K9 Gold Provides Exploration Update for Stony Lake Project, NL

Vancouver, British Columbia--(Newsfile Corp. - September 8, 2021) - K9 Gold Corp. (TSXV: KNC) (OTC Pink: WDFCF) (FSE: 5GP) ("K9" or the "Company") is pleased to provide shareholders with an update on exploration work being carried out on its Stony Lake gold project in central Newfoundland.

The planned 5000 metre drill program is progressing well, with eleven holes completed to date for 3080 metres. The drilling has been concentrated mainly in the Jumper's Pond area, where eight holes have been completed immediately to the south of Sokoman's Moosehead discovery. Additionally three holes have been completed adjacent to the recently announced Deliverance trench.

Most of the Jumper's Pond holes have intersected significant shearing in both the Wigwam Fm. sandstones and the Lawrenceton Fm. volcanics. Several gabbroic dykes have also been noted. These shear zones, which can be up to 20 m wide, exhibit locally intense brecciation, with substantial amounts of quartz veining (with ginguro banding noted in JP21-008), and sulphide concentrations up to 20%, with both pyrite and arsenopyrite. Locally, intense sericite and chlorite alteration have been observed, along with intense silicification. Descriptions of work by other companies from area projects suggest that these features can be indicative of proximity to significant gold mineralization, which fits well with K9's exploration model.

Core samples have been submitted to Eastern Analytical in Springdale, NL and results are pending. As with all companies currently exploring the Exploits Subzone Gold Belt in central Newfoundland, the unprecedented high demand for analytical services has created substantial backlogs for local laboratories.

The Company has received approval from the Newfoundland and Labrador Mineral Lands Division for an amendment to its drilling permit which will allow drilling to cover a larger area. An application has also been made for a Phase 2 drill program in the Jumper's Pond area with 25 holes and 5000 m.

The large soil sampling survey, covering much of the property, is almost complete, with a small area remaining. Analytical results have been received for approximately 95% of the samples submitted. The survey has lead to the identification of multiple new target areas, showing multi-element anomalies which include Au, As and Sb.

Jeff Poloni, CEO of K9 Gold commented, "We are extremely happy to see the interpreted structures transecting both the sandstone and volcanic units and significant intercepts with substantial alteration and mineralization. In addition with the sampling program taking over 3000 samples we have been able to cover a good portion of the property particularly in areas with no previous work. Detailed exploration will be conducted over the next few weeks to further define the new target areas."

News Releases from other companies active in the Central Newfoundland Gold Belt continue to increase the profile of this newly emerging gold district. For example, on April 28, 2021 Sokoman Minerals announced a new discovery at South Pond on their Moosehead project, immediately adjacent to K9's Stony Lake property. On May 4, 2021, New Found Gold announced an intercept of 124.4 g/t Au over 17.7 m in hole NFGC-20-59 at their nearby Queensway property.