SITKF - Sitka Compiles Latest Drill Results and Expands Land Package at Alpha Gold in Nevada
(TheNewswire)
Vancouver, Canada - TheNewswire - May 6, 2021 - Sitka Gold Corp.(“Sitka” or the “Company”) (C NSX :SIG. CN ) (FSE:1RF) (OTC:SITKF) is pleased to announce that it has received assay resultsfrom recent drilling at its Alpha Gold Project (“Alpha Gold” orthe “Project”), located along the southeast projection of theprolific Cortez Gold Trend in Eureka County, approximately 135kilometres southwest of Elko, Nevada. Based onthese results, Sitka has staked an additional 21 mining claims,expanding the Project land package to a total of 114 claims coveringan area of approximately 2280 acres or 923 hectares (Figures 2and 3). The new claims complete coverage of a newly identifiedstructural trend east and southeast of drill hole AG21-03 (see newsrelease dated March 10, 2021).
“The results from AG21-02 and AG21-03 have confirmed that we arein a gold enriched system associated with Carlin-type gold depositmineralization”, stated Cor Coe, CEO and Director of Sitka Gold.“These broad intercepts of anomalous gold coincide with alterationand mineralization that is similar to what has been found at othergold deposits along the Cortez trend. This initial drilling hassuccessfully upgraded the project from the level of a surface showingto what looks like the fringe of a strong Carlin-type gold system thatis moving in a wide-open direction in an undrilled area. The targetsshown in Figure 1 are interpreted as the most probable high-gradecores to this Carlin-type gold system. In addition, recent surfacereconnaissance has discovered another structural trend to thesoutheast of AG21-03 that exhibits the strongest and most extensivealteration seen on the Project. We have expanded the Alpha Gold landpackage to cover this new target area and are looking forward tocompleting additional drilling immediately upon receiving BLM permitsfor the newly staked claim blocks.”
Drilling at the Alpha Gold project intercepted widezones of highly anomalous gold mineralization in the lower part of theDevonian Shale (Horse Canyon equivalent) just above the Devils GateLimestone. Results support the premise of strengthening goldmineralization relative to surface exposures to the west. The primarytarget remains a high-grade Goldrush analogue. Drill results and newinformation have refined the target model as shown in Figure 1.AG21-02 results included 0.105 g/t Au over 93.0 m from 89.9 m to182.9m. Subintervals included 0.162 g/t Au over 12.2 m from 89.9 mto 102.1 m, and 0.164 g/t Au over 27.4 m from 143.3 m - 170.7 m. Gold intercepts in AG21-03 also in the Horse Canyon equivalent were0.100 g/t Au over 57.9 m from 64.0 to 121.9 m, including 0.147 g/t Auover 24.4 m from 64.0 to 88.4 m. A separate interval of 0.197 g/t Auover 4.6 m from 190.5 m to 195.1 m occurred in the Denay Fm and isinterpreted to reflect a mineralized N-S fault. These results haveupgraded the project from the level of a surface showing to what lookslike the fringe of a strong Carlin-type gold system, moving in awide-open direction
[ANNOTATION:
BY 'Greg Dawson'
ON '2021-05-05T07:16:00' GD
NOTE: ' Again, I am not clear what thismeans. Maybe say “..the fringe of a strong Carlin-type gold systemwhich remains open to the….” ' ] . The targets shown in Figure 1 areinterpreted as most probable high-grade cores to this Carlin-type goldsystem. A plan view of the target zones is shown in Figure 2. Thenorthern target was always recognized as potentially important. Thebroad consistent gold zone close to it in the lower Horse Canyonequivalent section of AG20-02 upholds the importance of this NNWreverse fault and its related hanging wall anticline fracture set.Surface work conducted after drilling was completed discovered asecond, larger, NNW structural target to the south. These inferredtargets have a potential strike length approaching 5 km and theintercept in AG21-02 suggests thickness potential of 100 meters justin the Horse Canyon equivalent stratigraphy. The structuralorientation matches that of the Goldrush-Fourmile deposit trend. TheAlpha Gold targets also are uniquely shallow compared to similarhigh-grade Carlin-type gold exploration plays.
