K2 Gold Commences 2018 Exploration Program at the Wels Gold Property

VANCOUVER, British Columbia, June 04, 2018 (GLOBE NEWSWIRE) -- K2 Gold Corporation ("K2” or the "Company”) (TSX-V:KTO) is pleased to announce the 2018 Phase 1 exploration program at the Wels Gold Property has commenced. The Wels Property is located in west-central Yukon Territory in the Traditional Territory of White River First Nation ("WRFN”), approximately 45 kilometers east of Beaver Creek and 185 kilometers south of Dawson City (the "Wels Property”).

Phase 1 exploration will comprise ground geophysics, UAV surveying, and prospecting. Ground Magnetic and VLF lines will be conducted on the Saddle, Chai, Gunpowder prospects and surrounding geochemical anomalies. Coincident UAV surveying is expected to further help to identify regional structures and prospective geology.  In addition, K2 will continue to advance prospecting activities of both known prospects, previously untested geochemical anomalies, and any prospective targets that the new geophysics and/or UAV surveying identifies.

The 2018 Phase 1 exploration programme is initially targeting a newly recognized 300 hectare area (Gunpowder - Chai) located 1.5 km – 2 km south of the 2015 and 2017 drilling. This area lies within a large mineralized footprint that extends approximately 6 km by 1.5 km from north of Saddle to south of Chai. To date, less than 10% of this mineralized footprint has been explored. The Gunpowder and Chai zones were prospected and sampled at end of the 2017 field season and the results delivered after snow had fallen. Gabbros at Gunpowder returned assays of 28.2 g/t, 13.6 g/t, and 2.0 g/t and quartzites at Chai returned 1.9 g/t and 1.67 g/t (See KTO:TSX.V press releases of September 13, 2017 and November 6, 2017).

The discovery of gold in multiple rock types is significant as this may suggest that gold mineralization has an affinity to orogenic style gold deposits which are typical in the 200 km wide and 1,200 km long Tintina Gold Belt that hosts the Goldcorp’s Coffee Deposit (4.09 Moz at 1.38 g/t) located 65km north-east of Wels. The Coffee Deposit was discovered and developed by Kaminak Gold Corp., a predecessor company to K2, and subsequently sold to Goldcorp for $520M in 2016. 

Please click HERE to view all figures related to this news release.

Phase 1 results are expected to help delineate targets for trenching and/or diamond drilling in subsequent exploration work.  The company has adequate funds to complete its Wels Phase 1 exploration program.

About K2 Gold Corporation

K2 Gold Corporation is a junior mineral exploration company focused on building a portfolio of gold exploration projects in the Yukon and Alaska, including the Wels Property located approximately 185 km south of Dawson City, Yukon. In addition to Wels the Company is conducting exploration at the Flume, Storck, Ladue, and McArthur Creek properties in the South Klondike district. The Company has assembled an experienced management team and board of directors with a track record of discovery success.

Qualified Person

Jo Price, P.Geo., VP Exploration of K2 and a Qualified Person under National Instrument 43-101 has reviewed and approved the technical information on this release.

For additional information please contact Stephen Swatton at 604-331-5093.

On behalf of the Board of Directors,

“Stephen Swatton”

President and CEO

K2 Gold Corporation.

Forward-Looking Caution:

This news release contains forward-looking statements that are not historical facts.  Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements, including statements regarding the 2017 exploration program at the Wels Gold, Storck, Ladue and Flume Properties (collectively the “Properties”), including results of drilling, and future exploration plans at the Properties. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company’s inability to reach satisfactory agreements with First Nations to facilitate its exploration and development plans for the Wels Property, the Company's inability to obtain any necessary permits, consents or authorizations required for its planned activities, and the Company's inability to raise the necessary capital or to be fully able to implement its business strategies. The reader is referred to the Company's public disclosure record which is available on SEDAR (www.sedar.com).  Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all.  Except as required by securities laws and the policies of the TSX Venture Exchange, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

This news release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. No securities of the Company have been or will, in the foreseeable future, be registered under the United States Securities Act of 1933 (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

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