SIG:CC - Sitka Gold Mobilizes Crew and Equipment to its RC Gold Project in Yukon

(TheNewswire)

VANCOUVER, CANADA – TheNewswire - February 27, 2024 - Sitka Gold Corp.(“Sitka” or the “Company”) (CSE:SIG) (FSE:1RF) (OTC:SITKF) is pleased to announcethat crew and equipment have been mobilized to site in preparation fora winter drilling campaign at its flagship RC Gold Project (“RCGold” or the “Project”) located in Yukon’s prolific TombstoneGold Belt. The 2024 winter drilling program at RC Gold will follow-upand step-out from hole DDRCCC-23-047 (see news release dated September26, 2023) which was the highest grade intersection at the project todate at the current southern extent of the Blackjack zone returning 219.0 m of 1.34 g/tgold including 124.8 m of 2.01 g/t gold and 55.0 m of 3.11g/t gold.

“After the success of 2023, we are very excited to beback at RC Gold to kick-start 2024 exploration activities,”commented Cor Coe, Director and CEO. “With year-round road access tothe Project, we can get an early start this year on further advancingthe discoveries at RC Gold with the first drill holes of the yeardesigned to follow-up on the exceptional grades we encountered at thesouthern extent of our Blackjack zone (see Figure 1). Drilling isanticipated to commence in the coming days as we look to extend thishigher-grade gold zone to the southeast of the current deposit.”

Up to 15,000 metres of drilling is planned at RC Goldthis year, to be completed across winter and summer drillingcampaigns. The key objectives of drilling this year will be to furtherexpand and define the well endowed Clear Creek Intrusive Complex areathat currently hosts the Blackjack and Eiger gold deposits, both ofwhich remain open in all directions, (see Figure 2) and advance thedrill-ready targets elsewhere on the district-scale, 386 squarekilometre property.

Click Image To View Full Size

Figure 1 - Plan map of the 2023 resource expansiondrilling at the Blackjack deposit with highlights from selected drillholes. The deposit remains open in all directions.

Click Image To View Full Size

Figure 2: Pl an map of the Northern Extent of the ClearCreek Intrusive Complex where several drill intervals and surfacesamples have demonstrated the high-grade nature of the ReducedIntrusion Related Gold System present. Yellow stars indicate whereoutcrop rock samples or drill hole intervals have returned >10 g/tg old. Several additional targets with thepotential to host intrusion related gold deposits of significant sizeand grade have yet to be drilled within this approximately 3 km x 5 km area.

About the RC Gold Project

The RC Gold Project (RC Gold) consists of a 386 square kilometrecontiguous district-scale land package located in the newly roadaccessible Clear Creek, Big Creek, and Sprague Creek districts in theheart of Yukon's Tombstone Gold Belt. The project is locatedapproximately 100 kilometres east of Dawson City and is accessed via asecondary gravel road from the Klondike Highway which is usableyear-round and is an approximate 2 hour drive from Dawson. It is thelargest consolidated land package strategically positioned mid-waybetween Victoria Gold's Eagle Gold Mine - Yukon ’ s newest gold mine which reached commercialproduction in the summer of 2020 - and Victoria Gold’s Brewery CreekGold Mine. The RC Gold Project land package comprises five underlyingproperties, namely, the RC, Bee Bop, Mahtin, Clear Creek, and BarneyRidge properties. Sitka currently owns 100% of the Clear Creek whichencompasses the Blackjack and Eiger deposits, Mahtin and otherindependently staked claims which comprise 86% of the total 386 squarekilometre land package that comprises the RC Gold Project. The Companyhas an option to earn a 100% interest in the Barney Creek, Bee Bop andRC properties which comprise the remaining 14% of the RC GoldProject.*

On January 19, 2023 Sitka Goldannounced an Initial Mineral Resource Estimate prepare d in accordance with National Instrument 43-101 (“NI43-101”) guidelines for the RC Gold  Property of 1,340,000 ?ouncesof gold (1) . The road accessible, pit constrained Mineral Resource isclassified as inferred and is contained in two near/on-surface zones:The Blackjack and Eiger deposits. The Mineral Resource estimate ispresented in the following table at a base case cut-off grade of 0.25g/t Au:

RC Gold Inferred Mineral ResourceEstimate

Notes

1. Mineral resource estimate prepared by Ronald G.Simpson of GeoSim Services Inc. with an effective date of January19,

2023. Mineral Resources are classified using the 2014CIM Definition Standards.

2. The cut-off grade of 0.25 g/t Au is believed toprovide a reasonable margin over operating and sustaining costs foropen-pit

mining and processing

3. Mineral resources are constrained by an optimisedpit shell using the following assumptions: US$1800/oz Au price; a45°

pit slope; assumed metallurgical recovery of 85%;mining costs of US$2.00 per tonne; processing costs of US$8.00per

tonne; G&A of US$1.50/t.

