Sitka Gold Signs 30,000 Metre Diamond Drilling Contract for 2025 at Its RC Gold Project, Yukon

Rhea-AI Summary

Sitka Gold has signed an agreement with Kluane Drilling Corp. to complete up to 30,000 metres of diamond drilling in 2025 at its RC Gold Project in Yukon's Tombstone Gold Belt. This largest-ever drilling campaign will focus on the Rhosgobel and Pukelman intrusion targets, along with expansion drilling at the Blackjack gold deposit. The company is fully funded with over $15 million in cash and no debt. Results are pending from the last six diamond drill holes of the 2024 season, including 2 holes from Pukelman and 4 from Blackjack. Additionally, Sitka has granted 5,500,000 incentive stock options to officers, directors and consultants, exercisable at $0.37 per share for three years.

Positive

• Secured funding of over $15 million with no debt
• Largest drilling campaign ever planned (30,000 metres)
• Successful 2024 drilling campaign with excellent assay results

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - November 27, 2024) - Sitka Gold Corp. (TSXV: SIG) (FSE: 1RF) (OTCQB: SITKF) ("Sitka" or the "Company") is pleased to announce that it has signed an agreement with Kluane Drilling Corp. to complete up to 30,000 metres of diamond drilling in 2025 at its road accessible RC Gold Project ("RC Gold" or the "Project") located in the prolific Tombstone Gold Belt in the Yukon. This will be the largest drilling campaign ever conducted at RC Gold and is anticipated to focus primarily on follow up drilling at the Rhosgobel and Pukelman intrusion targets along with further expansion drilling at the Blackjack gold deposit and drill testing other high-priority targets identified elsewhere on the district-scale, 431 square kilometre property.

Kluane Drilling Ltd., a well established, highly experienced drilling company based in Whitehorse, Yukon with over 30 years of experience diamond drilling in the Yukon and around the world, has been contracted to complete up to 30,000 metres of drilling at the Company's flagship RC Gold Project. Kluane Drilling is dedicated to providing quality drilling services based on technical innovation and human talent and specializes in achieving high drilling production in various drilling environments. Kluane Drilling has proven to be an exceptional contractor for the past two years and Sitka looks forward to continuing to work with them as the Company further advances RC Gold in 2025.

"We are very pleased to have secured the services of Kluane Drilling Ltd. for what will be our largest ever diamond drilling program planned for our RC Gold Project in 2025," said Cor Coe, Director and CEO of Sitka. "Kluane provided Sitka with exceptional drilling services throughout our winter and summer drilling programs at RC Gold in both 2023 and 2024 and we look forward to continuing to develop the project with them in the coming year as we substantially increase the scale and scope of drilling. The 2024 drilling campaign at RC Gold returned excellent assay results from both the Blackjack gold deposit area and the first ever diamond drill holes at the Rhosgobel intrusion, and has identified visible gold in its first two diamond drill holes at the Pukelman intrusion where assay results are still pending (see news releases dated November 25 and October 31, 2024). We are eagerly looking forward to following up on the success we had this past year and, with over $15 million in cash and no debt, the Company is fully funded to complete the planned work program at RC Gold in 2025. We also look forward to receiving the results from the last six diamond drill holes of the 2024 season totalling 2,774 metres that are still pending from RC Gold, with 2 holes from Pukelman and 4 holes from Blackjack."

Stock Option Grant

Sitka Gold Corp. also announces that it has granted an aggregate of 5,500,000 incentive stock options (the "Options") to officers, directors and consultants of the Company. The Options are exercisable at $0.37 per share for a period of three years from the date of grant and are subject to the policies of the TSX Venture Exchange.

Upcoming Events

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

• American Exploration and Mining Association Conference, Reno, NV: December 1 - 6, 2024

• Metal Investors Forum, Vancouver, BC: January 17 - 18, 2025

• VRIC, Vancouver, BC: January 19 - 20, 2025

• RoundUp, Vancouver, BC: January 20 - 23, 2025

• PDAC, Toronto, ON: March 2 - 5, 2025

• Swiss Mining Institute, Zurich, Switzerland: March 18 - 19, 2025

*All events are subject to change.

About Sitka Gold Corp.

Sitka Gold Corp. is a well-funded mineral exploration company headquartered in Canada with over $15 million in its treasury and no debt. 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 advancing its 100% owned, 431 square kilometre flagship RC Gold Project located within the Tombstone Gold Belt in the Yukon Territory. 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.

In January 2023, the Company announced an NI 43-101 compliant initial inferred Mineral Resource Estimate of 1,340,000 ounces of gold⁽¹⁾ beginning at surface and grading 0.68 g/t at its RC Gold Project in Yukon (see news release dated January 19, 2023).

(1) Simpson, R. January 19, 2023. Clear Creek Property, RC Gold Project, NI 43-101 Technical Report, Dawson Mining District, Yukon Territory

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

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 and the Company's anticipated work programs.

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 and the results of the Company's anticipated work programs.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/231562

FAQ

What is the size of Sitka Gold's (SITKF) planned 2025 drilling program at RC Gold?

Sitka Gold has contracted for up to 30,000 metres of diamond drilling at RC Gold Project in 2025, making it the largest drilling campaign ever conducted at the project.

How many drill hole results are pending from Sitka Gold's (SITKF) 2024 RC Gold campaign?

Six diamond drill holes totaling 2,774 metres are pending results, with 2 holes from Pukelman and 4 holes from Blackjack.

What is the current cash position of Sitka Gold (SITKF) for its 2025 drilling program?

Sitka Gold has over $15 million in cash and no debt, being fully funded to complete the planned work program at RC Gold in 2025.