Figure 1 -AG21-03 Cross Section and Alpha Target Model
A new, southern, NNW target zone shown in Figure 2 wasdiscovered during surface reconnaissance mapping. The alterationstrengthens southward where the most extensive surface alteration inthe project area was found. That alteration zone is 1.5-2.5 km southof AG21-03. Figure 3 shows the surface alteration patterns thatsupport this target. An additional 21 claims have been staked to coverthis target area. The new alteration zone consists of silicification,decalcification, hematite, limonite, green arsenic related, and yellowantimony related oxide minerals in calcareous sandstone, shale andlimestone of the Webb Fm. This strong alteration is isolated by anintervening, recessive shale area to the NNW. This is created bysurfacing of shales of the lower Webb Fm and upper Horse Canyonequivalent there. More restricted strong alteration in the shaleconsists of hematite, limonite, clay, silica pods, and breccias incherty rocks. The recessive area generated most of the strongestmercury, thallium, arsenic, and antimony anomalies in stream sedimentand rock samples from the original claim group and sampling endedthere. Although that sampling indicated strengthening geochemistrysouthward, the overall NNW structural trend was not fully recognizedand appreciated until recently with the expanded surface mapping.Alteration zones, fault offsets and rhyolite dikes in the shale areaindicate the NNW structure transects the entire area. Prime HorseCanyon and Wenban 5 equivalent host rocks should be continuous beneaththe entire target. A much larger weak-moderate, clay, hematitealteration assemblage surrounds the strong alteration and broadly rimsthe west margin of the Eocene rhyolite intrusive and volcanic complexon the east side of the property. These rhyolites represent theCarlin-age magmatic
[ANNOTATION:
BY 'Greg Dawson'
ON '2021-05-05T07:25:00' GD
NOTE: ' Just as a comment, I find thisentire paragraph to be barely readable. But I guess it is buried farenough in the release that non technical folks would have got themessage by now and moved on, and any determined technical folks stillcarrying on can spend the time to figure it out. ' ] event .
Figure 2 - PlanMap of Target Zones and A-A' Cross Section
The Alpha Gold project now contains all the elements ofa Cortez trend gold deposit. The company is highly encouraged bystrengthening indications from the latest activity at Alpha and plansto continue developing these uniquely shallow and highly prospectivegold targets. Additional permitting must be completed to drill testthe new southern target and the process to obtain these permits iscurrently underway. Drill testing will seek the high-grade system corein the Horse Canyon equivalent host rocks to upper Devils GateLimestone. Where stronger gold is encountered, additional drilling maybe directed at testing the Wenban 5 equivalent host rocks below. Thoseare the most important host rocks in the core of the Goldrush deposit.Drilling will also focus on the northern target northeast of AG21-02.
Figure 3 -Surface Alteration and New Claim Block Location
QualityAssurance/Quality Control
Analytical work for this drill program was carried outby Activation Laboratories Ltd. (Actlabs) in Kamloops, BritishColumbia. The sample preparation and gold fire assays took place inKamloops, BC and the ICP-MS analyses were completed in Ancaster,Ontario. All samples were fire assayed for Gold with AA finish andover-limits re-analysed gravimetrically where applicable.Additionally, all samples were analysed by ICP-MS for 63 trace elementgeochemistry.
The Company has a rigorous QAQC program in place inaddition to QAQC procedures at the lab. Each batch of 20 samplescontains one certified Standard Reference Material, one certifiedBlank and one duplicate. All results have passed the QAQC screeningat the lab.
Other Corporate Updates
The Company is currently organizing the mobilization of crew and equipment to its RC GoldProject in Yukon where up to 10,000 metres of diamond drilling isplanned for this upcoming field season. Drilling will focus primarilyon the Saddle-Eiger Zone gold discovery with initial drilling plannedto deepen DDRCCC-002 which bottomed in 16.1 g/t Au over 2 metres (seenews release dated Dec.16, 2020).
About AlphaGold
Sitka Gold has acquired a 100% interest in the AlphaGold Project, located along the southeast projection of the prolificCortez Gold Trend in Eureka County, approximately 135 kilometressouthwest of Elko, Nevada. The Property is comprised of 2 claimblo cks totalling114 lode claims covering an area of approximately 2280 acres (923hectares) and is accessible via a dirt road, approximately 2km west ofNevada State Highway 278.
The Property was initially staked after the locationwas recognized as the intersection of the regional-scale Pine Valleyanticline with northeasterly fold trends exposed in the RobertsMountains. Of primary importance at the Alpha Gold location is thatthe rocks have been down-dropped significantly by late extensionalfaulting. Prior to extension, and during the critical 36-42 MaCarlin-type mineralization event, the fold crest at Alpha Gold wouldhave been a regional highpoint among nearby mountain ranges. Wellexposed ‘lower plate windows’ near Alpha Gold have beenextensively explored for Carlin-type gold deposits with a number ofdeposits found along the limbs.
About Sitka Gold Corp.
Sitka Gold Corp. is a mineral exploration companyheadquartered in Canada that is fully funded for its planned 2021exploration programs with the recent completion of a $6.37 millionfinancing. The Company is managed by a team of experienced industryprofessionals and is focused on exploring for economically viablemineral deposits with its primary emphasis on gold, silver and coppermineral properties of merit. Sitka currently has an option to acquirea 100% interest in the RC, Barney Ridge, Clear Creek and OGIproperties in Yukon and the Burro Creek Gold property in Arizona.Sitka owns a 100% interest in its Alpha Gold property in Nevada,it’s Mahtin Gold property in the Yukon and it’s Coppermine Riverproject in Nunavut.
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 BOARDOF DIRECTORS OF
For more information, please contact:
CEO & Director
604-979-0509
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