K2 Gold's Mojave Update: A Stacked Oxide Core at Dragonfly, a 6.5 km Trend, and $25M of Runway Into 2027

K2 Gold Corp (TSX-V: KTO | OTCQB: KTGDF | FRA: 23K) used this 15 October Mojave Project update to argue one thing: continuity and scale on the East Side Gold Trend, not a single headline hole. President and CEO Anthony Margarit walked through drill results at Dragonfly, assays still sitting in the lab at Newmont, surface work that has extended the property's gold trend, and a cash position that funds drilling into next year.

## Dragonfly: the stacked oxide core is holding together

The 22 September release returned 53.3 m at 2 g/t gold (grams per tonne), including 15.24 m at 5.33 g/t, with another 5 m at 1.63 g/t further down the same wall. For Margarit the more telling detail is vertical repetition: one high-grade core plus at least three, and in places up to five, stacked structures sitting inside a corridor roughly 400 m wide. The high-grade core at Dragonfly looks about 40-50 m in true width and extends below 220 m depth.

Metallurgy screening supports the oxide read. Every sample above 0.1 g/t gold has been run through cyanide solubility, which Margarit calls a proxy for metallurgy, and the company is averaging 99% and 97% recovery. He notes BHP historically drilled to 280 m of vertical depth and reported oxide mineralization, a fact recorded in prior reports and in K2's own 43-101, while conceding the assay and solubility data for those older holes are unavailable.

## A 6.5 km trend, and the untested gap in the middle

The East Side Gold Trend is described as a 5 km oxide gold system running from Gold Valley, where rock samples reach 375 g/t, down through Dragonfly to the Newmont target, with another 1.5 km of strike continuing to Flores. Put together, that is a 6.5 km trend carrying a 400 m wide mineralized corridor.

Roughly 7,500 m of a planned 14,000-15,000 m program has been drilled on the trend, about halfway through 33 holes. Eighteen holes at Newmont are finished and in the lab, with results expected shortly. Margarit expects grades to step down to 1.5-2 g/t at Newmont, but notes the structure shallow-dips to about 30 degrees there versus 70-80 degrees at Dragonfly, which he expects to produce better-looking mineralized panels as drilling density increases.

The gap between the two drilled areas is the central target, never historically drilled, with three permitted paths and four holes planned. Margarit says all mineralization on the trend is controlled by a single major fault, the King Columbia Basin fault structure, which carried the fluids into clean, highly receptive limestone. Soil results there are encouraging, though exposure for rock sampling is poor, so the main job of those holes is to show how the steep structure at Dragonfly rotates into the shallower geometry at Newmont.

## Surface work keeps stretching the target

The recent rock-sample release extended Dragonfly to nearly 1,000 m of strike after the team found a new outcrop about 500 m south, with samples there running 10.9 g/t and 6.73 g/t gold. Margarit notes Dragonfly was itself found from an outcrop running 10 g/t, with a previous highlight hole of 86.9 m at 4 g/t drilled 30-40 m back from that exposure. Follow-up drilling on the southern extension is planned for early Q1 2027.

Undrilled outcrops up to 14.7 g/t have been found at Dragonfly North, where some holes are planned in the current campaign, and rocks to 14.5 g/t at the Beasley target west of Dragonfly. At Flores, a trench cut a couple of years ago returned 43 m at about 3.78 g/t, and current surface sampling has produced rocks to 28.6 g/t alongside a lot of 8-12 g/t material. Margarit points out that Flores sits close to Newmont and is returning grades higher than Dragonfly. Drill pads there are to be permitted in the first amendment, with access expected in early 2027.

## Beyond gold: copper and silver

Margarit is keen to put the polymetallic side of the property in front of the market. At Stega, where the mineralization is sediment-hosted copper with a solid gold association, rock samples reach 24.8% copper alongside 4-10 g/t gold. He cautions that the copper grades are enriched oxidized surface material and doubts drill core will match them, while arguing they point to what sits below. Stega is his third priority, and he expects drill holes there by the end of the calendar year.

Morningstar hosts skarn (contact metamorphic) and CRD-style (carbonate-replacement) mineralization adjacent to the historic Cerro Gordo silver mine, which Margarit describes as one of California's largest silver producers in the mid-19th century, operating for about 40 years. Single samples there have run up to 2,700 g silver, more than 4 g/t gold, and 25% copper. A second rig has been contracted with the aim of drilling Morningstar next, and from Stega up to Soda Valley he maps a 5 km copper trend with silver on the western side. He views Soda Ridge and Morningstar as probably structurally connected, with silver fading toward Soda Ridge.

His stated priority order is the East Side Gold Trend first, then Morningstar, Stega, Soda Ridge, and Soda Valley. The stretch goal is four rigs turning by the middle of next year, supported by roughly six staff members sampling, prospecting and mapping on the ground.

## Funding and pace

K2 holds roughly $25 million in the treasury and Margarit expects to end the calendar year near $20 million, which he says funds work programs into 2027. The company is on budget, and he notes the lab is running behind because it is buried in samples, so near-term news flow is slower than usual. Operationally, he reports no accidents or injuries and strong community support in Lone Pine, California.

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