05:37:28 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Sitka Gold Corp
Symbol SIG
Shares Issued 56,244,396
Close 2020-09-24 C$ 0.185
Market Cap C$ 10,405,213
Recent Sedar Documents

Sitka Gold drills anomalous gold at Alpha

2020-09-24 09:21 ET - News Release

Mr. Cor Coe reports

SITKA COMPILES RESULTS FROM FIRST DEEP DRILL HOLE AT ALPHA GOLD, NEVADA

Sitka Gold Corp. has received all assays from its first deep drill hole (AG20-01) at its Alpha gold property located in Nevada's prolific Carlin gold province.

AG20-01 intercepted anomalous gold and mercury in siliceous mudstones of the Webb formation. This anomalous geochemistry was associated with weak sericite-clay alteration and structure and is interpreted as leakage from a Carlin-type system at depth.

Information from the hole and surface mapping indicates the hole was located on the steep east limb of a fold. The best location for testing the clastic to carbonate transition into the top of the Devil's Gate limestone is likely to the west on the broader west limb of the fold. Chert intercepted at 152 metres in the hole is exposed on the west part of the property and a follow-up hole collared at the base of that chert unit with a broad less complex target is being considered. The footwall of the major normal fault on the east side of the property might afford a shallower target but bedding is moderately dipping and highly faulted creating a narrow, more difficult target. Sitka will continue to assess the geology of the Alpha gold area and weigh the prospects of optimal location to collar the next hole.

"The first deep drill hole at our Alpha gold property was successful in penetrating a substantial amount of the targeted structure," commented Cor Coe, chief executive officer and director of Sitka. "Several intercepts with anomalous levels of gold were encountered throughout the Webb formation which we interpret to be leakage from an underlying Carlin-type gold system. The results from this first drill hole appear to support our modelling and have greatly increased our understanding of the underlying geological structures which we can now leverage in determining the optimal location and positioning of a second drill hole to reach the Webb-Devil's Gate contact zone."

AG20-01 was completed to a depth of 548 metres (1,799 feet). The hole was successful in penetrating through the upper plate and intersecting a substantial amount of the Webb formation. Intense clay-alteration and shearing from 321.5 m to 354.9 m (1,055 feet to 1,163 ft) is interpreted to reflect a normal fault which offsets dolomite exposed on surface east of the collar by about 400 m downward to where it was intercepted in the hole. The clay alteration overprints earlier sericite-pyrite-quartz alteration. Narrower zones of structurally controlled clay-sericite-pyrite and bedding controlled massive pyrite were also present in the hole.

The hole was stopped in Antler Foreland rocks (inferred Blue Hill Unit equivalent) beneath the Roberts Mountains thrust as eastward hole deviation had turned the hole to within 20 degrees of the bedding orientation. Information from the hole has greatly enhanced the geologic understanding of the project area and supports the Carlin-type gold deposit target concept. Stratigraphy revealed in AG20-01 indicates the upper plate is completely eroded across part of the Alpha gold project, but the Antler Foreland sequence (Webb formation and Devonian shale) is much thicker than where it is exposed farther west. Prospective areas for testing the top of the Devils Gate limestone are interpreted to exist beneath AG20-01 in the footwall of the normal fault, and up dip to the west.

Alpha Gold is located where the projection of the Cortez gold trend, which hosts several multimillion-ounce gold deposits, intersects with the Garden Valley anti-cline (see news release dated June 18, 2020). Permits for a 12-hole drill program have been secured to test a Carlin-type gold deposit target at Alpha gold where the prime Late Devonian carbonate host horizon is believed to be preserved at the contact between the Webb formation and the Devil's Gate limestone. The Webb-Devil's Gate contact zone hosts McEwen Mining's newly operational Gold Bar mine, located nearby on a parallel anticlinal trend, and is considered to be the most favourable host for gold mineralization in the Roberts Mountains. Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of the mineralization hosted on the company's property.

About Sitka Gold Corp.

Sitka Gold is a mineral exploration company headquartered in Canada and managed by a team of experienced mining industry professionals. The company 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 Gold, Bee Bop, Barney Ridge, Clear Creek and OGI properties in Yukon and the Burro Creek gold property in Arizona. Sitka owns a 100-per-cent interest in its Alpha gold property in Nevada, its Mahtin gold property in the Yukon and its Coppermine River project in Nunavut. Directors and management own approximately 17 per cent of the outstanding shares of Sitka Gold Corp., a solid indication of their alignment with shareholders' interests.

The scientific and technical content of this news release has been reviewed and approved by Cor 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.

© 2024 Canjex Publishing Ltd. All rights reserved.