SITKF - Sitka Intersects Visible Gold in Step Out Diamond Drilling at RC Gold Yukon

(TheNewswire)

VANCOUVER, CANADA – TheNewswire - April 12, 2023: Sitka Gold Corp.(“Sitka” or the “Company”) (CSE:SIG) (FSE:1RF) (OTC:SITKF) is pleased to announce an update on its recentlyinitiated 2023 diamond drill program consisting of up to 10,000 metresat the Company’s RC Gold Project (“RC Gold” or the“Project”) located in Yukon’s prolific Tombstone Gold Belt(“TCB”), approximately 100 kilometres east of Dawson City.

News Release Highlights

• Multiple visible gold grains observed in DDRCCC-23-041 (“Hole41”)

• Significant quartz vein densities observed in Hole 41

• Confirmation that mineralization of the Blackjack gold deposit extendsto the east and to depth

The first drill hole of the season, DDRCCC-23-041(“Hole 41”), has been completed with a final depth of 518.8 metresand drilling has now advanced to hole DDRCCC-23-042 (see Figures 1 and2). Preliminary drill hole locations are being systematicallydetermined based on the latest information gathered from the mostrecently completed drill holes along with previously generatedexploration data. The initial drilling of 2023 is focused on step-outdrilling to expand what appears to be a higher-grade component of themaiden Blackjack gold deposit that was announced in January of thisyear and currently has an inferred pit-constrained gold resource of900,000 ounces of gold grading 0.83 g/t gold (1) . Expansiondrilling is also planned this year at the Eiger deposit that currentlyhas 440,000 pit-constrained ounces of gold grading 0.50 g/tgold (1) . Both the Blackjack and Eiger deposits remain open in alldirections and form the basis of an NI 43-101 compliant,pit-constrained initial mineral resource estimate of 1,340,000 ouncesof gold grading 0.68 g/t gold that was recently announced in Januaryof this year (1) . A 1.5 kilometrelong mineralized corridor between the Blackjack and Eiger depositsremains largely undrilled with the potential for gold mineralizationto link the Blackjack and Eiger zones together through the Saddle zone(see Figure 1). This mineralized corridor will also be a priorityexploration target for the 2023 diamond drilling program.

(1)    Simpson, R.  January 19, 2023. Clear Creek Property, RC Gold Project, NI43-101 Technical Report, Dawson Mining District, Yukon Territory.

Hole 41 was collared 160 metres south of discoverydrill hole DDRCCC-21-021 (see news release dated December 13, 2021)and drilled on a northeast azimuth with a -60 degree dip, and wasdesigned to test for an extension of high-grade material at depthbelow drill holes DDRCCC-22-025 and DDRCCC-22-038 (see news releasesdated June 13, 2022 & November 30, 2022). The hole encountered theexpected metasedimentary country rock unit with weak quartz-sulphideveining from collar to 184 metres depth where it then transitionedthrough a series of narrow intrusive dikes and sills with markedlyincreased vein density and visible gold occurrences (see Figure 3)which continues in to the main megacrystic intrusive from 232 metresto 347 metres depth (see Figures 4 through 5). From 347 metres to 438metres another zone of transitional intrusive dikes and sills wasencountered with significant densities of quartz-sulphide veinssimilar to above, and comparable to the core of the Blackjack deposit.At 438 metres, the hole crossed a 17 metre wide post-mineral dikefollowed by more intrusive rocks with variable quartz-sulphide veiningto the end of the hole at 518.8 metres.

“ The geologic indicatorsobserved in our first step-out hole of the year are veryencouraging,” stated Cor Coe, P.Geo., CEO and Director of Sitka.“The concentration of gold grains observed in hole 41 is far beyondanything we have seen to date and was encountered near the start ofwhat appears to be a well mineralized interval (see Figure 3). Giventhe impressive visuals, hole 41 is expected to further extend whatappears to be a higher-grade core of the Blackjack gold deposit to theeast and to depth. The 2023 drilling at RC Gold is off to a greatstart and we look forward to the significant advancement that thisyear’s activities should bring to the Project.”

Figure 1: Plan Map of Drill HoleLocations and Surface Geochemistry across the Blackjack, Saddle andEiger Zones

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Figure 2: Cross Section ofDDRCCC-23-041

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Figure 3: Visible Gold inDDRCCC-23-041

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Figure 4: Drill Core fromDDRCCC-23-041

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Figure 5: Drill Core fromDDRCCC-23-041

About the RC Gold Project

The RC Gold Project (RC Gold) consists of a 376 square kilometrecontiguous district-scale land package located in the newly roadaccessible Clear Creek, Big Creek, and Sprague Creek districts in theheart of Yukon's Tombstone Gold Belt. It is the largest consolidatedland package strategically positioned mid-way between Victoria Gold'sEagle Gold Mine - Yukon’s newest gold mine which reached commercialproduction in the summer of 2020 - and Sabre Gold Mine’s BreweryCreek Gold Mine. The RC Gold Project land package comprises fiveunderlying properties, namely, the RC, Bee Bop, Mahtin, Clear Creek,and Barney Ridge properties*.

