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Sitka Gold Corp
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Shares Issued 57,165,396
Close 2021-01-08 C$ 0.165
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Sitka Gold reviews 2020 activity

2021-01-11 10:22 ET - News Release

Mr. Cor Coe reports


Sitka Gold Corp. has provided a summary of progress and accomplishments made over the past 12 months of activity, and an overview of planned exploration programs for 2021 at its Burro Creek property in Arizona, its Alpha gold property in Nevada and its RC gold and OGI projects in Yukon.

Recap and highlights of 2020

  • During the past year, Sitka raised over $3-million via two separate private placement financings and shareholders' exercise of warrants;
  • The company completed significant exploration drilling programs throughout the year on its Yukon, Arizona and Nevada projects;
  • In January, the company completed the acquisition of the Mahtin property, which expanded the size of the RC gold project in Yukon over 12-fold, from 2,600 hectares to 32,842 hectares (328 square kilometres);
  • In January, the company continued the drill program that was under way at its Burro Creek gold property in Arizona and, in April, the company announced the results of the its phase one drilling program at Burro Creek, which included 10 diamond drill holes with highlighted intersections such as 11.70 metres of 3.23 grams per tonne gold and 72.86 grams per tonne silver (see news releases dated Jan. 17 and April 14, 2020) and also confirmed the extension of the Burro Creek vein as outlined by the surface gold anomaly;
  • In June, the company drilled the first deep diamond drill hole ever to be drilled at its Alpha gold property in Nevada and, in September, announced the results of this drill hole, including the intersections of anomalous gold and coincident mercury, which the company believes could be leakage from a Carlin-type gold system at depth;
  • In late June and early July, the company announced the acquisition of two additional underlying property agreements at its RC gold project in Yukon with the acquisition of the Barney Ridge and Clear Creek properties, bringing the total area of the RC gold project to over 345 square kilometres (34,500 hectares or 85,000 acres);
  • In July, the company began its inaugural 1,500-metre diamond drill program on its RC gold project in Yukon and, in August, the company announced the acquisition of the OGI property in Yukon;
  • In September, the company completed four reverse circulation drill holes at the OGI silver-zinc property in Yukon, the first drill holes to ever be drilled there. Results are currently pending;
  • In September, the company completed its 1,500-metre, six-diamond-drill-hole exploration program at RC gold, as well as the collection of 531 soil samples and 140 metres of trenching, and subsequently announced the results of this program, including three new gold discoveries and exceptional intersections of gold, such as 100 metres of 0.82 g/t gold and a separate interval (not part the aforementioned section) of two metres of 16.1 g/t gold, both from diamond drill hole DDRCCC20-002 (see news release dated Dec. 16, 2020);
  • In October, the company staked additional claims to cover highly prospective ground adjacent to its RC gold project, bringing this district-scale land package to 376 contiguous square kilometres, solidifying the RC gold project as the most dominant land assembly between Victoria Gold's Eagle gold mine and Golden Predator's Brewery Creek gold mine in the highly fertile Tombstone gold belt in Yukon;
  • In October, the company completed 42 square kilometres of airborne LiDAR imagery over priority target areas of the RC gold project;
  • In November, the company staked an additional 27 claims at Alpha gold in Nevada to cover a newly identified Carlin-type gold deposit target and subsequently applied to the Bureau of Land Management for a permit for up to five drill hole sites on this new claim block; the permit was recently received, as announced in the company's Jan. 7, 2021, news release; and
  • During the year, the company presented at AMEBC roundup in Vancouver, the PDAC convention in Toronto, the Metals Investment Forum in Vancouver and several other conferences that have switched to virtual platforms, including New Orleans, Metals Investment Forum and the Mines and Money on-line conference; the chief executive officer and president also attended interviews with numerous newsletter writers and analysts who have taken an interest in Sitka.

Cor Coe, chief executive officer and director, stated: "Sitka's list of accomplishments this past year are quite remarkable and would not have been possible without the extraordinary drive and focus of our highly experienced management team. We raised over $3-million last year and were able to deploy some of those funds to complete four separate drill programs on four separate properties located in Nevada, Arizona and Yukon during a time when newly enacted travel and work restrictions made for very challenging project logistics. The successful results we have produced this year further highlight management's abilities to identify highly prospective gold and silver targets. The impressive new gold discoveries made during the inaugural drill program at our RC gold property in Yukon is further testimonial to the expertise of this team and I would like to thank them and all the project staff and contractors who contributed to the successful completion of our numerous exploration programs throughout 2020. Moving forward, our primary objective in 2021 is to follow-up on the discoveries we have made at Burro Creek, RC gold and Alpha gold with additional drilling coupled with the integration of historical data and further surface sampling, mapping, geophysics, and ground and satellite-based multispectral imagery in order to rapidly advance our most prospective targets and ultimately develop new mineral resources in these proven and productive mining jurisdictions. The company is well positioned to capitalize on what is shaping up to be a very eventful and exciting exploration year and is already starting to fulfill its 2021 objectives with a drill program at Alpha gold scheduled to commence in the next few weeks."

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, it's Mahtin gold property in the Yukon and it's Coppermine River project in Nunavut. Directors and management own approximately 15 per cent of the outstanding shares of Sitka Gold, 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 chief executive officer of the company, and a qualified person as defined by National Instrument 43-101.

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