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Sitka Gold Corp
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Sitka Gold continues drilling at RC, Alpha

2021-07-27 12:42 ET - News Release

Mr. Donald Penner reports


Sitka Gold Corp. has provided an update on the company's continuing 2021 exploration activities. Drilling programs are currently under way in both Yukon and Nevada and are summarized as follows.

RC gold project, Yukon

Diamond drilling continues at the company's road-accessible, district-scale 372-square-kilometre RC gold project, where a total of nine holes have been completed since drilling commenced in June for a total of 3,494 metres. The RC gold project, which is approximately 110 kilometres east of Dawson City, lies within the geologically fertile Tombstone gold belt, which is located within the larger Tintina gold belt. The focus during the 2021 diamond drilling program has been on expanding the area of newly discovered gold mineralization at the Saddle and Eiger zones, where drilling in 2020 returned gold grades and mineralization consistent with intrusion-related gold deposits that occur in the Tombstone gold belt (see news release dated June 8, 2021). Total cumulative diamond drill holes in the Saddle-Eiger zone area, including the discovery drill holes last season, are 13 holes with a cumulative total metreage of 4,981 metres.

Observations of alteration and mineralization in the drill holes also correlate well with previous soil geochemical surveys that have defined a very strong gold-in-soil anomaly covering an area that is approximately two kilometres long by 500 metres wide. The first seven holes drilled during the 2021 season have all been logged, sampled and submitted for assay to ALS Global labs in Whitehorse. The company is also advancing other potential drill targets within the district-scale RC gold project.

Alpha gold project, Nevada

Drilling is concurrently under way at the Alpha gold project, located along the southeast projection of the Cortez gold trend in Nevada. Reverse circulation (RC) drill hole AG21-04, the first hole in the current phase of drilling, has been completed down to 1,000 feet (305 metres). This drill hole is located approximately 500 metres southeast of AG21-02 and was successful in intersecting alteration and mineralization in the base of the Horse Canyon equivalent, similar to that found in holes AG21-02 and AG21-03, over significant intervals within a Carlin-type gold system. This is very encouraging given that the surface alteration seems to be indicative of alteration at depth and, of particular importance, this hole has an increased sulphide concentration compared with what was seen in the previous holes. Drill hole AG21-05 is in progress and is a stepout approximately 900 metres to the south of AG21-04 to explore for potential high-grade zones within the Carlin-type gold system that was discovered in the previous phase of drilling conducted earlier this year (see news releases dated May 6, 2021, and May 25, 2021). Samples from drill hole AG21-04 have been logged and submitted for assay to ALS Global's labs in Elko, Nev. Road building has been completed to access to the remaining drill sites that are permitted for this phase of drilling.

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- 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.

About the Alpha gold project

Sitka Gold has acquired a 100-per-cent interest in the Alpha gold project, located along the southeast projection of the prolific Cortez gold trend in Eureka county, approximately 135 kilometres southwest of Elko, Nev. The property comprises two claim blocks totalling 114 lode claims covering an area of approximately 2,280 acres (923 hectares) and is accessible through a dirt road, approximately two kilometres west of Nevada State Highway 278.

The property was initially staked after the location was recognized as the intersection of the regional-scale Pine Valley anticline with northeasterly fold trends exposed in the Roberts Mountains. Of primary importance at the Alpha gold location is that the rocks have been downdropped significantly by late extensional faulting. Prior to extension and during the critical 36-million-to-42-million-year-ago Carlin-type mineralization event, the fold crest at Alpha gold would have been a regional highpoint among nearby mountain ranges. Well-exposed lower-plate windows near Alpha gold have been extensively explored for Carlin-type gold deposits with a number of deposits found along the limbs.

About Sitka Gold Corp.

Sitka Gold is a mineral exploration company headquartered in Canada that is fully financed for its planned 2021 exploration programs with the recent completion of a $6.37-million financing. 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-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 Cor Coe, PGeo, director and chief executive officer of the company and a qualified person as defined by National Instrument 43-101.

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