Mr. Donald Penner reports

SITKA GOLD DRILLS 191.0 METRES OF 1.16 G/T GOLD INCLUDING 89.0 METRES OF 2.03 G/T GOLD AND 11.0 METRES OF 5.80 G/T GOLD AT ITS RC GOLD PROJECT, YUKON

The first drill hole, DDRCCC-23-057, of Sitka Gold Corp.'s 2024 drill campaign has intersected significant gold results south of the current Blackjack gold deposit resource. Hole 57 was the first of two holes completed during the 2024 winter diamond drilling program at the Company's 386 square kilometre, road accessible RC Gold Project ("RC Gold" or the "Project") located in Yukon's Tombstone Gold Belt ("TGB"), approximately 100 kilometres east of Dawson City. (see Table 1). Hole 57 intersected 191.0 metres (m) grading 1.16 g/t gold including 11.0 m of 5.80 g/t gold within 89.0 m of 2.03 g/t gold confirming persistent gold mineralization continues 175 metres below and 45 metres to the southeast of DDRCCC-23-047 ("Hole 47"), which returned the best drill hole results to date with 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 (see news release dated September 26, 2023).

DDRCCC-24-057 Highlights:191.0 m of 1.16 g/t Au from 327. m including;89.0 m of 2.03 m g/t Au from 419.0 m11.0 m of 5.80 g/t from 459.0 m2.0 m of 21.20 g/t from 468.0 m

"The results from Hole 57 are very significant as they confirm that the higher-grade gold mineralization discovered in Hole 47 last year continues a further 45 metres to the southeast and 175 metres to vertical depth and remains wide open", stated Cor Coe, Director and CEO of Sitka. "While hole 57, which was a fairly aggressive step out from our discovery at Hole 47, has successfully demonstrated the potential of this area to add significant, higher-grade tonnage to our growing gold resource, it also highlights the persistent gold mineralization being exhibited within the the metasediments, in addition to the intrusive rocks of this system. We believe that this will ultimately contribute to a very large gold endowment within the cluster of intrusive rocks and surrounding metasediments that make up the Clear Creek Intrusive Complex. Our 2024 diamond drilling program at RC Gold is off to a great start and we are eagerly awaiting the pending assay results for Hole 58."

Hole 057 was drilled to a length of 550.2 m and was a step-out to the west from hole DDRCCC-23-047 (see news release dated September 26, 2023) designed to test the southeastern extension of the well-mineralized quartz monzonite intrusion intersected in Hole 47. It intersected two broad zones of feldspar megacrystic quartz monzonite intrusion (49.9 - 160.9 m and 446.6 - 509.9 m; see Figure 5) within a large package of biotite schist, phyllite, and quartzite of the Late Proterozoic Yusezyu Formation (Hyland Group). A narrow lamprophyre dyke was intersected from 241.6 - 243.2 m along with abundant narrow (1-2 m) quartz monzonite dykes cross cutting throughout the Yusezyu Formation metasediments. Both intrusions were cut by abundant 1-2 cm sheeted quartz veins, quartz-arsenopyrite veins, and dominantly arsenopyrite veins with narrow cm scale sericite alteration halos.

The second hole of the program, DDRCCC-24-058 (Hole 58), was collared approximately 70 metres north of Hole 057 and drilled to a length of 535.9 m. Hole 58 has been logged and sampled and assays are currently pending.

Hole 57 was variously mineralized throughout almost its entire length, returning 505.0 m of 0.50 g/t gold from 13.0 to 518.0 m (see Table 1). Higher grade intervals within the hole included 191.0 m of 1.16 g/t gold; 89.0 m of 2.03 g/t gold and 11.0 m of 5.80 g/t gold. The highest grade interval was 2.0 m 21.2 g/t gold. Hole 57 has successfully extended the gold mineralization identified in Hole 047 a further 175 m to depth and 45 m to the southeast (Figures 1 and 2). Of particular significance, Hole 57 has returned the most consistent gold mineralization seen on the RC property to date hosted in strongly silicified and veined metasediments (Figures 4).

Hole 57 is the first hole to be completed of up to 15,000 metres of diamond drilling at RC Gold this year in proposed winter and summer diamond drilling campaigns. The key objectives of drilling this year will be to further expand and define targets within the well-endowed Clear Creek Intrusive Complex area, which currently hosts the Blackjack and Eiger gold deposits - both of which remain open in all directions - and the Saddle zone (see Figure 3). Additionally, the drilling aims to advance other high-priority drill-ready targets elsewhere on the district-scale, 386 square kilometre property.

