SITKF - Sitka Drills 318 Metres of 0.45 g/t Gold at RC Gold Yukon
(TheNewswire)
VANCOUVER, CANADA - TheNewswire - August 19,2021 - Sitka Gold Corp. (“Sitka” or the “Company”)(C NSX :SIG. CN ) (FSE:1RF) (OTC:SITKF) is pleased to announce significant assayresults from the first three drill holes completed this season at itsRC Gold Project in Yukon (the “Project”) where an active drillprogram is currently underway. To date, during the 2021 drillcampaign, 14 drill holes totalling 4,634 metres have been completed onthe district scale RC Gold Project testing high priority targetslocated at the Saddle and Eiger Zones (see Figure 1).
Highlights from these drill holes include*:
-
- 318 metres of0.45 g/t gold from 18 metres to 336 metres in DDRCCC21-007including:
-
- 354 metres of 0.41 g/t gold from 76 metres to 430 metres in DDRCCC21-009 including:
-
- 72 metres of 0.72 g/t gold from 76 m to 148 m and
- 12 metres of 1.52 g/t gold from 198 to 210 metres and
- 48 metres of 0.42 g/t goldfrom 295 to 234 metres and
- 1 metre of 5.74 g/t gold from 295 to 296 metres.
-
* see Table 1
Drill hole RCCC21-007 was drilled at the Saddle Zone at the same drillsite location as last year’s drill hole RCCC20-002 but with anazimuth of 208 degrees and a dip of -58 degrees (RCCC20-002 wasdrilled at an azimuth of 200 degrees and a dip of -58 degrees andended in 2 m of 16.10 g/t gold from 294 to 296 m (see news releasedated November 23, 2020)). Drill hole RCCC21-007 intersected primarilyintrusive rock with quartz veins and veinlets containing varyingamounts of pyrrhotite, pyrite, arsenopyrite and bismuthinite. Almostthe entire hole was enriched in gold, with higher gold gradesassociated with elevated bismuth values, a typical feature ofintrusion related gold systems. Visible gold with bismuthinite wasalso identified in the hole. The intersection of 2 m of 5.49 g/t goldfrom 284 to 286 m in hole RCCC21-007 is projected to occur 30 m to thewest of the intersection of 16.1 g/t gold from 294 to 296 m in holeRCCC20-002 and likely represents the same structure (see inset Figure1). Such variations in gold grade are not unexpected in gold systems,especially systems containing visible gold as seen at the Saddle Zone.
Drill hole 21-008 was drilled to the north of 21-007 to determine theextent of mineralization in this area and returned 32 metres of 0.16g/t gold from 6 metres to 38 metres.
Drill hole 21-009 was drilled at the Eiger Zone, 1,700 m east ofRCCC21-007 and 100 m west of discovery hole RCCC20-003 (see newsrelease of October 15, 2020). This drill hole intersected significantgold mineralization of 0.41 g/t gold over 354 m from 76 m to 430 m,including 1 m of 5.74 g/t gold at 295 m where visible gold withbismuthinite was again identified.
Cor Coe, CEO of Sitka, comments: “We are very pleased to havereceived and compiled our first drill results from this season’sdiamond drilling program at the RC Gold Project. Drill holes 21-007 atthe Saddle Zone and 21-009, 1,750 m to the east at the Eiger Zone,returned exceptionally long intersections enriched in gold containingnarrower higher-grade intervals associated with visible gold andbismuthinite. These results continue to confirm the presence of alarge, gold enriched, mulit-phase intrusive system that has thepotential to host both bulk tonnage and high-grade gold depositswithin Sitka’s 376 square kilometre land package located within theprolific Tombstone Gold Belt. We look forward to releasing furtherresults as they are received and compiled as we continue with our 2021diamond drilling program at RC Gold.”
Figure 1 – Saddle and Eiger ZoneDrill Hole Locations.
Table 1 - RC Gold Project 2021 DrillResults*
| Hole ID |
| Azimuth ( °) |
| Dip ( °) |
| From (m) |
| To (m) |
| Interval (m) |
| Au (g/t) |
| DDRCCC21-007 |
| 208 |
| -58 |
| 18 |
| 336 |
| 318 |
| 0.45 |
| including |
| 128 |
| 232 |
| 104 |
| 0.57 |
| including |
| 262 |
| 353 |
| 92 |
| 0.61 |
| including |
| 262 |
| 294 |
| 32 |
| 1.24 |
| including |
| 280 |
| 294 |
| 14 |
| 2.09 |
| including |
| 284 |
| 286 |
| 2 |
| 5.49 |
| DDRCCC21-008 |
| 332 |
| -47 |
| 6 |
| 38 |
| 32 |
| 0.16 |
| DDRCCC21-009 |
| 342 |
| -45 |
| 76 |
| 430 |
| 354 |
| 0.41 |
| including |
| 76 |
| 148 |
| 72 |
| 0.72 |
| including |
| 198 |
| 210 |
| 12 |
| 1.52 |
| including |
| 202 |
| 204 |
| 2 |
| 6.25 |
| including |
| 295 |
| 343 |
| 48 |
| 0.42 |
| including |
| 295 |
| 296 |
| 1 |
| 5.74 |
* Intervals are drilled corelength, as insufficient drilling has been undertaken to determine truewidths at this time.
Diamond drilling continues on the RC Gold Project. Including the 2020drilling campaign, the Company has now completed 20 diamond drillholes on the Project for a total 6,124 m. Core from holes 21-010 to21-020 has been shipped to the lab and further results are 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 Au-ICP-21 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 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 282 million tonnes at 0.37 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 17.17 million tonnes at a gold grade of1.45 g/t (0.726 million ounces; Barr, 2013) (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 (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
(3) Brewery Creek Mine: Golden Predator Mining, May 31, 2020, SEDARMD&A, updated Resource Est; 22.2 million tonnes
@ 1.11g/t (789,000 oz)
(4) St.James Gold Corp, Florin Gold Property: Apr 21, 2021 SEDAR, InferredResource 170.99 million tonnes @ 0.45g/t (2.47 million oz)
*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 recent completion of a $6.37 million financing. The Companyis managed by a team of experienced industry professionals and isfocused on exploring for economically viable mineral deposits with itsprimary emphasis on gold, silver and copper mineral properties ofmerit. Sitka currently has an option to acquire a 100% interest in theRC, Barney Ridge, Clear Creek and OGI properties in Yukon and theBurro Creek Gold property in Arizona. Sitka owns a 100% interest inits Alpha Gold property in Nevada, it’s Mahtin Gold property in theYukon 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
For more information contact:
President & Director
604-979-0509
dpenner@sitkagoldcorp.com
or
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 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) 2021 TheNewswire - All rights reserved.