotechnical logging of the drill core has been completed.

Geological descriptions of the drill core indicate that the drilling continues to intersect extensive zones of shearing and brecciation, comparable to the mineralized structures encountered in the 2021 program.

Highlights of 2021 drill program at Jumper's Pond (see Company release dated July 5, 2022):

  • JP21-022 intersected a 127.4-meter zone of continuous gold mineralization averaging 0.61 g/t Au, from 97.00 to 224.40 m downhole, including 65.1m of 0.78 g/t and 5.70m of 2.37 g/t.
  • The mineralized structure intersected in JP21-012 was extended approximately 100m along strike to the north,
  • The mineralization is interpreted to occur along the axis of an anticlinal structure, in the footwall of a major fault zone and remains open along strike and at depth,
  • Higher grade samples include 5.09 g/t over 0.30m and 5.58g/t over 0.50m in JP21-022 and 4.48g/t over 0.30m in JP21-019,
  • The mineralization intersected in earlier drilling programs and the mineralized structures exhibit a strong spatial correlation to a positive chargeability anomaly that has a strike length of at least 3000 meters.

Jeff Poloni, CEO of K9 Gold, commented, "The recent drilling program successfully extended the mineralized structures intersected in the previous drilling programs. We continue to add to our understanding of the structural orientation and characterization of the mineralization. The Jumpers Pond Zone is one of numerous structural inflection points interpreted from our geophysical surveys over our expansive property and this year's exploration will help in additional discoveries."

QA/QC Procedures

K9 Gold Corp employs a rigorous QA/QC protocol on samples submitted for analysis including the insertion of blanks, reference standard and duplicated into its sample streams. For every 40 samples, one blank and three standards are inserted. In addition, one reject duplicate is included in every batch of 40 samples. To date, no significant discrepancies have been detected in the results of the blanks, standards, and duplicates.

K9 uses the services of Eastern Analytical in Springdale NL, using their fire assay and 34 element ICP package for sample analysis. Eastern Analytical is ISO 17025 Accredited in Fire Assay Au, as well as for their multi-acid ore grade assays in Cu, Pb, Zn, Ag, Fe and Co.

To ensure a safe workplace environment that protects the health and safety of employees and contractors, K9 Gold follows all federally and provincially mandated and recommended guidelines regarding COVID-19.

K9 Gold acknowledges the financial support of the Stony Lake project by the Government of Newfoundland and Labrador, through the Department of Industry, Energy and Technology Junior Exploration Assistance Program.

About Stony Lake Project

The Stony Lake property lies within the Exploits Subzone Gold Belt of the Cape Ray/Valentine Lake structural trend in Central Newfoundland, lying parallel to that of New Found Gold's Queensway project, along the prolific Dog Bay Line. The project covers 13,625 ha and 27 kilometers of favorable trend between Sokomon's Moosehead discovery immediately to the northeast and Marathon's Valentine Lake deposit to the southwest. Excellent infrastructure exists on the project lands and in the surrounding area.

At Stony Lake, ground prospecting and sampling has led to the identification of seven broad areas of highly anomalous to low grade (up to 4.0 g/t Au) to high grade (>4.0 g/t Au) gold mineralization. Following up on the prospecting work, systematic exploration with property-wide airborne geophysical and extensive soil sampling, plus two large grids of IP ground geophysical survey, has led to the interpretation of about 100 anomalies, at least ten of which are rated as high priority drill targets. The 2021 drilling program has added to the potential of the project with multiple very wide intersections of substantial gold mineralization, including 0.61 g/t Au over 127.4 meters in hole JP21-022 .

About K9 Gold Corp

K9 Gold Corp has assembled a highly-experienced and dynamic team to explore its Stony Lake Project. The project has been acquired from District Copper Corp by an option agreement, whereby K9 can earn up to a 100% interest in the project (see Company release dated July 30, 2020). The Company also owns a 100% interest in the Desert Eagle Vanadium-Uranium project located in the historic Henry Mountains Mining District in SE Utah. The area has seen extensive historic vanadium and uranium mining and is close to Anfield Energy Inc's Shootaring Canyon mill.

Chris M. Healey, P. Geo, Chief Geologist and a Director of K9 Gold Corp., is the qualified person under NI 43-101 guidelines who is responsible for the technical content of this release, and consents to its release.

Toll Free Number: (833) 434-GOLD (4653)

Kosta Tsoutsis
Director
K9 Gold Corp.
email: kosta@k9goldcorp.com
Telephone: 604 808-9134

Brian Morrison
Chief Financial Officer and Director
K9 Gold Corp.
email: brian@k9goldcorp.com
telephone: 604 312-6910

The Company is listed on the TSX Venture Exchange.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Disclaimer for Forward-Looking Information

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/138802

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