SITKF - Sitka Completes High Resolution Airborne Geophysical Survey at its RC Gold Project in Yukon
(TheNewswire)
VANCOUVER, CANADA – TheNewswire - February 3, 2022 - Sitka Gold Corp.(“Sitka” or the “Company”) (CSE:SIG) (CNSX:SIG.CN) (FSE:1RF) (OTC:SITKF) is pleased toannounce that it has completed a high resolution, helicopter-borne,geophysical survey at its district-scale, 376 square kilometre RC GoldProject (“RC Gold” or the “Project”) in the Yukon. Themagnetic survey was completed by Precision GeoSurveys Inc. andtotalled over 1,200 line kilometres across three target areas at RCGold, including the Saddle Eiger zone where the Company is currentlymobilizing a diamond drill program.
“We are very pleased that Precision GeoSurveys was able to completethis high resolution, helicopter-borne geophysical survey at our RCGold Project last month. Airborne magnetic surveys provide anexcellent data capture and we anticipate that the quality datagenerated from this survey will further assist us in refining drilltargets on the property. Part of the survey was flown over the SaddleEiger zone where a large 500 metre by 2000 metre intrusion relatedgold system has been identified and where the Company’s 2020 and2021 drill programs have been focused. Results from this zone havereturned several significant gold intercepts, including the last drillhole completed in 2021, DDRCCC-21-021 (“Hole 21”), thatintersected 220.1 metres of 1.17 g/t gold from surface (see newsrelease dated December 13, 2021). We will be utilizing the data fromthis survey immediately as we prepare to commence our winter drillprogram which is designed to follow up on the exceptional results ofHole 21,” stated Cor Coe, P.Geo., CEO and Director of Sitka.
The data generated from the high resolution airborne magnetic surveywill be used as an aid to mapping the exploration essentials ofstructure, alteration, and lithology of the target zones inconjunction with the existing results from LiDAR, geochemical soilsampling, existing mapping, sampling, drilling and historical datapresent on the district scale Property.
Sitka’s winter drill program is expected to begin in the coming daysand, including the proposed summer program, will consist of up to10,000 metres of diamond drilling. The drilling will initially befocused on step out drilling from drill hole DDRCCC-21-021 (Hole 21).
About the RC Gold Project
The RC Gold Project consists of a 376 square kilometre contiguousdistrict-scale land package located in the newly road accessible ClearCreek, Big Creek, and Sprague Creek districts in the heart of Yukon'sTintina Gold Belt and of the Tombstone Gold Belt. It is the largestconsolidated land package strategically positioned mid-way betweenVictoria Gold's Eagle Gold Mine—Yukon’s newest gold mine whichreached commercial production in the summer of 2020—and GoldenPredator's Brewery Creek Gold Mine. The RC Gold Project land packagecomprises five underlying properties, namely, the RC, Bee Bop, Mahtin,Clear Creek, and Barney Ridge properties*. ?The Company recentlyidentified a large 500 m by 2000 m intrusion related gold system onthe Property at the Saddle Eiger zone and to date has drilled 19diamond drill holes into this system. This has been the main focus ofthe Company’s drill programs at RC Gold in 2020 and 2021 which havereturned several significant gold intercepts, including the last drillhole from the 2021 drill program, DDRCCC-21-021 (“Hole 21”) thatintersected 220.1 metres of 1.17 g/t gold from surface. Hole 21,located in the Saddle West Zone, was drilled under a greater than 500ppb gold-in-soil anomaly that was previously identified on surface andis part of the larger 2 kilometre by 500 metre gold-in-soil anomalythat stretches from the Saddle West Zone to the Eiger Zone. This drillhole was collared 200 metres south of any previous drilling conductedand intersected a newly recognized controlling structure tomineralization known as the Blackjack Fault (see news release datedDecember 13, 2021).
Sitka Gold inherited a wealth of historical and current data fromthese 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 at its western boundary and FlorinResources’ Florin Gold property at its northern boundary.
*For more detailed information on the underlying properties pleasevisit our website at www.sitkagoldcorp.com .
