- K2 Gold (KTO) has received approval from the Bureau of Land Management for a phase one drill program at its Mojave project in Southern California
- A total of 16 drill holes are expected to be completed at the Dragonfly and Newmont target areas
- The region surrounding the target areas were previously drilled by BHP and Newmont in the 1980s and 1990s, returning positive results
- A second drill program has also been scheduled to further expand the Dragonfly, Newmont and Central regions
- K2 Gold (KTO) is up 8.2 per cent and is trading at C$0.66 per share
K2 Gold (KTO) has received approval from the Bureau of Land Management for a phase one drill program at its Mojave project in Southern California.
Located in Inyo County, the Mojave project covers a total land package of 5,380 hectares and was previously BHP’s last remaining gold property in North America before the company exited the gold exploration and mining market worldwide.
It consists of more than eight exploration targets, only two of have been drilled to date.
With the necessary permits now secured, the fully-funded program is expected to begin in August this year, consisting of 16 holes for a total of 3,200 metres.
Reverse circulation drilling will be focused on the gold-rich eastern side of the property, with a particular focus on the Dragonfly and Newmont target areas. These structurally altered calcareous sediments bear many of the same characteristics to those which were successfully drilled by BHP and Newmont in the 1980s and 1990s.
BHP and Newmont drilled a total of 35 holes, all of which intersected gold mineralisation.
Stephen Swatton, President and CEO of K2 Gold, appeared optimistic about the upcoming drill program.
“We are excited to report that shortly we will begin the phase one drill program at Mojave – a high grade oxide gold project which has not been drilled since the mid-1990s by BHP.
“This fully financed drilling campaign will target prospective locations at Dragonfly and Newmont, and is expected to lay the groundwork for a next phase of land accessible drilling for which an application has already been filed with the BLM,” he said.
The next phase of the program is expected to significantly increase the extent of drilling at the Dragonfly, Newmont and Central areas.
K2 Gold (KTO) is currently up 8.2 per cent and is trading at C$0.66 per share at 11:31am EDT.