SITKF - Sitka Completes Phase II Summer Diamond Drilling Program at its RC Gold Project Yukon

(TheNewswire)

VANCOUVER, CANADA – TheNewswire- August 17, 2022: Sitka Gold Corp. (“Sitka”or the “Company”) (CSE:SIG) (FSE:1RF) (OTC:SITKF) is pleased to announce that it has completed the Phase II summerdiamond drilling program at its district-scale, road accessible RCGold Project (“RC Gold” or the “Project”) located in theYukon’s prolific Tombstone Gold Belt (TGB).

Summer drilling at RC Gold was completed ahead ofschedule utilizing three drill rigs. The Company has now completed atotal of 20 diamond drill holes for approximately 6,500 metres (m)during two phases of drilling (winter and summer) in 2022 to date.Drilling was primarily focused on stepping out laterally andvertically from the Blackjack zone discovery hole (Hole 21) that wasannounced last December (see news release dated December 13, 2021).Mineralization was intersected in all drill holes with visible goldalso identified in the majority of the drill holes. Phase II drillingalso included the first ever diamond drill hole completed at the BosStock, a Tombstone-age intrusion related gold deposit target locatedapproximately 24 kilometres southeast of the Blackjack zone within the376 square kilometre, contiguous RC Gold Property (see Figure 2). The Phase II summer drilling consisted of 16 diamond drill holestotalling approximately  5,250 m (see Figure 1).

“With the addition of a third drill this summer,Sitka has completed this portion of the diamond drilling program aheadof schedule”, stated Cor Coe, P.Geo., CEO andDirector of Sitka . “The focus of this secondphase of drilling was to expand and better understand themineralization at the Blackjack Zone while also potentially providingthe necessary spatial density to generate an initial resourceestimate. Drilling continued to encounter significant intersections ofmineralization at the Blackjack zone in numerous step out holes thatincluded several instances of visible gold (see news release datedJuly 20, 2022 and this press release) hosted in both intrusive andmetasedimentary host rocks. Assay results from our summer drillprogram are expected to greatly expand our understanding of thecontrols of mineralization at the Blackjack zone. Our systematicapproach to exploration at RC Gold continues to deliver excellentresults and we are eagerly awaiting the assays from this phase ofdrilling.”

The Phase I winter drilling program successfully testedthe potential for expanding the high grades encountered in the 2021Blackjack Zone discovery hole (Hole 21) which intersected 220.1 m of 1.17 g/t gold including 50.5 m of 2.08 g/tgold . All four holes in the Phase I winterdrilling program encountered similar high grades(see Table 1) to the discovery hole and formed the basis for Sitka todesign the Phase II summer drill program.

Table 1 - Previously releasedBlackjack Zone Drill Results

The second phase of drilling was designed to furtherexpand the Blackjack Zone and provide Sitka geologists with a soliddatabase of drilling data to understand controls on mineralizationobserved in both intrusive and metasedimentary host rocks while alsopotentially providing the necessary spatial density to generate aninitial resource estimate. Assay results from Phase II drilling alongwith structural information obtained from oriented drilling, data fromdetailed core logging, reprocessed Lidar dataand interpretation of an airborne magnetic geophysical survey willform the basis for planning of a Phase III drilling program.

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Figure 1: Phase II drilling within the Blackjack zoneextensional corridor

Samples from all 16 holes of the second phase ofdrilling, which began June 1 st , have been sent to ALS Global Laboratories preparationfacility in Whitehorse, Yukon (see Table 2). The Company has nowcompleted a total of approximately  13,000 metres of drilling with 38holes positioned within the identified 2 km extensional corridorencompassing the Blackjack, Saddle and Eiger zones (see news releasedated May 17, 2022).

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Figure 2 - Location of drilling at the Blackjackzone and the Bos Stock intrusion on the RC

Gold Property

Table 2 - Phase II drill hole location, azimuth, dip(assays pending).

The final holes completed during the second phase ofdrilling continued to intersect sheeted quartz sulphide veins andveinlets in megacrystic granite and quartz feldspar porphyry dykes andsills and in proximal intruded metasedimentary rocks. Additionalvisible gold was identified in all of the final drill holes includingthe deepest observation of visible gold at a depth of 417.25m in HoleDDRCCC-22-39.

Figure 3: Visible gold at 417.25 m depth in Drill HoleDDRCCC-22-39

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Figure 4: Drill core from Hole DDRCC-22-039 showinglocation of visible gold within quartz monzonite intrusive.

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Figure 5: Visible gold at 113.54m in HoleDDRCC-22-038

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Figure 6: Drill core from Hole DDRCC-22-038 showinglocation of visible gold within altered metasediments.

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Figure 7: Visible gold at 58.1 m in HoleDDRCCC-22-40

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Figure 8: Drill core from DDRCCC-22-40 showing locationof visible gold within a fine grained feldspar porphyry dyke.

