SITKF - Sitka Drills 3.05 Metres of 1.10 g/t Gold; Further Increases Land Holdings at Alpha Gold in Nevada

(TheNewswire)

VANCOUVER, CANADA - TheNewswire - November 16,2021 - Sitka Gold Corp. (“Sitka” or the “Company”)(C NSX :SIG. CN ) (FSE:1RF) (OTC:SITKF) is pleased to announceassay results from the final 3 drill holes of the 2021 summer drillprogram at the Alpha Gold Project (“Alpha Gold” or the“Project”) located at the southeast end of the Cortez Trend innorthern Nevada.  Five drill holes were completed during this latestphase of drilling for a total of 1,553 metres (see Figure 1). Sitka isalso pleased to announce that, subsequent to receiving and incorporating these latest results into itsgeological model, an additional 125 claims have been staked to cover high-priority target areas, with newlymapped, prospective alteration and structure on trend with the recentdrilling. These new claims more than double theProject’s land holdings and join the northwest and southeast AlphaGold claim blocks creating a contiguous property of 239 claimstotaling approximately 1,934 hectares (4,780 acres; see Figure2).

Highlights from these drill holes include * :

• - 15.24 metres of 0.46 g/tgold from 333.76 to 349 metres in hole AG21-08 including:

  • - 7.62 metres of 0.68 g/t gold from 339.85 to 347.47 metres including:

    - 4.58 metres of 0.81 g/t gold from 344.42 to 349.0 metres including

    - 3.05 metres of 1.10 g/t gold from 344.42 to 347.47 metres including

    - 1.53 metres of 1.24 g/t gold from 344.42 to 345.95 metres

• - 3.04 metres of 0.41 g/t gold from 196.60 to 199.64 metres in hole AG21-07 including:

  • - 1.52 metres of 0.66 g/t gold from 196.60 to 198.12 metres

* See Table 1

The Alpha Gold Project has advanced rapidly at modestcost, from an undrilled geologic concept with a surface alteration andpathfinder element anomaly, to a large wide-open Carlin-type goldsystem with thick, low-grade gold intercepts, from wide-spaceddrilling.  Intercepted gold grades have improved as basic controls ofthe system have begun to be understood. This is reflected in drillhole AG21-08 where gold intervals over one gram per tonne wereencountered.  Considering the early-stage, relatively blind nature ofthe target, the strength of mineralization encountered thus far andrate of progression at Alpha are extremely encouraging.  Many lateraloffset targets on newly discovered gold-bearing structures withexcellent potential to reveal higher grades are already apparent fromthis year’s drilling.  Success on an early-stage geologic conceptplay also comes with a nearly wide-open land domain.  Geologicmapping across areas south and east of the drilling has identifiedcontinuing alteration and structural trends extending from theexisting land position. Consequently, an additional 125 claims havebeen staked to cover this ground more than doubling the project landholdings.  Figure 2 shows some cursory details of this geologic workand land expansion.  Surface alteration extends between large Eocenerhyolite flow dome features and the structural trend is locallydefined by deeper stratigraphic exposures characteristic of erodedanticlinal uplifts.  This represents the first detailed mappingundertaken in this area, made possible by improved knowledge of thecomplex stratigraphy derived from the drilling.  Depths to key targethorizons are estimated to be relatively modest in comparison tosimilar, better known, covered or blind Carlin-type exploration playsaround the Cortez and Carlin trends.  Sitka now holds 239 contiguousclaims covering multiple highly prospectivetargets for discovery and offset of Carlin-type gold mineralization. The priority will be to better define gold mineralization patternsand find higher grades with more drilling in the current NW Alphaarea.  The information gathered from this will assist in successfultargeting and drilling in the newly staked ground where permitting iscurrently underway.

Cor Coe, P.Geo., CEO and Director of Sitka stated, “We are very pleased to report positive drillresults from this latest phase of drilling at Alpha Gold. Havingintervals of greater than one gram per tonne of gold with only eightdrill holes completed across two phases of drilling in a large, newlyidentified area within the projection of the Cortez trend is extremelyencouraging. It also underscores the importance of using a disciplinedexploration approach to follow up on Carlin-type exploration targetsin a highly prospective area. Staking claims contiguous with ourexisting claims has now doubled the size of our project and enabled usto secure additional highly prospective ground identified from theexploration work completed to date. With our $6.4 million financingcompleted this year, Sitka is well positioned to continue advancingAlpha Gold.”

