SITKF - Sitka Drills 16.0 Metres of 2.18 g/t Gold at RC Gold in Yukon

(TheNewswire)

VANCOUVER, CANADA - TheNewswire – January 20, 2022 - Sitka Gold Corp.(“Sitka” or the “Company”) (CSE:SIG) (CNSX:SIG.CN) (FSE:1RF) (OTCQB:SITKF) is pleased to announce final assayresults from  5 diamond drill holes (DDRCCC-21-016 throughDDRCCC-21-020) from the Company’s 2021 summer exploration program atits RC Gold Project (“RC Gold” or the “Project”).

The Company completed a 15-hole, 5,000 metre diamonddrill program on the Saddle-Eiger zone at the RC Gold Project duringthe 2021 exploration season. Assay results from all 15 holes(DDRCCC-21-007 through DDRCCC-21-021) have now been received.DDRCCC-21-016 and -017 were drilled at the Eiger zone.  Drill holesDDRCCC-21-018 through DDRCCC-21-020 were drilled at the Saddle Ridgezone (see Figure 1) – approximately 750 metres east of the SaddleWest zone where DDRCCC-21-021 (“Hole 21”) intersected 220.1 metresof 1.17 g/t gold from surface (see Company news release dated December13, 2021), and 1,000 metres west of the Eiger zone (see Figures 2 and3).

All results for the 2021 summer drilling program havenow been received and released.  Mobilization for a 2022 winterdiamond drill program at the Project is currently underway withdrilling expected to start later this month to follow up on theresults from Hole 21.

“We are very pleased with the results from our 2021exploration program at the RC Gold Project. Drilling has continued todemonstrate that there is significant gold enrichment in this systemalong a wide, 2,000 metre long structural corridor of sheeted veiningstretching from the Saddle West zone through the Saddle Ridge zone andon to the Eiger zone. Visible gold was also observed in DDRCCC-21-019which coincided with a 0.3 metre intercept that returned over 1 ounceper tonne of gold and reflects what we believe to be a continuation ofthe high-grade gold corridor recently discovered in Hole 21 locatedover 700 metres away at the Saddle West zone. Our understanding of thegeologic controls to mineralization within this system has growntremendously this past field season and we are very excited about theopportunity to apply that knowledge to our upcoming drill programsplanned for this winter and the summer field season. Our focus thiswinter will be on following up at the Saddle West zone and on theresults from Hole 21”, stated Cor Coe, P.Geo., CEO and Director ofSitka.

Table 1 - Significant DiamondDrilling Intercepts

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Figure 1 – RC Project Drill HoleLocations and Longitudinal Section Line

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Figure 2 - Saddle Ridge & EigerZones

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Figure 3 - Longitudinal Section AlongStructural Corridor at Clear Creek

Table 2 – Drill HoleInformation

Drill hole DDRCCC-21-016 was drilled at the Eiger zone on section with, and 100metres above DDRCCC-21-012 which intercepted 419.0 metres of 0.67 g/tgold (see Company news release dated September 22, 2021), and 200metres above DDRCCC-21-013 which intercepted 213.0 metres of 0.45 g/tgold (see Company news release dated October 21, 2021).  Thedrillhole was collared and remained in the Eiger diorite unit for itsentire length.   Significant sheeted quartz-vein style mineralizationwas encountered from the top of the hole at 3.0 metres to 161.0 metresdownhole for a 158.0 metre interval grading 0.33 g/t gold after whichthe density of veining was more sporadic.

Drill hole DDRCCC-21-017 was also drilled at the Eiger zone 55 metres northeast ofhole DDRCCC-21-016.  This hole encountered numerous post-mineralfaults at low angles to the core axis consisting of clay gouge andcalcite healed gouge-breccia zones.  The hole was terminated beforetarget depth due to the poor ground conditions caused by drillingthese faults at a low angle.  Mineralization consisted of sections ofsheeted quartz veining of varying density with associated sulphideminerals and returned a weighted average gold value of 0.13 g/t goldover the entire 162.5 metre length of the hole.

