Wels Project

Location

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.

Land Package

350 contiguous quartz claims covering 7,200 hectares.

Mineralization

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.

  • Exploration History

    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

    Hole ID

    From (m)

    To (m)

    Interval (m)

    Au (g/t)

    DDH15-01

    31.5

    51

    19.5

    3.53

    Incl.

    33

    39

    6

    8.64

    DDH17-06

    76.5

    105

    28.5

    2.37

    DDH17-08

    9

    15

    6

    10.38

    DDH17-11

    43.5

    73.5

    30

    0.97

    DDH17-15

    81

    97.5

    16.5

    1.85

Reports

View 43-101 Technical Report

Chronology of the Wels Project

  • 2002

    Regional Prospecting

    1 rock, 10 stream, and 21 soil samples taken on the ground now held by K2 Gold

  • 2006

    Report Published

    YGS District Report published on 2002 sampling. Of the 21 soil samples collected(2002), only 2 were marginally anomalous: 33ppb gold and 56ppb gold

  • 2011

    Staking & Soil Sampling

    Staked by 2 prospectors in March 2011 and then optioned to Gorilla Minerals in June 2011

  • 2012

    Staking Soil and Rock Sampling 
    An early rock sample taken (hand dug Trench A) ran 149.5 g/t gold

  • 2013

    Rock Sampling

    5 further rock samples taken to confirm the 2012 program

  • 2014

    Geophysics

    Airborne Magnetic and radiometric survey

    Trenching

    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

  • 2015

    Drilling

    442m of diamond drilling (5 holes), all returned gold mineralization

  • 2017

    Drilling

    1232m of diamond drilling at Saddle, well defined zone

    Prospecting

    Two new gold bearing targets identified

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