K2 Drills 83.82m of 3.40 g/t Au including 19.81m of 7.51 g/t Au at Dragonfly

K2 Gold reports high-grade, wide gold intercepts at Mojave’s Dragonfly Zone, confirming mineralization continuity.

What the company is saying

K2 Gold Corporation is announcing assay results from the final four holes of the first phase of drilling at the Dragonfly Zone on its 100%-owned Mojave Project. The company highlights that drilling from pad DF-M produced the highest-grade and widest gold intercepts of the 2026 program, specifically citing 83.82m of 3.40 g/t Au in hole DF26-031, including 19.81m of 7.58 g/t Au. The narrative emphasizes the continuity of high-grade oxide gold mineralization across the Dragonfly Target and validates historical results from BHP’s 1997 drilling. K2 frames its program as fully permitted and fully funded, with 42 holes (8,013m) completed out of a planned 14,000m and a treasury exceeding $24M. The company also stresses ongoing drilling at the Newmont Zone, with 27 holes completed and assays pending, and positions itself as well financed and technically rigorous, referencing QA/QC procedures and independent laboratory analysis. The tone is confident, focusing on technical achievement and financial stability, with Vice President of Exploration Eric Buitenhuis, M.Sc., P.Geo., named as the qualified person overseeing the program.

What the data suggests

The disclosed drill results show substantial widths and grades of oxide gold mineralization at the Dragonfly Zone. DF26-031 intersected 83.82m of 3.40 g/t Au from surface, including 48.77m of 4.98 g/t Au and a high-grade core of 19.81m at 7.58 g/t Au, with the final 1.52m returning 9.72 g/t Au, indicating mineralization remains open. DF26-030 returned 100.58m of 1.01 g/t Au, including 6.10m of 4.60 g/t Au, and DF26-029 delivered 38.10m of 1.38 g/t Au, with multiple higher-grade intervals. DF26-032 from DF-A intersected 28.95m of 3.11 g/t Au, including 9.15m of 8.53 g/t Au. All reported intervals are apparent widths; true thickness is not yet determined. The company has completed 42 holes totaling 8,013m, with results reported for 15 holes over 240m of strike, and every hole intersected high-grade oxide gold. The program is fully funded for 14,000m, supported by a treasury of over $24M. QA/QC protocols include inserting blanks and standards at a 10% rate, and ALS Laboratories performed the assays. No resource estimate or economic study is disclosed, and the mineralization style is consistent with Carlin-type or other sediment-hosted gold systems. Assays for 27 holes at the Newmont Zone are pending, and 16 more holes are permitted at Dragonfly.

Analysis

The announcement provides detailed, specific assay results from the final four holes of the first phase of drilling at the Dragonfly Zone, with explicit grades, widths, and locations. The operational progress is well substantiated: 42 holes and 8,013m drilled, with 15 holes reported and every hole intersecting gold mineralization. Forward-looking statements are present but limited to ongoing and future drilling, with no exaggerated claims about resource size, economics, or production. The language is positive but proportionate to the evidence, and there is no overstatement of future value or imminent production. The treasury figure of over $24M and the statement that the program is 'fully funded' support the claim of financial adequacy for current exploration. No large capital outlay is paired with long-dated, uncertain returns; the focus is on realised technical progress. The only minor inflation is in phrases like 'highest-grade and widest gold intercepts' and 'every hole intersecting high-grade,' which are not fully evidenced by comparative data, but this does not materially affect the overall tone.

Risk flags

• ●Resource and economic uncertainty remains high, as no NI 43-101 resource estimate or preliminary economic assessment has been disclosed. Without these, the scale, continuity, and economic viability of the mineralization cannot be quantified.
• ●True thickness of mineralized intervals is unknown, as all reported widths are apparent and derived from angled drill holes. This limits the ability to accurately model tonnage and grade for future resource calculations.
• ●Assay results for 27 holes at the Newmont Zone and additional holes at Dragonfly are still pending, introducing uncertainty regarding the consistency and extent of mineralization across the broader project area.
• ●While the treasury exceeds $24M and the program is described as fully funded, the actual burn rate and future capital requirements are not disclosed, making it difficult to assess how long current funding will last if drilling expands or costs rise.
• ●The geological model is still evolving, with both Carlin-type and epithermal models under consideration. This uncertainty in deposit type could affect exploration strategy and eventual project economics.

Bottom line

K2 Gold’s latest drilling at the Mojave Project’s Dragonfly Zone confirms wide, high-grade oxide gold mineralization, with standout intercepts such as 83.82m of 3.40 g/t Au and 28.95m of 3.11 g/t Au. The technical disclosure is detailed and credible, with rigorous QA/QC and independent laboratory analysis, but all results are still at the exploration stage with no resource estimate or economic study yet available. The company is well funded, with over $24M in the treasury and a fully permitted 14,000m drill program, but the absence of true-width data and pending assays from the Newmont Zone mean the full scale and continuity of mineralization remain unproven. Investors should watch for upcoming assay results from Newmont and any move toward a formal resource estimate, as these will be critical for assessing project value. The most important takeaway is that while the technical results are promising, the investment case hinges on future resource and economic disclosures.

Announcement summary

(TSXV:KTO, OTCQX:KTGDF, FSE:23K) K2 Gold Corporation announced results from the final four holes of the first phase of drilling at the Dragonfly Zone at its 100% owned Mojave Project. The results include three holes from site DF-M, the northernmost pad ever drilled at Dragonfly, and one hole from site DF-A. Drilling from pad DF-M returned the highest-grade and widest gold intercepts of the 2026 program to date, with DF26-031 intersecting 83.82m of 3.40 g/t Au from surface, including 48.77m of 4.98 g/t Au from 35.05m, and 19.81m of 7.58 g/t Au from 64.01m. The final 1.52m of DF26-031 returned 9.72 g/t Au. DF26-030 intersected 100.58m of 1.01 g/t Au from surface, including 6.10m of 4.60 g/t Au from 50.29m. DF26-029 returned 38.10m of 1.38 g/t Au from surface, including 19.81m of 2.34 g/t Au, and additional intervals of 7.62m of 2.45 g/t Au from 59.44m and 10.67m of 2.09 g/t Au from 164.59m. DF26-032 from DF-A intersected 28.95m of 3.11 g/t Au, including 9.15m of 8.53 g/t Au. To date, K2 has completed 42 drill holes totaling 8,013m as part of its fully permitted and fully funded 14,000m drilling program. Results have been reported for 15 holes spanning approximately 240m of strike length at the Dragonfly Zone, with every hole intersecting high-grade oxide gold mineralization. Drilling is currently underway at the Newmont Zone, with assay results pending for an additional 27 holes. The Dragonfly Zone is located midway along the >6.5km long Eastside Gold Trend. The company has now drilled 27 holes at the Newmont target. K2 is well financed with a treasury of over $24M. The Mojave Project is a +6000-hectare oxide gold project with base metal targets in Inyo County, California. K2 holds additional projects in the USA and Yukon. The technical information was reviewed and approved by Eric Buitenhuis, M.Sc., P.Geo., Vice President of Exploration.

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