Table 1- Assay highlights for DDRCCC-24-057

HoleID        Azimuth (degree) Dip (degree) From (m) To (m) Length (m) Au (g/t)
DDRCCC-24-057 060              -060         13.0     518.0  505.0      0.50    
including                                   327.0    518.0  191.0      1.16    
including                                   419.0    508.0  89.0       2.03    
including                                   419.0    432.0  13.0       2.77    
including                                   453.4    508.0  54.6       2.54    
including                                   459.0    470.0  11.0       5.80    
including                                   466.0    470.0  4.0        12.27   
including                                   468.0    470.0  2.0        21.20   

*Intervals are drilled core length, as insufficient drilling has been completed at this time to determine true widths

Quality Assurance/Quality ControlOn receipt from the drill site, the HTW/NTW-sized drill core was systematically logged for geological attributes, photographed and sampled at Sitka's core logging facility. Sample lengths as small as 0.3 m were used to isolate features of interest, otherwise a default 2 m downhole sample length was used. Each sample is identified by a unique sample tag number which is placed in the bag containing the core to be assayed. 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. The samples 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 ref. 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 g subsamples of the prepared pulp (ALS code: Au-ICP-22). Any sample returning over 10 g/t Au was re-analyzed by fire assay with a gravimetric finish on a 50 g subsample (ALS code: Au-GRA21). In addition, a 51-element analysis was performed on a 0.5 g 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 flagship RC Gold ProjectThe RC Gold Project consists of a 386 square kilometre contiguous district-scale land package located in the heart of Yukon's Tombstone Gold Belt. The project is located approximately 100 kilometres east of Dawson City, which has a 5,000 foot paved runway, 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 former producing Brewery Creek Gold Mine.

On January 19, 2023 Sitka Gold announced an Initial Mineral Resource Estimate prepared 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 zones: The Blackjack and Eiger deposits. 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 Mineral Resource estimate is presented in the following table at a base case cut-off grade of 0.25 g/t Au: Gold Inferred Mineral Resource Estimate

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 processing3. 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.

To date, 56 diamond drill holes have been drilled into this system for a total of approximately 19,962 metres including 16 drill holes totalling 6,515 metres completed in 2023 focused on expanding the initial resource. The drilling in 2023 produced 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). The Company recently completed two drill holes totalling 1,085 metres during the winter phase of a planned 15,000 metre diamond drilling program at the RC Gold Project for 2024. All core samples for these drill holes have been delivered to the lab and assays are currently pending.

*For more detailed information on the underlying properties please visit our website at www.sitkagoldcorp.com

RC Gold Deposit Model

Exploration on the Property has mainly focused on identifying an intrusion-related gold system ("IRGS"). The property is within 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 million ounces; Sims 2018)(1); 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 million ounces; Harvey et al, 2022)(2); the Brewery Creek deposit with current Indicated Mineral Resource of 22.2 million tonnes at a gold grade of 1.11 g/t (0.789 million ounces; Hulse et al. 2020)(3); 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; Simpson 2021)(4) and the AurMac Project with an Inferred Mineral Resource of 347.49 million tonnes grading 0.63 gram per tonne gold (7.00 million ounces)(5).

Upcoming Events

Sitka Gold will be attending and/or presenting at the following events*:121 Mining Investment Conference, London, England: May 15 - 16, 2024Yukon Mining Alliance Property Tours, Dawson City, Yukon: June 20 - 26, 2024Takestock Investor Forum, Stampede Event, Calgary, Alberta: July 3, 2024Precious Metals Summit, Beaver Creek, Colorado: September 10 - 13, 2-024

*All events are subject to change.

About Sitka Gold Corp.

Sitka Gold Corp. is a well-funded 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% interest in the RC, Barney Ridge, Clear Creek and OGI properties in the Yukon and the Burro Creek Gold property in Arizona. Sitka owns a 100% interest in its Alpha Gold property in Nevada, its Mahtin Gold property in the Yukon and its 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 7,585 metres of additional diamond drilling within 18 drill holes has been completed at RC Gold since the announcement of the Mineral Resource Estimate.Simpson, R. January 19, 2023. Clear Creek Property, RC Gold Project, NI 43-101 Technical Report, Dawson Mining District, Yukon Territory

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.

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