Sitka Continues to Intersect Visible Gold and Expand Mineralization at Its Blackjack Gold Deposit in Yukon
- Multiple occurrences of visible gold grains observed in all three drill holes
- Significant quartz vein densities observed in all three drill holes
- Confirmation that mineralization of the Blackjack gold deposit extends further to the east and to depth
"We are very encouraged by the visual observations of the drill holes completed during this initial phase of 2023 drilling at RC Gold," stated Cor Coe, P.Geo., CEO and Director of Sitka. "An early start to this year's diamond drilling at the Company's year-round, road accessible RC Gold Project has provided us with a nice jump on the 2023 summer field season with approximately 1500 metres of our planned 10,000 metre drilling program already completed this year. With visible gold and significant vein densities observed in every drill hole completed so far this year, we are eager to see what the assay results produce as we continue to systematically define this gold rich corridor. This corridor includes the recent discovery of two NI 43-101 compliant gold deposits situated 1.5 kilometres apart and totaling 1.34 million gold ounces, as announced earlier this year."
DDRCCC23-042 was drilled on a northeast azimuth with a -60 degree dip (Figures 1 and 2). The hole was designed to further test for an extension of high-grade material at depth below and to the west of drill holes DDRCCC-22-025 and DDRCCC-22-038 (see news releases dated June 13, 2022 & November 30, 2022). The hole was a step out 81 metres SSW from DDRCCC23-041, which had encountered significant densities of quartz sulphide veins and visible gold (see news release dated April 12, 2023). From surface to 464 m RCCC23-042 intersected moderately altered metasediments cut by metre scale megacrystic quartz monzonite (MQMZ) dykes. From 464 m to the end of the hole at 527.3 m the hole intersected dominantly MQMZ with metre scale inclusions of metasediments. Quartz-sulphide veins occurred throughout the hole, with the highest density noted from 280 m to 488 m. Multiple occurrences of visible gold with bismuthinite was noted in quartz veins within the core of the drill hole (see Figures 5 and 7).
DDRCCC23-043 was collared at the same location as DDRCCC21-021 (see news release dated December 13, 2021) and drilled at an azimuth of 005 degrees and a dip of -85 degrees (see Figures 1 and 3). The purpose of the hole was to fill in a gap of data in the current resource model and to extend the higher grade mineralization in the current resource to depth. The hole intersected dominantly MQMZ from surface to 111.25 m, metasediments intruded by metre scale MQMZ dykes to 318.45 m, dominantly MQMZ with metasediments to 382.1 m and then granite dykes with inclusions of MQMZ xenoliths to the end of the hole at 426.7 m. Quartz sulphide veins intersected all units with the highest intensity of veining occurring from 250 m to the end of the hole at 426.7 m. Visible gold was noted multiple times in quartz – bismuthinite veins. (see Figures 6 and 8).
The RC Gold Project (RC Gold) consists of a 376 square kilometre contiguous district-scale land package located in the newly road accessible
On January 19, 2023 Sitka Gold announced an Initial Mineral Resource Estimate prepared in accordance with National Instrument 43-101 ("NI 43-101") guidelines for the RC Gold Property of 1,340,000 ounces of gold(1). The road accessible, pit constrained Mineral Resource is classified as inferred and is contained in two near/on-surface zones: The Blackjack and Eiger deposits. The Mineral Resource estimate is presented in the following table at a base case cut-off grade of 0.25 g/t Au:
Table 1: RC Gold Inferred Mineral Resource Estimate
COG g/t | Blackjack Zone | Eiger Zone | Combined | ||||||||
Tonnes 000's | Au g/t | 0z Au 000's | Tonnes 000's | Au g/t | 0z Au 000's | Tonnes 000's | Au g/t | 0z Au 000's | |||
0.20 | 35,798 | 0.80 | 921 | 32,523 | 0.45 | 471 | 68,321 | 0.63 | 1,391 | ||
0.25 | 33,743 | 0.83 | 900 | 27,362 | 0.50 | 440 | 61,105 | 0.68 | 1,340 | ||
0.30 | 31,282 | 0.88 | 885 | 22,253 | 0.55 | 393 | 53,535 | 0.74 | 1,279 | ||
0.35 | 29,065 | 0.92 | 860 | 17,817 | 0.60 | 344 | 46,882 | 0.80 | 1,203 | ||
0.40 | 26,975 | 0.96 | 833 | 14,506 | 0.66 | 308 | 41,481 | 0.86 | 1,140 | ||
Notes | |
1. | Mineral resource estimate prepared by Ronald G. |
2023. Mineral Resources are classified using the 2014 CIM Definition Standards. | |
2. | The cut-off grade of 0.25 g/t Au is believed to provide a reasonable margin over operating and sustaining costs for open-pit |
mining and processing | |
3. | Mineral resources are constrained by an optimised pit shell using the following assumptions: |
pit slope; assumed metallurgical recovery of | |
tonne; G&A of | |
4. | Mineral resources are not mineral reserves and do not have demonstrated economic viability. |
