SIG:CC - Sitka Drills 19.0 metres of 1.03 g/t Gold at its RC Gold Project Yukon

(TheNewswire)

VANCOUVER, CANADA – TheNewswire- November 18, 2022 - Sitka Gold Corp. (“Sitka” or the “Company”) (CSE:SIG)(FSE:1RF) (OTC:SITKF) is pleased to release assay results for  five additional diamond drill holes completedas part of the Company’s Phase II summer 2022 drilling program atthe RC Gold Project (“RC Gold” or the “Project”), located inthe Yukon’s Tombstone Gold Belt (“TGB”).  Sixteen diamond drillholes were completed totaling 5,250 metres during the program, withassays previously released for the first six holes (see Company newsrelease dated September 7, 2022) and an additional five holes stillpending assay results.

Gold assay highlights from this release:

• 19.0 m of 1.03 g/t Au from 292.0m in DDRCCC-22-033, and

10.1 m of 1.56 g/t Au from104.6 m;

• 132.1 m of 0.51 g/t Au from 34.9m in DDRCCC-22-036, and

1.1 m of 20.4 g/t Au from 282.9m;

“The results from this second set of drill holes fromour summer drilling program continue to intersect broad zones ofanomalous gold as we drill test areas proximal to the core of theintrusion-hosted mineralization in the Blackjack zone discovery whereHole 21 (DDRCCC-21-021, “Hole 21”) intersected 220.1 m of 1.17 g/tgold from surface that included 50.5 m of 2.08 g/t gold, (see Companypress release dated December 17, 2021). As expected, proximalmineralization hosted by metasedimentary rocks intruded by intrusivedykes and sills have produced significant intersections of goldmineralization as summarized in Table 1 and 2 and as in previouslyannounced results such as 116.0 m grading 0.65 g/t Au in Hole 29(DDRCCC22-29, “Hole 29” see company news release dated September7, 2022), but not the same tenor as those intersected within theintrusion-hosted mineralization,” stated CorCoe, P.Geo., CEO and Director of Sitka. “Theintersections reported contribute to the potential gold resource thatSitka is drilling in the Blackjack-Saddle-Eiger corridor as we testthe metasedimentary hosted mineralization as highlighted by theintersection of 80 metres grading 0.59 g/t gold in Saddle zone holeDDRCCC-21-019 (“Hole 19” see Company news release dated January20, 2022) located 600 metres to the east of the intrusion-hostedmineralization in the core area of the Blackjack zone. We are eagerlyawaiting the results of the remaining five diamond drill holes fromthis Phase 2 drilling program, several of which contain visible goldand have the potential to expand the intrusion-hosted mineralizationin the Blackjack zone within our district-scale, road accessible RCGold Project.”

Table 1 - Analytical Results for DDRCCC-22-032 throughDDRCCC-22-036

*Intervals are drilled core length, as insufficientdrilling has been undertaken to determine true widths at thistime

Click Image To View Full Size

Figure 1 - Plan Map of Diamond Drill Holes at theBlackjack Zone

Drillhole DDRCCC-22-032 was collaredapproximately 230 metres east of discovery Hole 21 and drilled to thenorthwest with the same azimuth.  The hole encountered stronglyaltered metasedimentary rocks to the final depth of 386.0 metres cutby numerous structurally controlled mineralized and post-mineralizeddykes.  Sheeted quartz vein mineralization was generally bestdeveloped in and adjacent to dyke emplacement resulting in abundantzones of low grade gold mineralization.

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Figure 2 - Cross Section of Hole DDRCCC-22-033

Drillhole DDRCCC-22-033 wasdrilled on a section 100 metres southwest from discovery holeDDRCCC-21-021 below drill holes DDRCCC-22-027 & -028 (see pressrelease dated September 7, 2022) at an azimuth of 320 degrees. Thehole intersected predominantly metasedimentary rocks, with narrowzones of both mineralized and post-mineralized dikes associated withthe development of the strongest structural zones and highest goldgrades.

Drillhole DDRCCC-22-034 wascollared to the northeast of the Blackjack zone to test a significantgold-in-soil anomaly. The hole collared in, and ended inmetasedimentary rocks at a final depth of 174.1 metres and encounteredminor post-mineral intrusive dykes and mineralization-aged intrusivesills with no significant gold mineralization.

Drillhole DDRCCC-22-035 wascollared at the northeast edge of the Blackjack zone, 300 metres westof Saddle zone hole DDRCCC-21-019 (“Hole 19”, see Company newsrelease dated January 20, 2022). The hole was designed to test formineralization hosted in intrusive sills and metasedimentary rockssimilar to the intersection in Hole 19 which returned 80.0 metres of0.59 g/t gold. The hole intersected numerous intrusive dykes andstacked sills within the metasedimentary host-rock similar to thoseencountered at the Saddle zone before ending at 244.0 metres depth. The highest concentration of sills occurred between 122.5 and 239.0metres depth and were associated with sporadic mineralized sheetedquartz veining, and graded 0.23 g/t gold over the 116.5 metreinterval.

