Mr. Cor Coe reports

SITKA GOLD INTERCEPTS 108.00 G/T GOLD OVER 1.2 METRES WITHIN 4.15 G/T GOLD OVER 38.2 METRES AT ITS RC GOLD PROJECT, YUKON

Sitka Gold Corp. has released the results of drill hole DDRCCC-23-46, the fourth hole completed in the 2023 summer drilling program at the Blackjack deposit 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 diamond drilling program of up to 10,000 metres is currently under way at RC.

DDRCCC-23-046 highlights:

• 56.0 metres of 1.23 grams per tonne gold from 134.0 m, including:
  • 9.7 m of 2.81 g/t Au from 168.0 m.
• 38.2 m of 4.15 g/t Au from 320.8 m, including:
  • 4.3 m of 33.10 g/t Au from 326.1 m, including:
    • 1.2 m of 108 g/t Au from 327.8 m.

"Drill hole DDRCCC-23-046 has produced our highest-grade intercept to date with a remarkable 108 grams per tonne gold over 1.2 metres within 4.3 metres of 33.10 grams per tonne gold," commented Cor Coe, director and chief executive officer of Sitka Gold. "Grades of this nature are quite exceptional for a reduced intrusion-related gold system and, along with several other high-grade drill intercepts and outcrop rock samples received to date, appear to indicate that there is a high-grade component to the gold system present at the Clear Creek intrusive complex. Hole 46 confirms that persistent gold mineralization continues to the east of the current resource boundary and highlights the potential for mineralization to extend at least 550 metres through to the Saddle zone, where limited previous test drilling has returned some very encouraging numbers, such as 18.8 metres of 1.34 g/t gold. Results from hole 46 further demonstrate the discovery potential that is still very present around our existing gold deposits and elsewhere within the northern extent of the Clear Creek intrusive complex. We eagerly await the many additional analytical results still to come from our ongoing diamond drilling campaign at RC gold while we continue to grow our current gold resource, potentially identify consistent zones of high-grade mineralization and test additional high-priority targets within the northern extent of the Clear Creek intrusive complex."

DDRCCC-23-046

Drill hole DDRCCC-23-046 was located just outside the eastern margin of the current resource, 60 metres east of the nearest previous drill hole, DDRCCC-20-002, and drilled to the southeast at an azimuth of 155 degrees and a dip of minus-55 degrees. The hole consisted dominantly of metasediments locally intruded by metre-scale dikes of megacrystic quartz monzonite (MQZM). Two lamprophyre dikes, known marker units within the Blackjack deposit that are generally associated with zones of increased gold mineralization, were intersected at 267 m and 365 m. Quartz veins plus/minus arsenopyrite occurred throughout all units, with increasing concentrations generally associated with the intrusive dikes and quartzite and psammite phases of the metaintrusive.

DDRCCC-23-046 intersected significant gold mineralization where multiple occurrences of visible gold were observed, with the thickest interval returning 56.0 m of 1.23 g/t Au from 134.0 m. The hole also intersected the highest gold grade returned from drilling on the property to date, with 4.3 m of 33.10 g/t Au from 326.1 m, including 1.2 m of 108 g/t Au. Gold mineralization is associated with quartz sulphide veins that occur both within the metasedimentary rocks and the MQZM dikes, with higher-grade multigram gold values more commonly occurring with the MQZM.

The company has completed 14 drill holes, totalling approximately 6,000 metres, as part of its continuing 2023 diamond drill program at RC, where up to 10,000 metres of drilling are planned. Analytical results for the remaining eight drill holes completed to date will be released once they have been received and compiled.

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 diamond drilling program of up to 10,000 metres is currently under way at RC.

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, a qualified person as defined by NI 43-101.

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