SIG:CC - Sitka Secures Drill Rig for its Alpha Gold Property in Nevada
(TheNewswire)
VANCOUVER, CANADA – TheNewswire - March 15, 2022 - Sitka Gold Corp.(“Sitka” or the “Company”) (CSE:SIG) (CNSX:SIG.CN) (FSE:1RF) (OTC:SITKF) is pleased to announce that it has signed a drill contractwith Envirotech Drilling LLC of Winnemucca, Nevada. The contract isfor a planned 5,000 feet (1,524m) of Reverse Circulation drilling forcontinued exploration at its Alpha Gold Property (“Alpha Gold” orthe “Property”), situated at the southeast end of the Cortez Trendin Nevada. Sitka recently received approval from the BLM of itsamendment to its Alpha Notice of Intent to Drill after doubling itsland position to cover significant additional Carlin-type alterationidentified in the area (see news release dated November 16, 2021). TheCompany now has 26 permitted drill sites (Figure 1) available for itsnext phase of exploration.
The focus of the next phase of exploration will be tocontinue defining and expanding the limits of the mineralized systembeneath the 7 km long surface alteration footprint while searching forgrade. Each successive round of drilling has added importantgeological information and revealed increasingly prospective targets.The forthcoming drill program will further investigate the area aroundholes 05, 07, and 08, which returned assays of 0.41 g/t gold over12.19 m, 0.41 g/t gold over 3.04 m, and 0.46 g/t gold over 15.24 m(including 1.1 g/t gold over 3.04 m). It’s highly unlikely thebetter zones have been hit yet in this nearly blind mineral system.The new drilling will test host stratigraphy in additional quadrantsproximal to E-W to NNW structural intersections with strong surfacealteration zones. Carlin-type ore bodies can occur within faultzones or favor one side or the other and more information is neededfrom this mineralized area to pattern it. The hope is of course todiscover underground mining grades in the process, thoughmineralization in holes 05 and 07 is potentially shallow enough foropen pit mining.
The Frazier Creek target (see Figure 1) will also bedrill tested, where strong surface alteration coincides withintersecting fold and fault structures. Surface alteration at Alphahas been a good guide to much higher grades at depth in hoststratigraphy. The structural intersection at Frazier Creek is muchlarger than anything tested at Alpha NW.
Figure 1: Alpha Gold Project Work Mapand Regional Geology
CEO and Director of Sitka Gold, Cor Coe, P.Geo.,commented, “Sitka’s upcoming drill program at Alpha Gold willfocus on searching for grade as we vector towards the core of this 7km long Carlin-type mineralized system. It is significant that thislies on the projection of Nevada’s prominent Cortez Trend, whereseveral mega-deposits, such as Cortez Hills and Goldrush, are present.Results from each successive round of drilling over the last couple ofyears support our geological modeling and demonstrate that Alpha Goldhas the geological framework required for the discovery of a majorCarlin-type gold deposit.”
About Alpha Gold
Sitka Gold has acquired a 100% interest in the AlphaGold Property, located along the southeast projection of the prolificCortez Gold Trend in Eureka County, approximately 135 kilometressouthwest of Elko, Nevada. The Project is comprised of 1 claim blocktotaling 239 lode claims covering an area of approximately 4,780 acres(1,934 hectares) and is accessible via a dirt road, approximately 2 kmwest of Nevada State Highway 278.
The Property was initially staked after the locationwas recognized as the intersection of the regional-scale Pine Valleyanticline with northeasterly fold trends exposed in the RobertsMountains. Overprinting NNW folds coincident with the projection ofthe Cortez Trend were subsequently recognized and found to beimportant alteration and mineralization controls. Of primaryimportance at the Alpha Gold location is that the rocks have beendown-dropped significantly by late extensional faulting. Prior toextension, and during the critical 36-42 Ma Carlin-type mineralizationevent, the fold crest at Alpha Gold would have been a regionalhighpoint among nearby mountain ranges. Well exposed ‘lower platewindows’ near Alpha Gold have been extensively explored forCarlin-type gold deposits with a number of deposits found along thelimbs.
The Alpha Gold Property has advanced rapidly at modestcost, from an undrilled geologic concept with a surface alteration andpathfinder element anomaly, to a large wide-open Carlin-type goldsystem with thick, low-grade gold intercepts, from wide-spaceddrilling. Intercepted gold grades have improved as basic controls ofthe system have begun to be understood. This is reflected in drillhole AG21-08 where gold intervals over one gram per tonne wereencountered. Considering the early-stage, relatively blind nature ofthe target, the strength of mineralization encountered thus far andrate of progression at Alpha are extremely encouraging. Many lateraloffset targets on newly discovered gold-bearing structures withexcellent potential to reveal higher grades are already apparent fromthis year’s drilling. Success on an early-stage geologic conceptplay also comes with a nearly wide-open land domain. Geologic mappingacross areas south and east of the drilling has identified continuingalteration and structural trends extending from the existing landposition. Consequently, an additional 125 claims have been staked tocover this ground more than doubling the project land holdings. Figure1 shows some cursory details of this geologic work and land expansion.Surface alteration extends between large Eocene rhyolite flow domefeatures and the structural trend is locally defined by deeperstratigraphic exposures characteristic of eroded anticlinal uplifts.This represents the first detailed mappingundertaken in this area, made possible by improved knowledge of thecomplex stratigraphy derived from the drilling. Depths to key targethorizons are estimated to be relatively modest in comparison tosimilar, better known, covered or blind Carlin-type exploration playsaround the Cortez and Carlin trends. Sitka now holds 239 contiguousclaims covering multiple highly prospective targets for discovery andoffset of Carlin-type gold mineralization. The priority will be tobetter define gold mineralization patterns and find higher grades withmore 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 totalling $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 and returned 220.1 metres averaging 1.17 g/t gold from surface, including 50.5metres averaging 2.08 g/t gold (see news release dated December13, 2021).
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
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