Sitka Gold Drills 154.0 Metres of 1.47 g/t Gold Including 37.0 Metres of 3.07 g/t Gold and 8.0 Metres of 4.61 g/t Gold at its RC Gold Project, Yukon

Rhea-AI Summary

Sitka Gold announced significant drill results from its RC Gold Project in Yukon. Drill hole DDRCCC-23-058 ("Hole 58") intersected 154.0 meters of 1.47 g/t gold, including 37.0 meters of 3.07 g/t gold and 8.0 meters of 4.61 g/t gold. This confirms continuous and high-grade gold mineralization south of the existing Blackjack Gold Deposit. The results, along with winter drilling data, suggest the potential for expanding the mineralized corridor. The company plans up to 15,000 meters of diamond drilling in 2024 to further explore this and additional high-priority targets across its 386 square kilometer property.

Positive

• Hole 58 intersected 154.0 meters of 1.47 g/t gold, including 37.0 meters of 3.07 g/t gold and 8.0 meters of 4.61 g/t gold.
• Continuous high-grade mineralization confirmed south of Blackjack Gold Deposit.
• Potential to expand gold resource significantly.
• Up to 15,000 meters of planned drilling in 2024.
• Nine known intrusions with gold mineralization across the project.

Negative

• Unexplored areas still present, requiring significant investment.
• Increased exploration and drilling costs could impact financials.
• Potential for drilling results to not meet expectations, affecting investor confidence.
• Logistical challenges of drilling in remote areas.

• DDRCCC-24-058 ("Hole 58") returned 154.0 m averaging 1.47 g/t gold, including 37.0 m of 3.07 g/t gold and 8.0 m of 4.61 g/t gold, confirming robust continuity of the higher-grade gold mineralization discovered south of the current Blackjack gold deposit
• 3D structural interpretation from winter drill hole results establishes new Blackjack Mineralized Gold Corridor demonstrating the potential of continued higher-grade gold mineralization to the south of the Blackjack gold deposit
• Abundant sheeted quartz veins, quartz-arsenopyrite veins, and arsenopyrite veins were observed throughout the quartz monzonite intrusions intersected by Hole 58 with several instances of visible gold also noted

VANCOUVER, BC / ACCESSWIRE / May 23, 2024 / Sitka Gold Corp. ("Sitka" or the "Company") (TSXV:SIG)(FSE:1RF)(OTCQB:SITKF) is pleased to announce that drill hole DDRCCC-23-058 ("Hole 58"), has intersected strong gold results south of the current Blackjack Gold Deposit resource. Hole 58 was the second of two holes completed during the 2024 winter diamond drilling program at the Company's 386 square kilometre, road accessible RC Gold Project ("RC Gold" or the "Project") located in Yukon's Tombstone Gold Belt ("TGB"), approximately 100 kilometres east of Dawson City. (see Table 1). Hole 58 intersected 154.0 metres of 1.47 g/t gold including 37.0 metres of 3.07 g/t gold and 8.0 metres of 4.61 g/t gold, confirming persistent gold mineralization continues 200 metres downdip of the gold mineralization encountered in DRCCC-23-047 ("Hole 47"), which returned the best drill hole results to date with 219.0 m of 1.34 g/t gold, including 124.8 m of 2.01 g/t gold and 55.0 m of 3.11 g/t gold (see news release dated September 26, 2023). The results from Hole 58, when taken together with the results of Hole 47, and 57, have enabled the Company to generate a 3D model interpretation that shows this strong gold mineralization is associated with the Blackjack Fault, is open to the southeast and projects both to depth and to surface (see Figure 6).

Assay highlights from drill hole DDRCCC-24-058:

• 351 m of 0.85 g/t Au from 157.0 m including
  • 154 m of 1.47 g/t Au from 354.0 m
  • 37.0 m of 3.07 m g/t Au from 449.0 m
  • 8.0 m of 4.61 g/t from 470.0 m

"The strong gold results from Hole 58 continue to highlight the potential of this area to add significant higher-grade tonnage to our gold resource while further demonstrating the prospectivity of the multiple intrusion related gold deposit targets we have across our 100% owned, district-scale RC Gold Project'', stated Cor Coe, Director and CEO of Sitka. "The information from Hole 58 has also provided key insight into the three-dimensional continuity of the robust gold mineralization and associated structural controls in this recently discovered, higher-grade zone of the Saddle intrusion. The Blackjack Fault, which was previously unknown prior to our diamond drilling campaigns, appears to be an important control to the mineralization being discovered here with both this fault and the associated gold mineralization trending in the same direction to the south of our current extent of drilling. What has us really excited is that this mineralized corridor, which projects to surface and to depth, traces south of our resource, through a highly prospective area that has remained largely unexplored to date, and on towards additional intrusions that have similar geological characteristics to the Saddle intrusion (see Figures 2 through 5). This updated geological model has highlighted an area of approximately 1 kilometre in length along strike to the south of our resource as a high-priority target that could extend the higher-grade gold zone discovered at Blackjack significantly. This area, along with the Saddle Zone target area, which remains largely untested by drilling and contains the largest and strongest gold-in-soil anomaly on the property (see Figure 3), will be the primary focus of our exploration efforts this season.

