Mr. Cor Coe reports

SITKA GOLD DRILLS 219.0 METRES OF 1.34 G/T GOLD INCLUDING 124.8 METRES OF 2.01 G/T GOLD AND 55.0 METRES OF 3.11 G/T GOLD AT ITS RC GOLD PROJECT, YUKON

Sitka Gold Corp. has released the results of drill hole DDRCCC-23-47, the fifth hole completed during the 2023 diamond drilling program at 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. Hole 47 produced the best gold intercepts drilled to date at RC Gold and significantly extends the known gold mineralization from the southern extent of the current Blackjack deposit, returning 219.0 metres of 1.34 grams per tonne gold, including 124.8 m of 2.01 g/t gold and 55.0 m of 3.11 g/t gold (see an attached table). Analytical results for an additional nine diamond drill holes completed at RC are currently pending.

DDRCCC-23-047 highlights:

• 219.0 m of 1.34 g/t Au from 190.0 m, including:
  • 124.8 m of 2.01 g/t Au from 233.0 m, including:
    • 55.0 m of 3.11 g/t Au from 276.0 m, including:
      • 14.0 m of 5.53 g/t Au from 311.0 m.

"Hole 47 is our best drill hole to date, returning 219 metres of 1.34 g/t gold, including very significant subintervals such as 124.8 metres of 2.01 g/t gold and 14.0 metres of 5.53 g/t gold," commented Cor Coe, director and chief executive officer of Sitka. "What is particularly noteworthy is that while hole 47 is the best hole drilled to date when looking at interval length and grade, its location is in a wide-open area at the southern extent of the Blackjack zone, whereas the previous reported hole 46 was drilled 405 m to the northeast and returned the highest-grade interval ever drilled in the Clear Creek intrusive complex (1.2 m of 108 g/t gold; see news release dated Sept. 11, 2023). Both of these drill holes are wide-open stepouts from the maiden resource at the Blackjack deposit investigating the gold mineralization within the metasediments and the intrusive rocks, and underscore that this deposit and the Clear Creek intrusive complex area are just beginning to reveal the true potential they have to develop significant ounces. We are very pleased to see the persistent gold mineralization being exhibited within the quartz arsenopyrite veining in the metasediments, in addition to the intrusive units, and believe that this will ultimately contribute to a very large gold endowment within the cluster of intrusive rocks and surrounding metasediments that make up the Clear Creek intrusive complex."

DDRCCC-23-047

DDRCCC-23-047 intersected the longest sections of multigram gold mineralization seen in drilling to date on the RC property. Gold mineralization occurred in quartz and quartz-arsenopyrite veins within both the metasediments and the megacrystic quartz monzonite (MQZM) units. Analytical results demonstrate that localized, high-grade gold values in quartz arsenopyrite veins often occur in the metasediments, such as 2.0 m of 10.5 g/t Au from 249.0 m, while longer, more consistently mineralized intervals generally occur in quartz and quartz-arsenopyrite veinlets in the MQZM, such as 55.0 m of 3.11 g/t Au from 276.0 m. In the latter 55.0 m interval, only one 1.9 m sample (from 284.0 m to 285.9 m) returned an assay less than one g/t Au, while the highest assay in the interval was 2.0 m of 7.70 g/t Au (from 321.0 m to 323.0 m).

DDRCCC-23-047 was located at the south margin of the current Black Jack resource, approximately 60 m southeast of the southernmost holes drilled in the area to date (RCCC23-044 and RCCC23-045) and drilled to the northeast at an azimuth of 040 degrees and a dip of minus-55 degrees. The hole intersected metasediments intruded by metre-scale granodiorite and MQZM to 75 m; MQMZ and granodiorite until 131 metres; dominantly metasediments to 224 metres; and MQZM to 371 m and then metasediments to the end of the hole at 422.15 metres. Quartz arsenopyrite veins and massive arsenopyrite veinlets occurred throughout the hole, with the most-intense development of the veins occurring with the MQZM unit from 224 to 371 metres. Visible gold was noted in a quartz sulphide vein within the MQZM at 280 metres. Significant mineralized intervals are summarized in an attached table.

The company has completed 16 drill holes, totalling approximately 6,515 metres, as part of its 2023 diamond drill program at RC. Analytical results for the remaining nine 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).

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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