Mr. Cor Coe reports

SITKA GOLD DRILLS 84.0 METRES OF 1.21 G/T GOLD FROM SURFACE 450 METRES EAST OF THE BLACKJACK DEPOSIT AT ITS RC GOLD PROJECT, YUKON

Sitka Gold Corp. has released the results of drill holes DDRCCC-23-048 through DDRCCC-23-054 (holes 048 to 054), the eighth to 14th holes 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. Analytical results for an additional two diamond drill holes completed at RC are pending.

Gold assay highlights from this release:

DDRCCC-23-054:

• 84 metres of 1.21 grams per tonne gold from surface, including:
  • Four m of 5.12 g/t Au;
  • 51.1 m of 1.52 g/t Au.

DDRCCC-23-048:

• 58.1 m of 0.72 g/t Au, including:
  • 21.6 m of 1.22 g/t Au, including:
  • 6.2 m of 2.85 g/t Au.

DDRCCC-23-053:

• 29 m of 0.68 g/t Au;
  • 3.9 m of 4.76 g/t Au.

DDRCCC-23-051:

• 32 m of 0.59 g/t Au, including:
  • 6.2 m of 2.85 g/t Au.

DDRCCC-23-049:

• 48 m of 0.51 g/t Au, including:
  • 29.9 m of 0.73 g/t Au.

"The results from these latest drill holes have significantly expanded the known gold mineralization with the capacity to add considerable ounces at our Blackjack gold deposit, which remains open in all directions, while also highlighting the potential of the Saddle zone to host a substantial new gold deposit," stated Cor Coe, PGeo, chief executive officer and director of Sitka. "While we are very pleased to see the continued expansion potential confirmed with several stepout holes at our Blackjack deposit, hole 54 is particularly noteworthy as it was collared at the western edge of the Saddle zone, 450 metres east of the Blackjack resource boundary, and returned the best drill result to date there with 84 m of 1.21 g/t gold beginning at surface. With only a handful of drill holes completed, the Saddle zone remains open in all directions and is underlain by both the largest and the highest-grade gold-in-soil anomaly on the project. Considering the large surface footprint of the underlying geochem at Saddle and the fact that we have only completed drill holes on the fringe of this zone, with the strongest part of this anomaly, extending 625 metres east of hole 54, yet to be drill tested, the future prospects for expansion of the Saddle zone towards a major new gold deposit look very promising.

"In addition, hole 54 has highlighted the exceptional continuity of gold mineralization across this large intrusion-related gold system. The Saddle zone remains open 450 m west toward the Blackjack deposit and one km east toward the Eiger deposit and there has been next to no drilling yet between these zones. Given its location, the results from hole 54 have reinforced our belief that gold mineralization present within the three km by five km Clear Creek intrusive complex could be linked together with additional drilling. By most metrics we have really just begun to scratch the surface at RC gold and, as hole 54 has shown us, there is still plenty to discover as we continue to develop this exciting gold project."

Drill holes DDRCCC-23-053 and 054 were drilled in the Saddle zone located 450 metres east of the Blackjack deposit with hole 54 intersecting an interval of 84 m of 1.21 g/t Au starting at surface and hole 53 intersecting highly anomalous gold values of 0.25 g/t over its entire length of 417.4 m, including 29 m of 0.68 g/t Au and 3.9 m of 4.76 g/t Au.

Drill holes DDRCCC-23-048 through DDRCCC-23-052 were stepout holes drilled up to 250 metres outside the Blackjack deposit resource and all holes encountered gold mineralization at or above the current resource cut-off grade of 0.25 g/t Au, with the exception of hole DDRCCC-23-052.

