Mr. Cor Coe reports

SITKA DRILLS 215.1 METRES OF 1.00 G/T GOLD, INCLUDING 30.7 METRES OF 2.19 G/T GOLD AT ITS RC GOLD PROJECT, YUKON

Sitka Gold Corp. has released assay results from diamond drill hole DDRCCC-23-042 (hole 42), the second 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 42 was drilled to expand the Blackjack deposit at depth and to the southeast, and was stepped 80 metres to the west of DDRCCC-23-041 (see news release dated May 24, 2023). Hole 42 intersected 180.2 m of 1.15 grams per tonne (g/t) Au (gold) within a larger interval of 215.1 m of one g/t Au. Assay results for DDRCCC-23-043, completed during the 2023 winter drilling program, are pending.

Assay highlights from DDRCCC-23-042 include:

• 215.1 m of one g/t Au from 273.71 m to 488.9 m, including:
  • 180.2 m of 1.15 g/t Au from 308.6 m;
  • 2.35 m of 17.63 g/t Au from 311 m;
  • 43.5 m of 1.66 g/t Au from 381.5 m;
  • 30.7 m of 2.19 g/t Au from 381.5 m.

Cor Coe, director and chief executive officer of Sitka Gold, states: "Stepout drilling continues to demonstrate the significant expansion potential at our Blackjack gold deposit with hole 42 further extending gold mineralization below hole 41. This season is focused on further delineation of this major gold system, with the objective of adding ounces to both the Blackjack and Eiger deposits while investigating the potential to link these deposits together through the 1.5-kilometre mineralized corridor and across the Saddle zone."

DDRCCC-23-042, the second drill hole completed in 2023, was collared 215 m south of discovery drill hole DDRCCC-21-021 (see news release dated Dec. 13, 2021) and was drilled at a northeast azimuth with a minus-60 degree dip. The drill hole was designed to test for an extension of higher-grade gold mineralization at depth, and southeast of drill holes DDRCCC-22-025, DDRCCC-22-038 and beneath DDRCCC-23-041 (see news releases dated June 13, 2022, Nov. 30, 2022, and May 24, 2023).

From surface to 464 m, RCCC23-042 intersected moderately to strongly altered metasediments cut by metre-scale megacrystic quartz monzonite (MQMZ) and feldspar porphyry (FP) dikes and sills. From 464 m to the end of the hole at 527.3 m, the hole intersected dominantly MQMZ with metre-scale inclusions of metasediments. Quartz-sulphide (arsenopyrite plus/minus pyrrhotite plus/minus bismuthinite) veins occurred throughout the hole, with the highest density noted from 280 m to 488 m, generally, but not always, associated with the MQMZ and FP units. Multiple occurrences of visible gold with bismuthinite were noted in the quartz veins.

Widespread gold mineralization occurred throughout the latter-half of hole 42, with the interval from 273.71 m to 488.9 m returning 215.1 m of one g/t Au, including 180.2 m of 1.15 g/t Au from 308.6 m and 30.7 m of 2.19 g/t Au from 381.5 m. The highest grade gold encountered in the hole was 2.35 m of 17.63 g/t Au from 311 m within an FP dike.

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 ref 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 g 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 g subsample (ALS code: Au-GRA21). In addition, a 51-element analysis was performed on a 0.5 g 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).

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 table entitled "RC gold inferred mineral resource estimate," 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).

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.

Upcoming 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 July 22, 2023;
• Precious Metals Summit, Beaver Creek, Colo.: Sept. 12 to Sept. 15, 2023.

All events are subject to change.

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.