SITKF - Sitka Gold Provides Year End Review and Exploration Plans for 2022

(TheNewswire)

VANCOUVER, CANADA - TheNewswire - January 13, 2021 - Sitka Gold Corp.(“Sitka” or the “Company”) (CSE:SIG) (CNSX:SIG.CN) (FSE:1RF) (OTC:SITKF) is pleased to provide a summary of progress andaccomplishments made over the past 12 months of activity and anoverview of planned exploration programs for 2022 at its RC Gold andOGI Projects in Yukon, Alpha Gold Property in Nevada, Burro CreekProperty in Arizona and Coppermine River Project in Nunavut.

It was a breakthrough year for Sitka with newdiscoveries at both the RC Gold Project in the Yukon and the AlphaGold Project in Nevada.  At RC Gold, the last drill hole of the year(DDRCCC21-021 or “Hole 21") intersected 21 sections ofsignificant visible gold mineralization which, when final assays werereceived, defined a newly discovered high-grade gold zone averaging1.17 g/t gold from surface to a depth of 220.1 m including a 50 minterval of 2.08 g/t gold (see news release dated December 13, 2021).The exceptional results from Hole 21 reflect what appears to be astructurally controlled, high-grade gold corridor that is trendingthrough the large, intrusion related gold system that was discoveredduring Sitka’s inaugural drill program conducted at RC Gold in2020.

At the Alpha Gold Project in Nevada, drill hole AG21-02encountered significant gold values in a new discovery associated withvery strong alteration and Carlin-Type pathfinder elements.  Thealteration footprint of this newly discovered Carlin-type gold systemextends at surface across an area of approximately 5 km x 500 m in asoutherly direction from AG21-02. Subsequent follow-up drillingprogressively produced better gold results with hole AG21-05 averaging0.4 g/t gold over 12.19 m (see news release dated Sept 16, 2021) andthe last hole of the year, AG21-08, returning 15.24 m of 0.46 g/tgold, including 3.05 m of 1.10 g/t gold and 1.53 m of 1.24 g/t gold(see news release dated November 16, 2021). The Horse Canyonequivalent/Devil’s Gate target at Alpha Gold is relatively shallow,allowing for very cost efficient exploration as the Company continuesto vector towards higher-grade gold zones in search for largeCarlin-Type gold deposits.

The Following is a Recap andHighlights of 2021 Exploration:

• On January 15 th Sitka began trading on the OTCQB VentureMarket with Ticker Symbol SITKF.

• On January 20 th , Sitka received assay results from its RABdrilling program at its OGI Property east of Dawson City, YT. OGI-RAB-20-004 returned assays of 5430 ppm Zn and 11.6 ppm Ag over 3 m(see news release dated Jan 20, 2021).  A follow-up Gravity surveywas conducted in late summer for target definition.  The Company isawaiting the final report on the survey.

• On February 12 th the Company announced a $4.5 millionnon-brokered financing at 13.5 cents per Flow-Thru unit with halfwarrant exercisable at 18 cents with a 3 year term.  A 12 cent nonFlow-Thru unit was also issued with a full warrant exercisable at 18cents.  This financing was increased to $6 million due to heightenedinterest and was still oversubscribed, closing on March 5 th at $6.4million.

• Drilling started at Alpha Gold on February16 th . Both holes AG21-02 and 03 penetrated the Horse Canyon equivalent/Devil’s gatecontact in strong Carlin-Type mineralization and alteration.  AG21-02averaged 0.105 g/t gold over 93 m and a higher grade interval withinaveraged 0.164 g/t over 27 m.  This prompted the Company to stake anadditional 30 claims to cover prospective ground.  Gold values inboth holes were associated with very strong Carlin-Type pathfinderelements of Arsenic, Antimony, Mercury and Thalium.

• Drilling began on June 8 th at the RC GoldProject in the Yukon to expand on the previous years’ successhighlighted by the 0.82 g/t gold assay over 100.8 m in holeDDRCCC20-02 (see news release dated Nov 23, 2020)

• The third phase of drilling began on July 8 th at AlphaGold.  AG21-04 to 08 were drilled to follow up on Carlin-Typemineralization and alteration encountered in AG21-02 and 03. All holes continued to returnsignificant Carlin-Type gold and pathfinder elements.  AG21-05intersected 12.19 m of 0.41 g/t gold before the hole was abandoned dueto downhole instability (see news release dated Sept 16, 2021). HoleAG21-08 intersected 0.46 g/t gold over 15.24 m (see news release datedNov 16, 2021).  Sitka then staked an additional 125 claims inNovember to cover highly prospective ground, bringing the total landholdings at Alpha Gold to 239 claims covering approximately 1934hectares (4780 acres).

