Vancouver, B.C. – January 4, 2023 – K2 Gold Corporation (“K2” or the “Company”) (TSX-V: KTO; OTCQB: KTGDF; FRANKFURT: 23K) today announced the results of its 2022 Extremely Low Frequency Electromagnetic (“ELF”) geophysical survey at its Si2 Gold Project (“Si2”), located 60 km northwest of Tonopah Nevada. Additionally, K2 has staked 53 new claims surrounding the project area, adding 443 hectares of prospective ground and bringing the total project size to 986 hectares.

Key Point Summary

ELF survey validates and extends structures observed in the 2022 IP survey.
ELF survey provides detailed resistivity data over the eastern half of the Si2 Project.
An additional 53 contiguous unpatented claims on Bureau of Land Management (“BLM”) land have been staked, with all claims contiguous to the Si2 Property. This increases the total land position to 118 claims covering 986 hectares.
“Since acquiring the Si2 project in early 2022 our goal has been to rapidly evaluate its potential to host a significant gold deposit. With the completion of the ELF survey, we have three independent methods of geophysical survey that identified anomalies in the same locations and orientations (Magnetics, IP, and ELF). These geophysical anomalies integrated with the previously identified geological and geochemical evidence we have mapped and sampled have combined to produce numerous targets; the project is now drill ready. Based on the information we have collected over the year; we took the opportunity to increase our land position by staking additional claims at Si2 to protect our areas of
interest,” stated Anthony Margarit, President and CEO of K2 Gold.

K2 is in the process of preparing a Notice of Intent for submission to the Federal Bureau of Land Management (“BLM”) to support drilling activities in early 2023.'

Figure 1: Map of Si2 Property boundaries, domain surveyed by ELF, and selected ELF cross section.

Si2 hosts a large, 8 km2 steam heated alteration cell interpreted to represent the upper levels of a buried gold-bearing epithermal system. Extensive exploration work completed by the Company since acquiring the property has identified a network of predominately northeast-trending and northwest dipping faults observable at surface coincident with strong advanced argillic steam-heated alteration, highly anomalous mercury, and residual silica. These faults are now confirmed to project under cover through interpretation of the Company’s ground magnetic, IP, and ELF surveys, which demonstrate that several key alteration zones at surface appear to be linked beneath shallow alluvial cover over more than a kilometre of strike length.

ELF Survey Confirms Structural Continuity

K2 engaged Aurora Geosciences to execute the ELF survey at the Si2 Property. A total of 24.8 line-km was surveyed, with lines-oriented northwest-southeast and spaced at 200m intervals. Two of the survey lines effectively twinned the previously announced IP lines at L400 and L1600, allowing for the higher-resolution IP data to act as a reference point.

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