SITKF - Sitka Gold Nevada and Yukon Exploration Update
(TheNewswire)
VANCOUVER, CANADA - TheNewswire - July 27, 2021- Sitka Gold Corp. (“Sitka” or the “Company”) (C NSX :SIG. CN ) (FSE:1RF) (OTC:SITKF) ispleased to provide an update on the Company’s ongoing 2021exploration activities. Drilling programs are currently underway inboth Yukon and Nevada and are summarized as follows:
RC Gold Project, Yukon
Diamond drilling continues at the Company’s roadaccessible, district scale 372 square kilometre RC Gold Project, wherea total of nine (9) holes have been completed since drilling commencedin June for a total of 3494 metres. The RC Gold Project, which isapproximately 110km east of Dawson City, lies within the geologicallyfertile Tombstone Gold Belt that is located within the larger TintinaGold Belt. The focus during the 2021 diamond drilling prog ram has been on expandingthe area of newly discovered gold mineralization at the Saddle andEiger Zones where drilling in 2020 returned gold grades andmineralization consistent with intrusion related gold deposits thatoccur in the Tombstone Gold Belt (see news release dated June 8,2021). Total cumulative diamond drill holes in the Saddle-Eiger Zonearea, including the discovery drill holes last season, are 13 holeswith a cumulative total metreage of 4981 metres. Observations ofalteration and mineralization in the drill holes also correlate wellwith previous soil geochemical surveys that have defined a very stronggold-in-soil anomaly covering an area that is approximately 2kilometres long by 500 metres wide. The first seven holes drilledduring the 2021 season have all been logged, sampled and submitted forassay to ALS Global labs in Whitehorse. The Company is also advancingother potential drill targets within the district scale RC GoldProject.
Alpha Gold Project, Nevada
Drilling is concurrently underway at the Alpha GoldProject, located along the southeast projection of the Cortez GoldTrend in Nevada. Reverse Circulation (RC) drill hole AG21-04, thefirst hole in the current phase of drilling, has been completed downto 1,000 feet (305 metres). This drill hole is located approximately500 metres southeast of AG21-02 and was successful in intersectingalteration and mineralization in the base of the Horse Canyonequivalent, similar to that found in holes AG21-02 & 03, oversignificant intervals within a Carlin-Type gold system. This is veryencouraging given that the surface alteration seems to be indicativeof alteration at depth and, of particular importance, this hole has anincreased sulphide concentration compared to what was seen in theprevious holes. Drill hole AG21-05 is in progress and is a step-outapproximately 900m to the south of AG21-04 to explore for potentialhigh-grade zones within the Carlin-Type gold system that wasdiscovered in the previous phase of drilling conducted earlier thisyear (see news releases dated May 6 th & May25 th , 2021). Samples from drill hole AG21-04 have been loggedand submitted for assay to ALS Global Labs in Elko, Nevada. Roadbuilding has been completed to access to the remaining drill sitesthat are permitted for this phase of drilling.
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 underlyingproperties please visit our website at www.sitkagoldcorp.com .
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 Property is comprised of 2 claim blocks totalling114 lode claims covering an area of approximately 2280 acres (923hectares) and is accessible via a dirt road, approximately 2km west ofNevada State Highway 278.
The Property 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. 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.
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.
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