K2 Gold Reports Strong Initial Gold Solubility Results at Mojave
K2 reports 97% cyanide-soluble gold from the Mojave oxide deposit, with bottle-roll recovery results pending.
K2 Gold Corporation (KTO) reported initial cyanide-solubility results from the Dragonfly Zone at its 100%-owned Mojave Project in California on September 16, 2026. The company tested 211 mineralized samples drawn from seven 2026 drill holes, designated DF26-018 through DF26-024. Only samples exhibiting initial fire-assay gold grades above 0.100 g/t Au were selected for soluble-gold analysis.
The aggregate cyanide-soluble-to-fire-assay gold ratio (AuCN/AuFA) was calculated at 97.1%. Individual hole aggregate ratios ranged from 93.4% to 99.9%. Notable examples included 3.05 meters of 17.55 g/t Au in hole DF26-024, which returned a 97.0% ratio, and 18.29 meters of 3.77 g/t Au in hole DF26-018, which returned a 99.4% ratio.
Historical data supports these findings. A 2020 check on 206 paired samples from the Dragonfly and Newmont zones returned a 95.0% aggregate ratio. Additionally, historical “cyanide shake” tests conducted by BHP reportedly indicated recoveries of up to 91% on material above 0.5 g/t Au.
Current drilling has documented oxide gold to a depth of approximately 180 meters, while historical operators reported oxidation extending to at least 237 meters. The next phase of work involves bottle-roll metallurgical testing to evaluate extraction efficiency, reagent consumption, and particle size. This release does not include new drill-assay intercepts or a resource update.
K2 Gold Corporation (KTO) released supporting metallurgical results for its Dragonfly project, confirming that mineralized samples are highly cyanide-soluble. This finding supports the oxide and heap-leach thesis for the deposit, a characteristic already implied by widespread visual oxidation and historical data. The release did not include new drill assays, step-out results, resource estimates, or economic recovery data.
The company’s market capitalization stands at approximately C$205.9 million, with shares trading at C$0.85, near the 52-week high of C$0.91. The stock has re-rated significantly from C$0.36 in November 2025 to C$0.91 in September 2026, driven by the Mojave drilling story.
K2 Gold Corporation is a pre-revenue gold exploration company focused on the southwestern US and Yukon. Its flagship Mojave Project in Inyo County, California, covers over 6,000 hectares of oxide gold and base-metal targets. The Dragonfly Zone within the project features multiple stacked high-grade oxide gold intercepts, located about 2km north of a Newmont target.
In Nevada, the Si2 Project hosts a low-sulphidation epithermal gold system in the Walker Lane Trend. Drilling in 2026 intersected broad disseminated gold and quartz veins, though no economic grades were reported. In the Yukon, the Wels Project contains structurally controlled gold in intrusive rocks, with historic intercepts including 10.38 g/t Au over 6.0m and 3.53 g/t Au over 19.5m. The Wolf Project is an early-stage district-scale gold target covering 21,887 hectares, featuring a gold-in-soil anomaly exceeding 10km.
As of Q2 2026, the company held C$31.09 million in cash with no debt and working capital of approximately C$31.47 million. Shares outstanding are approximately 242.24 million, with a fully diluted count of about 263.3 million per the presentation. Management includes John Robins as Executive Chairman and Anthony Margarit as President and CEO.