AG21-07 was drilled at an azimuth of 070 ° and inclination of -70 ° from the same site as AG21-05.  The hole tested the HorseCanyon Equivalent unit and Devil’s Gate formation contact zone inthe footwall of the east-west cross-structure encountered in AG21-05where gold values averaged 0.41 g/t over 12.19 m (see news releasedated September 16, 2021).  Assays from AG21-07 returned anomalousintervals averaging 0.19 g/t over 54.86 m from 111.25 m to 166.20 m,in the Horse Canyon Equivalent unit.  A single sample from 196.60 mto 198.12 m assayed 0.66 g/t in silicification near the top of theDevils Gate limestone.  The E-W cross-structure here is clearlyimportant and greatly enhanced gold grades are possible if the targetstratigraphy can be tested closer to the fault.  Surface alterationalso strengthens to the east.  Additional drill sites are needed foroptimal testing.  The thick gold anomalies, at shallow depths, inclassic Carlin-type alteration with strong associated arsenic,mercury, antimony, and thallium from initial drilling of this locationare highly encouraging.

AG21-06 was drilled 560 m SSE of AG21-07 with a duesouth azimuth.  This hole tested the Horse Canyon Equivalent unit andDevils Gate contact zone which was carbonaceous, decalcified andsilicified.  An ENE cross-structure was tested, but intercepted tooshallow, in the upper part of the Devonian Shale unit.  The structureincluded an altered Eocene rhyolite dike with up to 733 ppm arsenic,but no significant gold.  A 13.72 m zone of 0.12 g/t gold wasintercepted in the target stratigraphy.  This hole may lie too farwest and could also be an indication that east directed holes arecrossing the structural grain of the NNW fold trend more optimallythan south directed holes like this one and AG21-04.

Drill hole AG21-08, located 260 m south southeast ofAG21-07, was designed to test for downward strengthening of alterationin and enveloping a N-S striking rhyolite dike at surface.  The holewas successful in hitting both the dike and the Horse Canyonequivalent unit and Devils Gate formation contact zone which washighly carbonaceous, and strongly silicified, and decalcified (seeFigure 3).  The targeted dike structure was hit at a relativelyfortuitous position within the Horse Canyon Equivalent unit, but thisalso omitted part of the critical host stratigraphy.  A broad zone ofanomalous gold was encountered from 324.61 m to 367.28 m whichaveraged 0.25 g/t, including a 15.24 m interval from 333.76 m to349.00 m that assayed 0.46 g/t.  The peak gold value of 1.24 g/t Auwas encountered in the immediate hanging wall of the rhyolite dike at344.42 m. Association of gold mineralization with steep dikestructures indicates a vertical bias to fluid flow, along with lateralspread into host stratigraphy.  Deeper drillingto test the lower Upper Denay Fm and the Bartine Member of theMcColley Canyon Fm proximal to these dikes will be important in thefuture.  These units host ore deposits at the Gold Bar complex andare analogous to the prolific Wenban 5 through 7 units at Goldrush tothe north.  First, there are ample lateral offset targets to test andpotentially define higher grade zones for deeper drill testing.  Thegold-bearing dike structure intercepted in AG21-08 strikes northtoward the E-W cross-fault that yielded gold intercepts in holesAG21-05 and 07.  The intersection of those two structures will be apriority target for upcoming drilling.

Table 1 - Alpha Gold ProjectAdditional 2021 Drill Results*

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

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Figure 1: Drill Hole Locations

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Figure 2 – New Alpha GoldClaims

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Figure 3 – Cross Section ofAG21-08

QualityAssurance/Quality Control

Analytical work for this drill program was carried outby ALS Global in Reno, Nevada while the sample preparation wascompleted by ALS Global in Elko, Nevada. All samples were fire assayedfor Gold with AA finish and over-limits re-analysed gravimetricallywhere applicable. Additionally, all samples were analysed by ICP-MSfor 51 trace element geochemistry.

The Company has a rigorous QAQC program in place inaddition to QAQC procedures at the lab. Each batch of 20 samplescontains one certified Standard Reference Material, one certifiedBlank and one duplicate. All results have passed the QAQC screeningat the lab.

About Alpha Gold

Sitka Gold has acquired a 100% interest in the Alpha Gold Project,located along the southeast projection of the prolific Cortez GoldTrend in Eureka County, approximately 135 kilometres southwest ofElko, Nevada. The Project is comprised of 1 claim block totalling 239lode claims covering an area of approximately 4,780 acres (1,934hectares) and is accessible via a dirt road, approximately 2 km westof Nevada State Highway 278.

The Project was initially staked after the location was recognized asthe intersection of the regional-scale Pine Valley anticline withnortheasterly fold trends exposed in the Roberts Mountains.Overprinting NNW folds coincident with the projection of the CortezTrend were subsequently recognized and found to be importantalteration and mineralization controls. Of primary importance at theAlpha Gold location is that the rocks have been down-droppedsignificantly by late extensional faulting. Prior to extension, andduring the critical 36-42 Ma Carlin-type mineralization event, thefold crest at Alpha Gold would have been a regional highpoint amongnearby mountain ranges. Well exposed ‘lower plate windows’ nearAlpha Gold have been extensively explored for Carlin-type golddeposits with a number of deposits found along the limbs.

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

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