On January 19, 2023 Sitka Gold announced an InitialMineral Resource Estimate prepared in accordance with NationalInstrument 43-101 (“NI 43-101”) guidelines for the RC Gold Property of 1,340,000 ?ounces of gold (1) . The roadaccessible, pit constrained Mineral Resource is classified as inferredand is contained in two near/on-surface zones: The Blackjack and Eigerdeposits. The Mineral Resource estimate is presented in the followingtable at a base case cut-off grade of 0.25 g/t Au:

Table 1: RC Gold Inferred MineralResource Estimate

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 optimizedpit 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.

The InitialMineral Resource Estimate of 1,340,000 ounces of gold at the RC Gold Project is comprised of two deposits: theBlackjack deposit containing 900,000 ounces of gold at a grade of 0.83g/t gold and the Eiger deposit containing 440,000 ounces of gold at agrade of 0.50 g/t gold (see news release dated January 19, 2023). Bothof these deposits are at/near surface, are potentially open pitminable and amenable to heap leaching, with initial bottle roll testsindicating that the gold is not refractory and has high gold recoveries of up to94% with minimal NaCN consumption (see NewsRelease July 13, 2022).

The Blackjack and Eiger deposits are in close proximityto highway and power infrastructure, are road accessible year-round,remain open in all directions and are respectively located at thewestern and eastern end of a large, 500 metre by 2 kilometre intrusionrelated gold system that was recently discovered on the Property. Todate, just 38 diamond drill holes have been drilled into this systemfor a total of approximately 13,000 metres with results of up to 201.0 m of 1.26 g/tgold from surface, including 82.0 m of 2.04 g/t gold and 19.5 m of 4.87g/t gold at Blackjack (drill hole DDRCCC-22-040;see news release dated January 11, 2023) and 354 m of 0.41 g/t gold including 72 m of 0.72 g/t gold at Eiger (drill hole DDRCCC-21-09; see news release dateAugust 19, 2021).

Several high priority intrusion related gold targets exist at RC Goldwith nine outcropped intrusions identified to date over the 376 sq kmproperty, however Sitka’s main focus at the RC Gold Project has beenon the underlying Clear Creek Property where a large 500 metre by 2000metre intrusion related gold system covering the area over theBlackjack, Saddle and Eiger zones was identified. To date the Companyhas drilled 38 diamond drill holes into this system for a total ofapproximately 13,000 metres. This drilling culminated in the discoveryof the Blackjack and Eiger deposits with an initial inferred mineralresource estimate of 1,340,000 gold ounces (1) .

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.

(1)  Simpson, R.  January 19, 2023. Clear Creek Property, RC Gold Project, NI43-101 Technical Report, Dawson Mining District, Yukon Territory.

*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 AurMacProject with an Inferred Mineral Resource of 207.0 million tonnesgrading 0.60 gram per tonne gold (3.99 million ounces; Jutras2022) (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)    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

(3)    Hulse D, Emanuel C, Cook C. NI43-101 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 NI43-101Technical Report. 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 May 17, 2022 (Technical Reportto 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 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 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 recently announced a 43-101 compliant Initial Mineral ResourceEstimate of 1,340,000 ounces of gold (1) beginning atsurface and grading 0.68 g/t (see news release dated January 19,2023). A resource expansion diamond drilling program is currentlyunderway.

The Company is also planning additional drilling at itsAlpha Gold Property in Nevada where a new Carlin-type gold system wasrecently discovered. The Company is focused on vectoring towards thehigh-grade core of this newly discovered system, which is located in the Cortez Trend just 40 km southeast of theCortez Mine Complex of Barrick/Newmont, and plans for a 2023 drillingprogram at Alpha are currently underway.

(1)    Simpson, R.  January 19, 2023. Clear Creek Property, RC Gold Project, NI43-101 Technical Report, Dawson Mining District, Yukon Territory.

Upcoming Events

Sitka Gold will be attending and/or presenting at thefollowing events:

• Dawson Gold Show, Dawson City, Yukon: May 19 - 20,2023

• TakeStock Calgary Capital Event ,Calgary, AB: July 5, 2023

• YMA Property Tours, Dawson City, Yukon: July 16-22,2023

• Precious Metals Summit, Beaver Creek,Colorado: September 12 - 15, 2023

All events are subject to change.

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 andForward-Looking Statements

This news release containsforward-looking statements and forward looking information within themeaning of applicable securities laws. These statements relate tofuture events or future performance. All statements other thanstatements of historical fact may be forward-looking statements orinformation. Forward-looking statements and information are often, butnot 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 statementsand information address future events and conditions, by their verynature they involve inherent risks and uncertainties. Actual resultscould differ materially from those currently anticipated due to anumber of factors and risks. These include, but are not limited to,the expected timing and terms of the private placement, use ofproceeds, anticipated work program, required approvals in connectionwith the work program and the ability to obtain such approvals.Accordingly, readers should not place undue reliance on theforward-looking statements, timelines and information contained inthis news release. Readers are cautioned that the foregoing list offactors is not exhaustive.

The forward-looking statements andinformation contained in this news release are made as of the date ofthis news release and no undertaking is given to update publicly orrevise any forward-looking statements or information, whether as aresult of new information, future events or otherwise, unless sorequired by applicable securities laws or the CSE. The forward-lookingstatements or information contained in this news release are expresslyqualified by 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.

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