SITKF - Sitka Targets Carlin-Type Gold Mineralization with Commencement of Drilling at Alpha Gold in Nevada
(TheNewswire)
VANCOUVER, CANADA – TheNewswire - November 8, 2023: Sitka Gold Corp.(“Sitka” or the “Company”) (CSE:SIG) (FSE:1RF) (OTCQB:SITKF) is pleased to announce that drilling hascommenced at its Alpha Gold Property ( “Alpha Gold” orthe “Property” ) located at the southeast end of the Cortez Trend. TheAlpha Gold Property is located approximately 40 kilometres southeastof the Nevada Gold Mines Cortez Mine Complex in Nevada which includesthe Pipeline, Cortez Hills and Gold Rush mines. Similar stratigraphyand structure occur along trend to the Alpha Gold Property whereprevious drilling has intersected Carlin-Type mineralization andstrong alteration. The company believes that there is significantpotential for high grade gold mineralization within structures at theHorse Canyon/Devil’s Gate contact, which is the uppermost horizon ofpotential gold bearing mineralization. The drill program willinclude approximately 1,500 m in up to 5 holes as shown in Figure 2which shows the currently permitted drill sites.
“ Oursystematic and disciplined approach to exploration at Alpha Gold hasresulted in progressively better gold intercepts and a clearerunderstanding of where we are located within this very large,Carlin-type gold system ,” commented Cor Coe,Director and CEO of Sitka. “ Our geological modelling has evolved tremendously since we firstdiscovered this system and we believe the targets generated for thisdrill campaign provide the ideal framework for the discovery of amulti-million ounce, Carlin-type gold deposit at a minabledepth. ”
Figure 1 shows the Alpha target concept incross-section format at AG21-08 (15.2 m @ 0.46 g/t Au) and AG22-10(21.3 m @ 1.21 g/t Au) where it is best defined by drilling. Theseholes define the east limb of an anticline approximately located byearly surface mapping. Gold grade increases up-limb to the west. Asurface mapped normal fault then drops the section down to the west. No drilling has yet tested the down-dropped side of this fault orthe hinge and west limb of the anticline. The current, evolvingexploration model anticipates peak grades in the hinge zone whichshould be characterized by more intense fracturing than the limbs. Red crosshatch on the figure highlights the intersection of key hostrock horizons within the hinge zone, the most probable location ofunderground gold grades consistently in excess of 5 g/t. This model should be broadly applicable alongthe entire 7.5 km NNW anticline target trend on the Alpha Goldproject. Testing will take place from the currently permitted drillsites along the northern 2 km of the target trend.
Figure 2 is a plan map showing proposed drill holes totest the hingeline target zone. High priority sites providingoptimal angles on the target near holes 8 and 10 include the site ofAG21-09 which encountered and was captured in karst cavities,resulting in severe sample recovery problems. Rocks adjacent tokarst have yielded anomalous gold grades at Alpha and the cavitiesseem to reflect dissolution of carbonate rocks by pre- or post-mineralstage acidic fluids. AG22-09 cut 10.7 m @ 0.51 g/t Au in theimmediate walls to the karst zone before completely losing all samplerecovery. Holes drilled SW and secondarily NW from this site willdirectly test the western, down-dropped side of the Hingeline faultand the inferred hinge zone shown in Figure 1. The site of AG21-06south of AG22-10 provides a target angle with potential to hit theHorse Canyon to Devils Gate host horizon first on the east side of theHingeline fault, then cross the fault and hit the host horizon againon the downthrown side of the fault.
At the northern end of the target trend a hole isplanned drilling SW from the site of AG21-03. AG21-03 produced a lowgrade, but exceptionally thick gold intercept (89.9 m @ 0.11 g/t Au)characterized by black passive silicification and jasperoid that isinterpreted to be significantly off axis from the target zone. Athick intercept with much higher grade is possible from this hole andwould be extremely important to proving the size and strength of theCarlin-type gold system at Alpha. Three additional sites north ofAG21-03 in the large essentially untested segment of the trend northof AG21-03 and south of AG21-09 are also important. Prior holes inthis segment are both interpreted to be off the target axis butyielded good indications of the fringes of the system. AG21-04 cut53 m @ 746 ppm arsenic. In AG21-03 the Horse Canyon to Devils Gatehost horizon was mostly karsted out, but still produced 58 m @ 0.100g/t Au and 329 ppm arsenic. This intercept may relate to the N-Sstructure near the collar which may also be important and is otherwiseuntested. Objectives of this drill program are to seek out thehigh-grade core of the Carlin-type gold system at Alpha and betterdefine its geometry, distribution, and strength. This program willtarget the Horse Canyon to Devils Gate target horizon and provideadditional target definition towards eventual testing of the McColleyCanyon Fm (Goldrush Wenban 5 equivalent) target horizon below.
