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Sitka Gold Corp
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Sitka Gold drills 12.19 m of 0.41 g/t Au at Alpha

2021-09-16 09:20 ET - News Release

Mr. Donald Penner reports


Sitka Gold Corp. has provided an update on the drill program currently under way at its Alpha gold project located at the southeast end of the Cortez trend in northern Nevada. This phase of drilling is designed to test southeastward extensions of the Carlin-type gold system that was identified earlier this year in holes AG21-02 and 03. AG21-08, the fifth hole of the summer drill program, is currently in progress. All of the holes have encountered strong silicification, decalcification and pyrite in the lower Horse Canyon equivalent and upper Devils Gate limestone, except AG21-05 which was lost in the Horse Canyon equivalent unit as it went into the target zone. AG21-04, 06 and 08 have encountered significant dike or sill zones with associated strong silica, clay, pyrite, and sooty pyrite in both the dikes/sills and wall rocks. Drilling is clearly testing a strong Carlin-type alteration system.

Assay and geochemical results have been received for AG21-04 and 05. AG21-04, collared 510 metres (1,673 feet) southeast of AG21-02, intersected strong intervals of jasperoid, decalcification, silicified mudstone and skeletal silica after decalcified limestone in the Horse Canyon equivalent unit and uppermost Devils Gate limestone. From 735 to 950 feet (224 to 290 metres) the hole encountered a set of dikes or sills not evident on surface. Sample intervals contained up to 25 per cent pyrite and sooty pyrite in both the dike rocks and silicified and decalcified, mudstone and limestone wall rocks. This zone spanned the Horse Canyon equivalent to Devils Gate contact. The interval had anomalous gold with a high of 0.13 gram per tonne and averaged 622 parts per million arsenic over 215 feet (66 metres). Peak pathfinder values included 3,580 ppm arsenic, 22.7 ppm mercury, 185 ppm antimony and 52.1 ppm thallium. These results and the associated alteration are much stronger than anything seen on surface and are very strong representations of a Carlin-type alteration system.

AG21-05 stepped out 910 metres (2,986 feet) south of AG21-04 to continue testing the extensions of the target zone related to surface alteration. The hole encountered highly fractured rock related to faulting throughout its entire length in the Devonian shale and then hit karst cavities below. This resulted in the drill pipe becoming stuck for part of a shift and ultimately the hole was abandoned at 430 feet (131 metres). The last 40 feet (12.19 metres) of the hole averaged 0.41 g/t gold going into the upper part of the Horse Canyon equivalent unit. Strong Carlin-type pathfinder element concentrations occurred throughout much of the hole. Peak values included 502 ppm arsenic, 3.76 ppm mercury, 544 ppm antimony and 10.4 ppm thallium. AG21-07 has subsequently tested the Horse Canyon equivalent and upper Devils Gate limestone from the same pad, encountering strong silicification, decalcification and pyrite through the target horizon. AG21-06 tested the Horse Canyon equivalent to Devils Gate contact 560 metres (1,837 feet) to the south of AG21-05 and cut a significant zone of jasperoid and decalcification in the target horizon. Drilling continues at this time on hole AG21-08 which is cutting a silica, clay, pyrite altered dike zone in the Devonian shale unit above the stratigraphic target horizon.

Cor Coe, PGeo, director and chief executive officer of Sitka Gold, stated: "Results at Alpha Gold continue to demonstrate the potential for a Carlin-type gold deposit to be hosted within the project area. While hole AG21-05 was lost just as it was entering the targeted horizon, the results received from the bottom of this hole showed increasing gold values and produced our best gold intercept to date. AG21-07 was successful in testing through the targeted horizon from the same pad as AG21-05 so we are quite excited to see what the results from that hole will bring along with the rest of our pending assays. Drilling is currently under way on hole AG21-08 as we continue to systematically pursue the most probable high-grade zones of this Carlin-type gold system."

Geology, alteration, gold assays and extremely high Carlin pathfinder element values indicate this drilling is testing a very strong Carlin-type gold system. The situation remains that the target area is very large, and the target relatively blind with only cryptic surface alteration and mineralization leakage patterns to guide this early drill targeting. A wealth of targets remain to be tested including laterally along newly recognized fault and dike/sill structures as well as additional prime host rocks of the Denay and McColley Canyon formations down section. Testing the McColley Canyon Fm would be analogous to testing the Wenban 5 in the Goldrush area. Understanding of the geology at Alpha gold is advancing and evolving rapidly and plans are to conclude this phase of drilling and compile information after AG21-08 has been completed through its target zone into the upper Devils Gate limestone. Assays are currently pending for AG21-06 through 08.

Quality assurance/quality control

Analytical work for this drill program was carried out by ALS Global in Reno, Nev., while the sample preparation was completed by ALS Global in Elko, Nev. All samples were fire assayed for gold with AA finish and overlimits reanalyzed gravimetrically where applicable. Additionally, all samples were analyzed by ICP-MS for 51 trace element geochemistry.

The company has a rigorous QA/QC program in place in addition to QA/QC procedures at the lab. Each batch of 20 samples contains one certified standard reference material, one certified blank and one duplicate. All results have passed the QA/QC screening at the lab.

About Alpha gold

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 project comprises two claim blocks totalling 114 lode claims covering an area of approximately 2,280 acres (923 hectares) and is accessible via a dirt road, approximately two km west of Nevada State Highway 278.

The project 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 down-dropped significantly by late extensional faulting. Prior to extension, and during the critical 36-42 Ma 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 project in Nevada, it's Mahtin gold property in the Yukon and it's Coppermine River project in Nunavut.

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

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