Mr. Cor Coe reports

SITKA DRILLS 292.0 M OF 1.00 G/T GOLD INCLUDING 75.0 M OF 2.04 G/T GOLD AT ITS RC GOLD PROJECT, YUKON

Sitka Gold Corp. has released preliminary assay results from diamond drill hole DDRCCC-23-041, the first diamond drill hole of the 2023 drill program, which is focused on expanding the recently announced initial resource at the RC gold project in the prolific Tombstone gold belt in Yukon. Hole 41 was drilled to expand the Blackjack deposit at depth and to the southeast and intersected 1.28 grams per tonne Au over 203.9 metres within a larger interval of one g/t Au over 292 m. Assay results for the remaining two drill holes completed during the 2023 winter drilling program are currently pending.

Preliminary assay highlights from DDRCCC-23-041 include:

• 292 metres (m) of one g/t Au from 200 m to 492 m, including:
  • 203.9 m of 1.28 g/t Au from 243 m;
  • 75 m of 2.04 g/t Au from 273 m;
  • 30 m of 3.11 g/t Au from 320 m;
  • 19.9 m of 1.04 g/t Au from 418 m.

"Stepout drilling at our Blackjack gold deposit continues to impress with hole 41 returning some of our best gold intercepts to date," said Cor Coe, PGeo, chief executive officer and director of Sitka. "This hole demonstrates that the higher-grade mineralization intersected at surface in this deposit continues to depth as highlighted by the 2.04 g/t Au over 75 m subinterval. The Blackjack deposit is higher grade than the typical low-grade, heap-leach deposits within these reduced intrusion-related gold systems. This hole adds significant tonnage with high gold grades and demonstrates that gold mineralization with high grades is persistent and continues to the southeast of the current deposit boundary. Visible gold and significant vein densities were observed in all three drill holes completed so far this year (see news release dated April 12 and May 8, 2023) and we are optimistic that the assay results from the remaining two drill holes completed during the 1,500-metre winter drilling program will continue to endorse the expansive gold endowment of this area.

"Both the Blackjack and Eiger gold deposits, comprising the initial mineral resource of 1.34 million ounces gold announced earlier this year, remain open in all directions and, with stepout drilling continuing to demonstrate that significant ounces can be added to these near-/on-surface gold deposits, we believe this area has the potential to expand to a district-scale gold resource. Drilling this season will be focused on further demonstrating this potential with aggressive stepout drilling at the Blackjack and Eiger deposits and drilling along the 1.5-kilometre mineralized corridor that could potentially link these deposits together."

DDRCCC-23-041, the first drill hole completed in 2023, was collared 160 metres south of discovery drill hole DDRCCC-21-021 (see news release dated Dec. 13, 2021) and was drilled at a northeast azimuth with a negative-60-degree dip. The drill hole was designed to test for an extension of high-grade gold mineralization at depth and southeast of drill holes DDRCCC-22-025 and DDRCCC-22-038 (see news releases dated June 13, 2022, and Nov. 30, 2022).

Hole 41 encountered the expected metasedimentary country rock unit with weak quartz-sulphide veining from collar to 184 metres. The hole then transitioned through a series of narrow intrusive dikes and sills within the metasediments with markedly increased vein density and visible gold occurrences, which continues into the main megacrystic intrusive from 232 metres to 347 metres. From 347 metres to 438 metres another zone of transitional intrusive dikes and sills was encountered with significant densities of quartz-sulphide veins similar to above, and comparable with the core of the Blackjack deposit. At 438 metres, the hole crossed a 17-metre-wide postmineral dike followed by more intrusive rocks with variable quartz-sulphide veining to the end of the hole at 518.8 metres.

Hole 041 contained significant gold mineralization from the first instance of intrusive dikes within the metasediments to the end of the hole, with the interval from 200 m to 492 m returning 292 m of one g/t Au. The highest gold mineralization occurred within a larger megacrystic intrusive body, with the interval 273 m to 348 m returning 75 m of 2.04 g/t Au, including 30 m of 3.11 g/t Au and 1.5 m of 11.65 g/t Au.