Drill holes DDRCCC-23-048 through DDRCCC-23-051 are significant for the growth of the Blackjack deposit as all of the holes were drilled outside the margin of the current Blackjack resource. Current drilling has not defined the limits of the deposit and it remains open in all directions. DDRCCC-23-053 and 054 demonstrate that near-surface higher-grade gold mineralization occurs outside the main Saddle intrusion within metasediments intruded by megacrystic quartz monzonite dikes up to 10 m in thickness. Previous drilling at the Saddle zone in holes DDRCCC-20-001 and DDRCCC-21-019, located approximately 125 m to the east of hole 53 and 54, intersected 80 m of 0.59 g/t and 84.8 m of 0.52 g/t gold, respectively. The strongest gold in soil on the property extends for a further 500 m east of these drill holes and has not yet been tested by drilling.

DDRCCC-23-048 was drilled to test the southern extent of the Saddle stock, 60 m southeast of the most southerly holes drilled in the area to date (DDRCCC-23-044 and 045), and was collared on the same pad location as DDRCCC-23-047 but with an azimuth of 180 degrees and a dip of minus 55 degrees into a new area where previous mapping had identified sulphide mineralization in sheeted quartz veins with gold values ranging from 0.01 to 8.62 g/t. The hole collared in megacrystic quartz monzonite (MQZM) and then intersected altered metasediments intruded by one to 20 m thick multiphase intrusive dikes, including MQZM, granodiorite and aplite. Quartz sulphide veins and massive veinlets of arsenopyrite occurred locally in all rock units, with the best gold mineralization occurring from 152 to 210.1 m. This 58.1 m interval contained 0.72 g/t Au, including 21.6 m of 1.22 g/t from 179.5 m.

DDRCCC-23-049 was collared 265 m to the northwest of discovery hole 21-021 and drilled to the northeast at an azimuth of 030 degrees and dip of minus 50 degrees to extend the western margin of the current resource. The hole collared in metasediments but then dominantly intersected several different intrusive phases for the remainder of the hole, including metre-scale lamprophyre dikes at 13 m, 220 m, 262 m and 301 m. The lamprophyre dikes are generally not mineralized, but they have been noted to occur in areas of increased gold mineralization in the Blackjack deposit. Quartz veins with arsenopyrite and massive arsenopyrite occurred throughout the hole in all units except the lamprophyres but were most strongly developed in the megacrystic intrusive units.

DDRCCC-23-049 intersected broad intervals of gold mineralization above the resource cut-off of 0.25 g/t Au, with 140.6 m of 0.34 g/t Au from 97.5 m, including 48.0 m of 0.51 g/t Au from 190 m.

Holes DDRCCC-23-050, 051 and 052 were drilled 130, 170 and 250 m, respectively, north of the current margin of the Blackjack resource into an area where previous mapping had identified extensive sheeted quartz-sulphide veining in the Saddle stock, with rock samples returning gold values ranging from 0.06 to 4.54 g/t. All three holes were drilled to the north with an azimuth of 000 degrees.

Hole DDRCCC-23-050 intersected dominantly MQZM cut by intrusive breccia and local metre-scale lamprophyre dikes until 343 m and then remained in dominantly metasedimentary rocks with minor intrusive units until the end of the hole at 398 m. Arsenopyrite mineralization was noted in all rock types except the lamprophyre but was most strongly developed in a MQZM unit from 98 to 260 m. The longest interval of above cut-off mineralization in the hole was from 206 m to 284 m, which returned 78 m of 0.30 g/t Au.

Hole DDRCCC-23-051 intersected moderately to strongly altered MQZM cut by metre-scale units of intrusive breccia and lamprophyre dikes until 307 m and then dominantly metasediments, again intruded by metre-scale lamprophyre dikes, until the end of the hole at 421 m. Quartz-sulphide (pyrrhotite, pyrite and arsenopyrite) in veins, veinlets and fractures occur in all units, but are most strongly developed throughout the locally very strongly altered and oxidized MQZM from 67 m to 307 m. Massive sulphide veins within this interval range up to 35 centimetres thick. Most veins trend in the same east-west direction as the Blackjack deposit, but some multidirectional stockwork is also developed. The longest interval of plus cut-off mineralization in DDRCCC-23-051 was 104.2 m of 0.30 g/t Au from 190.8 m.

