Mr. Donald Penner reports

SITKA DRILLS EXTENSIVE INTERVALS OF CARLIN-TYPE ALTERATION AND MINERALIZATION AT ITS ALPHA GOLD PROPERTY IN NEVADA

Sitka Gold Corp.'s 2023 drill program has been completed at its Alpha gold property located at the southeast end of the Cortez trend. A total of 1,027.3 metres were drilled in four holes. All four drill holes encountered significant intercepts of strong alteration and mineralization consistent with known Carlin-type gold deposits.

"We are extremely encouraged with what has been observed in this round of drilling at Alpha, with all four drill holes intercepting extensive intervals of stronger Carlin-type alteration and mineralization than the holes being offset," commented Cor Coe, PGeo, director and chief executive officer of Sitka. "These drill holes have substantially increased our confidence in the current geologic model that suggests the targeted hingeline zone is the most probable location to host peak gold grades within this system. This model should be broadly applicable along the entire 7.5-kilometre north-northwest anticline target trend located on the property, providing the ideal framework for the discovery of a large-scale, multimillion-ounce, Carlin-type gold deposit at a minable depth. We look forward to announcing the results from these drill holes once they have been received and compiled."

The Alpha gold property is located approximately 40 kilometres southeast of Nevada Gold Mines' Cortez mine complex in Nevada which includes the Pipeline, Cortez Hills and Gold Rush mines. Similar stratigraphy and structure occur along trend to the Alpha gold property where previous drilling has intersected Carlin-type gold mineralization and strong alteration. The company believes that there is significant potential for high-grade gold mineralization within structures at the Horse Canyon/Devil's Gate contact, which is the uppermost horizon of potential gold-bearing mineralization.

The 2023 drill program was designed to test the inferred hingeline target zone in the Alpha NW area and test for higher grades where prior drilling showed gold mineralization was open and strengthening. All holes were drilled from existing permitted drill sites, offsetting prior drill holes. All four holes intercepted stronger alteration and pyrite mineralization than the holes being offset. AG23-13 was an offset to AG22-09 and intercepted a thick zone of black jasperoid enveloping strong silicification and decalcification with 2-10 per cent pyrite and sooty pyrite. AG23-14 intercepted strong silicification and pyrite between a highly silicified dike or sill and the top of the Devils Gate limestone. The target interval also included an intensely sulphidized zone at its base with up to 20 per cent dark-coloured pyrite replacements. It was drilled west from the same pad as AG21-06 and greatly eclipsed alteration seen in that hole. The hole also represents a 300-metre offset south from AG22-10. AG23-15 was drilled to offset the exceptionally thick and strong alteration seen in AG23-13 and to help delineate the east-west cross-structure cutting through near the pad and better understand its control of or influence on the alteration and mineralization. Like AG23-13, the hole revealed a very thick intercept of silicification and jasperoid. Quartz veining/replacement and occurrences of sphalerite were present, partly in the Devils Gate limestone. AG23-16 was collared at the far north end of the mineralization trend to offset a thick but subtle gold intercept in AG21-02. Drilling west-northwest, AG23-16 encountered much more intense silicification, decalcification and pyrite than AG21-02 had. Stronger alteration visuals in this year's drill program testing the hingeline target zone suggest that the geologic target model is valid. All samples have been submitted to the ALS facility in Elko, Nev., and the company eagerly anticipates receipt of the assay results.

About Alpha Gold

Sitka Gold has acquired a 100-per-cent interest in the Alpha gold property, located along the southeast projection of the prolific Cortez gold trend in Eureka county, approximately 135 kilometres southwest of Elko, Nev. The project comprises 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 property 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 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-million-to-42-million-year Carlin-type mineralization event, the fold crest at Alpha would have been a regional highpoint among nearby mountain ranges. Well-exposed lower plate windows near Alpha have been extensively explored for Carlin-type gold deposits with a number of deposits found along the limbs.

A total of 5,006 metres of drilling in 16 holes have been completed at Alpha 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. Results for four drill holes are still pending.

About Sitka Gold Corp.

Sitka Gold is a well-financed mineral exploration company headquartered in Canada with approximately $8-million in the treasury. 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, Bee Bop, Barney Ridge and OGI properties in Yukon and the Burro Creek gold and silver property in Arizona. Sitka owns a 100-per-cent interest in its Clear Creek and Mahtin properties in Yukon, Alpha property in Nevada, and the Coppermine River project in Nunavut.

The company recently announced a National Instrument 43-101 compliant initial inferred mineral resource estimate of 1.34 million ounces of gold beginning at surface and grading 0.68 gram per tonne at its RC gold project in Yukon (see news release dated Jan. 19, 2023). A total of approximately 6,500 metres of additional diamond drilling within 16 drill holes has been completed at RC since the announcement of the mineral resource estimate.

Coming events

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

• VRIC, Vancouver, B.C.: Jan. 21 to 22, 2024;
• AME Roundup, Vancouver, B.C.: January 22 to 25, 2024;
• Tombstone Gold Belt Breakfast -- Fireside Chat, Vancouver, B.C.: Jan. 22, 2024;
• PDAC, Toronto, Ont.: March 3 -- 6, 2024;
• Swiss Mining Institute, Zurich, Switzerland: March 20 to 21, 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.