SITKF - Sitka Expands Extent of Gold Mineralization in Strong Carlin-Type Alteration to 2.5 Km at the Alpha Gold Project Nevada
(TheNewswire)
VANCOUVER, CANADA – TheNewswire - February 22, 2023: Sitka Gold Corp.(“Sitka” or the “Company”) (CSE:SIG) (FSE:1RF) (OTCQB:SITKF) is pleased to release results from the final drill holes of the 2022 drill program at the Alpha Gold Project (“AlphaGold” or the “Project”) located on the southeast projection ofthe Cortez gold trend, approximately 40 kilometres (km) southeast ofthe Nevada Gold Mines Cortez Complex in Nevada (Figure 1).
A total of 1,374.7 metres (m) in four holes (AG22-09– AG22-12) were completed in 2022. AG22-11 intersected 12.2 m of 0.50 g/t gold including 1.5 m of2.32 g/t gold within strong Carlin-typealteration. The hole was a 940m step-out south-southeast of AG22-10which intersected 21.3 m of1.21 g/t gold including 1.5 m of 4.62 g/t gold (see news release dated October 6, 2022) expanding theextent of gold mineralization in strong Carlin-type mineralizationintersected in drilling to 2.5 km within the 8 km north-northwesttrending target zone (Figure 2).
Figure 1: Location map of Alpha GoldProject within the Cortez Trend.
Cor Coe, P.Geo., CEO and Director of Sitka Goldcomments, “ The results fromour final drill holes of 2022 are very encouraging and continue todemonstrate the potential of this area to host one or more significantCarlin-type gold deposits as seen at other locations along the Corteztrend. The intercept from AG22-11 is particularly exciting as itexpanded the extent of known Carlin-type gold mineralization anadditional 940 metres from Hole 10 and suggests proximity to apotential high-grade core zone. This was an important step inconfirming the mineralization trend considering there is nosignificant gold in surface alteration. Further, while Hole 12 did notreach its target depth, the gold present in the cap rock above thetargeted host horizon was more anomalous than in Hole 11 and suggeststhe host rock in this location could be higher-grade in nature. With2.5 km of potential strike length delineated by our drilling in 2021and 2022, the next step at Alpha will be locating the anticline crestand core of the goldmineralization with additional cross trend drilling aimed at findinghigher-grade gold zones similar to those that have made the Corteztrend famous.”
Figure 2: North-northwest trendingtarget zone at Alpha Gold.
AG22-12 was drilled 5.6 km south of AG22-10 at thesouthern extent of the target zone in the Frazier Creek area. Astrongly altered dike-filled fault zone high above the target horizoncarried anomalous gold. Progress on the hole was plagued by mechanicalbreakdowns and challenging hole conditions and after nine weeks thedecision was made to abandon the hole at 416 m as severe winterweather set into the area. The hole therefore did not reach thecritical Horse Canyon Equivalent host rock horizon which was itstargeted objective. Gold was more anomalous in AG22-12 than it was inAG22-11 in the shale cap rock above the host horizon. Surfacealteration at Frazier Creek is visually the strongest on the AlphaGold property with a 2 km strike length of continuous alterationinterpreted as leakage from a potential Carlin-type gold system atdepth. Valuable information obtained from this first drill hole andthe extensive alteration on surface confirms Frazier Creek as a highpriority target (Figure 5).
