SITKF - Sitka to Acquire 100% Ownership of the Barney Ridge Property Adjacent to the Blackjack and Eiger Gold Deposits at its RC Gold Project Yukon

(TheNewswire)

VANCOUVER, CANADA – TheNewswire- April 23, 2024: Sitka Gold Corp. (“Sitka”or the “Company”) (TSXV:SIG) (FSE:1RF) (OTCQB:SITKF) is pleased to announce that it has entered into an amendingagreement (the " Amendment ") dated April 12, 2024 to acquire a 100% ownership inthe Barney Ridge Property ( “BarneyRidge” or the “Property” ), one of the underlyingproperties that comprise the Company’s road accessible, 386 squarekilometre RC Gold Project ( “RCGold” or the “Project” ) located in Yukon’sTombstone Gold Belt. The Barney Ridge Property is adjacent to theClear Creek property which hosts the Blackjack and Eiger gold deposits(see Figure 1). The Company has completed all the explorationrequirements and has made all property cash and share paymentspursuant to the Barney Ridge Property option agreement (see newsrelease dated June 26, 2020) subject to the Amendment whereby thebalance of future exploration expenditures will be waived and theCompany will make a final payment of $60,000 cash and issue 550,000shares (the “ConsiderationShares” ) to acquire a 100% interest in theProperty on or before May 15, 2024. The Amendment and the issuance ofthe Consideration Shares remain subject to the approval of the TSXVenture Exchange.

Barney Ridge is a 17.8 square kilometre contiguousclaim group that contains the Barney  Stock, a mid Cretaceousintrusion that has a signature of approximately 2 km by 1 km (seeFigure 1 and 3). The intrusion related gold mineralization identifiedto date at Barney Ridge has a similar composition to the intrusivebodies that comprise the proximal Clear Creek Intrusive Complex wherethe Company has recently defined a mineral resource estimate (the “MRE” ) of 1.34 million ounces of gold (1) within and around the Saddle and Eigerintrusive stocks (see Figure 2). The Saddle and Eiger stocks areassociated with the Blackjack and Eiger intrusion related golddeposits which comprise the MRE, remain open in all directions andcontain 900,000 ounces of gold at a grade of0.83 g/t and 440,000ounces of gold at a grade of 0.50 g/t respectively (1) . Theintrusion related gold deposit targets at Barney Ridge have never beendrilled, are road accessible and exhibit gold mineralization that isanalogous to the gold mineralization present at the nearby Blackjackand Eiger gold deposits.

“ We are very pleased to havereached an agreement whereby Sitka will obtain 100% ownership of theBarney Ridge Property”, stated Cor Coe, CEOand Director. “The Barney intrusive stock hasa very large surface footprint and exhibits many of the same mineralcharacteristics as the nearby intrusions present at our expandingBlackjack and Eiger gold deposits. The Barney Ridge Property, whichhas never been drilled, was always a key component of the consolidatedRC Gold Project land package and we are eager tounlock value there with expanded exploration efforts as we continue togrow the initial mineral resource estimate and pursue additional newdiscoveries across our district-scale RC Gold Project.”

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Figure 1:  Map of the RC Gold Project showing BarneyRidge Property location

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Figure 2: Plan map of the Northern Extent of the ClearCreek Intrusive Complex where several drill intervals and surfacesamples have demonstrated the high-grade nature of the ReducedIntrusion Related Gold System present. Yellow stars indicate whereoutcrop rock samples or drill hole intervals have returned >10 g/tgold. Several additional targets with the potential to host intrusionrelated gold deposits of significant size and grade have yet to bedrilled within this approximately 3 km x 5 km area. The Saddle Zonetarget area remains largely untested by drilling and contains thelargest and strongest gold-in-soil anomaly on the property.

Exploration completed on the Property to date hasconsisted of limited soil sampling, prospecting and trenching alongwith an airborne magnetic (MAG) survey (see Figures 3 and 4). Thiswork has identified 3 areas of significant gold mineralization withinor peripheral to the 2 km by 1 km Barney Stock; the Clover Zone, theLucky Charm Zone and the Leprechaun Zone (Figure 3).

