InvestmentPitch Media Video Discusses Sitka Gold’s New Drill Program at its Alpha Gold Project in Nevada, and Finishes its First Hole

Rhea-AI Summary

On June 22, 2022, Sitka Gold (OTCQB:SITKF) announced the initiation of a new drill program at its fully owned Alpha Gold Project in Nevada. The first hole, AG22-09, was completed to a depth of 171 meters, revealing promising alterations indicative of potential gold deposits. The project spans 4,780 acres along the Cortez Gold Trend and aims to explore Carlin-type gold systems. Sitka is well-funded for its exploration, with recent financing of $4.69 million. The company continues to focus on its broader exploration activities across various projects.

Positive

• First hole AG22-09 completed with promising alterations at depth.
• Well-funded for ongoing and future exploration activities.
• Encouraging signs of a potential large gold deposit in the Alpha Gold area.

Negative

• None.

VANCOUVER, British Columbia, June 22, 2022 (GLOBE NEWSWIRE) -- Sitka Gold (CSE:SIG) (FSE:1RF) (OTCQB:SITKF) starts its new drill program at its Alpha Gold Project in Nevada, and finishes its first hole. The 100% owned Alpha Gold is located along the southeast projection of the prolific Cortez Gold Trend in Eureka County, approximately 135 kilometres southwest of Elko, and 40 kilometres southeast of the Barrick/Newmont Cortez gold mine complex.

A Media Snippet accompanying this announcement is available by clicking on the image or link below:

For more information, please view the InvestmentPitch Media video about this news and the company, along with video comments from Don Penner, President of Sitka Gold. The video is available for viewing on “InvestmentPitch” and on “YouTube”. If these links are not enabled, please visit www.InvestmentPitch.com and enter “Sitka” in the search box.

O’Keefe Drilling, an experienced and highly regarded drill contractor familiar with the Project, completed the first hole, AG22-09 on June 19th, to a depth of 171 metres. It was drilled from the same pad as holes AG21-05 and 07 and was positioned to test the hanging wall. There was a decalcified zone at 58 to 61 metres, but the strong alteration began at 113 metres in the Horse Canyon equivalent unit. This strong alteration, reminiscent of AG21-08, is very encouraging for hole AG22-10 which is currently being drilled and will test the same structure farther south and deeper.

Cor Coe, P.Geo., CEO, stated: "We are very excited to begin this latest phase of drilling at Alpha Gold. This is the first drilling to be conducted since we doubled the size of the Alpha Gold Property last year, after receiving our assay results and our amended BLM drill permit. Previous drilling at Alpha Gold returned intervals of greater than one gram per tonne of gold with only eight drill holes completed across three phases of drilling in a large, newly identified area within the projection of the Cortez trend. Initial observations of drill hole AG22-09 are very encouraging and further enforce our belief that Alpha Gold has excellent potential to host a large, Carlin-type gold deposit. Sitka is well funded to continue drill advancing the Alpha Gold Project as we work towards vectoring in on the high-grade core of this newly discovered Carlin-type gold system."

The Project is comprised of 1 claim block totaling 239 lode claims covering an area of approximately 4,780 acres and is accessible via a dirt road, approximately 2 km west of Nevada State Highway 278.

Three drill programs totaling 2604 meters in 8 holes have been completed at Alpha Gold since its acquisition and have advanced the Property from an undrilled geologic concept with a surface alteration and pathfinder element anomaly, to a large wide-open Carlin-type gold system with thick, low-grade gold intercepts, from wide-spaced drilling. Detailed surface mapping at Frazier Creek clearly defined the anticlinal target in that area.

Sitka is currently conducting a 10,000 metre diamond drill program with two drills at its RC Gold Project in the Yukon where the last hole drilled in 2021 resulted in the discovery of a new gold zone and returned 220.1 metres averaging 1.17 g/t gold from surface. Follow-up drilling in the winter of 2022 expanded the Blackjack zone and current drilling is focused on further defining the extent of this zone, which is open in all directions.

Sitka is fully funded for its planned 2022 exploration programs following the recent completion of a $4.69 million financing. The shares are trading at $0.145.

For more information about this project and the company’s other projects in the Yukon, Arizona, Nevada and Nunavut, 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.

Disclaimer

The information in this InvestmentPitch Media Ltd video is for the viewers information only. Sitka Gold has paid a fee not exceeding $2,000 in cash to have its current news release produced in video format. The corporate information is based on information that is publicly available. Any information provided by InvestmentPitch Media Ltd., through its media services is not to be construed as a recommendation or suggestion or offer to buy or sell securities but is provided solely as an informational media service. InvestmentPitch Media Ltd makes no warranties or undertakings as to the accuracy or completeness of this information. All due diligence should be done by the viewer or their financial advisor. Investing in securities is speculative and carries risk.

About InvestmentPitch Media

InvestmentPitch Media leverages the power of video, which together with its extensive distribution, positions a company’s story ahead of the 1,000's of companies seeking awareness and funding from the financial community. The company specializes in producing short videos based on significant news releases, research reports and other content of interest to investors.

CONTACT:
InvestmentPitch Media
Barry Morgan, CFO
bmorgan@investmentpitch.com

FAQ

What is the significance of Sitka Gold's drilling at the Alpha Gold Project?

Sitka Gold's drilling at the Alpha Gold Project is significant as it aims to explore Carlin-type gold systems, revealing promising alteration signs indicating potential gold deposits.

What were the results of the first drilling hole AG22-09 at the Alpha Gold Project?

The first drilling hole AG22-09 showed strong alteration beginning at 113 meters depth, which is encouraging for further exploration.

How much funding does Sitka Gold have for its exploration programs?

Sitka Gold is fully funded for its 2022 exploration programs following a recent financing round that raised $4.69 million.

What is the location of Sitka Gold's Alpha Gold Project?

The Alpha Gold Project is located in Eureka County, Nevada, approximately 135 kilometers southwest of Elko.

What are the future drilling plans for Sitka Gold at Alpha Gold?

Sitka Gold plans to continue its drilling program to test additional structures, including hole AG22-10, which is being drilled deeper and further south.