SIG - Sitka Gold Provides Year End Review of 2022 Exploration Activities

(TheNewswire)

VANCOUVER, CANADA – TheNewswire - January 03, 2023 - Sitka Gold Corp.(“Sitka” or the “Company”) (CSE:SIG) (FSE:1RF)(OTC:SITKF) is pleased to provide a summary ofprogress and accomplishments made over the past 12 months ofexploration activity and an overview of planned exploration programsfor 2023.

The Following is a Recap andHighlights of 2022 Exploration:

A total of 3 drill  programs in Yukon and Nevadaexpanded and confirmed the significance of the 2021 drillingdiscoveries of an intrusion-related gold system at the RC Gold Projectand a Carlin-type gold system at the Alpha Project.

At the RC Gold Project in Yukon, a 6,500 metre, 20-holedrill program, consisting of a Phase 1 winter diamond drill programand a Phase 2 summer diamond drilling program were completed at theBlackjack discovery. The Blackjack discovery was made in the finalhole of the 2021 drill season where Hole 21 intersected 221 metres of1.17 g/t gold within a Tombstone Suite intrusion. 2022 drillingintersected similar widths and grades of intrusive-hostedmineralization significantly expanding the Blackjack discovery. Inaddition, drilling stepped out  from the intrusion into surroundingmetasedimentary host rocks intersecting distal gold-bearing vein typemineralization. The Blackjack zone remains open in all directions anddrilling in 2023 will continue to focus on expanding the zone bothwithin the intrusive and in the surrounding metasedimentaryrocks.

Additional work completed at the RC Gold Projectincluded initial bottle roll metallurgical testing which confirmed thenon-refractory characteristics of the gold mineralization and returned gold extraction rates up to 94%. An airborne magnetic geophysicalsurvey over portions of the project area was completed in addition toa LiDAR survey. Prospecting and sampling continued on the project. Anew 30-person all-season camp was constructed to support future winterand summer drilling programs. The RC Gold Project is a large 376square kilometre property and a single drill-hole was completed in theMay-Qu intrusion-hosted gold target located 28 kilometres from theBlackjack zone.

In Nevada a 4-hole, 1375 metre drill program wascompleted on the Alpha project. The drilling program continued toconfirm the geological model used to target this under-explored areaof the Cortez Trend is host to Carlin-type gold mineralization.Drilling intersected Carlin-style mineralization and alteration andthe grades and widths encountered in the 2022 drilling continued toincrease from previous programs. Drill hole AG22-10 encountered the mostsignificant gold mineralization to date intersecting 21.5 metres of1.21 g/t Au including a peak value of 4.62 g/t Au over 1.5 metres. Inaddition, the alteration and mineralization observed in drill holesAG22-11 and -12 significantly expanded the known footprint of thissystem with their massive step outs of 940 m and 5,600 m respectivelySSE from AG22-10. Geological information from the drilling program inaddition to surface geological mapping have resulted in significantupgrades to the geologic map of the project area and several new highpriority drill targets. Approval of the Frazier Creek drill permit inthe southern area of the project was also received in 2022.

Assays are pending for the final drill holes of the2022 drilling at the RC Gold project as well as the final drill holesfor the Alpha Gold project.

At the OGI property in Yukon a 600 station soil gridsampling program was completed following up on a previously identifiedgold-in-soil anomaly. Permitting for drilling at the Burro Creekproject in Arizona and the Coppermine project in Nunavut is ongoing.

Sitka Gold Corp. is focused on discovery and 2022 hasshown that the company can successfully advance geological concepts todiscoveries as evidenced at the Blackjack discovery in Yukon and theAlpha discovery in Nevada. The Company will continue to leverage itsstrong technical team and operational expertise to efficiently deployexploration funds amongst its portfolio of gold, silver and copperprojects located in premier jurisdictions in North America. TheCompany would like to thank its dedicated shareholders and investorswho supported the company with over $8 million raised in financingsthrough 2022. With a healthy treasury and a portfolio of rapidlyadvancing assets, the Company is very well positioned as we head intothe new year.

“ The Companyhad an exceptional year of exploration with several excitingadvancements and milestones achieved in 2022 ,”stated Cor Coe, P.Geo, CEO and Director of Sitka Gold. “ After receiving the assay results of ourBlackjack zone discovery hole (“Hole 21”) at RC Gold in Decemberof 2021, Sitka was able to immediately follow up in January 2022 witha first ever winter diamond drilling program. The successfulcompletion of this drilling program demonstrated the ability tooperate year round at RC Gold and confirmed that the Blackjackdiscovery was ripe for expansion. Results from winter drilling wereinstrumental in the design of an aggressive step-out drill program forthe summer season intended to further expand the known mineralizationat Blackjack and build bulk tonnage. Results to date have been veryencouraging and demonstrate that the Blackjack zone, which is stillopen in all directions, has the scale, continuity and grade to hostwhat could be a large and economically viable gold deposit.

“Additional drilling at our AlphaGold project in Nevada produced our best gold results to date andsignificantly expanded the known footprint of the recently discoveredCarlin-type gold system.

“The accomplishments of 2022 are adirect reflection of the hard work and dedication of the outstandingSitka Gold team and I would like to thank everyone who helped us reachour goals last year including our supportive shareholders andinvestors. We look forward to building on these latest developments in2023 as we head into the new year with a healthy treasury and a focuson creating substantial value for our shareholders through a provenexploration approach.”

Upcoming Events

Sitka Gold will be attending and/or presenting at thefollowing 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 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 Gold and OGIproperties in the Yukon and the Burro Creek Gold property in Arizona.Sitka owns a 100% interest in its Alpha Gold property in Nevada, itsMahtin Gold property in the Yukon and its Coppermine River project inNunavut.

Sitka is currently awaiting additional assay resultsfrom its recently completed Phase II summer diamond drill program atits RC Gold Project in the Yukon. The Company is also awaiting resultsfrom a recently completed drill program at its Alpha Gold Property inNevada where a new Carlin-type gold system was recently discovered andwhere the Company is focused on vectoring towards the high-grade coreof this system.

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 orstatements that certain actions, events or results “may”,“could”, “should”, “would” or “occur”. Thisinformation and these statements, referred to herein as"forward?looking statements", are not historical facts,are made as of the date of this news release and include withoutlimitation, statements regarding the terms of the Offering and theanticipated use of proceeds of the Offering. Accordingly, readersshould not place undue reliance on the forward-looking statements andinformation contained in this news release. Readers are cautioned thatthe foregoing list of factors is not exhaustive.

In making the forward-lookingstatements in this news release, the Company has applied certainmaterial assumptions, including without limitation, that the Companywill complete the Offering and use the proceeds of the Offering ascurrently anticipated.

These forward?looking statementsinvolve numerous risks and uncertainties and actual results mightdiffer materially from results suggested in any forward-lookingstatements. These risks and uncertainties include, among other things,that the Company will not receive the required regulatory approvals orapproval from the CSE in connection with the Offering, and that theCompany will not use the proceeds of the Offering as currentlyanticipated.

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.

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