Mineralization at its Alpha Gold Property in Nevada
NEWS
RELEASE
January
9,
2024
NR
24-02
www.sitkagoldcorp.com
Sitka
Drills
Extensive
Intervals
of
Carlin-Type
Alteration
and
Mineralization
at
its
Alpha
Gold
Property
in
Nevada
VANCOUVER,
CANADA
–
January
9,
2024:
Sitka
Gold
Corp.
(“Sitka”
or
the
“Company”)
(CSE:SIG)
(FSE:1RF)
(OTCQB:SITKF)
is
pleased
to
announce
that
the
2023
drill
program
has
been
completed
at
its
Alpha
Gold
Property
(
“Alpha
Gold”
or
the
“Property”
)
located
at
the
southeast
end
of
the
Cortez
Trend.
A
total
of
1027.3m
was
drilled
in
four
holes
as
shown
in
Table
1
and
Figure
2.
All
four
drill
holes
encountered
significant
intercepts
of
strong
alteration
and
mineralization
consistent
with
known
Carlin-type
gold
deposits.
“We
are
extremely
encouraged
with
what
has
been
observed
in
this
round
of
drilling
at
Alpha,
with
all
four
drill
holes
intercepting
extensive
intervals
of
stronger
Carlin-type
alteration
and
mineralization
than
the
holes
being
offset
”,
commented
Cor
Coe,
P.Geo,
Director
and
CEO
of
Sitka.
“
These
drill
holes
have
substantially
increased
our
confidence
in
the
current
geologic
model
that
suggests
the
targeted
hingeline
zone
is
the
most
probable
location
to
host
peak
gold
grades
within
this
system.
This
model
should
be
broadly
applicable
along
the
entire
7.5
km
NNW
anticline
target
trend
located
on
the
Property,
providing
the
ideal
framework
for
the
discovery
of
a
large-scale,
multi-million
ounce,
Carlin-type
gold
deposit
at
a
minable
depth.
We
look
forward
to
announcing
the
results
from
these
drill
holes
once
they
have
been
received
and
compiled.”
Table
1:
2023
drill
holes
and
the
alteration
intervals
in
the
Horse
Canyon
Fm
and
uppermost
Devils
Gate
Limestone.
Alteration
intervals
do
not
equate
to
gold
intercepts.
HoleID Azimuth (°) Dip (°) Total Depth (m) Alt./Min. Zone (m)
AG23-13
240
-65
169.2
85.3
-
167.6
AG23-14
270
-60
379.5
345.9
-
362.7
AG23-15
300
-60
245.4
114.3
-
167.6
AG23-16
285
-60
233.2
123.4
-
173.7
The
Alpha
Gold
Property
is
located
approximately
40
kilometres
southeast
of
the
Nevada
Gold
Mines
Cortez
Mine
Complex
in
Nevada
which
includes
the
Pipeline,
Cortez
Hills
and
Gold
Rush
mines
(Figure
1).
Similar
stratigraphy
and
structure
occur
along
trend
to
the
Alpha
Gold
Property
where
previous
drilling
has
intersected
Carlin-type
gold
mineralization
and
strong
alteration.
The
company
believes
that
there
is
significant
potential
for
high
grade
gold
mineralization
within
structures
at
the
Horse
Canyon/Devil’s
Gate
contact,
which
is
the
uppermost
horizon
of
potential
gold
bearing
mineralization.
The
2023
drill
program
was
designed
to
test
the
inferred
hingeline
target
zone
in
the
Alpha
NW
area
and
test
for
higher
grades
where
prior
drilling
showed
gold
mineralization
was
open
and
strengthening
(Figure
2).
All
holes
were
drilled
from
existing
permitted
drill
sites,
offsetting
prior
drill
holes.
All
four
holes
intercepted
stronger
alteration
and
pyrite
mineralization
than
the
holes
being
offset.
AG23-13
was
an
offset
to
AG22-09
and
intercepted
a
thick
zone
of
black
jasperoid
enveloping
strong
silicification
and
decalcification
with
2-10%
pyrite
and
sooty
pyrite.
AG23-14
intercepted
strong
silicification
and
pyrite
between
a
highly
silicified
dike
or
sill
and
the
top
of
the
Devils
Gate
Limestone.
The
target
interval
also
included
an
intensely
sulfidized
zone
at
its
base
with
up
to
20%
dark
coloured
pyrite
replacements.
It
was
drilled
west
from
the
same
pad
as
AG21-06
and
greatly
eclipsed
alteration
seen
in
that
hole.
The
hole
also
represents
a
300m
offset
south
from
AG22-10.
AG23-15
was
drilled
to
offset
the
exceptionally
thick
and
strong
alteration
seen
in
AG23-13
and
to
help
delineate
the
E-W
cross
structure
cutting
through
near
the
pad
and
better
understand
its
control
of
or
influence
on
the
alteration
and
mineralization.
