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Sitka Gold Corp
Symbol SIG
Shares Issued 57,165,396
Close 2021-01-07 C$ 0.165
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Sitka Gold receives drill permits for Alpha

2021-01-07 09:44 ET - News Release

Mr. Donald Penner reports

SITKA RECEIVES DRILL PERMIT FOR EXTENDED CLAIM BLOCK AT ALPHA GOLD IN NEVADA

Sitka Gold Corp. has received the required drill permits from the Bureau of Land Management in Nevada for the newly staked claims at its Alpha gold property (see news release dated Dec. 30, 2020). The mining claims were staked to cover a newly identified Carlin-type gold deposit target northwest of the existing Alpha gold claims located along the projection of the Cortez gold trend in Nevada.

Sitka is now permitted for up to 16 drill hole sites at its Alpha gold property. The company is currently in discussions with a drill contractor regarding drill-rig availability and intends to commence drilling as soon as a drill rig has been secured. The company plans to initially drill the newly identified Carlin-type gold deposit target on the recently staked mining claims and will determine subsequent drill activity based on the drill results obtained as well as results from continuing fieldwork on site. The company recently completed and has submitted silt sediment and rock samples taken on the newly acquired claim block to the lab for analysis on a rush basis, and will utilize these results in refining the drill-hole collar location.

"We are pleased to have received permits to drill our newly identified second Carlin-type gold deposit target at our Alpha gold property, located in Nevada's Carlin gold province," commented Cor Coe, chief executive officer and director of Sitka. "The company intends to commence drilling this new target once it has received the results from recently completed fieldwork, and secured a drill contractor and rig."

About Alpha

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 77 lode claims covering an area of approximately 1,540 acres (623 hectares) and is accessible by a dirt road, approximately two km 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 down-dropped significantly by late extensional faulting. Prior to extension, and during the critical 36 mega annum to 42 mega annum Carlin-type mineralization event, the fold crest at Alpha would have been a regional high point among nearby mountain ranges. Well exposed lower-plate windows near Alpha have been extensively explored for Carlin-type gold deposits with a number of deposits found along the limbs.

About Sitka Gold Corp.

Sitka 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. Directors and management own approximately 15 per cent of the outstanding shares of Sitka, a solid indication of their alignment with shareholders' interests.

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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