SITKF - Sitka Secures Drill Contractor for up to 10000 Metres of Drilling at RC Gold in Yukon
(TheNewswire)
VANCOUVER, CANADA - TheNewswire - April 13, 2021 - Sitka Gold Corp.(“Sitka” or the “Company”) (C NSX :SIG. CN ) (FSE:1RF) (OTC:SITKF) is pleasedto announce that it has secured New Age Drilling Solutions Inc. anestablished drill contractor based in Whitehorse, Yukon, to completeup to 10,000 metres of diamond drilling at its district scale, 376square kilometer RC Gold Project (“RC Gold” or the “Project”)located in Yukon’s prolific Tombstone Gold Belt (Figure 1).
Figure 1 - RC Gold Project Regional Location Map
The majority of drilling at RC Gold this season will be focused on theSaddle-Eiger zone where a major intrusion-related gold system wasdiscovered during the initial drill program completed in 2020 (seenews release dated December 16, 2020). Every drill hole completedwithin this area last year encountered gold mineralization fromsurface to depth with intercepts and grades comparable to similarintrusion-related gold deposits in the region, including VictoriaGold’s Eagle and Olive gold deposits. These deposits contain acombined 4.7 million ounces of gold (1) and are located approximately 40 kilometres to the eastof the Project. These initial drill holes, which were spaced up to 800metres apart and spanned a distance of over 1800 metres, werestrategically positioned to test a large, overlying >100 ppb to>500 ppb gold-in-soil anomaly that is approximate 2 km x 500 m andopen in all directions (Figure 2). Planning is currently underway forthe 2021 drill program at RC Gold and mobilization is anticipated tocommence at the end May.
Highlights from the Eiger-SaddleZone
-
- 287.0 metres of 0.52 g/t gold from 9.0 to 296. metres (the entire hole) in DDRCCC20-002including:
231.0 metresof 0.61 g/t gold from 65 to 296 metresand
100.8 metresof 0.82 g/t gold from 156.4 to 257.2metres
-
- 2.0 metres of 16.10 g/tgold from 294 to 296 metres (end of holeDDRCCC20-002 and not included in the above intercepts)
-
- 139.1 metres of 0.61 g/t gold from 131.9 metres to 271 metres in DDRCCC20-004including:
59.0 metres of 0.88 g/t goldfrom 212 to 271 metres and
37.0 metres of 1.05 g/t goldfrom 234 to 271 metres and
6.6 metres of 1.27 g/t goldfrom 131.9 to 138.5 metres
-
- Previous rock samples fromtrace up to 319.5 g/tgold (2) and previous soil samples from trace up to 4,384 ppb gold (3) .
“With our recently closed and oversubscribed $6.4 million financingand a highly experienced and local drill contractor now secured, weare in an excellent position to further delineate the impressive golddiscovery at the Saddle-Eiger zones”, stated Cor Coe, CEO andDirector of Sitka. “The exceptional drill results from 2020,including 100.8 metres of 0.82 g/tgold in drill hole DDRCCC20-002 which ended in a separateinterval of 16.1 g/t gold over 2.0metres, demonstrates the enormous potential present at theSaddle-Eiger zone and confirms that the area hosts significant goldmineralization, open both laterally and at depth within a target areathat is over 2 km by 500 m. The intercepts and grades we arediscovering in this area are very compelling when you considerVictoria Gold’s nearby producing Eagle Gold mine has an averageresource grade of 0.63 g/t gold. We believe the results from theseinaugural drill holes at the Saddle-Eiger Zones reflect the grades andscale necessary for hosting an economic gold deposit. We are lookingforward to a major 2021 drilling program at the Saddle-Eiger zones aswell as continuing exploration efforts at other target areas withinthe 376 square kilometer district scale property.”
Figure 2 - Saddle-Eiger ZonesGold-In-Soil Anomaly and 2020 Drill Holes
Sitka is also please to announce it has received a Class 3 Mining LandUse Permit (the “Permit”) for the RC Gold and Mahtin claim blocks,which comprise part of the 376 square kilometre RC Gold Project(Figure 3). This permit is in addition to the Class 3 Permits alreadyin hand for the Clear Creek and Barney’s Ridge claim blocks.