Hole DDRCCC-23-052, with an azimuth of 000 degrees and a dip of minus 50 degrees, was drilled to test the eastern margin of the Saddle stock so encountered a mix of MQZM, metre-scale lamprophyre dikes and metasediment rocks throughout its 386 m length. Due to ground conditions, the hole deviated significantly to the east from its intended target zone into largely weakly mineralized metasedimentary rock. Quartz sulphides were locally developed in all rock units, and increased in intensity in the metasediments down hole of 296 m, but the hole did not return significant gold mineralization.

DDRCCC-23-053 was located 450 m east of the eastern margin of the current Blackjack resource in the Saddle zone and drilled to the southeast at an azimuth of 150 degrees. The hole intersected dominantly metasediments until 233 m, dominantly QZMN until 292 m and then dominantly metasediments to the end of the hole at 452 m. The intensity of east-west quartz vein development was similar to previous holes, but DDRCCC-23-053 is significant in that it demonstrates some of the strongest arsenopyrite development seen in quartz veins and fractures in metasedimentary rock to date. Visible gold was identified in two locations in quartz sulphide veins in the metasediments. Significant intervals of hole 053 included 29 m of 0.68 g/t gold from 253.5 m and 3.9 m of 4.76 g/t from 406.1 with the 417.4 m interval from 21.7 m averaging 0.25 g/t Au.

DDRCCC-23-054 was drilled northwest at 330 degrees and a minus-50-degree dip from the same location as DDRCCC-23-053, therefore also 450 m east of the eastern margin of the Blackjack resource. The hole intersected dominantly metasediments intruded by metre-to-10-metre-scale MQZM dikes. Quartz sulphide veins crosscut all units, with arsenopyrite generally being the dominant sulphide. The hole was terminated short of target at 260 m because of technical issues. The casing has been left in the hole allowing the option for it to be continued in the next drilling program. The hole returned significant near-surface gold mineralization with an 84 m interval from four m averaging 1.21 g/t Au and 51.1 m of 1.52 g/t gold from 37 m. Higher-grade near-surface mineralization included four m of 5.12 g/t Au from 11 m.

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 two drill holes completed to date will be released once they have been received and compiled.

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 downhole 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 microns. Gold determinations are by fire assay with an inductively coupled plasma mass spectroscopy (ICP-MS) finish on 50-gram 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-gram subsample (ALS code: Au-GRA21). In addition, a 51-element analysis was performed on a 0.5-gram 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 the RC gold project

The RC gold project consists of a 376-square-kilometre contiguous district-scale land package located in the newly road accessible Clear Creek, Big Creek and Sprague Creek districts in the heart of Yukon's Tombstone gold belt. The project is located approximately 100 kilometres east of Dawson City and is accessed via a secondary gravel road from the Klondike Highway, an approximate two-hour drive from Dawson. It is the largest consolidated land package strategically positioned midway between Victoria Gold's Eagle gold mine -- Yukon's newest gold mine which reached commercial production in the summer of 2020 -- and Victoria Gold's Brewery Creek gold mine. The RC gold project land package comprises five underlying properties, namely, the RC, Bee Bop, Mahtin, Clear Creek and Barney Ridge properties.

On Jan. 19, 2023, Sitka Gold announced an initial mineral resource estimate prepared in accordance with National Instrument 43-101 guidelines for the RC gold property of 1.34 million ounces of gold. The road-accessible, pit-constrained mineral resource is classified as inferred and is contained in two near-/on-surface zones: the Blackjack and Eiger deposits.

The initial mineral resource estimate of 1.34 million ounces of gold at the RC gold project comprises two deposits: the Blackjack deposit containing 900,000 ounces of gold at a grade of 0.83 g/t gold and the Eiger deposit containing 440,000 ounces of gold at a grade of 0.50 g/t gold (see news release dated Jan. 19, 2023). Both of these deposits are at/near surface, are potentially open-pit minable and are amenable to heap leaching, with initial bottle roll tests indicating that the gold is not refractory and has high gold recoveries of up to 94 per cent with minimal NaCN (sodium cyanide) consumption (see news release July 13, 2022).

