SITKF - Sitka Gold Commences Drilling at its RC Gold Project Yukon
(TheNewswire)
VANCOUVER, CANADA – TheNewswire - June 8, 2021 -Sitka Gold Corp. (“Sitka” or the “Company”) (CSE:SIG)(FSE:1RF) (OTC:SITKF)(CNSX:SIG.CN) is pleased to announce that it hascommenced drilling at its RC Gold Pro ject (“RC Gold” or “theProject”), located approximately 110 kilometres east of Dawson City,Yukon (Figure 1). The Company plans to drill 10,000 metres withdrilling focused on expanding the extent of gold mineralizationdiscovered at the Saddle-Eiger Zone where significant widths of goldmineralization were intersected during Sitka’s inaugural drillingprogram conducted in 2020 (Figures 2 and 3).
The first four drill holes completed in 2020 (DDRCCC-20-001 toDDRCCC-20-004) at the Saddle-Eiger Zone were strategically positionedto test the large, overlying >100ppb to >500 ppb gold-in-soilgeochemical anomaly that stretches over an approximate 2 kilometre x500 metre area (Figure 3). DDRCCC-20-001 and 20-002 were locatedapproximately 1240 metres and 1830 metres respectively to the west ofDDRCCC-20-004 along the trend of this large gold anomaly. All fourdiamond drill holes collared over this 2 kilometre distance returnedexceptionally long intersections of gold mineralization including 100.8 metres of 0.82 g/tgold , as well as high-grade zones of up to 16.1 g/t gold over 2.0 metres that were separateand not included in the longer reported intervals (see news releasedated December 16, 2020). These drill holes straddle a lateral widthof 300 metres of persistent gold values as demonstrated in holesDDRC2020-003 and 004. The results from these four drill holesdemonstrate the potential size and robust nature of this mineralizedgold zone and solidify Sitka’s belief that the RC Gold Project is anincredibly fertile land package capable of hosting several intrusionrelated gold deposits along with high-grade vein and breccia hostedgold.
“We are very excited to kick off our 2021 diamond drill program atthe RC Gold Project at such an early point in the field season”,stated Cor Coe, CEO and Director of Sitka. “The successful resultsfrom last year’s drilling demonstrates the enormous potentialpresent at the Saddle-Eiger zone and confirms that the area hostssignificant gold mineralization that is open both laterally and atdepth within a current target area that is over 2 kilometres by 500metres. The intercepts and grades we discovered in this area are verycompelling when you consider Victoria Gold’s nearby producing EagleGold mine has an average resource grade of 0.63 g/t gold and webelieve the results from the 2020 inaugural drill holes completed atthe Saddle-Eiger Zone reflect the grades and scale necessary forhosting an economic gold deposit. The 2021 drill program at RC Gold isdesigned to expand on these results and further define the extent ofmineralization within this area. Additional exploration efforts atother priority areas within the 376 square kilometer district scaleproperty will also be completed this season in an effort to furtherdelineate additional targets at the RC Gold Project.”
Figure 1 - Regional Map of the RCGold Project
Figure 2 - Map of Saddle, Eiger andOther Zones at RC Gold Project
Figure 3 - Saddle-Eiger ZoneGold-In-Soil Anomaly and 2020 Drill Holes
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.); Eagle Gold mine with 155 million tonnesat a diluted grade of 0.65 g/t Au (3.26 million ounces; Victoria GoldCorp., 2020); the Brewery Creek epizonal deposit with 17.17 milliontonnes at a gold grade of 1.45 g/t (0.726 million ounces; Barr, 2013);and the Florin Gold deposit, located adjacent to Sitka’s RC Goldproject, with 170.99 million tonnes grading 0.45 g/t (2.47 millionounces; Simpson, R., 2021)*.
*The disclosure above is strictly for deposit model comparisons andthe mineralization hosted on these properties is not necessarilyindicative of mineralization hosted on the Company’s property.
(1) O’Brien, E. and Kreft, B., (2010): 2010 Diamond Drilling ProgramClear Creek Property
About Sitka Gold Corp.
Sitka Gold Corp. is a mineral exploration company headquartered inCanada and managed by a team of experienced mining industryprofessionals. The Company is focused on exploring for economicallyviable mineral deposits with its primary emphasis on gold, silver andcopper mineral properties of merit. Sitka currently has an option toacquire a 100% interest in the RC, Barney Ridge, Clear Creek and OGIproperties in Yukon and the Burro Creek Gold property in Arizona.Sitka owns a 100% interest in its Alpha Gold property in Nevada,it’s Mahtin Gold property in the Yukon and it’s Coppermine Riverproject 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.
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