InvestmentPitch Media Video Discusses Sitka Gold’s Assays for 5 Additional Diamond Drill Holes from Phase II Summer 2022 Program at its RC Gold Project in Yukon, including 19.0 m of 1.03 g/t Au

Rhea-AI Summary

On Nov. 22, 2022, Sitka Gold (OTCQB:SITKF) announced assay results from five additional diamond drill holes in the Phase II summer drilling program at its RC Gold Project in Yukon. The project spans 376 square kilometers in the Tombstone Gold Belt. Notable results included drillhole DDRCCC-22-033, which returned 19.0 meters of 1.03 g/t gold. The drilling aims to expand the Blackjack Zone and support an initial resource estimate. With shares trading at $0.11, Sitka Gold remains well-funded as it continues exploration activities.

Positive

• Drillhole DDRCCC-22-033 returned 19.0 meters of 1.03 g/t gold.
• Drillhole DDRCCC-22-036 reported significant gold intersections with 132.1 meters of 0.51 g/t gold.
• Continued exploration supports potential resource estimation in the Blackjack-Saddle-Eiger corridor.

Negative

• Drillhole DDRCCC-22-034 reported no significant gold mineralization.
• Some drill results still pending, indicating uncertainty about overall findings.

VANCOUVER, British Columbia, Nov. 22, 2022 (GLOBE NEWSWIRE) -- Sitka Gold (CSE:SIG) (FSE:1RF) (OTCQB:SITKF) released assays for five additional diamond drill holes completed as part of the company’s Phase II summer 2022 drilling program at its RC Gold Project, a contiguous district-scale land package, consists of 376 square kilometres or 92,900 acres, located in the newly road accessible Clear Creek, Big Creek, and Sprague Creek districts in the heart of Yukon's highly prospective Tombstone Gold Belt.

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It is strategically positioned mid-way between Victoria Gold's Eagle Gold Mine, which is Yukon's newest gold mine having reached commercial production in the summer of 2020, and Sabre Gold Mine's Brewery Creek Gold Mine.

Sixteen diamond drill holes were completed totaling 5,250 metres during the program, with assays previously released for the first six holes in September and an additional five holes still pending assay results. The current results are from holes DDRCCC-22-032 to 036.

Drillhole DDRCCC-22-033 was drilled on a section 100 metres southwest from discovery hole DDRCCC-21-021 below drill holes DDRCCC-22-027 & -028 at an azimuth of 320 degrees. The hole intersected predominantly metasedimentary rocks, with narrow zones of both mineralized and post-mineralized dikes associated with the development of the strongest structural zones and highest gold grades. Hole DDRCCC-22-033 returned 19.0 metres of 1.03 g/t gold from 292.0 metres and 10.1 metres of 1.56 g/t gold from 104.6 metres.

Drillhole DDRCCC-22-036, collared 165 metres to the northwest and on-section with discovery hole DDRCCC-21-021, encountered the megacrystic intrusive unit associated with the core of the Blackjack zone from surface to a depth of 385.9 m before crossing into metasedimentary country rock. Significant gold mineralization was most predominant in the upper half of the hole and associated with sheeted-style quartz veining. Hole DDDRCCC-22-036 returned 132.1 metres of 0.51 g/t gold from 34.9 metres and 1.1 metres of 20.4 g/t gold from 282.9 metres.

Drillhole DDRCCC-22-032, collared approximately 230 metres east of discovery Hole 21 and drilled to the northwest with the same azimuth, encountered strongly altered metasedimentary rocks to the final depth of 386.0 metres cut by numerous structurally controlled mineralized and post-mineralized dykes. Sheeted quartz vein mineralization was generally best developed in and adjacent to dyke emplacement resulting in abundant zones of low-grade gold mineralization.

Drillhole DDRCCC-22-034, collared to the northeast of the Blackjack zone to test a significant gold-in-soil anomaly, ended in metasedimentary rocks at a final depth of 174.1 metres with no significant gold mineralization. Drillhole DDRCCC-22-035, collared at the northeast edge of the Blackjack zone, 300 metres west of Saddle zone hole DDRCCC-21-019, was designed to test for mineralization hosted in intrusive sills and metasedimentary rocks similar to the intersection in Hole 19 which returned 80.0 metres of 0.59 g/t gold. The hole intersected numerous intrusive dykes and stacked sills within the metasedimentary host-rock similar to those encountered at the Saddle zone before ending at 244.0 metres depth.

The second phase of drilling was designed to further expand the Blackjack Zone and provide a solid database of drilling data to understand controls on mineralization observed in both intrusive and metasedimentary host rocks while also potentially providing the necessary spatial density to generate an initial resource estimate. Assay results from Phase II drilling along with structural information obtained from oriented drilling, data from detailed core logging, reprocessed Lidar data and interpretation of an airborne magnetic geophysical survey will form the basis for planning of a Phase III drilling program.

Cor Coe, P.Geo., CEO, stated: “The results from this second set of drill holes from our summer drilling program continue to intersect broad zones of anomalous gold as we drill test areas proximal to the core of the intrusion-hosted mineralization in the Blackjack zone discovery where Hole 21 intersected 220.1 m of 1.17 g/t gold from surface that included 50.5 m of 2.08 g/t gold. The intersections reported contribute to the potential gold resource that Sitka is drilling in the Blackjack-Saddle-Eiger corridor as we test the metasedimentary hosted mineralization as highlighted by the intersection of 80 metres grading 0.59 g/t gold in Saddle zone Hole located 600 metres to the east of the intrusion-hosted mineralization in the core area of the Blackjack zone. We are eagerly awaiting the results of the remaining five diamond drill holes from this Phase 2 drilling program, several of which contain visible gold and have the potential to expand the intrusion-hosted mineralization in the Blackjack zone within our district-scale, road accessible RC Gold Project.”

The company is well funded with the shares trading at $0.11. For more information about this project and the company’s other projects in the Yukon, Arizona, Nunavut, and Nevada, where up to 1,500 metres of drilling is currently being completed, please visit the company’s website at www.SitkaGoldCorp.com, contact Donald Penner, President, at 778-212-1950 or by email at dpenner@SitkaGoldCorp.com, or Cor Coe, CEO, at 604-817-4753, or email ccoe@SitkaGoldCorp.com.

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FAQ

What were the results from Sitka Gold's latest drilling program?

The latest drilling program yielded notable intersections, including 19.0 meters of 1.03 g/t gold from drillhole DDRCCC-22-033.

When was Sitka Gold's assay results released?

Sitka Gold released the assay results for five diamond drill holes on November 22, 2022.

What is the significance of the Blackjack Zone for Sitka Gold?

The Blackjack Zone is critical for Sitka Gold as drilling aims to expand mineralization and support an initial resource estimate.

What is the current trading price of Sitka Gold (SITKF)?

As of the press release date, Sitka Gold shares were trading at $0.11.