Drill hole DDRCCC-21-018 is located at the Saddle ridge zone, approximately 1,000metres west of the Eiger zone, and was an 80 metre step-back from holeDDRCCC-20-001 which returned 84.8 metres of 0.52 g/t gold (see Companynews release dated November 23, 2020).  This hole was collared inmetasedimentary country rock and encountered several intrusive sillsand dikes of the Saddle style megacrystic feldspar granite.  Goldmineralization is associated with sheeted quartz veining and generallybest developed in and adjacent to the intrusive unit.  This holereturned a weighted average interval of 86.9 metres of 0.36 g/t goldfrom 42.1 metres to 129.0 metres downhole which includes severalhigher-grade zones (see table 1). This hole was terminated due totechnical failure caused by permafrost before reaching target depthand was subsequently closely twinned by hole DDRCCC-21-019.

Drill hole DDRCCC-21-019 was drilled as a twin to DDRCCC-21-018 which had to beterminated prior to target depth due to technical failure with thedrilling rig.  The geology encountered in this hole is consistentwith the results of hole DDRCCC-21-018 but returned better gold gradeswith a weighted average interval of 80.0 metres grading 0.59 g/t gold,including an occurrence of visible gold in an interval grading 39.20g/t gold over 0.3 metres.

Drill hole DDRCCC-21-020 was drilled to the north on the same section line as holesDDRCCC-20-001 and DDRCCC-21-018 and -019 and collared just to thesouth of DDRCCC-21-018 and -019.  The hole failed to reach targetdepth due to poor ground conditions and did not intersect theprojection of the main megacrystic feldspar granite sill associatedwith the stronger gold grades drilled in DDRCCC-20-001 andDDRCCC-21-018 and -019. No significant zones of mineralization wereencountered.

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 North Vancouver, BC.  Each sample was assayed forgold by 50 gram fire assay Au-ICP22 as well as by ICP ME-MS41 for asuite of 51 elements. Overlimit samples containing greater than 10 g/tAu were analyzed by fire assay with a gravimetric finish(Au-GRA22).

The Company has a rigorous Quality Assurance/QualityControl (QA/QC) program in place consistent with NI 43-101 andindustry best practices in addition to QA/QC procedures at the lab. Each batch of 20 samples contains one certified Standard ReferenceMaterial and one blank of unmineralized material.

About the RC Gold Project

The RC Gold Project consists of a 376 square kilometrecontiguous district-scale land package located in the newly roadaccessible Clear Creek, Big Creek, and Sprague Creek districts in theheart of Yukon's Tintina Gold Belt and of the Tombstone Gold Belt. Itis the largest consolidated land package strategically positionedmid-way between Victoria Gold's Eagle Gold Mine—Yukon’s newestgold mine which reached commercial production in the summer of2020—and Golden Predator's Brewery Creek Gold Mine. The RC GoldProject land package comprises five underlying properties, namely, theRC, Bee Bop, Mahtin, Clear Creek, and Barney Ridge properties*.?

Sitka Gold inherited a wealth of historical and currentdata from these properties from work spanning the last 40 years.Recent exploration work and the compilation of historical data havedefined several mineralized zones with both bulk tonnage,intrusion-related gold deposit targets and high-grade, vein- andbreccia-hosted gold targets. The RC Gold Project also has a commonborder with Victoria Gold’s Clear Creek property at its westernboundary and Florin Resources’ Florin Gold 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 mainly focused onidentifying an intrusion-related gold system (“IRGS”). Theproperty is part of the Tombstone Gold Belt which is the prominenthost to IRGS deposits within the Tintina Gold Province in Yukon andAlaska. Notable deposits from the belt include: Fort Knox Mine in Alaska with current Proven and ProbableReserves of 230 million tonnes at 0.3 g/t Au (2.471 million ounces;Sims 2018) (1) ; Eagle Gold Mine with current Proven and Probable Reservesof 155 million tonnes at a diluted grade of 0.65 g/t Au at the Eagleand Olive deposits (3.261 million ounces; Goodwin et al.2019) (2) ; the Brewery Creek epizonal deposit with current IndicatedMineral Resource of 22.2 million tonnes at a gold grade of 1.11 g/t(0.789 million ounces; Hulse et al. 2020) (3) ; and theFlorin Gold deposit, located adjacent to Sitka’s RC Gold project,with a current Inferred Mineral Resource of 170.99 million tonnesgrading 0.45 g/t (2.47 million ounces; Simpson 2021) (4) .*

(1) Sims J. Fort Knox MineFairbanks North Star Borough, Alaska, USA National Instrument 43-101Technical Report. June 11, 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, YukonTerritory, 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 Technical Report 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 GoldProject NI43-101 Technical 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 explorationcompany headquartered 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 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 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-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 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.

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