Mr. Donald Penner reports

SITKA GOLD MOBILIZES CREW AND EQUIPMENT TO ITS RC GOLD PROJECT IN YUKON

Sitka Gold Corp. has mobilized crew and equipment to site in preparation for a winter drilling campaign at its flagship RC gold project, located in Yukon's prolific Tombstone gold belt. The 2024 winter drilling program at RC Gold will follow-up and step-out from hole DDRCCC-23-047 (see news release dated September 26, 2023) which was the highest grade intersection at the project to date at the current southern extent of the Blackjack zone 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.

"After the success of 2023, we are very excited to be back at RC Gold to kick-start 2024 exploration activities," commented Cor Coe, Director and CEO. "With year-round road access to the Project, we can get an early start this year on further advancing the discoveries at RC Gold with the first drill holes of the year designed to follow-up on the exceptional grades we encountered at the southern extent of our Blackjack zone (see Figure 1). Drilling is anticipated to commence in the coming days as we look to extend this higher-grade gold zone to the southeast of the current deposit."

Up to 15,000 metres of drilling is planned at RC Gold this year, to be completed across winter and summer drilling campaigns. The key objectives of drilling this year will be to further expand and define the well endowed Clear Creek Intrusive Complex area that currently hosts the Blackjack and Eiger gold deposits, both of which remain open in all directions, (see Figure 2) and advance the drill-ready targets elsewhere on the district-scale, 386 square kilometre property.

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 which encompasses the Blackjack and Eiger deposits, 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:

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 within a large, 3 kilometre by 5 kilometre intrusion related gold system that was recently identified at the Northern Extent of the Clear Creek Intrusive Complex. 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 extensional corridor hosting an intrusion related gold system covering the area over the Blackjack, Saddle and Eiger zones was identified. Additional surface work has since 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.

Upcoming Events

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

Tombstone Gold Rush Breakfast - Fireside Chat - Toronto, ON: March 5, 2024

Invest Yukon Precious Metals Luncheon - Toronto, ON: March 5, 2024

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

Exhibitor Booth #2346: March 3-6

One-on-One Meeting Program: March 4-5

Core Shack Booth #3310: March 3-4

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

121 Mining Investment, London, England: May 16-17, 2024

*All events are subject to change.

About Sitka Gold Corp.

Sitka Gold Corp. is a well-funded mineral exploration company headquartered in Canada with approximately $7.5 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 is currently exploring its flagship RC Gold Project within the Tombstone Gold Belt in the Yukon Territory. The company is advancing the Alpha Gold Project in Nevada and has drill permits for its Burro Creek Gold and Silver Project in Arizona 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 approximately 6500 metres of additional diamond drilling within 16 drill holes has been completed at RC Gold since the announcement of the Mineral Resource Estimate.

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.