The Class 3 Permit, valid until November 19, 2025, will allow Sitka tocomplete advanced exploration activities across the RC Gold and Mahtinclaim blocks, including 100 drill holes, 10 km of new road accessconstruction, 5 km of new trail access, 3 km of temporary trail accessand the construction of a 30 person camp. The new Class 3 Land UsePermit will allow Sitka to aggressively move forward to drill testseveral priority targets across the district scale RC Gold Project in2021 and beyond.
Figure 3 - RC Gold Project RegionalLocation Map
About the RC Gold Project
The RC Gold Project is a 376 square kilometer,contiguous, district-scale land package located in the newly roadaccessible Clear Creek, Big Creek and Sprague Creek districts in theheart of Yukon's Tintina Gold Belt and within the Tombstone Gold Belt.It is the largest consolidated land package strategically positionedmid-way between Victoria Gold's Eagle Gold Mine, which just reachcommercial production in July 2020, and Golden Predator's BreweryCreek Gold Mine, which recently received Government and FirstNation’s support for re-starting production. The RC Gold Projectland package is comprised of five underlying mining properties,namely; the RC, Bee Bop, Mahtin, Clear Creek and Barney RidgeProperties*. ?
Sitka Gold has inherited a wealth of historical andcurrent data from these properties that span the last 40 years. Recentexploration work and the compilation of historical data has 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 predominately beenfocused on identifying an intrusion related gold system (“IRGS”). The property is part of the Tombstone Gold Belt which is theprominent host to IRGS deposits within the Tintina Gold Province inYukon and Alaska. Notable deposits from the belt include: Fort Knoxmine in Alaska with current reserves of 282 million tonnes at 0.37 g/tAu (3.4 million ounces, not including 7.5 million ounces of pastproduction; Fairbanks Gold Mining Inc.); Eagle Gold mine with 155million tonnes at a diluted grade of 0.65 g/t Au (3.26 million ounces;Victoria Gold Corp., 2020); the Brewery Creek epizonal deposit with17.17 million tonnes at a gold grade of 1.45 g/t (0.726 millionounces; Barr, 2013); and the Florin Gold deposit, located adjacent toSitka’s RC Gold project, with 170.99 million tonnes grading 0.45 g/t(2.47 million ounces; St James Gold Corp.; Simpson, R., 2021).*
*The disclosure above is strictly for deposit model comparisons andthe mineralization hosted on these properties is not indicative ofmineralization hosted on the Company’s property.
(1) Victoria Gold Corp. Reserve & Resource Statement( https://vgcx.com/development/eagle-gold-project/reserve-resource-statement/ )
(2) Huber, M. (November 10, 2018) 2018 Technical Report on the Clear Creek Property
(3) O'Brien, E. and Kreft, B., (2010):2010 diamond drilling program Clear Creek property.
About Sitka Gold Corp.
Sitka Gold Corp. is a mineral exploration companyheadquartered in Canada that is fully funded for its planned 2021exploration programs with the recent completion of a $6.37 millionfinancing. 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 currently has an option to acquirea 100% interest in the RC, Barney Ridge, Clear Creek and OGIproperties in Yukon and the Burro Creek Gold property in Arizona.Sitka owns a 100% interest in its Alpha Gold property in Nevada,it’s Mahtin Gold property in the Yukon and it’s Coppermine Riverproject in Nunavut.
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
For more information contact:
President & Director
778-212-1950
dpenner@sitkagoldcorp.com
or
CEO & Director
604-817-4753
ccoe@sitkagoldcorp.com
Cautionary and Forward-Looking Statements
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 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 andinformation contained in this news release. Readers are cautioned thatthe 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.
Neither the CSE nor its Regulation Services Provider (as that term isdefined in the policies of the CSE) accepts responsibility for theadequacy or accuracy of this release. No stock exchange, securitiescommission or other regulatory authority has approved or disapprovedthe information contained herein.
Copyright (c) 2021 TheNewswire - All rights reserved.