K9 Completes Successful 2021 Exploration Program at Stony Lake Project

Vancouver, British Columbia--(Newsfile Corp. - January 13, 2022) - K9 Gold Corp. (TSXV: KNC) (OTC Pink: WDFCF) (FSE: 5GP) ("K9" or the "Company") is pleased to provide its shareholders with an update on its successful 2021 exploration program on its highly prospective Stony Lake project in the Exploits Subzone Gold Belt in central Newfoundland.

Highlights:

• Drilling consisted of 24 drill holes (6865m) of a 10,000 m planned and permitted program testing potential mineralized targets in the Lawrenceton Volcanics below the Botwood sediments and encountered multiple zones of low grade gold mineralization with many analytical results yet to come.

• Multiple wide zones of shearing, brecciation with quartz veining exhibiting a pyrite-arsenopyrite-stibnite mineral association have been intersected in the volcanics below the Botwood sediments.

• Channel sampling of B horizon soil material at Moonlight returned an average of 809 ppb (0.81 g/t) Au over a width of 15.0 meters.

• An extensive soil sampling program collected 3177 samples on 5 grids; multiple new target areas, showing multi-element anomalies which include Au, As and Sb.

• 51.5 line kilometres of Induced Polarization survey on two grids (Jumper's Pond and Moonlight).

• 5.5 g/t Au over 4.0m in the Deliverance trench.

• Continuation of the 2020 mapping, prospecting and sampling program.

• Drilling planned to resume after a winter break.

• Completion of full exploration commitment under the Purchase Option Agreement with District Copper Corp, as well as the second required payment, for the acquisition of a 75% interest in the Stony Lake property.

Jeff Poloni, CEO of K9 Gold commented, "The exploration model for phase I of our planned drilling program was to test the down dip extensions of interpreted leakage halos exposed in outcrops of Botwood sediments characterized by silicification and a gold-sulphide mineral association.

The drill cores from the Jumper's Pond drilling indicate significant post sedimentation re-activation and late stage introduction of significant concentrations of sulphides and low grade gold mineralization in sheared Lawrenceton volcanics immediately south of Sokomon's Moosehead gold deposit. Our exploration efforts have located suitable structural hosts exhibiting several factors that suggest potential for higher grade zones of gold mineralization along the shear zones."

Chris Healey, P.Geo, Chief Geologist and a Director commented on the delay in receipt of analytical results from the drilling; "Like every other company working in Newfoundland, we are quite frustrated with delays in getting analytical results. This speaks volumes to the excitement generated in the Exploits Subzone Gold Belt and the shear volume of drill core samples being submitted which have inundated laboratories across Canada. When you hear that one company in particular is shipping samples to Australia for analysis, you know that this is an unprecedented situation. Drill results to date have allowed us to concentrate on a highly prospective zone in the Jumper's Pond, and that is exactly where the vast majority of our pending analytical results are from."

Update on 2021 Drill Program
The 2021 drill program has now been completed, with a total of 6865 metres drilled in 24 drill holes. Of these, 18 were drilled in the Jumper's Pond area.

Jumper's Pond area:
DDH JP21-012 intersected a broad zone of shearing/faulting that returned an open-ended, weighted average grade of 1.03g/t gold over a core interval of 7.9m with a strong pyrite-arsenopyrite association (see Company release October 5, 2021). Additional analytical results from this shear zone are pending, as are most of the remaining samples. Given these highly encouraging results, detailed follow-up drilling was completed in the vicinity of JP21-012, with seven additional holes (JP021-013, 019, 020, 021, 022, 023 and 024) drilled from the same drill pad, as well as two more (JP21-014 and JP21-015) which were collared approximately 170 m to the west. These holes were designed to test an interpreted ENE-trending shear zone at a horizontal spacing of 10 to 40 metres, and a vertical spacing of 30 to 40 meters.