SIG:CC - Sitka Gold Completes 2022 Drilling Program at the Alpha Gold Project in Nevada

(TheNewswire)

VANCOUVER, CANADA – TheNewswire - November 21, 2022: Sitka Gold Corp.(“Sitka'' or the “Company”) (CSE:SIG) (FSE:1RF)(OTCQB:SITKF) ??is pleased to announce the conclusion ofthe current phase of 2022 drilling at its 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.  A total of 1,374.65 metres (m)in four holes (AG22-09 - AG22-12) targeting the Horse Canyonequivalent/Devil’s Gate Limestone contact which is the uppermost ofseveral highly prospective gold-bearing host rock horizons (Figure 1). All four holes displayed intervals of strong Carlin-type alterationassociated with north to north-northwest normal faults mapped atsurface and observed downhole.

Results from the first two drill holes, AG22-09 andAG22-10, were previously announced and returned values up to 21.3 m of 1.21 g/tAu including 1.5 m of 4.62 g/t Au and 10.7 m of 0.51 g/tAu respectively (see news release dated October6, 2022). S amples from the last two drill holes (AG22-11 andAG22-12) have been submitted to the ALS Global facility in Elko,Nevada with results pending.

Cor Coe, CEO and Director of Sitka Gold comments, “We are very pleased to have completedanother phase of drilling at Alpha Gold where we continue to advancethe Carlin-type gold system that was discovered last year. Resultsreceived from the first two holes completed during this phase ofdrilling (AG22-09 and AG22-10) returned our best gold intervals todate while alteration and mineralization observed in the last twodrill holes completed (AG22-11 and AG22-12) have significantlyexpanded the known footprint of this system with their massive stepouts of 940 m and 5,600 m respectively SSE from AG22-10 (see Figure 1and news release dated October 6, 2022), adding to the exceptionaltonnage potential of this target. Drilling has progressively producedlarger intervals with better gold grades as we continue to vectortoward the core of this recently discovered gold system. The visualobservations of holes 11 and 12  have greatly enhanced ourunderstanding of the geological controls of this system and we areeagerly awaiting their pending assay results as we plan for the nextphase of drilling at Alpha Gold.”

AG22-12 reached a total depth of 416.05 m, oriented due east at -75degrees inclination.  An unanticipated, steeply west dipping, majormineralized structure was encountered in the upper part of the hole. Fault related alteration in the non-reactive shale and chert unitsattest to its potential as a mineralization conduit and highlyprospective target generator in favorable stratigraphy at depth.  Themain strand of the fault is intruded by an altered rhyolite dike,analogous to gold mineralized structures at Alpha NW (see news releasedated October 6, 2022), 5.6 kilometers to the NNW further supportingthe inferred projection of that gold mineralized anticline andfault/dike trend into the Frazier Creek target area (Figure 1). Details of the fault zone comprised of three strands in AG22-12 areas follows:  The first strand at 103.63 - 118.87 m has a mixedlimonitic and pyritic hangingwall of Upper Devonian Shale unit, aclay-silica-limonite altered damage zone, and a pyritic footwall ofDevonian Chert unit.  The main strand from 140.21 - 161.5 m containeda strongly clay-silica-pyrite altered rhyolite dike with a veryvisually prospective silicified pyritic halo in the Devonian Shaleunit.  A zone of increased pyrite and heavy slickenside developmentwas then encountered from 170.69 - 219.46 m, again in the DevonianShale unit.  The structure was not recognized on surface prior tobeing revealed by drilling.   Poorly exposed strongclay-hematite-silica alteration on surface is now recognized asrelated to the main strand of the fault which strikes north.  Thisalteration blends into less intense, more widespread alterationpresent across much of the target area.

AG22-11 was collared 940 m SSE of AG22-10 (Figure 1). The hole wasdirected WSW toward the inferred projection of the structural zone andencountered a rhyolite dike-filled fault zone followed bydecalcification and pyrite mineralization in the Horse Canyonequivalent host horizon. The hole was completed to the top of theDevils Gate Limestone at 522.73 m.

Click Image To View Full Size

Figure 1: Drill Collar Locations

Table 1: Drill CollarInformation

About Alpha Gold

Sitka Gold has acquired a 100% interest in the AlphaGold Project, located along the southeast projection of the prolificCortez Gold Trend in Eureka County, approximately 135 kilometressouthwest of Elko, Nevada. The Project is comprised of one contiguousclaim block totaling 239 lode claims covering an area of approximately4,780 acres (1,934 hectares) and is accessible via a dirt road,approximately 2 km west of Nevada State Highway 278.

The Project was initially staked after the location wasrecognized as the intersection of the regional-scale Pine Valleyanticline with northeasterly fold trends exposed in the RobertsMountains. Overprinting NNW folds coincident with the projection ofthe Cortez Trend were subsequently recognized and found to beimportant alteration and mineralization controls. Of primaryimportance at the Alpha Gold location is that the rocks have beendown-dropped significantly by late extensional faulting. Prior toextension, and during the critical 36-42 Ma Carlin-type mineralizationevent, the fold crest at Alpha Gold would have been a regionalhighpoint among nearby mountain ranges. Well exposed ‘lower platewindows’ near Alpha Gold have been extensively explored forCarlin-type gold deposits with a number of deposits found along thelimbs.

Three previous drill programs totaling 2604 meters in 8holes have been completed at Alpha Gold since its acquisition and haveadvanced the Project from an undrilled geologic concept with a surfacealteration and pathfinder element anomaly, to a large wide-openCarlin-type gold system with thick, low-grade gold intercepts, fromwide-spaced drilling.

Upcoming Events

Sitka Gold will be exhibiting at the Yukon Geoscience Forum and Trade Show from November 19 - 22,2022 ( booth #MP-16 ). Inaddition, Mike Burke, P.Geo, Director and VP of Corporate Development,will be providing the following presentation at the Sternwheeler Hoteland Conference Centre:

Sitka's RC GoldProject: "A New, Bulk Tonnage, Intrusion-Related Gold SystemDiscovered within the Tombstone Gold Belt in the Yukon"

Date: Monday, November 21, 2022

Time: 2pm to 2:20pm

Location: SWCC Ballroom

Sitka Gold will also be attending and/or presenting atthe following events:

• Roundup, Vancouver, BC: January 23 - 26, 2023

• Vancouver Resource Investment Conference: January 29 - 30, 2023

• PDAC, Toronto, Ontario: March 5 - 8, 2023

All events are subject to change.

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.

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

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 thanstatements of historical fact may be forward ? looking statements or information. Forward ? looking statements and information are often, 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” andsimilar 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.

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