Mr. Cor Coe reports

SITKA GOLD COMMENCES 15,000 METRE DIAMOND DRILLING PROGRAM AT ITS FLAGSHIP RC GOLD PROJECT IN YUKON

Sitka Gold Corp. has commenced diamond drilling at the company's year-round road-accessible RC gold project located in the prolific Tombstone gold belt, approximately 100 kilometres east of Dawson City, Yukon. Up to 15,000 metres of diamond drilling across winter and summer drilling campaigns is planned for 2024.

The key objectives of drilling this year will be to further expand and define the well-endowed Clear Creek intrusive complex area, which currently hosts a maiden resource of 1.34 million ounces of gold composed of the Blackjack and Eiger gold deposits, both of which remain open in all directions, and advance additional drill-ready targets elsewhere on the district-scale, 386-square-kilometre property.

"We are very excited to have the drill turning again at our flagship RC gold project," stated Cor Coe, director and chief executive officer of Sitka Gold. "This winter drilling program will be primarily focused on the southern extent of the Blackjack zone, where we encountered the highest grade gold intercepts on the project to date in hole DDRCCC-23-047, which returned 219 metres of 1.34 g/t [grams per tonne] gold, including 124.8 m of 2.01 g/t gold and 55 m of 3.11 g/t gold. Gold grades of this magnitude are quite remarkable for a reduced intrusion-related gold system, and the data thus far indicates this higher-grade extension of the Blackjack gold deposit should persist further to the southeast and at depth. While stepout drilling in this area could add substantial grade and tonnage to the existing resource, we are also excited to follow up on several other high-priority, drill-ready targets present across our district-scale and still largely underexplored land package this year."

Drill hole DDRCCC-24-057 is collared 80 m south of the current resource estimation outline and is being drilled at an azimuth of 60 degrees and a dip of 60 degrees to test the southeast continuity of gold mineralization southeast of hole DDRCCC-23-047, which intersected 219 m of 1.34 g/t Au (gold) from 190 m. Hole 057 is projected to intersect the south Saddle intrusion and associated gold mineralization with a stepout of approximately 50 m to the southeast of hole 047.

About the RC gold project

The RC gold project 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 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. Sitka currently owns 100 per cent of the Clear Creek, Mahtin and other independently staked claims which comprise 86 per cent of the total 386-square-kilometre land package that comprises the RC gold project. The company has an option to earn a 100-per-cent interest in the Barney Creek, Bee Bop and RC properties which comprise the remaining 14 per cent of the RC gold project.

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 mineral resource estimate is presented in the attached table at a base case cut-off grade of 0.25 g/t Au.

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 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 sodium cyanide (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, three-kilometre-by-five-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 m of 1.34 g/t gold, including 124.8 m of 2.01 g/t gold and 55 m of 3.11 g/t gold in drill hole DDRCCC-23-047 at Blackjack (see news release dated Sept. 26, 2023).

Several high-priority intrusion-related gold targets exist at RC with nine outcropped intrusions identified to date over the 386 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 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 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 347.49 million tonnes grading 0.63 gram per tonne gold (seven million ounces).

Upcoming events

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

• Tombstone Gold Rush Breakfast -- Fireside Chat -- Toronto, Ont., March 5, 2024;
• Invest Yukon Precious Metals Luncheon -- Toronto, Ont., March 5, 2024;
• PDAC (Prospectors & Developers Association of Canada) -- Toronto, Ont., March 3 to March 6, 2024:
  • Exhibitor booth No. 2346: March 3 to March 6;
  • One-on-one meeting program: March 4 to March 5.
• Swiss Mining Institute, Zurich, Switzerland, March 20 to March 21, 2024;
• 121 Mining Investment, London, England, May 16 to May 17, 2024.

Note: All events are subject to change.

About Sitka Gold Corp.

Sitka Gold is a well-financed 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 Yukon. 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 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 g/t 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 gold since the announcement of the mineral resource estimate.

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

We seek Safe Harbor.