K2 currently has two projects in California and the Yukon: the Mojave and Wels Project, respectively.
Inyo County, California
More than 12 exploration targets with only 2 drilled by previous ownership, over a 5,830 hectares.
Minerlization consists of
Sediment-hosted oxide gold, that is structurally controlled silver – base metal +/- gold. Potential for Cu-Au Porphyry mineralization on western side of project.
The Mojave property is underlain by a Paleozoic, carbonate-dominated stratigraphic sequence of siltstone, shale, limestone, and conglomeratic units that have been subjected to multiple deformational events. The units are commonly folded and thrusted and are cut by late, steeply dipping, normal to strike-slip faults. Jurassic intrusive plug, dikes, and sills also locally disrupted the units.
Gold mineralization was first discovered at Soda Ridge on the Northwest corner of the Mojave Property by Mobil in 1984. Prior to K2’s recently completed work at least eight other gold rich areas on the property had been recorded and partially investigated by exploration and mining companies, most notably Newmont and BHP. To date 145 drill holes have been completed by three companies: Newmont in 1985 (22 RC holes), Asamera in 1986 (113 RC and diamond drill holes), and BHP in 1997 (10 RC holes) on three of the nine gold targets. Other companies that have explored on the Mojave property include Great Bear Resources and SSR Mining but the recent work by K2 is the most extensive and comprehensive since 1997. There are now 12 gold and base metal exploration targets on the Mojave property.
The historical drill programs focused on three different target areas on the property, Newmont, Empire Zone and Dragonfly. Highlights of historical drill results include 1.05 g/t over 99.06m, 2.1 g/t Au over 16.8m, and 1.54 g/t Au over 24.4m.
Since acquiring the property, the Company has completed geochemical and geophysical surveys, geologic mapping LiDAR, a World-View 3 alteration survey, and completed a 17 hole – 2540m RC drilling program focused on the Dragonfly and Newmont Zones.
- Mojave was BHP’s last remaining gold property in N. America before exiting gold exploration and mining worldwide
- Historical drilling by Newmont BHP, & Asamera - ore grade economic intersections from surface - ~ 145 holes total (25 holes drilled by Newmont and 10 by BHP, every hole intersected mineralization)
- Internal resource estimates (historic and non 43-101 compliant)) by Newmont and Great Bear Resources on only 2 of 8 currently identified gold targets. BHP internal report very ‘optimistic’
- Project area rescinded from Wilderness Study Area in mid 90’s because of the mineral potential (by Democrat Senator Feinstein). Negotiated withdrawal to facilitate formation of Death Valley National Park
- Local government actively looking to diversify economy beyond tourism, leisure and recreation which accounts for >50% of employment in Inyo County
Western Yukon, approximately 40km from Beaver Creek, YT and 60km south of Newmont Goldcorp’s 4Moz Coffee deposit. Located in the traditional territory of White River First Nation with which K2 has a cooperative relationship.
350 contiguous quartz claims covering 7,200 hectares.
Structurally controlled gold mineralization within granitic intrusives, gabbro, and metasediments with similarities to the Coffee and Golden Saddle deposits. Includes 3 known trends of mineralization, only 1 drilled to date, and over 80% of the property is unexplored.
Wels is underlain by metasedimentary and metvolcanic rocks of the White River Formation that have been intruded by a series of Triassic gabbroic sills, and Cretaceous granitic plugs. This package has been cut by a series of WNW trending structures that host alteration and gold mineralization. Mineralization is noted in all rock types observed on the property to date and is associated with quartz veining, brecciation, and sericite alteration with anomalous As, Sb, and, locally, visible gold. All mineralized trends remain open along strike and approximately 80% of the property is unexplored.
