SITKF - Sitka Drills 20.3 Metres of 1.65 g/t Gold at RC Gold in Yukon

(TheNewswire)

VANCOUVER, CANADA - TheNewswire - September 22, 2021 - Sitka Gold Corp.(“Sitka” or the “Company”) (C NSX :SIG. CN ) (FSE:1RF) (OTC:SITKF) is pleased to announce assay results from anadditional 3 diamond drill holes completed during the 2021 summerdiamond drill program at its RC Gold project (“RC Gold” or the“Project”) located approximately 110 kilometres east of DawsonCity, Yukon. Including the four discovery holes drilled in 2020, theCompany has now completed 19 diamond drill holes at the Saddle –Eiger zone target area at RC Gold for a total of 6,494 metres drilled.

Highlights from these drill holesinclude*:

• - 402.5 metres of 0.40 g/tgold from 39.0 to 441.5 metres in hole DDRCCC 21-010 including:

  • - 37.8 metres of 1.03 g/t gold from 136.5 to 174.3 metres and,

    - 20.3 metres of 1.65 g/t gold from 154.0 to 174.3 metres.

  - 23.0 metres of 0.50 g/t gold from 123.0 to 146.0 metres in hole DDRCCC 21-011 including:

  • - 2.0 metres of 3.58 g/t gold from 144 to 146 metres

  - 25.0 metres of 0.67 g/t gold from 25.0 to 50 metres in hole DDRCCC 21-012 including:

  • - 1.0 metres of 8.89 g/t gold from 39 to 40 metres

  - 7.0 metres of 1.20 g/t goldfrom 166.0 to 173.0 metres in DDRCCC 21-012 including:

  • - 0.9 metres of 4.42 g/t gold from 172.1 to 173.0 metres.

* see Table 1

Cor Coe, P.Geo., CEO of Sitka, comments: “The drilling at RC Goldcontinues to demonstrate the robust nature of the intrusion relatedgold system presently being delineated at the Saddle - Eiger zone andthe potential for this target area to host an economic gold deposit.Results received to date from our summer drilling program show acontinuity of significant intervals of elevated gold mineralizationwith grades comparable to the average resource grade of existing mineswithin the Tintina Gold Belt * , along with narrower intervals of higher grademineralization in the 3.58 to 13.5 g/t Au range. All samples from thesummer drill program have been delivered to the laboratory and we lookforward to compiling and releasing further results as they arereceived.”

* See Deposit Model below.

Holes DDRCCC-21-010, DDRCCC-21-011 and DDRCCC-21-012 were all drilledat the Eiger zone at the east end of the 2,000 metre long Saddle –Eiger zone target, where previous drilling in 2020 and earlier thisyear had identified narrow intersections of higher grade gold withinbroader intervals of elevated gold mineralization (for example 0.9metres of 9.57 g/t gold within 57.5 metres of 0.50 g/t gold – seenews release of October 15, 2020).

DDRCCC 21-010 was collared in sediments and intersected the Eigerstock at 30 metres and remained in diorite until the end of the holeat 458 metres. Quartz veins and veinlets occur in varying intensitiesthroughout the hole, with gold mineralization generally associatedwith increased amounts of arsenopyrite and bismuthinite. The highestgrade interval of 0.4 metres of 13.5 g/t Au at 426.9 metres is likelythe downdip extension of the Wilson vein, where surface sampling in2020 returned grab samples containing up to 27.8 g/t Au (see newsrelease of September 8, 2020). This gives a vertical extension of thisstructure of approximately 250 metres.

DDRCCC 21-011 was collared at the same location as DDRCC 21-010, butat a more westerly azimuth to test the sediment / diorite contactzone. The hole remained in variously altered sedimentary rock for itsentire length of 224 metres with a weak to moderate development ofquartz veinlets locally containing trace amounts of arsenopyrite. Gold values ranged from trace to 2 metres of 3.58 g/t Au at 144metres.

DDRCCC 21-012 was drilled 90 metres east of DDRCCC 21-010 and 011. Thehole was collared in the diorite intrusive and remained in the dioritefor its entire 419 metre length. The hole was similar in character toDDRCC 21-010, intersecting varying intensities of quartz veins andveinlets with trace to 5 % arsenopyrite and trace bismuthinitethroughout its length.