Deposit Model
Exploration on the Property has mainly focused on identifying anintrusion-related gold system (“IRGS”). The property is part ofthe Tombstone Gold Belt which is the prominent host to IRGS depositswithin the Tintina Gold Province in Yukon and Alaska. Notable depositsfrom the belt include: Fort Knox Mine in Alaska with current Provenand Probable Reserves of 230 million tonnes at 0.3 g/t Au (2.471million ounces; Sims 2018) (1) ; Eagle Gold Mine with current Proven and ProbableReserves of 155 million tonnes at a diluted grade of 0.65 g/t Au atthe Eagle and Olive deposits (3.261 million ounces; Goodwin et al.2019) (2) ; the BreweryCreek epizonal deposit with current Indicated Mineral Resource of 22.2million tonnes at a gold grade of 1.11 g/t (0.789 million ounces;Hulse et al. 2020) (3) ; andthe Florin Gold deposit, located adjacent to Sitka’s RC Goldproject, with a current Inferred Mineral Resource of 170.99 milliontonnes grading 0.45 g/t (2.47 million ounces; Simpson 2021) (4) .*
(1) Sims J. Fort Knox Mine Fairbanks North StarBorough, Alaska, USA National Instrument 43-101 Technical Report. June11, 2018. https://s2.q4cdn.com/496390694/files/doc_downloads/2018/Fort-Knox-June-2018-Technical-Report.pdf
(2) Goodwin R, Gray P, Jutras M, Tang S, Wilbur S. Technical Report for the Eagle Gold Mine, Yukon Territory, Canada.JDS Energy & Mining Inc. December 6, 2019.
https://vitgoldcorp.com/site/assets/files/6480/jds-vit-eagle-gold-ni-43-101-fs-report-20191206.pdf
(3) Hulse D, Emanuel C, Cook C. NI43-101 TechnicalReport on Mineral Resources. Gustavson Associates. May 31, 2020.
https://www.goldenpredator.com/_resources/Brewery-Creek_NI-43-101-05OCT2020-File.pdf
(4) Simpson R. Florin Gold Project NI43-101Technical Report. Geosim Services Inc. April 21, 2021. https://sedar.com/GetFile.do?lang=EN&docClass=24&issuerNo=00005795&issuerType=03&projectNo=03236138&docId=4984158
About Sitka Gold Corp.
Sitka Gold Corp. is a well funded mineral exploration companyheadquartered 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 ongold, silver, and copper mineral properties of merit. Sitka currentlyhas an option to acquire a 100% interest in the RC, Barney Ridge,Clear Creek and OGI properties in Yukon and the Burro Creek Goldproperty in Arizona. Sitka owns a 100% interest in its Alpha Goldproperty in Nevada, it’s Mahtin Gold property in the Yukon andit’s Coppermine River project in Nunavut.
The scientific and technical content of this news release has beenreviewed and approved by Cor Coe, P.Geo., Director and CEO of theCompany, and a Qualified Person (QP) as defined by National Instrument43-101.
ON BEHALF OF THE BOARD OF DIRECTORS OF
SITKA GOLD CORP.
“ DonaldPenner ”
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 and Forward-LookingStatements
This news release containsforward ? looking statements and forward ? looking information within the meaning of applicable securitieslaws. These statements relate to future events or future performance.All statements other than statements of historical fact may beforward ? looking statements or information.Forward ? looking statements and information areoften, but not 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 statements and information address future events andconditions, by their very nature they involve inherent risks anduncertainties. Actual results could differ materially from those currently anticipated due toa number 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 andinformation contained in this news release. Readers are cautioned thatthe foregoing list of factors is not exhaustive.
The forward ? looking statements and information contained in this news releaseare made as of the date of this news release and no undertaking isgiven to update publicly or revise any forward ? looking statements or information, whether as a result of newinformation, future events or otherwise, unless so required byapplicable securities laws or the CSE. The forward-looking statementsor information contained in this news release are expressly qualifiedby this cautionary statement.
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