• Beginning in mid-August, assays for the RC Gold Projectbegan trickling in for the remainder of the year for holes DDRCCC21-07to 15 and DDRCCC21-21 (results are pending for holes DDRCCC21-016 to-020). Holes DDRCCC21-07 intersected 318 m of 0.45 g/t gold (including92 m of 0.61 g/t) at the Saddle Zone.  Holes DDRCCC21-09 to 15 weredrilled at the Eiger Zone 2 km to the east. These holes demonstratethat there is a significant zone of gold mineralization trendingeast-west that likely reflects the very strong 2 km x 500 mgold-in-soil geochemical anomaly interpreted as the surface signatureof a very large intrusion-related gold system.  Drill assayhighlights from the Eiger Zone include 0.41 g/t gold over 354 m inDDRCCC21-09; 0.40 g/t gold over 402.5 m and 0.61 g/t gold over 82 m(see 2021 news releases dated August 19, September 22, October 21 andDecember 13).

• Drill hole DDRCCC21-21 (Hole 21) represents asignificant new discovery approximately 200 m south of any previousdrilling at the Saddle Zone. Assays averaged 1.17 g/t gold over 220.1m with a higher grade core of 50.5 m of 2.08 g/t gold.  21 instancesof visible gold grains were identified in core during logging. Surface rock samples gathered 100 to 500 m south of Hole 21 expandedupon this new discovery, returning up to 11.00 g/t gold. Furthermore,4 placer gold test pits were excavated in the creek 1 km down-drainagefrom hole 21 which revealed significant amounts of placer gold (seenews release Dec 13, 2021) that is likely associated with the in-situgold located in this zone and further confirms the richness of thisgold system.  A major fault, known as the Blackjack Fault, was alsointersected in this hole which is now recognized as a potentialcontrol of gold mineralization in the area.

• On December 23 rd , the Company closed a $2.8 millionFlow-Thru financing at 17 cents per unit, each unit consisting of 1 FTshare and half a Warrant exercisable at 23 cents for 2 years.  Thisbrings the total amount raised in 2021 to $9.2 million for explorationon Sitka’s Canadian and US properties.

• The Company is currently awaiting final approval of itsPlan of Operations Permit application from the BLM for its Burro CreekProperty in Arizona.  The Company has traced the mineralized vein tothe boundary of its patented claims and this permit will enableexploration to continue along an additional 1km of undrilled strikeonto Federal Lands.

• An application for a permit to drill at the Company’sCoppermine River Project in Nunavut is currently being compiled. Theapplication is for a drill program to drill test the Copperleafdiscovery, where mineralization has been traced for over 2 km andsurface samples returned up to 13.45% copper and 65 g/t silver, anddrill test the WIN copper showing where surface rock samples collectedby Sitka have returned up to 41.54% copper.

Plans for Exploration in 2022

• Sitka has signed a 10,000 m drill contract with New AgeDrilling Solutions of Whitehorse, YT to supply one drill for a winterdrill program and two drills for a summer drill program.

• The Company will conduct a winter drill program at RCGold to follow up and expand upon the newly discovered, high-gradegold mineralization in DDRCCC21-021.  Road clearing and campconstruction is expected to begin within days, followed by drillmobilization. Drilling is expected to commence by the end ofJanuary.

• At Alpha Gold, the current drill permit is beingamended in preparation for its next phase of exploration expected tobegin in Q2.

• A diamond drill program at the OGI silver-zinc propertyis anticipated for the summer field season based on preliminary targetgeneration to be defined by the pending report on the geophysicssurvey conducted in 2021.

• Once permits have been received, drilling programs atBurro Creek and Coppermine River are anticipated to begin shortlythereafter.

Cor Coe, CEO and Director, stated: “2021 was anincredible year for Sitka with our exploration efforts culminating in2 new gold discoveries in Nevada and Yukon. As we head into 2022, thefocus will be to rapidly define the extent of the intrusion-relatedgold system discovered at RC Gold and continue vectoring towardshigher-grade zones in search of gold deposits within the newlydiscovered Carlin-type gold system at Alpha Gold. Having raised over$9 million last year, the company is fully funded to aggressivelyfollow up on these discoveries while continuing exploration efforts onits other mineral assets. I would like to thank the entire team atSitka and all the contractors and support workers who helped make 2021such a successful year for our company. 2022 is shaping up to be avery exciting year forSitka.”

About Sitka Gold Corp.

Sitka Gold Corp. is a well funded mineral explorationcompany headquartered 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 Yukon and the Burro Creek Goldproperty in Arizona. Sitka owns a 100% interest in its Alpha Goldproperty in Nevada, it’s Mahtin Gold property in the Yukon andit’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 BOARD OF DIRECTORS OF

SITKA GOLD CORP.

“ Donald Penner ”

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 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.

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.

Copyright (c) 2022 TheNewswire - All rights reserved.