SITKF - Sitka Compiles Results from First Deep Drill Hole at Alpha Gold Nevada
(TheNewswire)
VANCOUVER, CANADA - TheNewswire - September24, 2020: Sitka Gold Corp. ("Sitka" or the"Company") (CSE:SIG ) (CNSX:SIG.CN) (OTC:SITKF) ( FSE:1RF) is pleased to announce that it has received all assays fromits first deep drill hole (AG20-01) at its Alpha Gold Property("Alpha Gold" or the "Property") located inNevada's prolific Carlin gold province.
AG20-01 intercepted anomalous gold andmercury in siliceous mudstones of the Webb formation (see Figure 1displaying a histogram for gold and line graph for mercury). Thisanomalous geochemistry was associated with weak sericite-clayalteration and structure and is interpreted as leakage from aCarlin-type system at depth. Information fromthe hole and surface mapping indicate the hole was located on thesteep east limb of a fold. The best location for testing the clasticto carbonate transition into the top of the Devil's Gate Limestone islikely to the west on the broader west limb of the fold. Chertintercepted at 152m in the hole is exposed on the west part of theproperty and a follow up hole collared at the base of that chert unitwith a broad less complex target is being considered. The footwall ofthe major normal fault on the east side of the Property might afford ashallower target but bedding is moderately dipping and highly faultedcreating a narrow, more difficult target. Sitka will continue toassess the geology of the Alpha Gold area and weigh the prospects ofoptimal location to collar the next hole.
"The first deep drill hole at ourAlpha Gold Property was successful in penetrating a substantial amountof the targeted structure," commented Cor Coe, CEO and directorof Sitka. "Several intercepts with anomalous levels of gold wereencountered throughout the Webb formation which we interpret to beleakage from an underlying Carlin-type gold system. The results fromthis first drill hole appear to support our modeling and have greatlyincreased our understanding of the underlying geological structureswhich we can now leverage in determining the optimal location andpositioning of a second drill hole to reach the Webb-Devil's Gatecontact zone."
Figure 1 - Drill HoleAG20-01
AG20-01 was completed to a depth of 548 metres (1799 feet). The holewas successful in penetrating through the upper plate and intersectinga substantial amount of the Webb formation. Intense clay-alterationand shearing from 321.5m - 354.9m (1055ft - 1163ft) is interpreted toreflect a normal fault which offsets dolomite exposed on surface eastof the collar by about 400m downward to where it was intercepted inthe hole. The clay alteration overprints earliersericite-pyrite-quartz alteration. Narrower zones of structurallycontrolled clay-sericite-pyrite and bedding controlled massive pyritewere also present in the hole.
The hole was stopped in Antler Foreland rocks (inferred Blue Hill Unitequivalent) beneath the Roberts Mountains thrust as eastward holedeviation had turned the hole to within 20 degrees of the beddingorientation (Figure 1). Information from the hole has greatly enhancedthe geologic understanding of the project area and supports theCarlin-type gold deposit target concept. Stratigraphy revealed inAG20-01 indicates the upper plate is completely eroded across part ofthe Alpha Gold Project, but the Antler Foreland sequence (Webbformation and Devonian shale) is much thicker than where it is exposedfarther west. Prospective areas for testing the top of the DevilsGate Limestone are interpreted to exist beneath AG20-01 in thefootwall of the normal fault, and up dip to the west (Figure1).
Alpha Gold is located where theprojection of the Cortez gold trend, which hosts several multi-millionounce gold deposits, intersects with the Garden Valley Anticline (Seenews release dated June 18, 2020). Permits for a 12-hole drill programhave been secured to test a Carlin-type gold deposit target at AlphaGold where the prime Late Devonian carbonate host horizon is believedto be preserved at the contact between the Webb formation and theDevil's Gate Limestone (Figure 1). The Webb-Devil's Gate contact zonehosts McEwen Mining's newly operational Gold Bar mine, located nearbyon a parallel anticlinal trend, and is considered to be the mostfavourable host for gold mineralization in the Roberts Mountains.Mineralization hosted on adjacent and/or nearby properties is notnecessarily indicative of the mineralization hosted on the Company'sproperty.
AboutSitka Gold Corp.
Sitka Gold Corp. is a mineral explorationcompany headquartered in Canada and managed by a team of experiencedmining industry professionals. The Company is focused on exploring foreconomically viable mineral deposits with its primary emphasis ongold, silver and copper mineral properties of merit. Sitka currentlyhas an option to acquire a 100% interest in the RC Gold, Bee Bop,Barney Ridge, Clear Creek and OGI properties in Yukon and the BurroCreek Gold property in Arizona. Sitka owns a 100% interest in itsAlpha Gold property in Nevada, its Mahtin Gold property in the Yukonand its Coppermine River project in Nunavut. Directors and Managementown approximately 17% of the outstanding shares of Sitka Gold Corp., asolid indication of their alignment with shareholders'interests.
The scientific and technical content ofthis news release has been reviewed and approved by Cor Coe, P.Geo.,Director and CEO of the Company, and a Qualified Person (QP) asdefined by National Instrument 43-101.
ON BEHALF OF THE BOARDOF DIRECTORS OF
For more information contact:
President & Director
778-212-1950
dpenner@sitkagoldcorp.com
or
CEO & Director
604-817-4753
ccoe@sitkagoldcorp.com
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