Vancouver, B.C. – May 29, 2023 – K2 Gold Corporation (“K2” or the “Company”) (TSX-V: KTO; OTCQB: KTGDF; FRANKFURT: 23K) today provided an update on the ongoing 2023 diamond drill program at its Si2 Project, located 60km northwest of Tonopah, Nevada within the Walker Lane trend. Drilling commenced on May 2, 2023 with drill hole SD-23-001. Two holes have been completed to date, both of which target areas of interest located in the southern portion of the property.

Highlights
Drilling has successfully intersected alteration consistent with an epithermal system preserved beneath a blanket of steam-heated advanced argillic alteration, as predicted by K2’s exploration model.

Broad zones of silicification are found to be accompanied by disseminated pyrite and quartz-pyrite veinlets.

Hydrothermal breccias with matrices composed of black quartz-pyrite are observed within silicified rhyolite in both holes.

Upcoming hole SD-23-003, a 130m northeast step out from hole SD-23-002, is designed to test the interpreted main conduit of the system.

“With the first two drill holes complete, our team has confirmed the Si2 property hosts an epithermal alteration system. The two holes have intersected zoned alteration which has allowed us to vector towards the heart of the alteration at the southern target area, where we are extremely encouraged with the levels of silicification and sulphide content we have observed in the system.

Our geophysical models have been validated by these first two holes, we look forward to receiving the assay results over the next 4-6 weeks, and we are very excited to test what we believe could be the main fluid conduit, a strongly silicified fault, in our next drill hole.” stated Anthony Margarit, President, and CEO of K2 Gold.

Initial interpretations from holes SD-23-001 and SD-23-002 indicate that the southern target area hosts a hydrothermal system consistent with modern epithermal models. Near-surface acid-leached alteration and high-level steam heated advanced argillic alteration are intersected before a transition to varying chalcedonic silica and argillic alteration with depth. Strong silicification of the rhyolite within the core of the system is accompanied by disseminated pyrite, quartz-pyrite veinlets, and local intervals of hydrothermal breccia with black quartz-pyrite matrices. The characteristics noted above relate very well with the classic epithermal model and could be indicative of potential mineralization.

Drilling at target areas within the area of interest will continue with additional holes testing a strongly resistive root of the system, identified by K2’s Extremely Low Frequency (“ELF”) geophysical survey. This resistive feature is currently interpreted as a strongly silicified fault corridor, and is one of the primary fault structures in the target area.

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