Click Image To View Full Size

Figure 3 - Cross Section of Hole 36

Drill hole DDRCCC-22-036 wascollared 165 metres to the northwest and on-section with drill holeDDRCCC-21-021.  The hole encountered the megacrystic intrusive unitassociated with the core of the Blackjack zone from surface to a depthof 385.9 m before crossing into metasedimentarycountry rock.  Significant gold mineralization was most predominantin the upper half of the hole and associated with sheeted-style quartzveining.

Click Image To View Full Size

Figure 4 - Plan Map of Drilling Across the ExtensionalCorridor

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 data and interpretation of anairborne magnetic geophysical survey will form the basis for planningof a Phase III drilling program.

Table 2 - Previously ReleasedBlackjack Zone Drill Results

*Intervals are drilled core length, as insufficientdrilling has been undertaken to determine true widths at thistime

Quality assurance/quality control

On receipt from the drill site, the HQ-sized drill core wassystematically logged for geological attributes, photographed andsampled at Sitka’s 2022 field camp. Sample lengths as small as 0.3 mwere used to isolate features of interest, otherwise a default 2 mdownhole sample length was used. Core was cut in half lengthwise alonga predetermined line, with one-half (same half, consistently)collected for analysis and one-half stored as a record. Standardreference materials, blanks and duplicate samples were inserted bySitka personnel at regular intervals into the sample stream. Baggedsamples were placed in secure bins to ensure integrity duringtransport. They were delivered by Sitka personnel or a contractexpeditor to ALS Laboratories' preparatory facility in Whitehorse,Yukon, with analyses completed in North Vancouver, British Columbia.

ALS is accredited to ISO 17025:2005 UKAS ref. 4028 for its laboratoryanalysis. Samples were crushed by ALS to over 70 per cent passingbelow two millimetres and split using a riffle splitter.One-thousand-gram splits were pulverized to over 85 per cent passingbelow 75 microns. Gold determinations are by fire assay with aninductively coupled plasma mass spectroscopy (ICP-MS) finish on 50 gsubsamples of the prepared pulp (ALS code: Au-ICP-22). Any samplereturning over 10 g/t Au was reanalyzed by fire assay with agravimetric finish on a 50 g subsample (ALS code: Au-GRA21). Inaddition, a 51-element analysis was performed on a 0.5 g subsample ofthe prepared pulps by an aqua regia digestion followed by aninductively coupled plasma mass spectroscopy (ICP-MS) finish (ALScode: ME-MS41).

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 Project.?The Company recently identified a large 500 m by 2000 m intrusionrelated gold system on the Property between the Blackjack, Saddle andEiger zones 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.

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 Proven and Probable Reserves of 155 million tonnes at a dilutedgrade of 0.65 g/t Au at the Eagle and Olive deposits (3.261 millionounces; Goodwin et al. 2019) (2) ; the BreweryCreek deposit with current Measured and Indicated Mineral Resource of 34.5 million tonnes at 1.03 g/tAu (1.14 million ounces; Cook et al. 2022 ) (3) ; the Florin Gold deposit, located adjacent toSitka’s RC Gold project, with a current Inferred Mineral Resource of170.99 million tonnes grading 0.45 g/t Au (2.47 million ounces;Simpson 2021) (4) and the AurMacProject with an Inferred Mineral Resource of 207.0 million tonnesgrading 0.60 grams per tonne gold (3.99 million ounces; Jutras2022) (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)    Cook C. et al.  Preliminary EconomicAssessment NI 43-101 Technical Report on the Brewery Creek Project,Yukon Territory, Canada.  Kappes, Cassiday & Associates. January 18, 2022.

https://www.sabre.gold/sabre-gold/BREWERY-CREEK-PEA-43-101-REPORT_28JAN2022.pdf

(4)    Simpson R.  Florin Gold Project NI 43-101Technical 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/

Upcoming Events

Sitka Gold will be exhibiting at the Yukon GeoscienceForum and Trade Show from November 19 - 22 ( booth #MP-16 ). In addition, Mike Burke, P.Geo,Director and VP of Corporate Development, will be providing thefollowing presentation at the Sternwheeler Hotel and ConferenceCentre:

Sitka's RC Gold Project: "A New, Bulk Tonnage,Intrusion-Related Gold System Discovered within the Tombstone GoldBelt in the Yukon"

Date: Monday, November 21st

Time: 2pm to 2:20pm

Location: SWCC Ballroom

Sitka Gold will also be attending and/or presenting atthe following events:

• Roundup, Vancouver, BC: January 23 - 26, 2023

• Vancouver Resource Investment Conference: January 29 - 30, 2023

• PDAC, Toronto, Ontario: March 5 - 8, 2023

All events are subject to change.

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 Gold 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 additional assay results from its recentlycompleted Phase II summer diamond drill program at its RC Gold Projectin the Yukon. Up to 1,500 metres of drilling is currently beingcompleted  at the Company’s Alpha Gold Property in Nevada where anew Carlin-type gold system was recently discovered and where theCompany is focused on vectoring towards the high-grade core of thissystem.

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 undue reliance on the forward - 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 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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