WORK HISTORY 
 
The Wels claims were staked  as three separate groups in Mar/2011 by R. Hulstein and F.J. Andersen. The property was optioned to Gorilla Resources Corp. later that year.
 
Gorilla Resources renamed the three claim groups Wels East (Wels 127-136 claims), Wels South (Wels 95-104 and 111-120 claims) and Wels West (Wels 1-28, 31-56 and 63-88 claims). In Sep/2011 the company carried out prospecting and soil sampling over the three claim groups.

 In 2012, Gorilla Resources changed their name to Gorilla Minerals Corp.
 
In 2012, Gorilla Minerals carried out infill soil sampling and hand trenching over anomalous gold-in-soil areas. The Wels East and South claim groups were later allowed to lapse.

In 2014, Gorilla Minerals optioned a 40% interest in the Wels Gold property to First Ferro Mining Ltd. Later that year, Gorilla Minerals flew an airborne magnetic and radiometric geophysical survey over a 3.0 km by 3.3 km area within the center of the Wels Gold property. The survey covered the three soil anomalies discovered to date. Following receipt of the airborne data the company dug three 25 m spaced north-south trenches and one east-west connecting trench (155.5 linear meters of trenching) on the Saddle zone. The company collected 102 chip samples from the trenches. The company also collected additional rock and soil samples from the North Ridge and Southwest Spur soil anomalies.  The company staked the Wels 203-299 in November of 2014.

In the fall of 2014, Gorilla Minerals terminated its agreement with First Ferro Mining Ltd for failure to make payment.
 
In 2015, Gorilla Minerals drilled 5 diamond drill holes (442.6 m) on the Saddle zone.

In 2016, Gorilla Minerals change their name to Go Cobalt Mining Corp. Later that year, K2 Gold Corp optioned the property from Go Cobalt and conducted a small program to evaluate the property.

In 2017, K2 drilled 10 holes for 1,231.82 m in the Saddle Zone and staked the Wels 358 to 383 claims. The company added the Wels 384 to 421 claims in 2018.

In 2018, K2 did a drone-based aerial photographic survey, ground magnetic and EM surveys, prospecting and LiDAR survey of the property.

In 2019, K2 did more prospecting, trenching, rock and soil sampling. In 2022, the company did a ground magnetic and VLF-EM survey and a small prospecting program.

GEOLOGY
 
The Wels Gold property  is underlain by Yukon-Tanana terrane rocks which overlie a large block of displaced ancient North American Basin terrain (Selwyn Basin equivalent). Isolated pockets of oceanic basalts and greenstones (in the south) and variably serpentinized ultramafic rocks (in the north) assigned to the Slide Mountain terrain thrust over the ancient North American lithologies and Yukon Tanana terrain. Upper Cretaceous Carmacks (Donjek) volcanics unconformably overlie the various terrains.

Prospecting and rock, soil and silt sampling carried out in 2002 by Yukon Government geologists outlined three soil samples from the Wels property area which returned between 33.5 and 56.7 ppb gold. In addition, 7 soil samples returned between 65.3 and 210.3 ppm arsenic and 5 samples returned between 5 and 41.9 ppm antimony. Field notes reported that some of the anomalous results were spatially associated with a weathered intrusive unit.

In 2003, the Geological Survey of Canada released the results of a regional aeromagnetic survey flown over the area. Results showed a dominant arcuate magnetic high that displays a northerly trend which passes through the Wels Gold and Wels South claim blocks. Canil and Johnston (2003) interpreted this arcuate aeromagnetic high as an ophiolite belt.
 
Based on limited geological mapping on the property it appears to be underlain by Triassic grey to green medium to coarse grained gabbro and basalt assigned to the Snag Creek suite. The suite is intruded into and folded within a mixed metasedimentary and felsic volcanic package (White River formation).

Soil sampling programs on the property outlined a 1 250 m long by 50 to 200 m wide gold in soil anomaly which returned values ranging from 34.6 ppb to 3 082 ppb gold. This anomaly was labeled the Saddle zone. Gold values correlate to anomalous values of arsenic, antimony, silver and weakly with lead and tungsten. . A second anomaly located approximately 500 m to the southwest returned values ranging from 38.8 ppb to 625.8 ppb gold.

A test pit, dug in 2011 on the Saddle Zone, uncovered highly weathered, fractured and unfoliated granitic rocks containing discreet thin quartz veins along fractures within the granite. Prior to trenching no granite had been seen on the property and its significance was not fully recognized until 2014 when the results of the aeromagnetic survey and addition trenching were received. The granite is an intrusive plug (likely Cretaceous in age) that intrudes Earn Group equivalent metasedimentary and felsic volcanic rocks. Sampling of the test pit returned up to 3 012 ppb gold over 2 m.
 
The 2012 trenching program returned visible gold at two locations in trench T-14-02. A 1.5 m chip sample collected across each of those intervals returned 54.32 g/t gold (22-5 to 24.0 m) and 27.72 g/t gold (40.5 to 42.0 m).  These zones are within a 45 m interval with a weighted average of 8.8 g/t gold.
 
Soil and rock sampling carried out in 2014 on the North Ridge and the South Spur soil anomalies help refine the size and width of the anomalies.
 
The 2015 drilling program at the Saddle zone returned 19.5 m grading 3.11 g/t gold (Hole 15-01) and 4.5 m grading 2.77 g/t gold (Hole 15-02).

The drilling results showed gold enriched zones within the granite stock related to shear induced sheeted and multi directional quartz veining.

Assessment Reports that overlap occurrence