Click Image To View Full Size

Figure 1 – Saddle and Eiger ZoneDrill Hole Locations.

Table 1 - RC Gold Project 2021 DrillResults*

* Intervals are drilled core length, asinsufficient drilling has been undertaken to determine true widths atthis time.

Including the four discovery holes drilled in 2020, the Company hasnow completed 19 diamond drill holes at the Saddle – Eiger zonetarget area for a total 6,494 metres. The 2021 summer diamond drillingprogram at RC Gold has now been completed and core from holes 21-013to 21-021 has been shipped to the lab with further results pending.

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 with Atomic Absorption finish, and over-limitsre-analyzed gravimetrically.  Additionally, each sample was analysedby ICP ME-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 ofunmineralized material.

About the RC Gold Project

The RC Gold Project is a 376 square kilometre contiguous districtscale land package located in the newly road accessible Clear Creek,Big Creek and Sprague Creek districts in the heart of Yukon's TintinaGold Belt and within the Tombstone Gold Belt. It is the largestconsolidated land package strategically positioned mid-way betweenVictoria Gold's Eagle Gold Mine, Canada’s newest gold mine whichreached commercial production in the summer of 2020, 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 and current data fromthese properties that span the last 40 years. Recent exploration workand the compilation of historical data has defined several mineralizedzones with both bulk tonnage, intrusion-related gold deposit targetsand high-grade, vein and breccia hosted gold targets. The RC GoldProject also has a common border with Victoria Gold’s Clear Creekproperty at its western boundary and Florin Resources’ Florin Goldproperty at its northern boundary.

*For more detailed information on the underlying properties pleasevisit our website at www.sitkagoldcorp.com .

Deposit Model

Exploration on the Property has predominately been 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 inAlaska with current reserves of 230 million tonnes at 0.3 g/t Au (3.4million ounces, not including 7.5 million ounces of past production;Fairbanks Gold Mining Inc.) (1) ; Eagle Gold mine with 155 million tonnes at a dilutedgrade of 0.65 g/t Au (3.26 million ounces; Victoria Gold Corp.,2020) (2) ; the BreweryCreek epizonal deposit with 22.2million tonnes at a gold grade of 1.11g/t (0.789 million ounces; Sedar May 31, 2020) (3) ; and the Florin Golddeposit, located adjacent to Sitka’s RC Gold project, with 170.99million tonnes grading 0.45 g/t (2.47 million ounces; Simpson, R.,2021) (4) .*

(1) Kinross, website statement Dec. 31, 2020,  230 million tonnes @ 0.3g/t gold (2.47 million oz of Proven & Probable reserves)

(2) EagleGold Mine: Victoria Gold Corp MD&A on SEDAR, June 30, 2021Reserves of 3.3 million oz of gold

(3) Brewery Creek Mine: Golden Predator Mining, May 31, 2020, SEDARMD&A, updated Resource Est; 22.2 million tonnes

@ 1.11 g/t gold (789,000 oz)

(4) St.James Gold Corp, Florin Gold Property: Apr 21, 2021 SEDAR, InferredResource 170.99 million tonnes @ 0.45 g/t gold (2.47 millionoz)

*The disclosure above is strictly for deposit modelcomparisons and the mineralization hosted on these properties is notnecessarily indicative of mineralization hosted on the Company’sproperty.

About Sitka Gold Corp.

Sitka Gold Corp. is a mineral exploration company headquartered inCanada that is fully funded for its planned 2021 exploration programswith the completion of a $6.37 million financing earlier this year.The Company is managed by a team of experienced industry professionalsand is focused on exploring for economically viable mineral depositswith its primary emphasis on gold, silver and copper mineralproperties of merit. Sitka currently has an option to acquire a 100%interest in the RC, Barney Ridge, Clear Creek and OGI properties inYukon and the Burro Creek Gold property in Arizona. Sitka owns a 100%interest in its Alpha Gold property in Nevada, it’s Mahtin Goldproperty in the Yukon and it’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 BOARDOF DIRECTORS OF

SITKA GOLD CORP.

“ DonaldPenner ”

President andDirector

For more information contact:

DonaldPenner

President & Director

604-979-0509

dpenner@sitkagoldcorp.com

or

CorCoe, P.Geo.

CEO & Director

604-979-0509

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 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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