SITKF - Sitka Gold's Step Out Drilling Continues to Intercept Significant Intervals of Mineralization Including Several Occurrences of Visible Gold at its RC Gold Project in Yukon
(TheNewswire)
VANCOUVER, CANADA – TheNewswire - July 20, 2022: Sitka Gold Corp.(“Sitka” or the “Company”) (CSE:SIG) (FSE:1RF)(OTC:SITKF) is ?? pleased to provide anupdate on the ongoing diamond drilling program at its RC Gold Project in Yukon. Since first phase drilling began inFebruary, 2022, the Company has completed approximately 4990 m ofdrilling in 16 holes focused on the Blackjack Zone (see Figure 1)where drilling in 2021 intersected 220.1 metres of 1.17 g/tgold including 50.5 metres of 2.08 g/t gold (Seenews release dated December 13, 2021). Four subsequent drill holescompleted during the winter of 2022 confirmed this impressive golddiscovery, including the last drill hole announced, hole DDRCCC-22-025(Hole 25), a step out drill hole 80 metres to the east, that returned 349.0 metres of 0.71 g/t ofgold drilled from near surface,including 221.0 metres of 1.01 g/t gold and 2.0 metres of15.15 g/t gold (see news release dated June 13,2022 and Figure 1). Samples from 12 holes of thecurrent second phase of drilling, which began June 1 st , have beensent to ALS Global Laboratories preparation facility in Whitehorse,Yukon.
Drilling by the Company since 2020 has demonstratedthat better grade gold mineralization at the Blackjack Zone is hostedin sheeted quartz sulphide veins and veinlets in megacrystic graniteand quartz feldspar porphyry dykes and sills and in proximal intrudedmetasedimentary rocks. Associated sulphide minerals are pyrrhotite,arsenopyrite, chalcopyrite and bismuthinite. Recent preliminarymetallurgical work has returned gold recoveries of up to 94% anddemonstrated that the gold is not refractory and is potentiallyamenable to open-pit, heap leach extraction methods.
All drill holes completed to date in the current phaseof drilling have intersected significant intervals of mineralizedquartz veining in the intrusive and meta-sedimentary hosts rocks.Visible gold has also been identified in several locations assummarized in table below:
Table 1: Occurrences of Gold Observedin Drill Core at the Blackjack Zone
Figure 1: Plan Map of Drill Holesat the Blackjack Zone
Figure 2: Visible Gold in HoleDDRCCC-22-031 at 150 m (1000 um = 1 mm)
Figure 3: Drill Core from HoleDDRCCC-22-031 Showing Location of Visible Gold at 150 m.
Figure 4: Visible Gold in HoleDDRCCC-22-035 at 123 m (1000 um = 1 mm)
Figure 5: Drill Core from HoleDDRCCC-22-035 Showing Location of Visible Gold at 123 m
Figure 6: Visible Gold in HoleDDRCCC-22-036 at 70 m (1000 um = 1 mm)
Figure 7: Drill Core from HoleDDRCCC-22-036 Showing Location of Visible Gold at 70 m
Figure 8: Visible Gold in HoleDDRCCC-22-036 at 283 m (1000 um = 1 mm)
Figure 9: Drill Core from HoleDDRCCC-22-036 Showing Location of Visible Gold at 283 m
Figure 10: Visible Gold in HoleDDRCCC-22-037 at 223 m (1000 um = 1 mm)
Figure 11: Drill Core from HoleDDRCCC-22-037 Showing Location of Visible Gold at 222 m and 223m
Cor Coe, P.Geo., Director and CEO of Sitka Goldremarked, “ We are veryencouraged by the persistent mineralization and several occurrences of visible gold beingobserved as we continue to step out both laterally and vertically inall directions from discovery Hole 21 at the Blackjack Zone. Givenwhat is being observed in the drill core, we expect the assay resultsfrom this phase of drilling to date will continue to expand on theknown gold mineralization in this area and increase the parameters ofwhat appears to be very significant intrusion related gold occurrence.With an access road that is usable year-round and proximity toadditional infrastructure such as the highway and powerlines, the RCGold Project is in an ideal location for future development.”