Quality assurance/quality control

On receipt from the drill site, the HQ-sized drill core was systematically logged for geological attributes, photographed and sampled at Sitka's 2022 field camp. Sample lengths as small as 0.3 m were used to isolate features of interest, otherwise a default two m downhole sample length was used. Core was cut in half lengthwise along a predetermined line, with one-half (same half, consistently) collected for analysis and one-half stored as a record. Standard reference materials, blanks and duplicate samples were inserted by Sitka personnel at regular intervals into the sample stream. Bagged samples were placed in secure bins to ensure integrity during transport. They were delivered by Sitka personnel or a contract expeditor to ALS Laboratories' preparatory facility in Whitehorse, Yukon, with analyses completed in North Vancouver.

ALS is accredited to ISO 17025:2005 UKAS reference 4028 for its laboratory analysis. Samples were crushed by ALS to over 70 per cent passing below two millimetres and split using a riffle splitter. One-thousand-gram splits were pulverized to over 85 per cent passing below 75 microns. Gold determinations are by fire assay with an inductively coupled plasma mass spectroscopy (ICP-MS) finish on 50-gram subsamples of the prepared pulp (ALS code Au-ICP-22). Any sample returning over 10 g/t Au was reanalyzed by fire assay with a gravimetric finish on a 50-gram subsample (ALS code Au-GRA21). In addition, a 51-element analysis was performed on a 0.5-gram subsample of the prepared pulps by an aqua regia digestion followed by an inductively coupled plasma mass spectroscopy (ICP-MS) finish (ALS code ME-MS41).

The results of DDRCCC-23-041 reported above are considered preliminary following receipt of a slightly elevated blank sample inserted by the company into the sample sequence as part of its standard QA/QC protocol. A sequence of 10 samples containing the blank sample is currently being reanalyzed. These results will be reported if a significant difference is identified between the current assays and the rerun samples. Considering the widespread and consistent nature of mineralization encountered throughout hole 41, the company does not expect the difference between the original and reanalyzed samples will materially affect the mineralized intervals reported above.

About the RC gold project

The RC gold project consists of a 376-square-kilometre contiguous district-scale land package located in the newly road-accessible Clear Creek, Big Creek and Sprague Creek districts in the heart of Yukon's Tombstone gold belt. The project is located approximately 100 kilometres east of Dawson City and is accessed through a secondary gravel road from the Klondike Highway, an approximate two-hour drive from Dawson. It is the largest consolidated land package strategically positioned midway between Victoria Gold's Eagle gold mine -- Yukon's newest gold mine which reached commercial production in the summer of 2020 -- and Sabre Gold Mine's Brewery Creek gold mine. The RC gold project land package comprises five underlying properties, namely, the RC, Bee Bop, Mahtin, Clear Creek and Barney Ridge properties. The planned 10,000-metre drill program for 2023 will resume in early June after a brief hiatus to allow for spring breakup in Yukon.

On Jan. 19, 2023, Sitka Gold announced an initial mineral resource estimate prepared in accordance with National Instrument 43-101 guidelines for the RC gold property of 1.34 million ounces of gold. The road-accessible, pit-constrained mineral resource is classified as inferred and is contained in two near-/on-surface zones: the Blackjack and Eiger deposits. The mineral resource estimate is presented in the attached table at a base case cut-off grade of 0.25 g/t Au.

The initial mineral resource estimate of 1.34 million ounces of gold at the RC gold project comprises two deposits: the Blackjack deposit containing 900,000 ounces of gold at a grade of 0.83 g/t gold and the Eiger deposit containing 440,000 ounces of gold at a grade of 0.50 g/t gold (see news release dated Jan. 19, 2023). Both of these deposits are at/near surface, are potentially open-pit minable and amenable to heap leaching, with initial bottle roll tests indicating that the gold is not refractory and has high gold recoveries of up to 94 per cent with minimal NaCN (sodium cyanide) consumption (see news release dated July 13, 2022).