The Wels was initially identified by regional geochemical surveys in 2002and initially staked in 2011 and optioned to Gorllia Minerals. This led to the discovery of mineralization within a granitic stock at the Saddle Zone and subsequent sampling and trenching included grabs up to 149 g/t Au and trench samples of 8.8 g/t Au over 45m. Subsequent drilling on the Saddle by Gorilla include results of 3.53 g/t Au over 19.5m. The project was acquired by K2 in 2017 and conducted additional drilling on Saddle returning highlights of 2.37 g/t Au over 28.5m and 10.38 g/t Au over 6m. To date, the Saddle has 1674m of drilling over 15 holes and has been defined over 135m along strike and to 150m depth; and is open in both directions along strike and at depth.
The style of alteration, mineralization, and granitic host rock at Saddle led previous operators to interpret the mineralization as an intrusion-related gold system (IRGD) similar to Victoria Gold’s Victoria mine or Kinross’ Fort Knox mine. However, more recent work by the company has identified mineralization extending into surrounding metavolvanic, metasedimetary, and gabbroic rocks on the property forming a series of WNW trending zones including:
Pekoe Trend: Gabbro host, rock samples up to 4.1 g/t Au, & 2.15 g/t Au over 8m in trenching.
Saddle Trend: Intrusive host, rock samples up to 149 g/t Au, defined by drilling over 135m strike length and to 150m depth. Open along strike and at depth. Potential for subparallel zones of mineralization.
Chai Trends: Gabbro, intrusive, & metasedimentary host, rock samples up to 28.2 g/t Au, and 1.15 g/t Au over 15m in trenching.
All zones are associated with quartz veining, brecciation, quartz-sericite alteration, and anomalous As-Sb along WNW trending structural zones. The geochemistry and controls on mineralization are similar to structurally systems identified further north within the White Gold district including the Coffee and Golden Saddle deposits. Future work by the company will include detailed geologic mapping and geochemical surveys to refine the mineralized trends and define targets for drill testing. Additionally, the Company will initiate reconnaissance work on unexplored portions of the property.
Highlights of drilling on the Saddle Trend at Wels to date
Chronology of the Mojave Project
Vein base metal mining in the Stega/Keeler area
1940 - 1960s
Keeler Gold mine (intermittent operation) Total production unreported <0.5 Moz
Simultaneous exploration on east * west flanks (property consolidated in the 90's)
- West - discoverd by Mobil (1984) and worked on by Asamera (drill -113 short holes)
- East - Newmont (Newmont drills 25 holes in Newmont zone)
- Historical resource (non-compliant) 174,000 oz @ 2.01 g/t Au; Newmont Zone (based on 8 holes)
Senator Feinstein removed Mojave from the Wilderness Study Area because of its apparent mineral potential
BHP drilled 10 holes - Dragonfly. Internal report very positive
1998 - 2004
Property in litigation, Vendor prevails
2008 - 2009
Timberline compilation work, no drilling
Sungro Minerals - Compiled previous work and authoured Technical Report, not publ. No Exploration
2013 - 2015
Great Bear Resources - Trenching and Sampling 43m@4 g/t Dragonfly. Undrilled
2015 - 2018
SSR - Limited rock sampling and airborne Geophysics
K2 Gold Aquires Property
Chronology of the Wels Project
1 rock, 10 stream, and 21 soil samples taken on the ground now held by K2 Gold
YGS District Report published on 2002 sampling. Of the 21 soil samples collected(2002), only 2 were marginally anomalous: 33ppb gold and 56ppb gold
Staking & Soil Sampling
Staked by 2 prospectors in March 2011 and then optioned to Gorilla Minerals in June 2011
Staking Soil and Rock Sampling
An early rock sample taken (hand dug Trench A) ran 149.5 g/t gold
5 further rock samples taken to confirm the 2012 program
Airborne Magnetic and radiometric survey
155m of shallow trenching (with a 'CanDig' backhoe). Best sections 45.0m @ 8.8 g/t Au including 40.5m @ 9.15 g/t Au
442m of diamond drilling (5 holes), all returned gold mineralization
1232m of diamond drilling at Saddle, well defined zone
Two new gold bearing targets identified