(TSXV: KTO; US-OTC: KTGDF) has begun a $350,000 phase 1 exploration program at its 72-sq.-km Wels gold property in west-central Yukon, 45 km east of Beaver Creek and 185 km south of Dawson City — the start of a two-part program. It’s funding the program through a $1.04 million private placement it closed on June 8, 2018.
K2 started the program in early June. It’s stepping out from the area it previously drilled, known as Saddle, as much as 2 km south to a newly recognized 3-sq.-km area.
This area comprises two zones: Gunpowder and Chai. Both were prospected at the end of the 2017 field season, with the results out after snow had fallen. Samples from Gunpowder graded 28.2 grams gold per tonne, 2 grams gold and 13.6 grams gold. Chai returned 1.9 and 1.67 grams gold.
K2 has finished its geophysical survey and is running LIDAR right now. It will strip Chai and Gunpowder with a back hoe in early August, collect samples and then design a drill program for Chai, Gunpowder and Saddle. Its field season can run as late as October, before poor weather conditions will force it to stop.
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