The Blackjack and Eiger deposits are in close proximity to highway and power infrastructure, are road accessible year-round, remain open in all directions, and are respectively located at the western and eastern end of a large, 500-metre-by-two-kilometre intrusion-related gold system that was recently discovered on the property. To date, just 41 diamond drill holes have been drilled into this system for a total of approximately 14,500 metres with results of up to 201 m of 1.26 g/t gold from surface, including 82 m of 2.04 g/t gold and 19.5 m of 4.87 g/t gold at Blackjack (drill hole DDRCCC-22-040; see news release dated Jan. 11, 2023) and 354 m of 0.41 g/t gold, including 72 m of 0.72 g/t gold at Eiger (drill hole DDRCCC-21-09; see news release date Aug. 19, 2021). Several high-priority intrusion-related gold targets exist at RC gold with nine outcropped intrusions identified to date over the 376 square km property; however, Sitka's main focus at the RC gold project has been on the underlying Clear Creek property where a large 500 m by 2,000 m intrusion-related gold system covering the area over the Blackjack, Saddle and Eiger zones was identified. Prior to the onset of the 2023 winter drilling program, the company had drilled 38 diamond drill holes into this system for a total of approximately 13,000 metres. This drilling culminated in the discovery of the Blackjack and Eiger deposits with an initial inferred mineral resource estimate of 1.34 million gold ounces.

Sitka Gold inherited a wealth of historical and current data from these properties from work spanning the past 40 years. Recent exploration work and the compilation of historical data have defined several mineralized zones with both bulk-tonnage, intrusion-related gold deposit targets and high-grade, vein- and breccia-hosted gold targets. The RC gold project also has a common border with Victoria Gold's Clear Creek property at its western boundary and Florin Resources' Florin gold property at its northern boundary.

Deposit model

Exploration on the property has mainly focused on identifying an intrusion-related gold system (IRGS). The property is part of the Tombstone gold belt, which is the prominent host to IRGS deposits within the Tintina gold province in Yukon and Alaska. Notable deposits from the belt include: Fort Knox mine in Alaska with current proven and probable reserves of 230 million tonnes at 0.3 g/t au (2,471,000 ounces); Eagle gold mine with current measured and indicated resources of 233 million tonnes at a grade of 0.57 g/t Au at the Eagle Main zone (4,303,000 ounces); the Brewery Creek deposit with current indicated mineral resource of 22.2 million tonnes at a gold grade of 1.11 g/t (789,000 ounces); the Florin gold deposit, located adjacent to Sitka's RC gold project, with a current inferred mineral resource of 170.99 million tonnes grading 0.45 g/t (2.47 million ounces); and the AurMac project with an inferred mineral resource of 207 million tonnes grading 0.60 gram per tonne gold (3.99 million ounces).

Coming events

Sitka Gold will be attending and/or presenting at the following events:

• TakeStock Calgary Capital Event, Calgary, Alta.: July 5, 2023;
• YMA Property Tours, Dawson City, Yukon: July 16 to 22, 2023;
• Precious Metals Summit, Beaver Creek, Colorado: Sept. 12 to 15, 2023.

All events are subject to change.

About Sitka Gold Corp.

Sitka Gold is a well-financed mineral exploration company headquartered in Canada. The company is managed by a team of experienced industry professionals and is focused on exploring for economically viable mineral deposits with its primary emphasis on gold, silver and copper mineral properties of merit. Sitka currently has an option to acquire a 100-per-cent interest in the RC, Barney Ridge, Clear Creek and OGI properties in Yukon and the Burro Creek gold property in Arizona. Sitka owns a 100-per-cent interest in its Alpha gold property in Nevada, its Mahtin gold property in Yukon and its Coppermine River project in Nunavut.

Sitka recently announced a National Instrument 43-101 compliant initial mineral resource estimate of 1.34 million ounces of gold beginning at surface and grading 0.68 g/t (see news release dated Jan. 19, 2023). A resource expansion diamond drilling program is currently under way.

The company is also planning additional drilling at its Alpha gold property in Nevada where a new Carlin-type gold system was recently discovered. The company is focused on vectoring toward the high-grade core of this newly discovered system, which is located in the Cortez trend just 40 km southeast of the Cortez mine complex of Barrick/Newmont, and plans for a 2023 drilling program at Alpha are currently under way.

The scientific and technical content of this news release has been reviewed and approved by Mr. Coe, PGeo, director and CEO of the company, and a qualified person (QP) as defined by National Instrument 43-101.

We seek Safe Harbor.