"The higher-grade gold values being discovered near our Blackjack gold deposit are quite remarkable for a reduced intrusion related gold system and the results from Hole 58 further support our view that there is incredible potential for additional discoveries of similar calibre across our largely underexplored land package, where nine known intrusions with associated gold mineralization have been discovered to date. With the summer phase of drilling about to commence and the largest drilling campaign planned to date at RC Gold, with up to 15,000 metres diamond drilling proposed, we look forward to further unlocking this potential while we continue to expand our rapidly growing gold resource".

The results of Holes 57 and 58, when taken together with the results of Hole 47, have significantly enhanced the Company's understanding of the structural controls of gold mineralization at the Blackjack deposit (see Figures 3 through 6). The higher-grade gold intervals identified in these holes form a large volume of well mineralized rock that define a SSE trending corridor, now called the Blackjack Mineralized Corridor, that is coincident with the Blackjack Fault, a previously identified feature which is interpreted to have been important in the emplacement of the Saddle Stock and subsequent gold mineralizing episodes.

When placed in a district context, the results of the recent drilling further demonstrate the potential of significant gold mineralization in the Blackjack deposit to continue to the southeast (Figures 4 and 5). The area between the known southern extent of the Saddle Stock and the West Pukelman Stock is of particular interest as it is essentially unexplored. Soil sampling has been one of the key identifiers of gold mineralization in the Clear Creek intrusive complex area, but as shown in Figure 3, there has been virtually no soil sampling in the area between the Saddle Stock, the West Pukelman Stock and the western margin of the Pukelman Stock.

Hole 58 was collared approximately 70 metres north of recently completed DDRCCC-24-057, which also intersected visible gold in sheeted veining within megacrystic quartz monzonite and returned 191.0 Metres of 1.16 g/t gold (see press releases dated March 28 and May 1 , 2024). Hole 58 was drilled to a depth of 534.9 metres at an azimuth of 60 degrees and dip of -60 degrees (see Figure 1). It was drilled to test the down dip extension of the well mineralized quartz monzonite intrusion intersected in hole DDRCCC-23-047.

Hole 58 intersected 2 broad zones of feldspar megacrystic and vari-textured, quartz monzonite and feldspar porphyry within a large package of biotite schist, phyllite, and quartzite. A large lamprophyre dyke was intersected from 509.85-528.15 m at the footwall contact of mineralized quartz monzonite.

Both quartz monzonite intrusions were cut by abundant 1-2 cm sheeted quartz veins, quartz-arsenopyrite veins, and arsenopyrite veins. Visible gold was noted at several locations including 180.2 m, 240.5 m, 244.2 m, 276.3 m, 401.2 m, and 476.9 m, and several occurrences of bismuthinite were noted such as 476.8 m and 420.0 m (see Figure 6).

A focus for drilling up to 15,000 m in 2024 will be to continue to define gold mineralization along the newly recognized Blackjack Mineralized Corridor to the SSE. In addition, soil and rock sampling and geologic mapping will also be conducted along the Blackjack Mineralized Corridor to further evaluate the mineralization within this unexplored portion of the property.

Further Objectives for 2024

In addition to extending Blackjack gold mineralization to the southeast, objectives for the Company's 2024 exploration season include further drilling of the Saddle East zone (84 m of 1.21 g/t Au in 2023), further drilling of the Eiger Deposit (Inferred Resource of 440,000 oz Au in 2023), further drilling of the Josephine Stock (visible gold discovered at surface in 2023) and further investigation of the nine known intrusions with associated gold mineralization that have been discovered to date on the Company's 386 square kilometre RC Project.

Figure 1: Work map showing drill hole locations at the Blackjack gold deposit and summary results from Holes DRCCC-24-047, 057 and 058.

Figure 2: Cross section of DDRCCC-24-058 showing simplified geology and the extension of mineralization to depth. Mineralization remains open to the surface.

Figure 3: Plan map of the Northern Extent of the Clear Creek Intrusive Complex where several drill intervals and surface samples have demonstrated the high-grade nature of the Reduced Intrusion Related Gold System present. The projection of the Blackjack fault and Blackjack Mineralized Corridor are highlighted along with the priority target areas for 2024. Yellow stars indicate where outcrop rock samples or drill hole intervals have returned >10 g/t gold. Several additional targets with the potential to host intrusion related gold deposits of significant size and grade have yet to be drilled within this approximately 3 km x 5 km area. The Saddle Zone target area remains largely untested by drilling and contains the largest and strongest gold-in-soil anomaly on the property.