5. | Totals may not sum due to rounding. |
The Initial Mineral Resource Estimate of 1,340,000 ounces of gold at the RC Gold Project is comprised of two deposits: the Blackjack deposit containing 900,000 ounces of gold at a grade of 0.83 g/t gold and the Eiger deposit containing 440,000 ounces of gold at a grade of 0.50 g/t gold (see news release dated January 19, 2023). Both of these deposits are at/near surface, are potentially open pit minable and amenable to heap leaching, with initial bottle roll tests indicating that the gold is not refractory and has high gold recoveries of up to
The Blackjack and Eiger deposits are in close proximity to highway and power infrastructure, are road accessible year-round, remain open in all directions and are respectively located at the western and eastern end of a large, 500 metre by 2 kilometre intrusion related gold system that was recently discovered on the Property. To date, just 41 diamond drill holes have been drilled into this system for a total of approximately 14,500 metres with results of up to 201.0 m of 1.26 g/t gold from surface, including 82.0 m of 2.04 g/t gold and 19.5 m of 4.87 g/t gold at Blackjack (drill hole DDRCCC-22-040; see news release dated January 11, 2023) and 354 m of 0.41 g/t gold including 72 m of 0.72 g/t gold at Eiger (drill hole DDRCCC-21-09; see news release date August 19, 2021). Assays are pending for the 3 diamond drill holes totaling approximately 1500 metres drilled during the winter of this year (2023).
Several high priority intrusion related gold targets exist at RC Gold with nine outcropped intrusions identified to date over the 376 sq km property, however Sitka's main focus at the RC Gold Project has been on the underlying Clear Creek Property where a large 500 metre by 2000 metre intrusion related gold system covering the area over the Blackjack, Saddle and Eiger zones was identified. Prior to the onset of the 2023 winter drilling program, the Company had drilled 38 diamond drill holes into this system for a total of approximately 13,000 metres. This drilling culminated in the discovery of the Blackjack and Eiger deposits with an initial inferred mineral resource estimate of 1,340,000 gold ounces(1).
Sitka Gold inherited a wealth of historical and current data from these properties from work spanning the last 40 years. Recent exploration work and the compilation of historical data have defined several mineralized zones with both bulk tonnage, intrusion-related gold deposit targets and high-grade, vein- and breccia-hosted gold targets. The RC Gold Project also has a common border with Victoria Gold's
(1) |
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*For more detailed information on the underlying properties please visit our website at www.sitkagoldcorp.com.
Exploration on the Property has mainly focused on identifying an intrusion-related gold system ("IRGS"). The property is part of the Tombstone Gold Belt which is the prominent host to IRGS deposits within the Tintina Gold Province in
(1) | Sims J. Fort Knox Mine Fairbanks North Star Borough, Alaska, USA National Instrument 43-101 Technical |
(2) | Harvey N., Gray P., Winterton J., Jutras M., Levy M.,Technical Report for the Eagle Gold Mine, |
(3) | Hulse D, Emanuel C, Cook C. NI43-101 Technical Report on Mineral Resources. Gustavson Associates. May |
(4) | Simpson R. Florin Gold Project NI43-101 Technical Report. Geosim Services Inc. April 21, 2021. |
(5) | Banyan Gold News Release Dated May 17, 2022 (Technical Report to be filed within 45 days of news release) https://www.banyangold.com/news-releases/2022/banyan-announces-4-million-ounce-gold-mineral-resource-estimate-for-the-aurmac-property-yukon-canada/ |
Sitka Gold Corp. is a well-funded mineral exploration company headquartered in
Sitka recently announced a 43-101 compliant Initial Mineral Resource Estimate of 1,340,000 ounces of gold(1) beginning at surface and grading 0.68 g/t (see news release dated January 19, 2023). A resource expansion diamond drilling program is currently underway.
The Company is also planning additional drilling at its Alpha Gold Property in
(1) |
Sitka Gold will be attending and/or presenting at the following events:
- Dawson Gold Show,
Dawson City ,Yukon : May 19 - 20, 2023 - TakeStock Calgary Capital Event,
Calgary, AB : July 5, 2023 - YMA Property Tours,
Dawson City ,Yukon : July 16-22, 2023 - Precious Metals Summit,
Beaver Creek, Colorado : September 12 - 15, 2023
All events are subject to change.
The scientific and technical content of this news release has been reviewed and approved by Cor Coe, P.Geo., Director and CEO of the Company, and a Qualified Person (QP) as defined by National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS OF
SITKA GOLD CORP.
"Donald Penner"
President and Director
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SOURCE Sitka Gold Corp.
