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Sitka Gold Corp
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Close 2021-06-08 C$ 0.17
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Sitka Gold begins drilling at RC

2021-06-08 09:03 ET - News Release

Mr. Donald Penner reports


Sitka Gold Corp. has commenced drilling at its RC gold project, located approximately 110 kilometres east of Dawson City, Yukon. The company plans to drill 10,000 metres with drilling focused on expanding the extent of gold mineralization discovered at the Saddle-Eiger zone where significant widths of gold mineralization were intersected during Sitka's inaugural drilling program conducted in 2020.

The first four drill holes completed in 2020 (DDRCCC-20-001 to DDRCCC-20-004) at the Saddle-Eiger zone were strategically positioned to test the large, overlying over-100-part-per-billion to over-500-part-per-billion gold-in-soil geochemical anomaly that stretches over an approximate two-kilometre-by-500-metre area. DDRCCC-20-001 and 20-002 were located approximately 1,240 metres and 1,830 metres, respectively, to the west of DDRCCC-20-004 along the trend of this large gold anomaly. All four diamond drill holes collared over this two-kilometre distance returned exceptionally long intersections of gold mineralization, including 100.8 metres of 0.82 gram per tonne (g/t) gold, as well as high-grade zones of up to 16.1 g/t gold over two metres that were separate and not included in the longer reported intervals (see news release dated Dec. 16, 2020). These drill holes straddle a lateral width of 300 metres of persistent gold values as demonstrated in holes DDRC2020-003 and 004. The results from these four drill holes demonstrate the potential size and robust nature of this mineralized gold zone and solidify Sitka's belief that the RC gold project is an incredibly fertile land package capable of hosting several intrusion related gold deposits, along with high-grade vein and breccia hosted gold.

"We are very excited to kick off our 2021 diamond drill program at the RC gold project at such an early point in the field season," stated Cor Coe, chief executive officer and a director of Sitka. "The successful results from last year's drilling demonstrates the enormous potential present at the Saddle-Eiger zone and confirms that the area hosts significant gold mineralization that is open both laterally and at depth within a current target area that is over two kilometres by 500 metres. The intercepts and grades we discovered in this area are very compelling when you consider Victoria Gold's nearby producing Eagle gold mine has an average resource grade of 0.63 g/t gold and we believe the results from the 2020 inaugural drill holes completed at the Saddle-Eiger zone reflect the grades and scale necessary for hosting an economic gold deposit. The 2021 drill program at RC gold is designed to expand on these results and further define the extent of mineralization within this area. Additional exploration efforts at other priority areas within the 376-square-kilometre district-scale property will also be completed this season in an effort to further delineate additional targets at the RC gold project."

About the RC gold project

The RC gold project is a 376-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 Tintina gold belt and within the Tombstone gold belt. It is the largest consolidated land package strategically positioned midway between Victoria Gold's Eagle gold mine, Canada's newest gold mine which reached commercial production in the summer of 2020, and Golden Predator's Brewery Creek gold mine, which recently received government and first nation support for restarting production. The RC gold project land package comprises five underlying mining properties, namely the RC, Bee Bop, Mahtin, Clear Creek and Barney Ridge properties.

Sitka Gold has inherited a wealth of historical and current data from these properties that span 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-hosted 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 predominately been 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 reserves of 282 million tonnes at 0.37 g/t gold (Au) (3.4 million ounces, not including 7.5 million ounces of past production); Eagle gold mine with 155 million tonnes at a diluted grade of 0.65 g/t Au (3.26 million ounces); the Brewery Creek epizonal deposit with 17.17 million tonnes at a gold grade of 1.45 g/t (726,000 ounces); and the Florin gold deposit, located adjacent to Sitka's RC gold project, with 170.99 million tonnes grading 0.45 g/t (2.47 million ounces).

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, 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 Yukon and its Coppermine River project in Nunavut.

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

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