SITKF - Sitka Receives Drill Permit Amendment at its Alpha Gold Property in Nevada
(TheNewswire)
Vancouver, Canada – TheNewswire - March 03, 2022 - Sitka Gold Corp. (“Sitka” or the“Company”) (CSE:SIG) (FSE:1RF) (OTC:SITKF) is pleased toannounce that it has received approval from the Bureau of LandManagement (BLM) to amend its existing drill permit at its Alpha GoldProject (“Alpha Gold” or the “Project”) to include areas ofhigh geological potential on new claims that were staked last fall(Figure 1). The excellent results of the previous drilling programhave pointed exploration to examine structures and areas of strongCarlin-Type alteration along a NNW-SSE structural trend that requiredadditional permitting and bonding (see news release dated November 16,2021).
This additional permitting allows Sitka to continue testing NNW-SSEtrending structures in the new claim block and more specifically inthe Frazer Creek area (see Figure 1) where Carlin-Type alteration atsurface is strong. The Company is currently refining the locationand number of drill holes for the next phase of drilling. All holesdrilled to date at Alpha Gold have intersected strong Carlin-Typealteration with significant gold values and very strong pathfinderelements. The priority will be to better define gold mineralizationpatterns and find higher grades with more drilling in the NorthwestAlpha area. Having compiled last year’s drill results and geologicmapping, increasingly attractive targets continue to develop. Theinformation gathered from Northwest Alpha will assist in successfultargeting and drilling in the newly staked Frazier Creek area wherepermitting has just been granted.
Cor Coe, P.Geo., CEO and Director of Sitka stated, “We are verypleased to have received the amendment to our drill permit which willnow enable us to continue to explore and advance our Alpha GoldProject that is located within the projection of the fertile CortezTrend where over 50 million ounces of gold has been discovered todate. The latest drilling completed in 2021 has underscored theprospectivity of the area to host a significant Carlin type golddeposit. Having intervals of greater than one gram per tonne of goldwith only eight drill holes completed across two phases of drilling ina large, newly identified area within the projection of the Corteztrend is extremely encouraging. Substantially higher gold grades ineach new phase of sampling and drilling at Alpha also underscore theimportance of using a disciplined exploration approach to follow up onCarlin-type exploration targets in a highly prospective area. Stakingclaims contiguous with our existing claims has now doubled the size ofour project and enabled us to secure additional highly prospectiveground identified from the exploration work completed to date. Sitkais well funded and positioned to continue advancing Alpha Gold and welook forward to getting the drill turning there again.”
Figure 1: Alpha Gold Target Areas& Completed Drill Hole Locations
About Alpha Gold
Sitka Gold has acquired a 100% interest in the Alpha Gold Project,located along the southeast projection of the prolific Cortez GoldTrend in Eureka County, approximately 135 kilometres southwest ofElko, Nevada. The Project is comprised of 1 claim block totaling 239lode claims covering an area of approximately 4,780 acres (1,934hectares) and is accessible via a dirt road, approximately 2 km westof Nevada State Highway 278.
The Project was initially staked after the location was recognized asthe intersection of the regional-scale Pine Valley anticline withnortheasterly fold trends exposed in the Roberts Mountains.Overprinting NNW folds coincident with the projection of the CortezTrend were subsequently recognized and found to be importantalteration and mineralization controls. Of primary importance at theAlpha Gold location is that the rocks have been down-droppedsignificantly by late extensional faulting. Prior to extension, andduring the critical 36-42 Ma Carlin-type mineralization event, thefold crest at Alpha Gold would have been a regional highpoint amongnearby mountain ranges. Well exposed ‘lower plate windows’ nearAlpha Gold have been extensively explored for Carlin-type golddeposits with a number of deposits found along the limbs.
Three drill programs have been completed at Alpha Gold since itsacquisition and have advanced the Property from an undrilled geologicconcept with a surface alteration and pathfinder element anomaly, to alarge wide-open Carlin-type gold system with thick, low-grade goldintercepts, from wide-spaced drilling.
About Sitka Gold Corp.
Sitka Gold Corp. is a mineral exploration company headquartered inCanada that is fully funded for its planned 2022 exploration programswith the completion of two financings totaling $9.2 million in 2021.The Company is managed by a team of experienced industry professionalsand is focused on exploring for economically viable mineral depositswith its primary emphasis on gold, silver and copper mineralproperties of merit. Sitka currently has an option to acquire a 100%interest in the RC, Barney Ridge, Clear Creek and OGI properties inYukon and the Burro Creek Gold property in Arizona. Sitka owns a 100%interest in its Alpha Gold property in Nevada, it’s Mahtin Goldproperty in the Yukon and it’s Coppermine River project in Nunavut.
Sitka is currently conducting a winter diamond drill program at its RCGold Project in the Yukon where the last hole drilled in 2021 (Hole21) resulted in the discovery of a new gold zone (the Blackjack zone)and returned 220.1 metres averaging1.17 g/t gold from surface (see news release dated February 17,2022).
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
604-979-0509
dpenner@sitkagoldcorp.com
or
Cor Coe, P.Geo.
CEO & Director
604-979-0509
ccoe@sitkagoldcorp.com
Cautionary and Forward-LookingStatements
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