SITKA DRILLS 215.1 METRES OF 1.00 G/T GOLD, INCLUDING 30.7 METRES OF 2.19 G/T GOLD AT ITS RC GOLD PROJECT, YUKON
Assay highlights from DDRCCC-23-042 include:
- 215.1 metres (m) of 1.00 g/t Au from 273.71 m to 488.9 m including:
- 180.2 m of 1.15 g/t Au from 308.6 m,
- 2.35 m of 17.63 g/t Au from 311.0 m,
- 43.5 m of 1.66 g/t Au from 381.5 m,
- 30.7 m of 2.19 g/t Au from 381.5 m.
Cor Coe, Director and CEO of Sitka Gold, states, "Step out drilling continues to demonstrate the significant expansion potential at our Blackjack gold deposit with Hole 42 further extending gold mineralization below Hole 41. This season is focused on further delineation of this major gold system with the objective of adding ounces to both the Blackjack and Eiger deposits while investigating the potential to link these deposits together through the 1.5 km mineralized corridor and across the Saddle zone (see Figure 3)."
DDRCCC-23-042 ("Hole 42"), the second drill hole completed in 2023, was collared 215 m metres south of discovery drill hole DDRCCC-21-021 (see news release dated December 13, 2021) and was drilled at a northeast azimuth with a -60 degree dip (see Figures 1 and 2). The drill hole was designed to test for an extension of higher-grade gold mineralization at depth and southeast of drill holes DDRCCC-22-025, DDRCCC-22-038 and beneath DDRCCC-23-041) (see news releases dated June 13, 2022, November 30, 2022 and May 24, 2023).
From surface to 464 m RCCC23-042 intersected moderately to strongly altered metasediments cut by metre scale megacrystic quartz monzonite (MQMZ) and feldspar porphyry (FP) dykes and sills. From 464.0 m to the end of the hole at 527.3 m the hole intersected dominantly MQMZ with metre scale inclusions of metasediments. Quartz-sulphide (arsenopyrite +/- pyrrhotite +/- bismuthinite) veins occurred throughout the hole, with the highest density noted from 280 m to 488 m generally but not always associated with the MQMZ and FP units. Multiple occurrences of visible gold with bismuthinite were noted in the quartz veins (see Figures 4 and 5).
Widespread gold mineralization occurred throughout the latter half Hole 42 with the interval from 273.71 m to 488.9 m returning 215.1 m of 1.00 g/t Au, including 180.2 m of 1.15 g/t Au from 308.6 m and 30.7 m of 2.19 g/t Au from 381.5 m. The highest grade gold encountered in the hole was 2.35 m of 17.63 g/t Au from 311.0 m within a FP dyke.
Table 1 – Assay Highlights for DDRCCC-23-042
Drillhole ID | Azimuth | Dip | Length (m) | From (m) | To (m) | Interval (m)* | Au (g/t) |
DDRCCC-23-042 | 28 | -60 | 527.3 | 273.7 | 489.9 | 215.1 | 1.00 |
Including | 308.6 | 488.9 | 180.2 | 1.15 | |||
Including | 308.6 | 311.0 | 2.35 | 17.63 | |||
Including | 381.5 | 488.9 | 107.4 | 1.34 | |||
Including | 381.5 | 425.0 | 43.5 | 1.66 | |||
And | 381.5 | 412.2 | 30.7 | 2.19 |
*Intervals are drilled core length, as insufficient drilling has been completed at this time to determine true widths |
On receipt from the drill site, the HQ-sized drill core was systematically logged for geological attributes, photographed and sampled at Sitka's 2022 field camp. Sample lengths as small as 0.3 m were used to isolate features of interest, otherwise a default 2 m downhole sample length was used. Core was cut in half lengthwise along a predetermined line, with one-half (same half, consistently) collected for analysis and one-half stored as a record. Standard reference materials, blanks and duplicate samples were inserted by Sitka personnel at regular intervals into the sample stream. Bagged samples were placed in secure bins to ensure integrity during transport. They were delivered by Sitka personnel or a contract expeditor to ALS Laboratories' preparatory facility in
ALS is accredited to ISO 17025:2005 UKAS ref. 4028 for its laboratory analysis. Samples were crushed by ALS to over 70 per cent passing below two millimetres and split using a riffle splitter. One-thousand-gram splits were pulverized to over 85 per cent passing below 75 microns. Gold determinations are by fire assay with an inductively coupled plasma mass spectroscopy (ICP-MS) finish on 50 g subsamples of the prepared pulp (ALS code: Au-ICP-22). Any sample returning over 10 g/t Au was re-analyzed by fire assay with a gravimetric finish on a 50 g subsample (ALS code: Au-GRA21). In addition, a 51-element analysis was performed on a 0.5 g subsample of the prepared pulps by an aqua regia digestion followed by an inductively coupled plasma mass spectroscopy (ICP-MS) finish (ALS code: ME-MS41).
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 2: RC Gold Inferred Mineral Resource Estimate
COG g/t Au | Blackjack Zone | Eiger Zone | Combined | ||||||||
Tonnes | Au g/t | 0z Au | Tonnes | Au g/t | 0z Au | Tonnes | Au g/t | 0z Au | |||
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. |
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: |
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).
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) |
*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 Report. June 11, 2018. https://s2.q4cdn.com/496390694/files/doc_downloads/2018/Fort-Knox-June-2018-Technical-Report.pdf |
(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 31, 2020. |
(4) | Simpson R. Florin Gold Project NI43-101 Technical Report. Geosim Services Inc. April 21, 2021. https://sedar.com/GetFile.do?lang=EN&docClass=24&issuerNo=00005795&issuerType=03&projectNo=03236138&docId=4984158 |
(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) |
Upcoming Events
Sitka Gold will be attending and/or presenting at the following events:
- 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
This news release contains forward-looking statements and forward looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. Forward-looking statements and information are often, but not always, identified by the use of words such as "appear", "seek", "anticipate", "plan", "continue", "estimate", "approximate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the expected timing and terms of the private placement, use of proceeds, anticipated work program, required approvals in connection with the work program and the ability to obtain such approvals. Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.
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Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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SOURCE Sitka Gold Corp.
