(TheNewswire)
VANCOUVER, CANADA – TheNewswire – March 18, 2021: Sitka Gold Corp.(“Sitka” or the “Company”) (CSE:SIG) (FSE:1RF) (OTC:SITKF) (CNSX:SIG.CN) is pleased to announce that it haslocated an additional 30 claims at its Alpha Gold Project, located along the southeast projection of theprolific Cortez Gold Trend in Eureka County, approximately 135kilometres southwest of Elko, Nevada (Figure 1). The Alpha Gold Project now totals 93 claims covering an area ofapproximately 1860 acres or 753 hectares (Figure 2). The new claimscomplete coverage of potential mineralization east and southeast ofdrill hole AG21-03 (see news release dated March 10, 2021).
Key Points Regarding RecentDevelopments at Alpha Gold:
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- AG21-03 intersected strong, Carlin-type, alterationat a prime stratigraphic horizon, known as the Webb/Devils Gatecontact in the Roberts Mountains, time equivalent to the HorseCanyon/Wenban contact at Goldrush approximately 40 km to the northalong the Cortez Trend (Figure 3).
- AG21-03 is located down dip from surface goldgeochemical anomalies to the northwest and up dip from a rhyoliticvolcanic and hypabyssal intrusive complex to the southeast.
- Mercury, arsenic, and thallium results from initialsampling in Webb Fm and Devonian Shale well above the Devils Gatecontact east of AG21-03 definitively strengthen towards the rhyolitecomplex.
- The emerging mineralization alignment is located inthe hanging wall anticline of an interpreted, northwest, moderateangle, thrust fault and spatially associated with normal faultscarrying Carlin age rhyolite dikes. The moderate angle thrust faultis broadly analogous to the Abyss thrust at the Pipeline depositlocated at the northern end of the Cortez Trend (Figure 3).
Cor Coe, Director and CEO of Sitka comments: “Theimportance of some of these geological features was not fullyrecognized prior to the information gathered from these latest drillholes. We knew this area contained all of the basic elements of aCortez Trend, Carlin-type gold deposit and now the initial drillinghas shown us where those elements are. Our systematic approach totesting our geological model and adjusting its parameters as new datais collected continues to successfully advance the Alpha Gold Project.The Company plans on continuing with an aggressive follow-up drillingprogram pending assays results for AG21-03 and continued geologicalassessment.”
Figure 1 - Alpha Gold NewClaims
Figure 2 - RegionalMap of the Alpha Gold Project Claim Blocks
Figure 3 - Alpha GoldTarget Areas
About AlphaGold
Sitka Gold has acquired a 100% interest in the AlphaGold Project, located along the southeast projection of the prolificCortez Gold Trend in Eureka County, approximately 135 kilometressouthwest of Elko, Nevada. The Property is comprised of 2 claim blockstotalling 93 lode claims covering an area of approximately 1860 acres(753 hectares) and is accessible via a dirt road, approximately 2kmwest 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. Of primary importance at the Alpha Gold location is thatthe rocks have been down-dropped significantly by late extensional faulting. Prior to extension, and duringthe critical 36-42 Ma Carlin-type mineralization event, the fold crestat Alpha Gold would have been a regional highpoint among nearbymountain ranges. Well exposed ‘lower plate windows’ near AlphaGold have been extensively explored for Carlin-type gold deposits witha number of deposits found along the limbs.
Additional Updates
The company wishes to amend the information from it’snews release dated March 5, 2021 in regards to the finder’s feesissued pursuant to the close of its private placement. Inconnection with the private placement, the Company paid commissionstotalling $272,538.35 and issued 2,138,122 finder’s warrants. Eachfinder’s warrant is exercisable to acquire one common share of thecompany at exercise price of $0.18 for 36 months from the date ofclosing of the private placement. The Company also issued 458,333shares as a commission on a portion of the proceeds of thefinancing.
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 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 BOARDOF DIRECTORS OF
For more information, please contact:
CEO & Director
604-979-0509
Cautionary and Forward-LookingStatements
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 of proceeds, anticipated work program, requiredapprovals in connection with the work program and the ability toobtain such approvals. Accordingly, readers should not place unduereliance on the forward ? looking statements,timelines and information contained in this news release. Readers arecautioned that the 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 RegulationServices Provider (as that term is defined in the policies of the CSE)accepts responsibility for the adequacy or accuracy of this release.No stock exchange, securities commission or other regulatory authorityhas approved or disapproved the information contained herein.
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