Mr. Donald Penner reports

SITKA ACQUIRES 100% OWNERSHIP OF THE RECENTLY DISCOVERED BLACKJACK AND EIGER GOLD DEPOSITS AND STAKES ADDITIONAL CLAIMS AT ITS RC GOLD PROJECT, YUKON

Sitka Gold Corp. has acquired 100-per-cent ownership in the Clear Creek property, which is one of the underlying properties in the company's contiguous, road-accessible 386-square-kilometre RC gold property in Yukon and contains the recently announced Blackjack and Eiger gold deposits (see news release dated Jan. 19, 2023). The Company has completed all the exploration requirements and has made all property cash and share payments pursuant to the option agreement (see news release dated June 26, 2020) subject to an amended agreement dated December 12, 2023 whereby the Company made a final payment of $90,000 cash and the issuance of 650,000 shares, to acquire the 100% interest. The company has also staked an additional 59 Yukon Quartz Mining claims to cover recently identified highly prospective ground. These claims are contiguous to the existing RC Gold Property claim block and increased the size of the Property to 386 square kilometres.

The Blackjack and Eiger deposits contain a pit-constrained, initial mineral resource estimate of 900,000 ounces of gold grading 0.83 g/t gold and 440,000 ounces of gold grading 0.50 g/t gold respectively and contain a combined total of 1.34 million ounces of gold with an average grade of 0.68 g/t gold (see Table 1). Both these deposits remain open laterally and to depth. Since the initial resource of these deposits was announced in January of this year, the Company has completed an additional 6500 metres in 16 drill holes on the Clear Creek Property.

"Completing our requirements to obtain 100% ownership of the Clear Creek Property, which hosts the Blackjack and Eiger deposits, is an important milestone in Sitka's advancement of the RC Gold Project," stated Cor Coe, CEO and Director. "The drilling completed this year has further highlighted the potential to add significant tonnage with higher gold grades to our existing resource at RC Gold, with our best drill hole to date returning 219.0 m of 1.34 g/t gold, including 124.8 m of 2.01 g/t gold and 55.0 m of 3.11 g/t gold, in drill hole DDRCCC-23-047 at Blackjack (see news release dated September 26, 2023).

The Clear Creek Property also covers the Northern Extent of the Clear Creek Intrusive Complex where several additional targets with the potential to ho st intrusion related gold deposits of significant size and grade have yet to be drilled (see Figure 1).

The contribution of prospectors in the discovery of mineral deposits cannot be overstated and we are pleased to have an excellent relationship with the underlying Clear Creek Property vendor, well-known Yukon prospector Bernie Kreft, whom we wish continued success in all his future prospecting endeavours.

With this prospective ground now under Sitka's 100% ownership, w e are eagerly looking forward to continuing our exploration efforts as we grow the initial mineral resource estimate and pursue additional new discoveries."

About the RC Gold Project

The RC Gold Project (RC Gold) consists of a 386 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 which is usable year-round and is an approximate 2 hour drive from Dawson. It is the largest consolidated land package strategically positioned mid-way 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. Sitka currently owns 100% of the Clear Creek, Mahtin and other independently staked claims which comprise 86% of the total 386 square kilometre land package that comprises the RC Gold Project. The Company has an option to earn a 100% interest in the Barney Creek, Bee Bop and RC properties which comprise the remaining 14% of the RC Gold Project.*

On January 19, 2023 Sitka Gold announced an Initial Mineral Resource Estimate prepare d in accordance with National Instrument 43-101 ("NI 43-101") guidelines for the RC Gold Property of 1,340,000 ounces of gold (1) . 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 Mineral Resource estimate is presented in the following table at a base case cut-off grade of 0.25 g/t Au:

  Table 1: RC Gold Inferred Mineral Resource Estimate
 
 COG g/t Au Blackjack Zone                   Eiger Zone                       Combined                        
           Tonnes 000's Au g/t 0z Au 000's  Tonnes 000's Au g/t 0z Au 000's  Tonnes 000's Au g/t 0z Au 000's
0.20       35,798       0.80   921          32,523       0.45   471          68,321       0.63   1,391      
0.25       33,743       0.83   900          27,362       0.50   440          61,105       0.68   1,340      
0.30       31,282       0.88   885          22,253       0.55   393          53,535       0.74   1,279      
0.35       29,065       0.92   860          17,817       0.60   344          46,882       0.80   1,203      
0.40       26,975       0.96   833          14,506       0.66   308          41,481       0.86   1,140      

Notes 1. Mineral resource estimate prepared by Ronald G. Simpson of GeoSim Services Inc. with an effective date of January 19, 2023. Mineral Resources are classified using the 2014 CIM Definition Standards. 2. The cut-off grade of 0.25 g/t Au is believed to provide a reasonable margin over operating and sustaining costs for open-pit mining and processing 3. Mineral resources are constrained by an optimised pit shell using the following assumptions: US$1800/oz Au price; a 45degree pit slope; assumed metallurgical recovery of 85%; mining costs of US$2.00 per tonne; processing costs of US$8.00 per tonne; G&A of US$1.50/t. 4. Mineral resources are not mineral reserves and do not have demonstrated economic viability. 5. Totals may not sum due to rounding.

The Initial Mineral Resource Estimate of 1,340,000 ounces of gold at the RC Gold Project is comprised of 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 January 19, 2023). Both of these deposits are at/near surface, are potentially open pit minable and 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% with minimal NaCN 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 5 kilometre intrusion related gold system that was recently discovered on the Property. To date, 54 diamond drill holes have been drilled into this system for a total of approximately 18,877 metres with results of up to 219.0 m of 1.34 g/t gold including 124.8 m of 2.01 g/t gold and 55.0 m of 3.11 g/t gold in drill hole DDRCCC-23-047 at Blackjack (see news release dated September 26, 2023).

Several high priority intrusion related gold targets exist at RC Gold with nine outcropped intrusions identified to date over the 386 sq 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 2000 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 3000 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 1,340,000 gold ounces(1).

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.

About Sitka Gold Corp.

Sitka Gold Corp. is a well-funded mineral exploration company headquartered in Canada with approximately $8 million in the treasury and no debt. 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% interest in the RC, Bee Bop, Barney Ridge, and OGI properties in the Yukon and the Burro Creek Gold and Silver property in Arizona. Sitka owns a 100% interest in its Clear Creek and Mahtin property in Yukon, Alpha Gold property in Nevada, and the Coppermine River project in Nunavut.

The Company recently announced an NI 43-101 compliant initial inferred Mineral Resource Estimate of 1,340,000 ounces of gold (1) beginning at surface and grading 0.68 g/t at its RC Gold Project in Yukon (see news release dated January 19, 2023). A total of 6515 metres of additional diamond drilling within 16 drill holes has been completed at RC Gold since the announcement of the Mineral Resource Estimate.

Upcoming Events

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

AME Roundup January 22 - 25, 2024

Tombstone Gold Belt Breakfast - Fireside Chat - Vancouver, January 22, 2024

VRIC, Vancouver, BC: January 21 - 22, 2024

PDAC, Toronto, ON: March 3 - 6, 2024

Swiss Mining Institute, Zurich, Switzerland: March 20-21, 2024

All events are subject to change.

The scientific and technical content of this news release has been reviewed and approved by Cor Coe, P.Geo., Director and CEO of the Company, and a Qualified Person (QP) as defined by National Instrument 43-101.

We seek Safe Harbor.