4. Mineral resources are not mineral reserves and donot have demonstrated economic viability.

5. Totals may not sum due to rounding.

The InitialMineral Resource Estimate of 1,340,000 ounces of gold at the RC Gold Project is comprised of two deposits: theBlackjack deposit containing 900,000 ounces of gold at a grade of 0.83 g/t gold and the Eiger depositcontaining 440,000 ounces ofgold at a grade of 0.50 g/t gold (see newsrelease dated January 19, 2023). Both of these deposits are at/nearsurface, are potentially open pit minable and amenable to heapleaching, with initial bottle roll tests indicating that the gold isnot refractory and has highgold recoveries of up to 94% with minimal NaCNconsumption (see News Release July 13, 2022).

The Blackjack and Eiger deposits are in close proximityto highway and power infrastructure, are road accessible year-round,remain open in all directions and are located within the Clear CreekIntrusive Complex. The deposits are located within a large, 3kilometre by 5 kilometre intrusion related gold system that wasrecently identified at the Northern Extent of the Clear CreekIntrusive Complex. To date, 54 diamond drill holes have been drilled into this systemfor a total of approximately 18,877metres with results of up to 219.0 m of 1.34 g/t gold including 124.8 m of2.01 g/t gold and 55.0 m of 3.11 g/t gold in drill hole DDRCCC-23-047 at Blackjack (see news releasedated September 26, 2023).

Several high priority intrusion related gold targets exist at RC Gold with nine outcropped intrusionsidentified to date over the 386 sq km property, howeverSitka ’ s main focus at the RC Gold Project hasbeen on the underlying Clear Creek Property where a large 500 metre by2000 metre extensional corridor hosting an intrusion related goldsystem covering the area over the Blackjack, Saddle and Eiger zoneswas identified. Additional surface work has since extended the goldcorridor an additional 3000 metres east and now encompasses theJosephine intrusion. Prior to the onset of the 2023 winter drillingprogram, the Company had drilled 38 diamond drill holes into thissystem for a total of approximately 13,000 metres. This drillingculminated in the discovery of the Blackjack and Eiger deposits withan initial inferred mineral resource estimate of 1,340,000 goldounces (1) .

Sitka Gold inherited a wealth of historical and current data fromthese properties from work spanning the last 40 years. Recentexploration work and the compilation of historical data have definedseveral mineralized zones with both bulk tonnage, intrusion-relatedgold deposit targets and high-grade, vein- and breccia-hosted goldtargets. The RC Gold Project also has a common border with VictoriaGold ’ s Clear Creek property at its westernboundary and Florin Resources ’ Florin Goldproperty at its northern boundary.

(1)  Simpson, R.  January 19, 2023. Clear Creek Property, RC Gold Project, NI43-101 Technical Report, Dawson Mining District, YukonTerritory.

*For more detailed information on the underlyingproperties please visit our website at www.sitkagoldcorp.com .

Deposit Model

Exploration on the Property has mainly focused onidentifying an intrusion-related gold system ( “ IRGS”). The property is part ofthe Tombstone Gold Belt which is the prominent host to IRGS depositswithin the Tintina Gold Province in Yukon and Alaska. Notable depositsfrom the belt include: Fort Knox Mine in Alaska with current Provenand Probable Reserves of 230 million tonnes at 0.3 g/t Au (2.471million ounces; Sims 2018) (1) ; Eagle Gold Mine with current Measured andIndicated Resources of 233 million tonnes at a grade of 0.57 g/t Au atthe Eagle Main Zone (4.303 million ounces; Harvey et al,2022) (2) ; the Brewery Creek deposit with current Indicated MineralResource of 22.2 million tonnes at a gold grade of 1.11 g/t (0.789million ounces; Hulse et al. 2020) (3) ; the FlorinGold deposit, located adjacent to Sitka ’ s RC Gold project, with a currentInferred Mineral Resource of 170.99 million tonnes grading 0.45 g/t(2.47 million ounces; Simpson 2021) (4) and  theAurMac Project with an Inferred Mineral Resource of 347.49 milliontonnes grading 0.63 gram per tonne gold (7.00 millionounces) (5) .

