K2 Gold (TSXV:KTO) is a successor to Kaminak Gold, which discovered and developed the Coffee project in the Yukon before selling it to Goldcorp (now Newmont) for about CAD$520 million back in 2016.
In early November, CEO Anthony Margarit was interviewed by Kitco Mining at the New Orleans Investment Conference (NOIC).
K2 Gold has three projects: Wels in the Yukon, located about 60 km south of Newmont’s Coffee gold project; Si2 in Nevada; and Mojave in California.
The company just finished its 2023 field program at Wels, which involved 1,961 meters of reverse circulation drilling in 12 holes. Mineralization was observed in all holes, several of which tested kilometre-scale structures.
The project hosts a high-grade, structurally controlled gold system that exhibits characteristics similar to Yukon’s White Gold District projects, such as Newmont’s Coffee project and White Gold’s Golden Saddle deposit.
The resource currently sits at just under three million ounces.
The first assays from Wels, published on Nov. 6, highlighted 34.7 grams per tonne gold over 1.52 metres at the Saddle South target, and 1.6 g/t over 21.34m, including 3.22 g/t over 9.14m.
The Discovery Group company has a relatively tight share structure at about 110 million shares fully diluted.
Margarit said along with the release of more drill results from Wels, another catalyst is completing the permitting process at the Mojave project next spring and initiating a drill program to define a resource there.
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