SITKF - Sitka Intercepts Visible Gold in First Diamond Drill Hole of 2024 at its RC Gold Project in Yukon

(TheNewswire)

VANCOUVER, CANADA – TheNewswire - March 28, 2024: Sitka Gold Corp.(“Sitka” or the “Company) (TSX-V:SIG) (FSE:1RF)(OTCQB:SITKF ) is pleased to announce it has intercepted visible gold in itsfirst 2024 winter diamond drill hole (DDRCCC-24-57 or Hole 57) at itsflagship RC Gold Project (“RC Gold” or the “Project”) locatedin Yukon’s prolific Tombstone Gold Belt.

Hole 057 was drilled to a depth of 550.2 m and was astep-out to the west from hole DDRCCC-23-047 (see news release datedSeptember 26, 2023) which was the highest grade intersection at theproject to date at the current southern extent of the Blackjack zonereturning 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. Hole DDRCCC-24-058 (Hole 058) iscollared approximately 70 metres north of Hole 57 and is currentlyunderway with a dip of -60 degrees and an azimuth of 60 degrees (seeFigure 1). Hole 57 is currently being logged and cut in preparationfor delivery to the assay lab.

Observations of visible gold in thefirst completed drill hole of our ongoing winter diamond drillingcampaign at RC Gold are very exciting and confirm that goldmineralization remains persistent in this area,” said CorCoe, Director and CEO of Sitka Gold. “This initial step out from Hole 47, which was our best drill holeon the Project to date, demonstrates the real potential to expandhigher grade gold mineralization to the south and southeast of thecurrent Blackjack deposit, which is still open in all directions.Winter drilling continues at RC Gold while we eagerly await the assayresults from Hole 57.”

Drill Hole DDRCCC-24-057 was drilled to test the southeasternextension of the well-mineralized quartz monzonite intrusionintersected in hole DDRCCC-23-047. It intersected two broad zones offeldspar megacrystic quartz monzonite intrusion (49.9 – 160.9 m and446.6 – 509.9 m) within a large package of biotite schist, phyllite,and quartzite of the Late Proterozoic Yusezyu Formation (HylandGroup). A narrow lamprophyre dyke was intersected from 241.6 - 243.2 malong with abundant narrow (1-2 m) quartz monzonite dykes crosscutting throughout the Yusezyu Formation metasediments (see Figure 2).

Both intrusions were cut by abundant 1-2 cm sheeted quartz veins,quartz-arsenopyrite veins, and dominantly arsenopyrite veins withnarrow cm scale sericite alteration halos. Visible Gold has beenidentified in Hole 57 (see Figures 4 and 5).

Hole 057 is the first hole to be completed of up to 15,000 metres ofdiamond drilling at RC Gold this year in proposed winter and summerdrilling campaigns. The key objectives of drilling this year will beto further expand and define targets within the well-endowed ClearCreek Intrusive Complex area, which currently hosts the Blackjack andEiger gold deposits - both of which remain open in all directions -and the Saddle zone (see Figure 3). Additionally, the drilling aims toadvance the drill-ready targets elsewhere on the district-scale, 386square kilometre property.

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Figure 1: Workmap showing drill holelocations at the Blackjack gold deposit

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Figure 2: Cross section ofDDRCCC-24-057

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Figure 3: Plan map of the Northern Extent of theClear Creek Intrusive Complex where several drill intervals andsurface samples have demonstrated the high-grade nature of the ReducedIntrusion Related Gold System present. Yellow stars indicate whereoutcrop rock samples or drillhole intervals have returned >10 g/t gold. Several additionaltargets with the potential to host intrusion related gold deposits ofsignificant size and grade have yet to be drilled within thisapproximately 3 km x 5 km area. The Saddle Zone target area remainslargely untested by drilling and contains the largest and strongestgold-in-soil anomaly on the property.

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Figure 4: Example of visible goldobserved in DDRCCC-24-057

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Figure 5: Drill core, ranging from474.07 to 482.91 metres in DDRCCC-24-057, consists of altered andintensely veined biotite schist and quartzite. These are in contactwith megacrystic quartz monzonite, where visible gold was observed ina quartz veinlet at a depth of 481.77 metres.

About the flagship RC GoldProject

The RC Gold Project consists of a 386 square kilometre contiguousdistrict-scale land package located in the heart of Yukon's TombstoneGold Belt. The project is located approximately 100 kilometres east ofDawson City with a 5,000 foot paved runway 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 formerproducing Brewery Creek Gold Mine.

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. Both of thesedeposits are at/near surface, are potentially open pit minable andamenable to heap leaching, with initial bottle roll tests indicatingthat the gold is not refractory and has high gold recoveries of up to94% with minimal NaCN consumption (see NewsRelease July 13, 2022). The Mineral Resourceestimate is presented in the following table at a base case cut-offgrade of 0.25 g/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.

To dat e, 55 diamond drill holeshave been drilled into this system for a total of approximately 19,427metres including 16 drill holes totalling 6,515 metres completed in2023 focused on expanding the initial resource. The drilling in 2023 produced 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).

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

RC Gold 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*:

• Redcloud Virtual 1:1 Precious Metals Conference, Toronto, ON, April11, 2024

• 121 Mining Investment Conference, London, England: May 15 - 16, 2024

• Yukon Mining Alliance Property Tours, Dawson City, Yukon: June 20 -26, 2024

• Takestock Investor Forum, Stampede Event, Calgary, Alberta: July 3,2024

• Precious Metals Summit, Beaver Creek, Colorado: September 10 - 13,2-024

*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 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 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 andForward-Looking Statements

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 informationor financial out-look that are incorporated by reference herein,except in accordance with applicable securities laws. We seek safeharbor.

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