The Blackjack and Eiger deposits are in close proximity to highway and power infrastructure, are road accessible year-round, remain open in all directions, and are located within the Clear Creek intrusive complex. The deposits are located with a large, 500-metre-by-five-kilometre intrusion-related gold system that was recently discovered on the property. To date, 52 diamond drill holes have been drilled into this system for a total of approximately 18,275 metres with results of up to 201 m of 1.26 g/t gold from surface, including 82 m of 2.04 g/t gold and 19.5 m of 4.87 g/t gold at Blackjack (drill hole DDRCCC-22-040; see news release dated Jan. 11, 2023) and 72 m of 0.72 g/t gold at Eiger (drill hole DDRCCC-21-009; see news release date Aug. 19, 2021).

Several high-priority intrusion-related gold targets exist at RC with nine outcropped intrusions identified to date over the 376 square km property; however, Sitka's main focus at the RC gold project has been on the underlying Clear Creek property where a large 500-metre-by-2,000-metre corridor hosting an intrusion-related gold system covering the area over the Blackjack, Saddle and Eiger zones was identified. Additional surface work has extended the gold corridor an additional 3,000 metres east and now encompasses the Josephine intrusion. Prior to the onset of the 2023 winter drilling program, the company had drilled 38 diamond drill holes into this system for a total of approximately 13,000 metres. This drilling culminated in the discovery of the Blackjack and Eiger deposits with an initial inferred mineral resource estimate of 1.34 million gold ounces.

Sitka Gold inherited a wealth of historical and current data from these properties from work spanning the last 40 years. Recent exploration work and the compilation of historical data have defined several mineralized zones with both bulk-tonnage, intrusion-related gold deposit targets and high-grade, vein- and breccia-hosted gold targets. The RC gold project also has a common border with Victoria Gold's Clear Creek property at its western boundary and Florin Resources' Florin gold property at its northern boundary.

Deposit model

Exploration on the property has mainly focused on identifying an intrusion-related gold system (IRGS). The property is part of the Tombstone gold belt which is the prominent host to IRGS deposits within the Tintina gold province in Yukon and Alaska. Notable deposits from the belt include: Fort Knox mine in Alaska with current proven and probable reserves of 230 million tonnes at 0.3 g/t Au (2,471,000 ounces); Eagle gold mine with current measured and indicated resources of 233 million tonnes at a grade of 0.57 g/t Au at the Eagle Main zone (4,303,000 ounces); the Brewery Creek deposit with current indicated mineral resource of 22.2 million tonnes at a gold grade of 1.11 g/t (789,000 ounces); the Florin gold deposit, located adjacent to Sitka's RC gold project, with a current inferred mineral resource of 170.99 million tonnes grading 0.45 g/t (2.47 million ounces) and the AurMac project with an inferred mineral resource of 312.90 million tonnes grading 0.61 gram per tonne gold (6.18 million ounces).

About Sitka Gold Corp.

Sitka Gold is a well-financed 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 an NI 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 recently signed a drill contract and is planning additional drilling at its Alpha gold property in Nevada (scheduled to commence November, 2023; see news release dated Oct. 24, 2023). Having recently discovered a new Carlin-type gold system at Alpha, the company is now focused on vectoring toward the high-grade core of this system, which is located on the Cortez trend just 40 km southeast of the Cortez mine complex of Barrick/Newmont.

Coming events

Sitka Gold will be attending and/or presenting at the following events:

• Yukon Geoscience Forum, Whitehorse, Yukon: Nov. 19 to 22, 2023;
• American Exploration and Mining Association, Sparks, Nev.: Dec. 3 to 8, 2023;
• AME Roundup: Jan. 22 to 25, 2024;
• VRIC, Vancouver, B.C.: Jan. 21 to 22, 2024;
• PDAC, Toronto, Ont.: March 3 to 6, 2024.

All events are subject to change.

The scientific and technical content of this news release has been reviewed and approved by Mr. Coe, PGeo, director and CEO of the company, and a qualified person (QP) as defined by National Instrument 43-101.

We seek Safe Harbor.