SITKF - Sitka Appoints Tim Termuende to Board of Advisors

(TheNewswire)

VANCOUVER, CANADA – TheNewswire - May 10, 2023: Sitka Gold Corp.(“Sitka” or the “Company”) (CSE:SIG) (FSE:1RF) (OTCQB:SITKF) i s pleased to announcethat Tim Termuende, P. Geo, President, CEO and Director of EaglePlains Resources (“EPL”) has joined its Advisory Board. Tim is aprofessional geologist with over 40 years of experience in the mineralexploration industry. Since leaving Cominco in the late 1980’s, Timhas worked on exploration projects throughout North and South Americaand currently oversees a broad range of projects targeting variouscommodities throughout British Columbia, Saskatchewan, Yukon andNorthwest Territories.

As the CEO of Eagle Plains, Tim has overall responsibility for execution of the company'sstrategic priorities and operating plans and hasdelivered exceptional shareholder value over the years and throughnumerous spin-outs has transferred over $100,000,000 in value directlyto its shareholders, with Copper Canyon Resources and recently TaigaGold being notable examples.

“I’m happy to be working with Cor, Mike and theteam at Sitka - many of whom I’ve known for decades”, commentedTim Termuende. “I look forward to helping Sitka management enhanceshareholder value and to advance their portfolio of high-qualityexploration projects in western Canada”.

Cor Coe, Director and CEO of Sitka Gold Corp. comments,“We are very pleased to welcome Tim to our Advisory Board. WithTim’s decades of experience in the corporate boardroom as well asboots on the ground in the field, Tim provides a unique opportunityfor Sitka to capitalise on his strategic knowledge and acumen”.

The Company also announces that it has granted anaggregate of 500,000 incentive stock options (the “Options”) toMr. Termuende. The Options are exercisable at $0.12 per share for aperiod of three years from the date of grant, vest quarterly every sixmonths, and are subject to the policies of the Canadian SecuritiesExchange.

About Sitka Gold Corp.

Sitka Gold Corp. is a well-funded mineral explorationcompany headquartered in Canada. The Company is managed by a team ofexperienced industry professionals and is focused on exploring foreconomically viable mineral deposits with its primary emphasis on gold, silver and copper mineral properties ofmerit. Sitka currently has an option to acquire a 100% interest in theRC, BeeBop, Barney Ridge, Clear Creek and OGI properties in the Yukonand the Burro Creek Gold property in Arizona. Sitka owns a 100%interest in its Alpha Gold property in Nevada, its Mahtin Goldproperty in the Yukon and its Coppermine River project in Nunavut. TheRC, Beebop, Barney Ridge, Clear Creek and Mahtin properties comprisethe RC Gold Project, a district-scale, contiguous land package of 376square kilometres.

On January 19, 2023 Sitka Gold announced an InitialMineral Resource Estimate prepare d in accordancewith National Instrument 43-101 (“NI 43-101”) guidelines for theRC Gold Project of 1,340,000 ?ounces of gold (1) . The roadaccessible, pit constrained Mineral Resource is classified as inferredand is contained in two near/on-surface zones: The Blackjack and Eigerdeposits. The Mineral Resource estimate is presented in the followingtable at a base case cut-off grade of 0.25 g/t Au:

Table 1: RC Gold Inferred MineralResource Estimate

Notes

1. Mineral resource estimate prepared by Ronald G.Simpson of GeoSim Services Inc. with an effective date of January19,

2023. Mineral Resources are classified using the 2014CIM Definition Standards.

2. The cut-off grade of 0.25 g/t Au is believed toprovide a reasonable margin over operating and sustaining costs foropen-pit

mining and processing

3. Mineral resources are constrained by an optimisedpit shell using the following assumptions: US$1800/oz Au price; a45°

pit slope; assumed metallurgical recovery of 85%;mining costs of US$2.00 per tonne; processing costs of US$8.00per

tonne; G&A of US$1.50/t.

4. Mineral resources are not mineral reserves and donot have demonstrated economic viability.

5. Totals may not sum due to rounding.

The Blackjack deposit contains 900,000 ounces of goldat a grade of 0.83 g/t gold and the Eiger deposit contains 440,000ounces of gold at a grade of 0.50 g/t gold (see news release datedJanuary 19, 2023). Both of these deposits are at/near surface, arepotentially open pit minable and amenable to heap leaching, withinitial bottle roll tests indicating that the gold is not refractoryand have high gold recoveriesof up to 94% with minimal NaCN consumption (seeNews Release July 13, 2022).

