SITKF - Sitka Drills 100.8 Metres of 0.82 G/T Gold and 2 Metres of 16.10 G/T Gold at its RC Gold Project Yukon

(TheNewswire)

VANCOUVER, CANADA - TheNewswire - November 23, 2020: Sitka Gold Corp.("Sitka" or the "Company") (CSE:SIG)(C NSX :SIG. CN ) (OTC:SITKF) (FSE:1RF) is pleasedto announce additional drill results receivedfor two of its drill holes at its RC Gold Project in Yukon ("RCGold" or the "Project"). A total of six drill holestotalling approximately 1500 metres were completed on the districtscale RC Gold Project this year testing high priority targets overapproximately 10 kilometres (Figure 1). Results for the remaining twodrill holes (DDRCRC-20-005 & DDRCRC-20-006) are pending.

Highlights from these drill holes include*:

• - 287.0 metres of0.52 g/t gold from 9.0 to 296.0 metres (theentire hole)

in DDRCCC-20-002 including:

• • - 231.0 metres of0.61 g/t gold from 65.0 to 296.0 metres and

    - 100.8 metres of0.82 g/t gold from 156.4 to 257.2 metresand

    - 2.0 metres of16.10 g/t gold from 294.0 to 296.0 metres

• - 84.8 metres of 0.52 g/tgold from 3.0 to 87.8 metres in DDRCCC-20-001including:

  • - 13.6 metres of1.63 g/t gold from 72.1 to 85.7 metresand

    - 18.0 metres of1.34 g/t gold from 69.0 to 87.0 metres and

    - 18.0 metres of .90 g/tgold from 3.0 to 21.0 metres

*See Table 1.

"These exceptional results demonstrate theenormous potential present at the Saddle-Eiger Zones and confirm thatthe area hosts significant gold mineralization, open both laterallyand at depth, within a broad gold-in-soil anomaly that is over 2kilometres in length (Figure 2)", stated Cor Coe, Director andCEO of Sitka. "It is very impressive to have an entire drill hole(DDRCCC-20-002) return over 0.52 g/t gold, including 100.8 metres of 0.82 g/tgold, that also ended in 16.1 g/t gold over 2.0 metres . Theintercepts and grades we are discovering in this area are quitecompelling when you consider Victoria Gold's producing Eagle Goldmine, located about 40km east of our claim block, has a resource gradeof 0.63 g/t gold. We believe the results from these inaugural drillholes at the Saddle-Eiger Zones reflect the grades and scale necessaryfor hosting an economic gold deposit and we are looking forward to amuch more aggressive drill program in 2021 to follow up on thisimportant discovery."

Sitka's first ever drill campaign at RC Gold testedfour targets over a distance of approximately 10 kilometres within amassive 345.5 square kilometre land package that had never beendrilled before or where previous drilling had been unsuccessful inreaching target depth (see Figure 1). The campaign was successful inintersecting significant gold mineralization within an intrusionrelated gold system environment in all four drillholes completedwithin the Saddle-Eiger Zone area.

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Figure 1: RC Gold Project2020 Drillhole Locations

These drill holes were strategically positioned to testthe large, overlying >100ppb to >500 ppb gold-in-soilgeochemical anomaly that stretches over an approximate 2 kilometre x500 metre area (Figure 2). DDRCCC-20-001 and 20-002 were locatedapproximately 1240 metres and 1830 metres respectively to the west ofDDRCCC-20-004 along the trend of this large gold anomaly.DDRCCC-20-003 and 20-004 also returned exceptionally longintersections of up to 139.1 metres of 0.61 g/t gold as well as highgrade intervals of up to 9.57 g/t gold over 0.9 metres, and straddle alateral width of 300 metres of persistent gold values throughout bothholes. The results from these four drill holes demonstrate thepotential size and robust nature of this mineralized gold zone andsolidify Sitka's belief that the RC Gold Project is an incrediblyfertile land package capable of hosting several intrusion related golddeposits along with high-grade vein and breccia hosted gold. Sitka isplanning a much larger diamond drill program to follow up on theseresults in the 2021 field season.

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Figure 2: 2020 Drillhole Plan Map atthe Saddle-Eiger Zones

The Company identified the Saddle-Eiger Zones, whichcontains a large >500 ppb gold-in-soil anomaly, as a priority drilltarget area at the RC Gold Project and submitted eleven rock grab andchip surface samples for rush analysis while drilling was underway. The samples returned values ranging from 1.56 g/t gold to 27.8 g/tgold (see news release dated September 8, 2020) and identified astrong correlation between high grade gold and bismuth.

DDRCCC-20-001 was drilled to test mineralizationreported in historical trenches, and a gold-in-soil anomaly at theSaddle zone. The hole encountered a thick package of hornfelsedmetasediments and a quartz monzonite intrusion interpreted by Companygeologists to be a sill. Significant quartz-sulphide sheeted veinswere recorded within the metasediment package in the hanging wall ofthe intrusive sill, and in the intrusive sill itself.

DDRCCC-20-002 was drilled 625 meters west of hole20-001 and collared on the margin of the Saddle intrusive stock. The drillhole intersected quartz monzonite,belonging to the Saddle Stock Unit, for nearly the entire length ofthe hole except for a short section of metasediments near the bottom. Mineralization consisted of sheetedquartz-sulphide veins, and notably an interval of pegmatite and massive arsenopyrite veins at the bottom of thehole which returned 16.1 g/t Au over 2.0 meters between 294.0 and296.0 meters depth. High-grade gold values throughout the drillholeswere found to coincide with higher bismuth values.