Figure 4: Geological and structural map showing the projected extent of the Blackjack Mineralized Corridor

Figure 5: Plan map showing proposed 2024 diamond drilling and the projection of the Blackjack Mineralized Corridor which remains open to the south of the Blackjack gold deposit

Figure 6: 3D cross section of Holes 47, 57 and 58 showing the Blackjack Mineralized Corridor (in pink) which projects south of the current extent of the Blackjack gold deposit along a strike of approximately 170°

Figure 6. Example of drill core from DDRCCC-24-058 showing high grade gold mineralization and visible gold in strongly altered feldspar megacrystic quartz monzonite.

Figure 7. Photomicrograph showing visible gold and bismuthinite in quartz vein at 476.9m from hole DDRCCCC-24-058.

Table 1- Assay highlights for DDRCCC-24-058 and DDRCCC-24-057 (completed in winter 2024)

Drill Hole	Easting (NAD83 Zn8)	Northing (NAD83 Zn8)	Azimuth (°)	Dip (°)	From (m)	To (m)	Length (m)*	Au (g/t)
DDRCCC-24-058	396881	7085278	060	-60	157.0	508.0	351.0	0.85
including					157.0	178.0	21.0	1.03
including					235.6	246.0	10.4	1.16
including					285.0	302.0	17.0	0.62
including					319.0	330.3	11.3	0.72
including					354.0	508.0	154.0	1.47
including					360.0	378.0	18.0	1.34
including					401.0	508.0	107.0	1.79
including					419.0	437.0	18.0	1.06
including					441.0	508.0	67.0	2.42
including					449.0	486.0	37.0	3.07
including					470.0	478.0	8.0	4.61
DDRCCC-24-057**	396867	7085211	060	-60	13.0	518.0	505.0	0.50
including					134.0	165.5	31.5	0.41
including					327.0	518.0	191.0	1.16
including					419.0	508.0	89.0	2.03
including					419.0	432.0	13.0	2.77
including					453.4	508.0	54.6	2.54
including					459.0	470.0	11.0	5.80
including					466.0	470.0	4.0	12.27
including					468.0	470.0	2.0	21.20

*Intervals are drilled core length, as insufficient drilling has been completed at this time to determine true widths
**Previously released results (see news release dated May 1, 2024)

Quality Assurance/Quality Control

On receipt from the drill site, the HTW/NTW-sized drill core was systematically logged for geological attributes, photographed and sampled at Sitka's core logging facility. 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. Each sample is identified by a unique sample tag number which is placed in the bag containing the core to be assayed. 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 Whitehorse, Yukon, with analyses completed in North Vancouver.

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).

About the flagship RC Gold Project

The RC Gold Project consists of a 386 square kilometre contiguous district-scale land package located in the heart of Yukon's Tombstone Gold Belt. The project is located approximately 100 kilometres east of Dawson City, which has a 5,000 foot paved runway, and is accessed via a secondary gravel road from the Klondike Highway which is usable year-round and is an approximate 2 hour drive from Dawson. It is the largest consolidated land package strategically positioned mid-way between Victoria Gold's Eagle Gold Mine - Yukon's newest gold mine which reached commercial production in the summer of 2020 - and Victoria Gold's former producing Brewery Creek Gold Mine.

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 zones: The Blackjack and Eiger deposits. 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 94% with minimal NaCN consumption (see News Release July 13, 2022). The Mineral Resource estimate is presented in the following table at a base case cut-off grade of 0.25 g/t Au:

RC Gold Inferred Mineral Resource Estimate

COG g/t Au	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. Simpson of GeoSim Services Inc. with an effective date of January 19, 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: US$1800/oz Au price; a 45° pit slope; assumed metallurgical recovery of 85%; mining costs of US$2.00 per tonne; processing costs of US$8.00 per tonne; G&A of US$1.50/t.
4. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
5. Totals may not sum due to rounding.

To date, 56 diamond drill holes have been drilled into this system for a total of approximately 19,962 metres including 16 drill holes totalling 6,515 metres completed in 2023 focused on expanding the initial resource. The drilling in 2023 produced results of up to 219.0 m of 1.34 g/t gold including 124.8 m of 2.01 g/t gold and 55.0 m of 3.11 g/t gold in drill hole DDRCCC-23-047 at Blackjack (see news release dated September 26, 2023). The Company recently completed two drill holes totalling 1,085 metres during the winter phase of a planned 15,000 metre diamond drilling program at the RC Gold Project for 2024.