“Sitka is excited to continue to expand the potentialof intrusion-related gold mineralization within the Yukon portion ofthe Tombstone Gold Belt (see Figure 9). We are not alone in ourrecognition of the potential of this extensive mineral belt to hostsignificant gold deposits. The widths and grades encountered indrilling at our Blackjack zone are very significant when compared toour peers Victoria Gold and Banyan Gold who are mining and/orexploring their deposits within the TGB. Victoria Gold is currentlymining the Eagle Gold deposit which had Measured and IndicatedResources prior to mining of 214 million tonnes grade of 0.63 g/t gold(Au) estimated at a 0.15 g/t cut-off (4.397 million ounces; Goodwin etal. 2019) (2) . Banyan Gold recently announced acombined Inferred Mineral Resource at the Airstrip, Powerline andAurex Hill deposits on their AurMac Project of 207.0million tonnes grading 0.60 gram per tonne Au at an estimated cut-offgrade of 0.2 to 0.3 g/t (3.99 million ounces; Jutras 2022) (5) , stated CorCoe, P.Geo., CEO and Director of Sitka. ”

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Figure 9: Regional Map of the RC Gold Project withinthe Tombstone Gold Belt in Yukon

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'sTombstone Gold Belt. It is the largest consolidated land packagestrategically positioned mid-way between Victoria Gold's Eagle GoldMine - Yukon’s newest gold mine which reached commercial productionin the summer of 2020 - and Sabre Gold Mine’s Brewery Creek GoldMine. The RC Gold Project land package comprises five underlyingproperties, namely, the RC, Bee Bop, Mahtin, Clear Creek, and BarneyRidge properties*. ?The Company recently identified a large 500 m by2000 m intrusion related gold system on the Property at the SaddleEiger zone and to date has drilled 38 diamond drill holes into thissystem for a total of approximately 13,000 metres. This has been themain focus of the Company’s drill programs at RC Gold in 2020, 2021and 2022 which have returned several significant gold intercepts.including the discovery hole in the Blackjack zone in the last drillhole from the 2021 drill program, DDRCCC-21-021 (“Hole 21”). Hole21 intersected 220.1 m of 1.17 g/t gold fromsurface that included 50.5 m of2.08 g/t gold . Hole 21 was the westernmost hole drilled in theSaddle-Eiger trend and was drilled under a greater than 500 ppbgold-in-soil anomaly that was previously identified on surface. Thisgold-in-soil anomaly is part of the larger 2 kilometre by 500 mgold-in-soil anomaly that stretches from the Saddle Zone to the EigerZone and is open in all directions. Drilling in 2021 in the Eiger Zonein the easternmost area of the gold-in-soil anomaly has producednumerous significant intersections as demonstrated by Hole 9 whichintersected 354 m of 0.41 g/t Au including 72 m of 0.72g/t Au (see news release dated August 19, 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 underlyingproperties please visit 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 Minewith current Proven and Probable Reserves of 155 million tonnes at adiluted grade of 0.65 g/t Au at the Eagle and Olive deposits (3.261million ounces; Goodwin et al. 2019) (2) ; theBrewery Creek 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) ; the Florin Gold deposit,located adjacent to Sitka’s RC Gold project, with a current InferredMineral Resource of 170.99 million tonnes grading 0.45 g/t (2.47million ounces; Simpson 2021) (4) and the AurMac Project with an Inferred Mineral Resource of 207.0million tonnes grading 0.60 gram per tonne gold (3.99 millon ounces;Jutras 2022) (5) .

(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

(5 ) Banyan Gold News Release Dated May 17, 2022 (Technical Reportto be filed within 45 days of news release)https://www.banyangold.com/news-releases/2022/banyan-announces-4-million-ounce-gold-mineral-resource-estimate-for-the-aurmac-property-yukon-canada/

About Sitka Gold Corp.

Sitka Gold Corp. is a well-funded mineral exploration companyheadquartered in Canada with approximately $4.0 million in workingcapital after paying for the 2022 Yukon RC Gold Project drillingcosts. 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 the Yukon and the Burro Creek Gold property in Arizona.Sitka owns a 100% interest in its Alpha Gold property in Nevada, itsMahtin Gold property in the Yukon and its Coppermine River project inNunavut.

Sitka is currently awaiting assay results from its recently completedPhase II summer diamond drill program at its RC Gold Project in theYukon. Up to 1,500 metres of drilling is also currently underway atthe Company’s Alpha Gold Property in Nevada where a new Carlin-typegold system was recently discovered and where the Company is focusedon vectoring towards the high-grade core of this system.

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.

“ 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 and Forward-Looking Statements

This news release contains forward - looking statements and forward looking information within the meaning of applicablesecurities laws. These statements relate to future events or futureperformance. All statements other than statements of historical factmay be forward - lookingstatements or information. Forward - looking statements and information are often, 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” andsimilar expressions.

Forward-looking statements and information are providedfor the purpose of providing information about the currentexpectations and plans of management of the Company relating to thefuture. Readers are cautioned that reliance on such statements andinformation may not be appropriate for other purposes, such as makinginvestment 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 thosecurrently anticipated due to a number of factors and risks. Theseinclude, but are not limited to, the expected timing and terms of theprivate placement, use of proceeds, anticipated work program, requiredapprovals in connection with the work program and the ability toobtain such approvals. Accordingly, readers should not place unduereliance on the forward - looking statements, timelines and information contained inthis news release. Readers are cautioned that the foregoing list offactors is not exhaustive.

The forward - looking statements and information contained in this newsrelease are made as of the date of this news release and noundertaking is given to update publicly or revise anyforward - looking statementsor information, whether as a result of new information, future eventsor otherwise, unless so required by applicable securities laws or theCSE. The forward-looking statements or information contained in thisnews release are expressly qualified by this cautionarystatement.

Neither the CSE nor its Regulation Services Provider(as that term is defined in the policies of the CSE) acceptsresponsibility for the adequacy or accuracy of this release. No stockexchange, securities commission or other regulatory authority hasapproved or disapproved the information contained herein.

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