Mr. Cor Coe reports

SITKA DRILLS 422.7 METRES OF 0.74 G/T GOLD, INCLUDING 111.7 METRES OF 1.24 G/T GOLD AT ITS RC GOLD PROJECT, YUKON

Sitka Gold Corp. has released assay results from diamond drill hole DDRCCC-23-043, the third diamond drill hole of the 2023 winter drill program on the company's 376-square-kilometre, road-accessible RC gold project, located in Yukon's Tombstone gold belt (TGB), approximately 100 kilometres east of Dawson City. A resource expansion drilling program is currently under way at RC, where an initial mineral resource estimate of 1.34 million ounces of gold beginning at surface and grading 0.68 gram per tonne was reported earlier this year (see news release dated Jan. 19, 2023).

Assay highlights from DDRCCC-23-043 include:

• 422.7 metres of 0.74 g/t Au from 4.0 m to 426.7 m (end of hole), including:
  • 28.0 m of 0.91 g/t Au from 4.0 m;
  • 40.0 m of 1.02 g/t Au from 81.0 m;
  • 111.7 m of 1.24 g/t Au from 315.0 m;
  • 14.0 m of 3.28 g/t Au from 345.0 m.

"The results obtained from hole 43 are quite remarkable and further illustrate just how consistent and well endowed the gold mineralization is at our Blackjack deposit," stated Cor Coe, chief executive officer and director of Sitka Gold. "Gold mineralization was encountered at surface and continued for the entire 422.7-metre length of this drill hole, which averaged 0.74 g/t gold and had multiple occurrences of visible gold. Hole 43 was designed to fill in an area of our deposit model that was missing drill core data and test for mineralization at depth. Although the drill hole was stopped in mineralization at the end of our winter program to avoid any complications that could arise during the spring thaw, it has since been re-entered and drilling is currently under way to extend it at depth. Additional stepout drilling to expand both the Blackjack and Eiger gold deposits, both of which remain wide open, will be the primary focus of our 2023 summer field season at RC gold, along with additional exploration drilling to test for continuity across the mineralized corridor."

DDRCCC-23-043 was collared at the same location as DDRCCC-21-021 (see news release dated Dec. 13, 2021). The purpose of the hole was to fill in a gap of data in the current resource model and to extend the higher-grade mineralization in the current resource to depth.

Hole 43 intersected dominantly MQMZ from surface to 111.25 m; metasediments intruded by metre-scale MQMZ dikes to 318.45 m; dominantly MQMZ with metasediments to 382.1 m and then granite dikes with inclusions of MQMZ xenoliths to the end of the hole at 426.7 m. Quartz sulphide veins intersected all units, with the highest intensity of veining occurring from 250 m to the end of the hole at 426.7 m. Visible gold was noted multiple times in quartz-bismuthinite veins.

DDRCCC-23-043 was variably mineralized throughout its entire length, with the interval from 4.0 m to the end of the hole at 426.7 m returning 422.7 of 0.74 g/t Au. Significant intervals of higher-grade mineralization include: 40.0 m of 1.02 g/t Au from 81.0 m; 111.7 m of 1.24 g/t Au from 315.0 m; and 28.0 m of 1.99 g/t Au and 14.0 m of 3.28 g/t Au from 345 m. Narrower intervals of multigram gold mineralization include: 1.0 m of 6.95 g/t Au from 27.0 m; 1.0 m of 7.09 g/t Au from 53.5 m; and 2.0 m of 5.0 g/t Au from 241.0 m.

Hole 43 was terminated before target depth in known mineralization to avoid complications that could arise with the onset of spring thaw conditions. The casing was left in the hole, and the drill rig was left on site in anticipation of resuming drilling efforts once the spring thaw conditions had passed. Drilling at hole 043 has since resumed.

Quality assurance/quality control

On receipt from the drill site, the NQ-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 down-hole 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 No. 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 micrometres. 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 Sitka Gold Corp.

Sitka Gold is a 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.

The company 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 at its RC gold project in Yukon (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 system, which is located on the Cortez trend, just 40 kilometres southeast of the Cortez mine complex of Barrick/Newmont.

Qualified person

The scientific and technical content of this news release has been reviewed and approved by Cor Coe, PGeo, director and chief executive officer of the company, a qualified person as defined by NI 43-101.

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