At the Clover Zone, rock sampling has returned grabsamples from quartz veins with gold values ranging from detection upto 2.87 g/t Au within an 800 m by 500 m area on the northern margin ofthe Barney Stock. At the 600 m by 125 m Lucky Charm Zone, prospectinghas returned samples ranging from detection upto 7.61 g/t Au and trench sampling returned up to 7.0 m of 0.65 g/tgold and 0.8 m of 7.72 g/t gold. This zone remains open in alldirections. The Leprechaun Zone occurs within hornfelsedmetasedimentary rocks on the east of the Barney Stock and is definedby a 1.5 km by 0.5 km > 30 ppb Au soil anomaly. Prospecting withinthe anomaly has returned rock samples ranging from detection up to2.07 g/t Au.

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Figure 3: Work map highlighting rock and  soil sampleresults with significant gold values at Barney Ridge.

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Figure 4: Airborne MAGsurvey of Barney Ridge showing total mag intensity and rock grabsample results.

About the flagship RC Gold Project

The RC Gold Project consists of a 386 square kilometrecontiguous district-scale land package located in the heart of Yukon'sTombstone Gold Belt. The project is located approximately 100kilometres east of Dawson City, which has a 5,000 foot paved runway,and is accessed via a secondary gravel road from the Klondike Highwaywhich is usable year-round and is an approximate 2 hour drive fromDawson. It is the largest consolidated land package strategicallypositioned mid-way between Victoria Gold's Eagle Gold Mine -Yukon ’ s newest gold minewhich reached commercial production in the summer of 2020 - andVictoria Gold’s former producing Brewery Creek Gold Mine.

On January 19, 2023 Sitka Goldannounced an Initial Mineral Resource Estimate prepared in accordance with National Instrument 43-101(“NI 43-101”) guidelines for the RC Gold Property of 1,340,000 ounces of gold (1) . The road accessible, pitconstrained Mineral Resource is classified as inferred and iscontained in two zones: The Blackjack and Eiger deposits. Both ofthese deposits are at/near surface, are potentially open pit minableand amenable to heap leaching, with initial bottle roll testsindicating that the gold is not refractory and has high gold recoveries of up to 94% withminimal NaCN consumption (see News Release July 13, 2022). The MineralResource estimate is presented in the following table at a base casecut-off grade of 0.25 g/t Au:

RC Gold Inferred Mineral Resource 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 optimisedpit 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.

To date, 56 diamond drill holes have been drilled intothis system for a total of approximately 19,962 metres including 16drill holes totalling 6,515 metres completed in 2023 focused onexpanding the initial resource. The drilling in 2023 produced resultsof up to 219.0 m of 1.34 g/t gold including 124.8 m of 2.01 g/t gold and 55.0 m of 3.11 g/t gold in drill holeDDRCCC-23-047 at Blackjack (see news release dated September 26,2023). The Company recently completed two drill holes totalling 1,085metres during the winter phase of a planned 15,000 metre diamonddrilling program at the RC Gold Project for2024. All core samples for these drill holes have been delivered tothe lab and assays are currently pending.

*For more detailed information on the underlyingproperties please visit our website at www.sitkagoldcorp.com

RC Gold Deposit Model

Exploration on the Property has mainly focused onidentifying an intrusion-related gold system ( “ IRGS”). The property is within theTombstone 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 Measured and IndicatedResources of 233 million tonnes at a grade of 0.57 g/t Au at the EagleMain Zone (4.303 million ounces; Harvey et al, 2022) (2) ; the Brewery Creek deposit withcurrent Indicated Mineral Resource of 22.2 million tonnes at a goldgrade 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 AurMac Project with anInferred Mineral Resource of 347.49 million tonnes grading 0.63 gramper tonne gold (7.00 million ounces) (5) .

