Mr. Cor Coe reports

SITKA DISCOVERS VISIBLE GOLD ON SURFACE AT JOSEPHINE ZONE 3.6 KM EAST OF THE BLACKJACK DEPOSIT AT ITS RC GOLD PROJECT, YUKON

Recent geological mapping and prospecting at Sitka Gold Corp.'s road-accessible RC gold project located in the Tombstone gold belt approximately 60 kilometres from the producing Eagle gold mine in the Yukon Territory, Canada, has identified visible gold in the Josephine zone at surface, in outcrop, approximately 3.6 kilometres (km) east of the Blackjack deposit (900,000 ounces at 0.83 gram per tonne gold inferred resource; see news release dated Jan. 19, 2023).

In addition to the newly discovered visible gold south of the Josephine intrusion several key highlights from the mapping are:

1. The identification of the surface expression of the mineralized Friendly fault which cuts through and may sinistrally offset the Saddle intrusion;
2. The extension of the mapped surface expression of the Saddle intrusion to the south and north, lamprophyre dike mapped at the northern extent of the Saddle intrusion;
3. The identification of a highly prospective zone of veining in the hornfelsed country rock in an EastWest corridor between the Saddle and Eiger intrusion;
4. The identification of substantial, mineralized veins and zones of alteration within the Eiger intrusion;
5. The identification of sheeted veins and visible gold in the hornfelsed country rock south of the Josephine intrusion;
6. The identification of mineralized veins within and adjacent to the western edge of the Pukelman intrusion;
7. The slight expansion of and the confirmation of mineralized veins within the Big Creek intrusion.

"The discovery of visible gold in outcrop on surface at the Josephine zone is very exciting and provides additional support that the Clear Creek intrusive complex, encompassing the five km extensional mineralized corridor that spans across both the Blackjack and Eiger deposits, has the potential to host additional gold deposits of significant size and grade," said Cor Coe, chief executive officer and director of Sitka Gold. "The recent interpretation of the high-resolution MAG survey we conducted last year, along with the compilation of historical geochemical surveys across the area, highlighted several new targets throughout the Clear Creek intrusive complex that we have only just begun to follow up on. Based on the geophysics and geochem completed to date, the Josephine zone itself appears to have the size and scale required to host large intrusion-related gold deposits and the discovery of native gold on surface during a first pass reconnaissance there bodes well for future exploration success. It is still early days at our RC gold project and with the abundance of additional high-priority intrusion-related gold targets present across this district-scale project we believe there is great potential for further discoveries to be made."

The company is currently conducting up to 10,000 metres of diamond drilling at RC gold, primarily focused on the expansion of the 1.34-million-ounce initial gold mineral resource estimate comprising the newly discovered Blackjack and Eiger reduced intrusion-related gold deposits (see news release dated Jan. 19, 2023). So far this year, 12 drill holes and approximately 5,300 metres of drilling have been completed. Additional exploration based on the interpretation of new and historical geological, geophysical and geochemical data sets (see news release dated June 26, 2023) has resulted in the identification of new areas of gold mineralization. Initial fieldwork consisting of detailed geological mapping has focused on the northern portion of the Clear Creek intrusive complex which contains the Saddle, Eiger, Josephine, Pukelman, Rhosgobel and Big Creek intrusions emplaced within a broad extensional tectonic setting. The northern portion of the Clear Creek intrusive complex contains the Saddle intrusion (host to the Blackjack deposit), Eiger intrusion (host to the Eiger deposit) and the Josephine intrusion where visible gold was discovered during geological mapping. The gold was discovered in a quartz-sulphide vein hosted in altered metasedimentary rocks immediately south of the Josephine intrusion. Crews are currently prospecting the key areas identified by the geological mapping and will assess the potential of the new areas of intrusion hosted and proximal types of gold mineralization.

Three dimensional inversion modelling and interpretation of an airborne magnetic (MAG) survey flown over the RC gold project in 2022 together with coincident gold-in-soil anomalies indicates that the gold-bearing intrusive bodies present at surface in this area and that host these reduced intrusion-related gold deposits could be much larger than previously defined and appear to be part of a major, gold-enriched intrusive system that is connected at depth (see news release dated June 26, 2023). The MAG survey and coincident geochemical data also demonstrate that the gold mineralized extensional corridor within the northern portion of the Clear Creek intrusive complex that spans across the Blackjack and Eiger gold deposits appears to be over five kilometres in length and contains the Josephine intrusion. The newly discovered visible gold on surface in mineralized quartz veining proximal to the southern end of the Josephine intrusion adds significant potential for additional deposit discoveries within this portion of the project.

Continuing work continues to identify prospective reduced intrusion-related gold deposit targets associated with the nine intrusions identified by regional scale geological mapping and in areas that contain no mapped intrusions on the 376 square km project. The potential for the discovery of high-grade intrusion related gold deposits in the Tombstone gold belt (TGB) is highlighted by the grades encountered in the Blackjack deposit and in Snowline Gold's Valley gold deposit. The TGB is the focus of numerous exploration programs across Yukon and Alaska driven by this newly recognized potential. Sitka is pleased to control a significant portion of the TGB and will continue to explore the RC gold project with a focus on expanding the newly discovered Blackjack and Eiger deposits and evaluation of the many significant underexplored gold targets contained within the project area.

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 gram per tonne (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.

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, and a qualified person (QP) as defined by National Instrument 43-101.

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