Confirmation of a Large Carlin-typeGold System
All elements of a large Carlin-type gold system areconfirmed by results at Alpha. The Horse Canyon Equivalent hostrock horizon carries gold mineralization and Carlin pathfinders in allholes that have penetrated it at Alpha and correlates with analogoushorizons at Goldrush and Gold Bar. A deeper horizon in the McColleyCanyon Fm (Goldrush Wenban Fm Unit 5 equivalent) remains untested atdepth. Mapping has identified and drilling is confirming a NNWanticline broadly controlling gold mineralization just like atGoldrush 40 km to the NNW. Gold mineralization is now drill-definedfor 2.5 km along the anticline in the Horse Canyon Equivalent host.Drill results ranging from broad zones of 0.10 g/t in AG21-02 and 03versus stronger intercepts like 21.3 m of 1.21 g/t Au in AG21-10 mayreflect their proximity to the crest of this anticline.* A highergrade core coincident with the anticline crest can now be surmised inthis manner. The location of this interpreted highpriority drill target zone is shown in Figure 2. The target is alsobased on the gold distribution pattern at Goldrush where gold greaterthan 5 g/t is restricted to mostly narrow elongate zones.
* The geologic setting at Alpha iscorrelative with that at Goldrush and other gold deposits along theCortez Trend, however, Sitka makes no representation that similar golddeposits will be found at Alpha.
Targeting High-grade GoldMineralization
Peak gold grades in Carlin-type systems generally occur where orefluids, optimal host rock, and highly fractured or brecciated zonesintersect. Figures 3 and 4 are drill sections illustrating suchtargets at Alpha. Figure 3 shows the fold crest target west ofAG22-10. Gold grades increase from 1.24 g/t in AG21-08 to 4.62 g/t inAG22-10. Gold grade should continue to increase into the crest andhingeline of the fold where fracture intensity should be greatest.
Figure 3: Cross-section throughAG21-08 and AG21-10 showing interpreted core gold mineralizationtarget (red cross hatched areas).
Figure 4 shows Goldrush style anticline crest targets at the projectedlocation of the core zone between AG21-03 and 04. Targets inferredalong the reverse fault are like breccia zone ore bodies on the Sadlerreverse fault at the new Fourmile deposit. AG21-03 intercepted 58 m @0.10 g/t Au around a large karst cavity. AG21-04 had the highestsulphide and arsenic concentration of any hole including 66 m @ 622ppm As, associated with an altered intrusive body in the Horse CanyonEquivalent to Devils Gate contact. The potentially even moreprospective McColley Canyon Fm (Goldrush Wenban Fm Unit 5 equivalent)target on this section is less than 600 m deep and has not been testedby drilling here or elsewhere on the property. Testing these systemcore targets with cross-trend drilling, then offsetting them alongtrend as shown by the target zone map in Figure 2 is the next stagefor the Alpha Gold project.
Figure 4: Cross-section of AG21-03and AG21-04 showing interpreted core gold mineralization targets (redcross hatched areas).
Figure 5: Frazier Creektarget.
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 one contiguous claim blocktotaling 239 lode claims covering an area of approximately 4,780 acres(1,934 hectares) and is accessible via a dirt road, approximately 2 kmwest of 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.
A total of 3,979 metres of drilling in 12 holes have been completed atAlpha Gold since its acquisition and have advanced the Property froman undrilled geologic concept with a surface alteration and pathfinderelement anomaly, to a large wide-open Carlin-type gold system withthick, low-grade gold intercepts, from wide-spaced drilling.
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, Barney Ridge,Clear Creek and OGI properties in the Yukon and the Burro Creek Goldproperty in Arizona. Sitka owns a 100% interest in its Alpha Goldproperty in Nevada, its Mahtin Gold property in the Yukon and itsCoppermine River project in Nunavut.
Sitka has received all assay results from its 2022 diamond drillprogram at its RC Gold Project in the Yukon and announced a 43-101compliant Initial Mineral ResourceEstimate of 1,340,000 ounces of gold beginning at surface andgrading 0.68 g/t (see news release dated January 19, 2023). Resultsfrom 2022 drilling at the Company’s Alpha Gold Property in Nevadawhere a new Carlin-type gold system was recently discovered have allbeen received. The Company is focused on vectoring towards thehigh-grade core of this newly discovered system which is located inthe Cortez Trend just 40 km southwest of the Cortez Mine Complex ofBarrick/Newmont.
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.
“ DonaldPenner ”
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
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