The Blackjack and Eiger deposits are in close proximityto highway and power infrastructure, are road accessible year-round,remain open in all directions and are respectively located at thewestern and eastern end of a large, 500 metre by 2 kilometre intrusionrelated gold system that was recently discovered on the Property. Todate, just 41 diamond drill holes have been drilled into this system for a total ofapproximately 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/tgold and 19.5 m of 4.87 g/t gold at Blackjack (drillhole DDRCCC-22-040; see news release datedJanuary 11, 2023) and 354 m of0.41 g/t gold including 72 m of 0.72 g/t gold atEiger (drill hole DDRCCC-21-09; see news release date August 19,2021). Assays are pending for the 3 diamond drill holes totalingapproximately 1500 metres drilled during the winter of this year(2023).

Several high priority intrusion related gold targets exist at RC Goldwith nine outcropped intrusions identified to date over the 376 sq kmproperty, however Sitka’s main focus at the RC Gold Project has beenon the underlying Clear Creek Property where a large 500 metre by 2000metre intrusion related gold system covering the area over theBlackjack, Saddle and Eiger zones was identified. Prior to the onsetof the 2023 winter drilling program, the Company had drilled 38diamond drill holes into this system for a total of approximately13,000 metres. This drilling culminated in the discovery of theBlackjack and Eiger deposits with an initial inferred mineral resourceestimate of 1,340,000 gold ounces (1) .

Sitka Gold inherited a wealth of historical and current data from theRC Gold properties from work spanning the last 40 years. Recentexploration work and the compilation of historical data have definedseveral mineralized zones with both bulk tonnage, intrusion-relatedgold deposit targets and high-grade, vein- and breccia-hosted goldtargets. The RC Gold Project also has a common border with VictoriaGold’s Clear Creek property.

The Company is also planning additional drilling at itsAlpha Gold Property in Nevada where a new Carlin-type gold system wasrecently discovered. The Company is focused on vectoring towards thehigh-grade core of this newly discovered system, which is located inthe Cortez Trend just 40 km southeast of the Cortez Mine Complex ofBarrick/Newmont, and plans for a 2023 drilling program at Alpha arecurrently underway.

(1)  Simpson, R.  January 19, 2023. Clear Creek Property, RC Gold Project, NI43-101 Technical Report, Dawson Mining District, Yukon Territory.

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

Upcoming Events

Sitka Gold will be attending and/or presenting at thefollowing 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 newsrelease has been reviewed and approved by Cor Coe, P.Geo., Directorand CEO of the Company, and a Qualified Person (QP) as defined byNational 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

Cautionary andForward-Looking Statements

This news release containsforward-looking statements and forward looking information within themeaning of applicable securities laws. These statements relate tofuture events or future performance. All statements other thanstatements of historical fact may be forward-looking statements orinformation. Forward-looking statements and information are often, butnot 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 andinformation are provided for the purpose of providing informationabout the current expectations and plans of management of the Companyrelating to the future. Readers are cautioned that reliance on suchstatements and information may not be appropriate for other purposes,such as making investment decisions. Since forward-looking statementsand information address future events and conditions, by their verynature they involve inherent risks and uncertainties. Actual resultscould differ materially from those currently anticipated due to anumber of factors and risks. These include, but are not limited to,the expected timing and terms of the private placement, use ofproceeds, anticipated work program, required approvals in connectionwith the work program and the ability to obtain such approvals.Accordingly, readers should not place undue reliance on theforward-looking statements, timelines and information contained inthis news release. Readers are cautioned that the foregoing list offactors is not exhaustive.

The forward-looking statements andinformation contained in this news release are made as of the date ofthis news release and no undertaking is given to update publicly orrevise any forward-looking statements or information, whether as aresult of new information, future events or otherwise, unless sorequired by applicable securities laws or the CSE. The forward-lookingstatements or information contained in this news release are expresslyqualified by this cautionary statement.

Neither the CSE nor its RegulationServices 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 authorityhas approved or disapproved the information contained herein.

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