K9 Gold Corp (TSXV:KNC) (OTCQB:WDFCF) (FSE:5GP) has announced a non-brokered, flow-through private placement. The company is looking to raise up to $2,000,000 through the placement of up to 10 million flow-through units priced at $0.20 per unit. Net proceeds will be used for drilling and exploration on the Stony Lake Gold Project, particularly in the Jumper’s Pond area, where drilling in late 2021 intersected multiple very wide zones of significant gold mineralization.
Additional Information:
Video Transcript:
K9 Gold Corp (TSXV:KNC) (OTCQB:WDFCF) (FSE:5GP) has announced a non-brokered, flow-through private placement.
The company is looking to raise up to $2,000,000 through the placement of up to 10 million flow-through units priced at $0.20 per unit.
Each unit consists of 1 flow-through share and 1 warrant to purchase 1 non-flow-through share at $0.25 for 24 months.
The shares are currently trading at $0.165.
Net proceeds will be used for drilling and exploration on the Stony Lake Gold Project, particularly in the Jumper’s Pond area, where drilling in late 2021 intersected multiple very wide zones of significant gold mineralization.
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 hectares 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.
On February 14th, the company released results from drill hole JP21-012, drilled on the Jumper's Pond target, which intersected 7 intervals of gold mineralization with 6 of the 7 zones occurring over a core interval of 134 metres.
The gold mineralization occurs in a steeply dipping structural zone and includes 2.58 g/t gold over a 3.1 metre core interval with a maximum grade of 4.34 g/t gold over a one-meter core interval.
On February 23rd, the company released results from an additional 6 holes, all drilled from the same drill pad, which extended the mineralized zone approximately 100 metres along strike to the north.
The mineralized intervals in four of the drill holes are open and additional sampling is required to determine the full extent of the gold mineralization.
JP21-022 intersected 12 intervals of gold mineralization including 65.1 metres averaging 0.78 g/t gold, from 98.5 to 163.6 m downhole.
Included in JP21-022 were intersections of 5.7 m averaging 2.37 g/t gold, 0.70 m averaging 5.09 g/t gold, 18.85 m averaging 1.22 g/t gold, and 0.50 metres averaging 5.58 g/t gold.
For more information, please visit the company’s website, www.k9goldcorp.com, call 1-833-434-GOLD (4653), contact Kosta Tsoutsis, Director, by email at kosta@k9goldcorp.com, or contact Brian Morrison, CFO, at brian@k9goldcorp.com.