About the RC Gold Project
The RC Gold Project consists of a 376 square kilometre contiguousdistrict-scale land package located in the newly road accessible ClearCreek, Big Creek, and Sprague Creek districts in the heart of Yukon'sTombstone Gold Belt. It is the largest consolidated land packagestrategically positioned mid-way between Victoria Gold's Eagle GoldMine - Yukon’s newest gold mine which reached commercial productionin the summer of 2020 - and Sabre Gold Mine’s Brewery Creek GoldMine. The RC Gold Project land package comprises five underlyingproperties, namely, the RC, Bee Bop, Mahtin, Clear Creek, and BarneyRidge properties*. ?The Company has identified a large 500 m by 2000m intrusion related gold system on the Property spanning theBlackjack, Saddle and Eiger zones and to date has drilled 34 diamonddrill holes into this system. This has been the main focus of theCompany’s drill programs at RC Gold in 2020, 2021 and 2022 whichhave returned several significant gold intercepts. including thediscovery hole in the Blackjack zone in the last drill hole from the2021 drill program, DDRCCC-21-021 (“Hole 21”). Hole 21 intersected 220.1 m of 1.17 g/t gold fromsurface that included 50.5 m of 2.08 g/t gold . Hole 21 wasthe westernmost hole drilled in the Saddle-Eiger trend and was drilledunder a greater than 500 ppb gold-in-soil anomaly that was previouslyidentified on surface. This gold-in-soil anomaly is part of the larger2 kilometre by 500 m gold-in-soil anomaly that stretches from theBlackjack Zone, through the Saddle Zone to the Eiger Zone and is openin all directions. Drilling in 2021 in the Eiger Zone in theeasternmost area of the gold-in-soil anomaly has produced numeroussignificant intersections as demonstrated by Hole 9 which intersected 354 m of 0.41 g/t Au including 72 mof 0.72 g/t Au (see news release dated August 19, 2021).
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 western boundary and FlorinResources’ Florin Gold property at its northern boundary.
*For more detailed information on the underlyingproperties please visit our website at www.sitkagoldcorp.com .
Deposit Model
Exploration on the Property has mainly focused on identifying anintrusion-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 Proven and ProbableReserves of 155 million tonnes at a diluted grade of 0.65 g/t Au atthe Eagle and Olive deposits (3.261 million ounces; Goodwin et al.2019) (2) ; the BreweryCreek deposit with current Indicated Mineral Resource of 22.2 milliontonnes at a gold grade of 1.11 g/t (0.789 million ounces; Hulse et al.2020) (3) ; the Florin Golddeposit, 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 the AurMac Project with an InferredMineral Resource of 207.0 million tonnes grading 0.60 gram per tonnegold (3.99 millon ounces; Jutras 2022) (5) .
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Sims J. Fort Knox Mine Fairbanks North Star Borough,Alaska, USA National Instrument 43-101 Technical Report. June 11,2018.https://s2.q4cdn.com/496390694/files/doc_downloads/2018/Fort-Knox-June-2018-Technical-Report.pdf
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(Goodwin R, Gray P, Jutras M, Tang S, Wilbur S. Technical Report for the Eagle Gold Mine, Yukon Territory, Canada.JDS Energy Mining Inc. December 6, 2019.https://vitgoldcorp.com/site/assets/files/6480/jds-vit-eagle-gold-ni-43-101-fs-report-20191206.pdf
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Hulse D, Emanuel C, Cook C. NI43-101 Technical Reporton Mineral Resources. Gustavson Associates. May 31, 2020.https://www.goldenpredator.com/_resources/Brewery-Creek_NI-43-101-05OCT2020-File.pdf
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Simpson R. Florin Gold Project NI43-101 TechnicalReport. Geosim Services Inc. April 21, 2021. https://sedar.com/GetFile.dolang=ENdocClass=24issuerNo=00005795issuerType=03projectNo=03236138docId=4984158
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Banyan Gold News Release Dated May 17, 2022 (TechnicalReport to be filed within 45 days of news release)https://www.banyangold.com/news-releases/2022/banyan-announces-4-million-ounce-gold-mineral-resource-estimate-for-the-aurmac-property-yukon-canada/
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.
Sitka is currently conducting a planned 10,000 metre diamond drillprogram at its RC Gold Project in the Yukon. Drilling is alsocurrently underway at the Company’s Alpha Gold Property in Nevadawhere up to 1,500 metres of drilling is planned.
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 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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