Mr. Cor Coe reports

SITKA SIGNS DRILLING CONTRACT AND PLANS MOBILIZATION FOR ITS ALPHA GOLD PROPERTY IN NEVADA

Sitka Gold Corp. has signed a contract with Midnight Sun Drilling Inc., a highly reputable drill contractor with over 50 years of experience, to carry out the next phase of drilling at its Alpha gold property located at the southeast end of the Cortez trend, 40 kilometres southeast of the Nevada Gold Mines Cortez mine complex in Nevada. The company believes that there is significant potential for high-grade gold mineralization within structures at the Horse Canyon equivalent/Devil's Gate contact and drilling designed to test these structures is expected to commence about Nov. 1.

"We are very excited to follow up on the successful results of last year's work at Alpha gold where drilling returned the best results to date and also significantly expanded the known footprint of the Carlin-type gold system we discovered (1)", stated Cor Coe, chief executive officer and director of Sitka. "Results from each successive round of drilling at Alpha gold have continued to support our geological modelling and demonstrate that Alpha gold has the geological framework required for the discovery of a major Carlin-type gold deposit. Drilling this year is designed to systematically test key target horizons within host rock that is present along the roughly 7.5 km NNW anticline trend at Alpha gold. Recent interpretation of the drilling and surface work done to date has revealed that this new target area is the most probable zone to host gold values greater than five g/t and we aim to verify that potential with this upcoming drill program."

(1) See news releases dated Oct. 6, 2022, and Feb. 22, 2023.

Figure 1 in the original version of this news release shows the Alpha target concept in cross-section format at AG21-08 (15.2 metres at 0.46 gram per tonne Au) and AG22-10 (21.3 m at 1.21 g/t Au) where it is best defined by drilling. These holes define the east limb of an anticline approximately located by early surface mapping. Gold grade increases up-limb to the west. A surface mapped normal fault then drops the section down to the west. No drilling has yet tested the down-dropped side of this fault or the hinge and west limb of the anticline. The current, evolving exploration model anticipates peak grades in the hinge zone which should be characterized by more intense fracturing than the limbs. Red crosshatch on the figure highlights the intersection of key host rock horizons with the hinge zone, the most probable location of underground gold grades consistently in excess of five g/t. This model should be broadly applicable along the entire 7.5 km NNW anticline target trend on the Alpha gold project. Testing will take place from the currently permitted drill sites along the northern two km of the target trend.

Figure 2 in the original version of this news release is a plan map showing proposed drill holes to test the hingeline target zone. High-priority sites providing optimal angles on the target near holes 8 and 10 include the site of AG21-09 which encountered and was captured in karst cavities, resulting in severe sample recovery problems. Rocks adjacent to karst have yielded anomalous gold grades at Alpha and the cavities seem to reflect dissolution of carbonate rocks by pre or postmineral stage acidic fluids. AG22-09 cut 10.7 m at 0.51 g/t Au in the immediate walls to the karst zone before completely losing all sample recovery. Holes drilled SW (southwest) and secondarily NW (northwest) from this site will directly test the western, down-dropped side of the Hingeline fault and the inferred hinge zone shown in Figure 1. The site of AG21-06 south of AG22-10 provides a target angle with potential to hit the Horse Canyon to Devils Gate host horizon first on the east side of the Hingeline fault, then cross the fault and hit the host horizon again on the downthrown side of the fault.

At the northern end of the target trend a hole is planned drilling SW from the site of AG21-03. AG21-03 produced a low grade, but exceptionally thick gold intercept (89.9 m at 0.11 g/t Au) characterized by black passive silicification and jasperoid that is interpreted to be significantly off axis from the target zone. A thick intercept with much higher grade is possible from this hole and would be extremely important to proving the size and strength of the Carlin-type gold system at Alpha. Three additional sites north of AG21-03 in the large essentially untested segment of the trend north of AG21-03 and south of AG21-09 are also important. Prior holes in this segment are both interpreted to be off the target axis but yielded good indications of the fringes of the system. AG21-04 cut 53 m at 746 ppm (parts per million) arsenic. In AG21-03 the Horse Canyon to Devils Gate host horizon was mostly karsted out, but still produced 58 m at 0.100 g/t Au and 329 ppm arsenic. This intercept may relate to the N-S (north-south) structure near the collar which may also be important and is otherwise untested. Objectives of this drill program are to seek out the high-grade core of the Carlin-type gold system at Alpha and better define its geometry, distribution and strength. This program will target the Horse Canyon to Devils Gate target horizon and provide additional target definition toward eventual testing of the McColley Canyon Fm (Goldrush Wenban 5 equivalent) target horizon below.

About Alpha gold

Sitka Gold has acquired a 100-per-cent interest in the Alpha gold project, located along the southeast projection of the prolific Cortez gold trend in Eureka county, approximately 135 kilometres southwest of Elko, Nev. The project comprised one contiguous claim block totalling 239 lode claims covering an area of approximately 4,780 acres (1,934 hectares) and is accessible via a dirt road, approximately two km west of Nevada State Highway 278.

The project was initially staked after the location was recognized as the intersection of the regional-scale Pine Valley anticline with northeasterly fold trends exposed in the Roberts Mountains. Overprinting NNW (north-northwest) folds coincident with the projection of the Cortez trend were subsequently recognized and found to be important alteration and mineralization controls. Of primary importance at the Alpha gold location is that the rocks have been down-dropped significantly by late extensional faulting. Prior to extension, and during the critical 36 to 42 Ma (million years ago) Carlin-type mineralization event, the fold crest at Alpha gold would have been a regional highpoint among nearby mountain ranges. Well exposed "lower plate windows" near Alpha gold have been extensively explored for Carlin-type gold deposits with a number of deposits found along the limbs.

A total of 3,979 metres of drilling in 12 holes have been completed at Alpha gold since its acquisition and have advanced the property from an undrilled geologic concept with a surface alteration and pathfinder element anomaly to a large, wide-open Carlin-type gold system with thick, low-grade gold intercepts from wide-spaced drilling.

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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