SITKF - Sitka Drills 139.1 Metres of 0.61 g/t Gold Including High-Grade Intervals at its RC Gold Project Yukon
(TheNewswire)
VANCOUVER, CANADA - TheNewswire - October 15,2020 - Sitka Gold Corp. ("Sitka" or the "Company")(CSE:SIG) (CNSX:SIG.CN)(OTC:SITKF) (FSE:1RF) is pleased to announce thefirst assay results from two of its drill holes on its RC Gold Projectin Yukon (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 over a10 kilometre distance (Figure 1). The Company is awaiting results forthe remaining four drill holes.
Highlights from these drill holes include*:
-
- 139.1 metres of0.61 g/t gold from 131.9 metres to 271 metres inDDRCCC20-004 including:
-
- 59 metres of0.88 g/t gold from 212 to 271 metres and
- 37 metres of1.05 g/t gold from 234 to 271 metres and
- 6.6 metres of1.27 g/t gold from 131.9 to 138.5 metres
-
-
- 57.5 metres of 0.50 g/tgold from 243 metres to 300.5 metres inDDRCCC20-003 including:
-
- 11. 6 metres of 1.20 g/tgold from 251 metres to 262.6 metres and
- 0.9 metres of9.57 g/t gold from 251 metres to 251.9metres
-
- 38 metres of0.67 g/t gol d from 27 metres to 65 metres in DDRCCC20-003
-
*See Table 1.
Cor Coe, CEO of Sitka, comments: "We are verypleased to have received and compiled our first drill results fromthis season's diamond drilling program at the RC Gold Project. Visiblegold with bismuthinite was observed in DDRCCC20-003 during logging andnow is confirmed by these assay results. Drill holes DDRCCC20-003 and04 returned exceptionally long intersections of up to 139.1 metres of0.61 g/t gold as well as high grade intervals of up to 9.57 g/t goldover 0.9 metres, and straddles a lateral width of 300 metres ofpersistent gold values throughout both holes (Figure 3). These holeswere drilled at the Eiger zone where previously released assaysearlier this season from surface grab and chip samples returned up to27.8 g/t gold within a >500 ppb gold-in-soil anomaly (see newsrelease dated September 8, 2020). The drilling results at the EigerZone of RC Gold Project confirm that the area hosts significant goldmineralization that is open both laterally and at depth within a broadgold-in-soil anomaly and underscores that this zone is an importantdiscovery for follow up drilling (Figures 2 and 3). Our maiden drillcampaign targeted areas over an 10 kilometre distance within a massive345.5 square kilometre land package that had never been drilled beforeor where previous drilling had been unsuccessful in reaching targetdepth (see Figure 1). The campaign was successful in intersectingsignificant gold mineralization within an intrusion related goldsystem environment in both drill holesDDRCCC20-003 and DDRCCC20-004. These initial results solidify ourbelief that the RC Gold Project is a fertile land package that mayhost several intrusion related gold deposits along with high-gradevein and breccia hosted gold. We look forward to compiling theremaining drill holes once assay results are received from thelab."
Figure 1: RC Gold Project2020 Drill Hole Locations
The Company identified the Eiger Zone, which contains alarge >500 ppb gold-in-soil anomaly, as a priority drill target atthe RC Gold Project and submitted eleven rock grab and chip surfacefor rush analysis (Figure 2) while drilling was underway. The samplesreturned values ranging from 1.56 g/t gold to 27.8 g/t gold* (see newsrelease dated September 8, 2020) and identified a strong correlationbetween high grade gold and bismuth. Visible gold with bismuthinitewas observed in DDRCCC20-003 during logging and is now confirmed bythese assay results. The correlation of gold and bismuth in intrusionrelated gold systems is a characteristic feature of deeply formedintrusion-proximal gold deposits and is present at the nearby EagleCreek gold mine and at the Fort Knox gold mine where it indicates thepresence of fine grained (on the order of 100 microns) free gold(Baker et al., 2005). Sheeted quartz veins mineralized with variableamounts of arsenopyrite, pyrite, chalcopyrite and bismuthinite were encountered throughout the entire length ofhole DDRCCC20-003 below the surface projection where the reportedsamples were taken.
Figure 2: RC Gold Project -Eiger Zone Target Plan Map showing 2020 Surface Rock Samples and Completed Drill Holes and section A-A'
Table 1: RC Gold Project DrillResults - Eiger Zone Target*
---------------------------------------------------- |Hole ID |From (m)|To (m)|Interval (m)|Au (g/t)| |--------------------------------------------------| |DDRCCC20-003|3.0 |307.4 |304.4 |0.36 | |--------------------------------------------------| |Including |27.0 |65.0 |38.0 |0.67 | |--------------------------------------------------| |Including |243.0 |300.5 |57.5 |0.50 | |--------------------------------------------------| |Including |251.0 |262.6 |11.6 |1.20 | |--------------------------------------------------| |Including |251.0 |251.9 |0.9 |9.57 | |--------------------------------------------------| |DDRCCC20-004|2.1 |281.0 |278.8 |0.4 | |--------------------------------------------------| |Including |187.0 |271.0 |84.0 |0.72 | |--------------------------------------------------| |Including |131.9 |271.0 |139.1 |0.61 | |--------------------------------------------------| |Including |212.0 |271.0 |59.0 |0.87 | |--------------------------------------------------| |Including |234.0 |271.0 |37.0 |1.05 | |--------------------------------------------------| |Including |131.9 |138.5 |6.6 |1.27 | ----------------------------------------------------
* Intervals are drilled core length, asinsufficient drilling has been undertaken to determine true widths atthis time.
Figure 3:SECTION A-A' OF DRILL HOLES DDRC20-03 AND 04
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 westernboundary and AM Gold's Red Mountain property at its northernboundary.*
*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 ALS Global Labs. The sample preparation took place in Whitehorse, YT and the analyseswere completed in Vancouver, BC. Each sample was assayed for Gold by30 gram fire assay Au-AA25 with over-limits re-analyzedgravimetrically. Additionally, each sample was analysed by ICPME-MS41 for a suite of 51 elements.
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.
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% interestin its Alpha Gold property in Nevada, it's Mahtin Gold property in theYukon and it's Coppermine River project in Nunavut. Directors andManagement own approximately 17% of the outstanding shares of SitkaGold Corp., a solid 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
For more information contact:
President & Director
778-212-1950
dpenner@sitkagoldcorp.com
or
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 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 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 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.
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.
Copyright (c) 2020 TheNewswire - All rights reserved.