Figure 1: Interpreted cross sectionof hingeline target area at Alpha Gold
Figure 2: Plan map of proposed 2023drilling at Alpha Gold
Figure 3: Regional map of the AlphaGold Project
About Alpha Gold
Sitka Gold has acquired a 100% interest in the Alpha Gold Property,located along the southeast projection of the prolific Cortez GoldTrend in Eureka County, approximately 135 kilometres southwest ofElko, Nevada. The Project is comprised of one contiguous 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 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.
A total of 3,979 metres of drilling in 12 holes have been completed atAlpha Gold since its acquisition and have advanced the Property froman undrilled geologic concept with a surface alteration and pathfinderelement anomaly to a large, wide-open Carlin-type gold system withthick, low-grade gold intercepts from wide-spaced drilling.
About Sitka Gold Corp.
Sitka Gold Corp. is a well-funded mineral exploration companyheadquartered 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.
The Company recently announced an NI 43-101 compliant initial inferred Mineral Resource Estimateof 1,340,000 ounces of gold (1) beginning at surface and grading 0.68 g/t at its RC GoldProject in Yukon (see news release dated January 19, 2023). A total ofapproximately 6500 metres of additional diamond drilling within 16drill holes has been completed at RC Gold since the announcement ofthe Mineral Resource Estimate with results still pending for 2 drillholes that were completed in mid-September of this year.
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(1) Simpson, R. January 19, 2023.Clear Creek Property, RC Gold Project, NI 43-101 Technical Report,Dawson Mining District, Yukon Territory
Upcoming Events
Sitka Gold will be attendingand/or prese nting at the followingevents:
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Red Cloud Fall Mining Showcase, Toronto, ON: November 7 8, 2023
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Yukon Geoscience Forum, Whitehorse, Yukon: November 19- 22, 2023
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American Exploration and Mining Association, Sparks,Nevada: December 3 - 8, 2023
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AME Roundup January 22 - 25, 2024
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VRIC, Vancouver, BC: January 21 - 22, 2024
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PDAC, Toronto, ON: March 3 - 6, 2024
All events are subject to change.
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
Cautionary and Forward-LookingStatements
Neither the Canadian SecuritiesExchange nor its Regulation Services Provider (as that term is definedin the policies of the Canadian Securities Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
This release includes certainstatements and information that may constitute forward-lookinginformation within the meaning of applicable Canadian securities laws.Forward-looking statements relate to future events or futureperformance and reflect the expectations or beliefs of management ofthe Company regarding future events. Generally, forward-lookingstatements and informationcan be identified by the use of forward-looking terminology such as“intends” or “anticipates”, or variations of such words and phrases orstatements that certain actions, events or results “may”,“could”, “should”, “would” or “occur”. Thisinformation and these statements, referred to herein as"forward ? looking statements", are nothistorical facts, are made as of the date of this news release andinclude without limitation, statements regarding discussions of futureplans, estimates and forecasts and statements as to management'sexpectations and intentions with respect to, among other things, theuse of the proceeds raised under the Offering and the Company’santicipated work programs.
In making the forward-lookingstatements in this news release, the Company has applied severalmaterial assumptions, including without limitation, that the Companywill complete its anticipated work programs and use the proceeds ofthe Offering as currently anticipated.
These forward ? looking statements involve numerous risks and uncertainties andactual results might differ materially from results suggested in anyforward-looking statements. These risks and uncertainties include,among other things, market uncertainty, the results of the Company’santicipated work programs and that the Company will not use theproceeds of the Offering as currently anticipated.
Although management of the Companyhas attempted to identify important factors that could cause actualresults to differ materially from those contained in forward-lookingstatements or forward-looking information, there may be other factorsthat cause results not to be as anticipated, estimated or intended.There can be no assurance that such statements will prove to beaccurate, as actual results and future events could differ materiallyfrom those anticipated in such statements. Accordingly, readers shouldnot place undue reliance on forward-looking statements andforward-looking information. Readers are cautioned that reliance onsuch information may not be appropriate for other purposes. TheCompany does not undertake to update any forward-looking statement,forward-looking information or financial out-look that areincorporated by reference herein, except in accordance with applicablesecurities laws. We seek safe harbor.
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