*For more detailed information on the underlying properties please visit our website at www.sitkagoldcorp.com

RC Gold Deposit Model

Exploration on the Property has mainly focused on identifying an intrusion-related gold system ("IRGS"). The property is within the Tombstone Gold Belt which is the prominent host to IRGS deposits within the Tintina Gold Province in Yukon and Alaska. Notable deposits from the belt include: Fort Knox Mine in Alaska with current Proven and Probable Reserves of 230 million tonnes at 0.3 g/t Au (2.471 million ounces; Sims 2018)⁽¹⁾; Eagle Gold Mine with current Measured and Indicated Resources of 233 million tonnes at a grade of 0.57 g/t Au at the Eagle Main Zone (4.303 million ounces; Harvey et al, 2022)⁽²⁾; the Brewery Creek deposit with current Indicated Mineral Resource of 22.2 million tonnes at a gold grade of 1.11 g/t (0.789 million ounces; Hulse et al. 2020)⁽³⁾; the Florin Gold deposit, located adjacent to Sitka's RC Gold project, with a current Inferred Mineral Resource of 170.99 million tonnes grading 0.45 g/t (2.47 million ounces; Simpson 2021)⁽⁴⁾ and the AurMac Project with an Inferred Mineral Resource of 347.49 million tonnes grading 0.63 gram per tonne gold (7.00 million ounces)⁽⁵⁾.

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, Yukon Territory, Canada. Victoria Gold Corp. December 31, 2022. https://vgcx.com/site/assets/files/6534/vgcx_-_2023_eagle_mine_technical_report_final.pdf
3. Hulse D, Emanuel C, Cook C. NI 43-101 Technical Report on Mineral Resources. Gustavson Associates. May 31, 2020. https://minedocs.com/22/Brewery-Creek-PEA-01182022.pdf
4. Simpson R. Florin Gold Project NI 43-101 Technical Report. Geosim Services Inc. April 21, 2021. https://sedar.com/GetFile.do?lang=EN&docClass=24&issuerNo=00005795&issuerType=03&projectNo=03236138&docI d=4984158
5. Banyan Gold News Release Dated February 7, 2023 (Technical Report to be filed within 45 days of news release) https://banyangold.com/news-releases/2024/banyan-announces-7-million-ounce-gold-updated-mineral-resource-estimate-aurmac-project-yukon-canada/

Upcoming Events

Sitka Gold will be attending and/or presenting at the following events*:

• Yukon Mining Alliance Property Tours, Dawson City, Yukon: June 20 - 26, 2024
• Takestock Investor Forum, Stampede Event, Calgary, Alberta: July 3, 2024
• Precious Metals Summit, Beaver Creek, Colorado: September 10 - 13, 2-024

*All events are subject to change.

About Sitka Gold Corp.

Sitka Gold Corp. is a well-funded mineral exploration company headquartered in Canada. The Company is managed by a team of experienced industry professionals and is focused on exploring for economically viable mineral deposits with its primary emphasis on gold, silver and copper mineral properties of merit. Sitka is currently exploring its flagship RC Gold Project within the Tombstone Gold Belt in the Yukon Territory with a 15,000 metre fully funded diamond drill program planned for 2024. The company is also advancing the Alpha Gold Project in Nevada and currently has drill permits for its Burro Creek Gold and Silver Project in Arizona and the Coppermine River Project in Nunavut.

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

For more information contact:

Donald Penner
President & Director
778-212-1950
dpenner@sitkagoldcorp.com

or

Cor Coe
CEO & Director
604-817-4753
ccoe@sitkagoldcorp.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary and Forward-Looking Statements

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, the use of the proceeds raised under the Offering and the Company's anticipated work programs.

In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will complete its anticipated work programs and use the proceeds of the Offering as currently anticipated.

These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, market uncertainty, the results of the Company's anticipated work programs and that the Company will not use the proceeds of the Offering as currently anticipated.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

SOURCE: Sitka Gold Corp

View the original press release on accesswire.com

FAQ

What were the results of Sitka Gold's latest drill hole?

Drill hole DDRCCC-23-058 ("Hole 58") intersected 154.0 meters of 1.47 g/t gold, including 37.0 meters of 3.07 g/t gold and 8.0 meters of 4.61 g/t gold.

Where is Sitka Gold's RC Gold Project located?

The RC Gold Project is located in Yukon's Tombstone Gold Belt, approximately 100 kilometers east of Dawson City.

What is the significance of the recent drilling results for Sitka Gold (SITKF)?

The results confirm continuous high-grade gold mineralization and indicate potential for significant resource expansion south of the Blackjack Gold Deposit.

What are Sitka Gold's exploration plans for 2024?

Sitka Gold plans to conduct up to 15,000 meters of diamond drilling to further explore the Blackjack Mineralized Corridor and other high-priority targets.

How does the Blackjack Fault impact Sitka Gold's drilling results?

The Blackjack Fault is a key control for the high-grade gold mineralization discovered, indicating potential for further expansions.