(1) Sims J. Fort Knox Mine Fairbanks North StarBorough, Alaska, USA National Instrument 43-101 Technical Report. June11, 2018.https://s2.q4cdn.com/496390694/files/doc_downloads/2018/Fort-Knox-June-2018-Technical-Report.pdf

(2) Harvey N., Gray P., Winterton J., Jutras M., LevyM.,Technical Report for the Eagle Gold Mine, Yukon Territory, Canada.Victoria Gold Corp. December 31, 2022.https://vgcx.com/site/assets/files/6534/vgcx_-_2023_eagle_mine_technical_report_final.pdf

(3) Hulse D, Emanuel C, Cook C. NI 43-101 TechnicalReport on Mineral Resources. Gustavson Associates. May 31,2020.

https://www.goldenpredator.com/_resources/Brewery-Creek_NI-43-101-05OCT2020-File.pdf

(4) Simpson R. Florin Gold Project NI 43-101 TechnicalReport. Geosim Services Inc. April 21, 2021.https://sedar.com/GetFile.do?lang=EN&docClass=24&issuerNo=00005795&issuerType=03&projectNo=03236138&docId=4984158

(5) Banyan Gold News Release Dated February 7, 2023(Technical Report to be filed within 45 days of news release)https://banyangold.com/news-releases/2024/banyan-announces-7-million-ounce-gold-updated-mineral-resource-estimate-aurmac-project-yukon-canada/

Upcoming Events

Sitka Gold will be attendingand/or presenting at the following events*:

• Tombstone Gold Rush Breakfast - Fireside Chat -Toronto, ON: March 5, 2024

• Invest Yukon Precious Metals Luncheon - Toronto, ON:March 5, 2024

• PDAC, Toronto, ON:  March 3 - 6, 2024

  • Exhibitor Booth #2346: March 3-6

  • One-on-One Meeting Program: March 4-5

  • Core Shack Booth #3310: March 3-4

• Swiss Mining Institute, Zurich, Switzerland: March 20 - 21, 2024

• 121 Mining Investment, London, England: May 16-17, 2024

*All events are subject to change.

About Sitka Gold Corp.

Sitka Gold Corp. is a well-funded mineral explorationcompany headquartered in Canada with approximately $7.5 million in thetreasury. The Company is managed by a team of experienced industryprofessionals and is focused on exploring for economically viablemineral deposits with its primary emphasis on gold, silver and coppermineral properties of merit. Sitka is currentlyexploring its flagship RC Gold Project within the Tombstone Gold Beltin the Yukon Territory. The company is advancing the Alpha GoldProject in Nevada and has drill permits for its Burro Creek Gold andSilver Project in Arizona and the Coppermine River Project inNunavut.

The Company recently announced an NI 43-101 compliant initial inferred Mineral Resource Estimateof 1,340,000 ounces of gold (1) beginning at surface and grading 0.68 g/t at its RC GoldProject in Yukon (see news release dated January 19, 2023). A total ofapproximately 6500 metres of additional diamond drilling within 16drill holes has been completed at RC Gold since the announcement ofthe Mineral Resource Estimate.

1. (1) Simpson, R. January 19, 2023.Clear Creek Property, RC Gold Project, NI 43-101 Technical Report,Dawson Mining District, Yukon Territory

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

Neither the Canadian SecuritiesExchange nor its Regulation Services Provider (as that term is definedin the policies of the Canadian Securities Exchange) acceptsresponsibility for the adequacy or accuracy of this release.

This release includes certainstatements and information that may constitute forward-lookinginformation within the meaning of applicable Canadian securities laws.Forward-looking statements relate to future events or futureperformance and reflect the expectations or beliefs of management ofthe Company regarding future events. Generally, forward-lookingstatements and information can be identified by the use offorward-looking terminology such as “intends” or“anticipates”, or variations of such words and phrases or statements that certainactions, events or results “may”, “could”, “should”,“would” or “occur”. This information and these statements,referred to herein as "forward ? looking statements", are not historical facts, are made as ofthe date of this news release and include without limitation,statements regarding discussions of future plans, estimates andforecasts and statements as to management's expectations andintentions with respect to, among other things, the use of theproceeds raised under the Offering and the Company’s anticipatedwork programs.

In making the forward-lookingstatements in this news release, the Company has applied severalmaterial assumptions, including without limitation, that the Companywill complete its anticipated work programs and use the proceeds ofthe Offering as currently anticipated.

These forward ? looking statements involve numerous risks and uncertainties andactual results might differ materially from results suggested in anyforward-looking statements. These risks and uncertainties include,among other things, market uncertainty, the results of the Company’santicipated work programs and that the Company will not use theproceeds of the Offering as currently anticipated.

Although management of the Companyhas attempted to identify important factors that could cause actualresults to differ materially from those contained in forward-lookingstatements or forward-looking information, there may be other factorsthat cause results not to be as anticipated, estimated or intended.There can be no assurance that such statements will prove to beaccurate, as actual results and future events could differ materiallyfrom those anticipated in such statements. Accordingly, readers shouldnot place undue reliance on forward-looking statements andforward-looking information. Readers are cautioned that reliance onsuch information may not be appropriate for other purposes. TheCompany does not undertake to update any forward-looking statement,forward-looking information or financial out-look that areincorporated by reference herein, except in accordance with applicablesecurities laws. We seek safe harbor.

Copyright (c) 2024 TheNewswire - All rights reserved.