SITKF - Sitka Intersects 3 Metres of 5430 ppm Zinc and 3 Metres of 11.6 g/t Silver at its Ogi Property In Yukon

(TheNewswire)

V ancouver, Canada - TheNewswire - January 20,2021 - Sitka Gold Corp. (“Sitka” or the “Company”) (CSE:SIG)(C NSX :SIG. CN ) (FSE:1RF) (OTC:SITKF) is pleased to announce the results of a fourhole, 104 metre Rotary Air Blast (RAB) drilling program its OGIProperty (“OGI” or the “Property”), located just off theDempster Highway, approximately 50 km east of Dawson City and 1 kmnorth of Golden Predator’s Brewery Creek Gold Mine in Yukon’sprolific Tombstone Gold Belt.

The drilling at OGI targeted a silver-zinc soil anomalythat covers an area of approximately 250 metres by 750 metres (Figure1). The soil anomaly is strongly anomalous in Zn (1,060 ppm to 4,500ppm), Ag (10 ppm to 31 ppm) and enriched in several other elementsincluding Ni, As, Mo, Ba, P and V (see news release dated August 18,2020). This geochemical signature is indicative of SedimentaryExhalative (SEDEX) style, stratabound Zinc-Lead- Silver (Zn-Pb-Ag)mineralization, similar to Howards Pass and many other zinc-rich baseand precious metal occurrences within Yukon's Selwyn Basin.

The OGI Property, consisting of 99 quartz claims, isunderexplored relative to its neighbours, including GoldenPredator’s Brewery Creek Mine 1 km from its southern border, andoverlies favourable geology and stream geochemistry. Previousexploration work up to 1997 included geochemical stream sedimentsampling of local drainages, an airborne magnetic geophysical surveyconducted over the area (in conjunction with the Geological Survey ofCanada), geological mapping, and prospecting. The stream sedimentsampling and geophysical survey identified a broad 1.0 km x 3.0 kmgold anomaly that is coincident with an interpreted buried intrusiveidentified from the magnetic geophysical survey. More recentexploration work on the property, conducted between 2011 to 2017,consisted primarily of follow up soil sampling and returned goldvalues from <5 ppb to 3,700 ppb and silver values from <0.2 ppmto 31 ppm and includes a significant silver-zinc soil anomaly thatstraddles an area of approximately 250 m x 750 m with values from 10ppm to 31 ppm silver and 1,060 ppm to 4,500 ppm zinc. This anomaly wasthe target of the 2020 RAB drill program, which was the first drillingprogram completed on the OGI property (Table 1).

(1) VanDamme, et.al., 1997.

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Figure 1 - OGI 2020 RAB Drilling PlanMap

Target length for each hole was 100 metres, which isthe nominal capacity of the GTD RAB drill equipped with one compressorused for the program. However, each of the four holes encounteredextremely broken ground conditions which created challenging drillingconditions and the longest hole length achieved was 30.5 metres.

Table 1 - RABDrill Hole Locations

Holes OGI-RAB-20-001, 003 and 004 all intersected ablack fine grained argillaceous unit that is moderately to stronglyanomalous in zinc and silver, as well as the SEDEX pathfinder elementsVanadium, Molybdenum and Barium. The strongest mineralization wasencountered in OGI-RAB-20- 004, which averaged1,963 ppm Zn and 5.7 ppm Ag over its entire 30.5 m length. The highestresults from this hole were 1.5 m of 5,430 ppm Zn at 13.7 m and 1.5 mof 11.6 g/t Ag at 3.0 m.

Cor Coe, Director and CEO of Sitka, stated, “We arevery encouraged by the results of this first-pass drilling program inwhich 3 of the 4 holes completed were successful in further definingthis surface anomaly as a silver-zinc rich argillite unit thatpossesses the pathfinder elements known to other SEDEX deposits withinthe Selwyn basin, such as Howards Pass. Although we did not achievetarget depth on the holes due to ground conditions that presentedchallenges for RAB drilling, the results obtained illustrate that thismineralized zone is continuous from surface to the depth of ourdeepest hole, which was approximately 100 feet deep. This knowledgewill greatly assist Sitka Gold’s efforts to identify the source ofthe strongly anomalous silver and zinc soil and rock samples thatcontinue to be found on the OGI property and we look forward tofollowing up on these results with additional exploration includingdiamond drilling.”

The Company’s plans for OGI in 2021 include gravitygeophysics methods aimed at finding massive sulfide mineralizationwithin the argillite unit and diamond drilling to fully test the knowngeochemical targets at OGI as well as any targets defined by thegravity geophysics.

About Sitka Gold Corp.

Sitka Gold Corp. is a mineral exploration companyheadquartered in Canada and managed by a team of experienced miningindustry professionals. The Company 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. Directors and Managementown approximately 15% of the outstanding shares of Sitka Gold Corp., asolid indication of their alignment with shareholders’interests.

The scientific and technical content of this newsrelease has been reviewed and approved by J. Greg Dawson, P.Geo.,Director of the Company, and a Qualified Person (QP) as defined byNational Instrument 43-101.

ON BEHALF OF THE BOARDOF DIRECTORS OF

SITKA GOLD CORP.

“ DonaldPenner ”

President andDirector

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

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