(1) Sims J. Fort Knox MineFairbanks North Star Borough, Alaska, USA National Instrument 43-101Technical Report. June 11, 2018.https://s2.q4cdn.com/496390694/files/doc_downloads/2018/Fort-Knox-June-2018-Technical-Report.pdf

(2) Harvey N., Gray P., WintertonJ., Jutras M., Levy M.,Technical Report for the Eagle Gold Mine, YukonTerritory, Canada. Victoria Gold Corp. December 31, 2022.https://vgcx.com/site/assets/files/6534/vgcx_-_2023_eagle_mine_technical_report_final.pdf

(3) Hulse D, Emanuel C, Cook C.NI 43-101 Technical Report 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 GoldProject NI 43-101 Technical 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 ReleaseDated February 7, 2023 (Technical Report to be filed within 45 days ofnews release)https://banyangold.com/news-releases/2024/banyan-announces-7-million-ounce-gold-updated-mineral-resource-estimate-aurmac-project-yukon-canada/

Upcoming Events

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

• 121 Mining Investment Conference, London, England:May 15 - 16, 2024

• Yukon Mining Alliance Property Tours, Dawson City,Yukon: June 20 - 26, 2024

• Takestock Investor Forum, Stampede Event, Calgary,Alberta: July 3, 2024

• Precious Metals Summit, Beaver Creek, Colorado:September 10 - 13, 2-024

*All events are subject to change.

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.

The Company recently announced an NI 43-101 compliant initial inferred Mineral Resource Estimate of1,340,000 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 7,585 metres of additional diamond drilling within 18drill holes has been completed at RC Gold since the announcement ofthe Mineral Resource Estimate.

1. (1) Simpson, R. January 19, 2023.Clear Creek Property, RC Gold Project, NI 43-101 Technical Report,Dawson Mining District, Yukon Territory

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

Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.

Cautionary Statements

This news release contains "forward-lookinginformation" and "forward-looking statements" withinthe meaning of applicable securities legislation. The forward-lookingstatements herein are made as of the date of this news release only,and the Company does not assume any obligation to update or revisethem to reflect new information, estimates or opinions, future eventsor results or otherwise, except as required by applicable law. Often,but not always, forward-looking statements can be identified by theuse of words such as "plans", "expects", "isexpected", "budgets", "scheduled","estimates", "forecasts", "predicts","projects", "intends", "targets","aims", "anticipates" or "believes" orvariations (including negative variations) of such words and phrasesor may be identified by statements to the effect that certain actions"may", "could", "should","would", "might" or "will" be taken,occur or be achieved. These forward-looking statements include, amongother things, statements relating to the TSXVenture Exchange’s approval of the Amendment and the issuance of theConsideration Shares.

Such forward-looking statements are based on a numberof assumptions of management, including, without limitation, that theTSX Venture Exchange will approve of the Amendment and the issuance ofthe Consideration Shares. Additionally, forward-looking informationinvolve a variety of known and unknown risks, uncertainties and otherfactors which may cause the actual plans, intentions, activities,results, performance or achievements of the Company to be materiallydifferent from any future plans, intentions, activities, results,performance or achievements expressed or implied by suchforward-looking statements. Such risks include, without limitation:(a) the failure of the Company to obtain approval of the TSX VentureExchange to the Amendment and the issuance of the ConsiderationShares, and (b) unanticipated costs.

Such forward-looking information representsmanagement's best judgment based on information currently available.No forward-looking statement can be guaranteed and actual futureresults may vary materially. Accordingly, readers are advised not toplace undue reliance on forward-looking statements or information.Neither the Company nor any of its representatives make anyrepresentation or warranty, express or implied, as to the accuracy,sufficiency or completeness of the information in this news release.Neither the Company nor any of its representatives shall have anyliability whatsoever, under contract, tort, trust or otherwise, to youor any person resulting from the use of the information in this newsrelease by you or any of your representatives or for omissions fromthe information in this news release.

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