DDRCCC-20-003 (results previously announced - see newsrelease dated October 15, 2020) was collared on the margin of theEiger stock and drilled to the northwest to intersect at depthnumerous quartz-sulphide veins sampled at surface which returnedvalues up to 27.8 g/t Au from select grab samples obtained at thebeginning of the drill program (see news release dated September 8,2020). The hole encountered intrusive rocks of the Eiger stockmineralized with sheeted quartz-sulphide veins for its entire length.Mineralization consisted of quartz veins containing pyrite,arsenopyrite and bismuthinite, and massive arsenopyrite veins. Visible gold with bismuthinite was also observedin DDRCCC-20-003 during logging and was confirmed by assay results.The correlation of gold and bismuth in intrusion related gold systemsis a characteristic feature of deeply formed intrusion-proximal golddeposits and is present at the nearby Eagle Gold mine and at the FortKnox gold mine where it indicates the presence of fine grained (on theorder of 100 microns) free gold (Baker et al., 2005). Sheeted quartzveins mineralized with variable amounts of arsenopyrite, pyrite,chalcopyrite and bismuthinite were encountered throughout the entirelength of drillhole DDRCCC-20-003 below the surface projection wherethe reported samples were taken.

DDRCCC-20-004 (results previously announced - see newsrelease dated October 15, 2020) was collared approximately 100 metersnorth of DDRCCC-20-003 and drilled to the south. The hole was plannedto test below mineralization reported from historical trenches and totest the margin of the intrusive stock and the adjoining hornfelsedmetasedimentary unit. The hole encountered mineralized sheeted veinsthroughout its entire length, and a notable increase in grade wasobserved in the hornfelsed metasediment unit adjacent to the Eigerstock.

Table 1: RC Gold Project DrillResults - Saddle-Eiger Zone

* Intervals are drilled corelength, as insufficient drilling has been undertaken to determine truewidths at this time.

Cross-sections of these drillholes will be madeavailable on the Company's website ( www.sitkagoldcorp.com ).

About the RC Gold Project

The RC Gold Project is a 345.5 square kilometredistrict 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 within the Tombstone Gold Belt. It is thelargest consolidated land package strategically positioned mid-waybetween Victoria Gold's Eagle Gold Mine, Canada's newest gold minewhich just reach commercial production earlier this summer, and GoldenPredator's Brewery Creek Gold Mine, which recently received Governmentand First Nation's support for re-starting production. The RC GoldProject land package is comprised of five underlying miningproperties, namely; the RC, Bee Bop, Mahtin, Clear Creek and BarneyRidge Properties*.

Sitka Gold has inherited a wealth of historical andcurrent data from these properties that span the last 40 years. Recentexploration work and the compilation of historical data has 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 AM Gold's RedMountain 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 predominately beenfocused on identifying an intrusion related gold system("IRGS"). The property is part of the Tombstone Gold Beltwhich is the prominent host to IRGS deposits within the Tintina GoldProvince in Yukon and Alaska. Notable deposits from the belt include:Fort Knox mine in Alaska with current reserves of 282 million tonnesat 0.37 g/t Au (3.4 million ounces, not including 7.5 million ouncesof past production; Fairbanks Gold Mining Inc.); Eagle Gold mine with155 million tonnes at a diluted grade of 0.65 g/t Au (3.26 millionounces; Victoria Gold Corp., 2020); the Brewery Creek epizonal depositwith 17.17 million tonnes at a gold grade of 1.45 g/t (0.726 millionounces; Barr, 2013); and the Red Mountain gold deposit, locatedadjacent to Sitka's RC Gold project, with 127 million tonnes grading0.48 g/t (1.95 million ounces; AM Gold Corp.; Cole, 2012)*.

*The disclosure above is strictly for deposit modelcomparisons and the mineralization hosted on these properties is notindicative of mineralization hosted on the Company's property.

(1) O'Brien, E. and Kreft, B., (2010): 2010 DiamondDrilling Program Clear Creek Property

Analysis and QA/QC

Analytical work was carried out by Bureau Veritas Labs. The sample preparation took place in Whitehorse, YT and the analyseswere completed in Vancouver, BC. Each sample was assayed for Gold by50 gram fire assay FA450 with over-limits re-analyzed gravimetrically. Additionally, each sample was analysed by ICP ES-MS for a suite of 36elements.

The Company has a rigorous Quality Assurance/Quality Control (QA/QC)program in place consistent with NI 43-101 and industry best practicesin addition to QA/QC procedures at the lab. Each batch of 20 samplescontains one certified Standard Reference Material and one Blank ofknown unmineralized material.

Stock Options

The Company has granted 300,000 incentive stock optionsto consultants of the Company, exercisable at $0.18 per share for aperiod of 2 years from the date of issue, and 50,000 incentive stockoptions to an advisor of the Company, exercisable at $0.18 per sharefor a period of 5 years from the date of issue.

About Sitka Gold Corp.

Sitka Gold Corp. is a mineral exploration companyheadquartered in Canada and managed by a team of experienced miningindustry 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, 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 and it'sCoppermine River project in Nunavut. Directors and Management ownapproximately 15% of the outstanding shares of Sitka Gold Corp., asolid indication of their alignment with shareholders'interests.

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

SITKA GOLD CORP.

" DonaldPenner "

President andDirector

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 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 in this news release. Readers arecautioned that the foregoing list of factors is not exhaustive.

The forward - looking statements and information contained in this news releaseare made as of the date ofthis news release and no undertaking is given to update publicly orrevise any forward - looking statements orinformation, whether as a result of new information, future events orotherwise, 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 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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