Like
AG23-13,
the
hole
revealed
a
very
thick
intercept
of
silicification
and
jasperoid.
Quartz
veining/replacement
and
occurrences
of
sphalerite
were
present,
partly
in
the
Devils
Gate
Limestone.
AG23-16
was
collared
at
the
far
north
end
of
the
mineralization
trend
to
offset
a
thick
but
subtle
gold
intercept
in
AG21-02.
Drilling
WNW,
AG23-16
encountered
much
more
intense
silicification,
decalcification,
and
pyrite
than
AG21-02
had.
Stronger
alteration
visuals
in
this
year’s
drill
program
testing
the
hingeline
target
zone
suggests
that
the
geologic
target
model
is
valid.
All
samples
have
been
submitted
to
the
ALS
facility
in
Elko,
Nevada
and
the
company
eagerly
anticipates
receipt
of
the
assay
results.
Figure
1:
Regional
map
of
the
Alpha
Gold
Project
Figure
2:
Plan
map
of
2023
drilling
at
Alpha
Gold
About
Alpha
Gold
Sitka
Gold
has
acquired
a
100%
interest
in
the
Alpha
Gold
Property,
located
along
the
southeast
projection
of
the
prolific
Cortez
Gold
Trend
in
Eureka
County,
approximately
135
kilometres
southwest
of
Elko,
Nevada.
The
Project
is
comprised
of
one
contiguous
claim
block
totaling
239
lode
claims
covering
an
area
of
approximately
4,780
acres
(1,934
hectares)
and
is
accessible
via
a
dirt
road,
approximately
2
km
west
of
Nevada
State
Highway
278.
The
Property
was
initially
staked
after
the
location
was
recognized
as
the
intersection
of
the
regional-scale
Pine
Valley
anticline
with
northeasterly
fold
trends
exposed
in
the
Roberts
Mountains.
Overprinting
NNW
folds
coincident
with
the
projection
of
the
Cortez
Trend
were
subsequently
recognized
and
found
to
be
important
alteration
and
mineralization
controls.
Of
primary
importance
at
the
Alpha
Gold
location
is
that
the
rocks
have
been
down-dropped
significantly
by
late
extensional
faulting.
Prior
to
extension,
and
during
the
critical
36-42
Ma
Carlin-type
mineralization
event,
the
fold
crest
at
Alpha
Gold
would
have
been
a
regional
highpoint
among
nearby
mountain
ranges.
Well
exposed
‘lower
plate
windows’
near
Alpha
Gold
have
been
extensively
explored
for
Carlin-type
gold
deposits
with
a
number
of
deposits
found
along
the
limbs.
A
total
of
5,006
metres
of
drilling
in
16
holes
have
been
completed
at
Alpha
Gold
since
its
acquisition
and
have
advanced
the
Property
from
an
undrilled
geologic
concept
with
a
surface
alteration
and
pathfinder
element
anomaly
to
a
large,
wide-open
Carlin-type
gold
system
with
thick,
low-grade
gold
intercepts
from
wide-spaced
drilling.
Results
for
4
drill
holes
are
still
pending.
About
Sitka
Gold
Corp.
Sitka
Gold
Corp.
is
a
well-funded
mineral
exploration
company
headquartered
in
Canada
with
approximately
$8
million
in
the
treasury.
The
Company
is
managed
by
a
team
of
experienced
industry
professionals
and
is
focused
on
exploring
for
economically
viable
mineral
deposits
with
its
primary
emphasis
on
gold,
silver
and
copper
mineral
properties
of
merit.
Sitka
currently
has
an
option
to
acquire
a
100%
interest
in
the
RC,
Bee
Bop,
Barney
Ridge,
and
OGI
properties
in
the
Yukon
and
the
Burro
Creek
Gold
and
Silver
property
in
Arizona.
Sitka
owns
a
100%
interest
in
its
Clear
Creek
and
Mahtin
property
in
Yukon,
Alpha
Gold
property
in
Nevada,
and
the
Coppermine
River
project
in
Nunavut.
The
Company
recently
announced
an
NI
43-101
compliant
initial
inferred
Mineral
Resource
Estimate
of
1,340,000
ounces
of
gold
(1)
beginning
at
surface
and
grading
0.68
g/t
at
its
RC
Gold
Project
in
Yukon
(see
news
release
dated
January
19,
2023).
A
total
of
approximately
6500
metres
of
additional
diamond
drilling
within
16
drill
holes
has
been
completed
at
RC
Gold
since
the
announcement
of
the
Mineral
Resource
Estimate.
(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
attending
and/or
presenting
at
the
following
events*:
●
VRIC,
Vancouver,
BC:
January
21
-
22,
2024
●
AME
Roundup,
Vancouver,
BC:
January
22
-
25,
2024
●
Tombstone
Gold
Belt
Breakfast
-
Fireside
Chat,
Vancouver,
BC:
January
22,
2024
●
PDAC,
Toronto,
ON:
March
3
-
6,
2024
●
Swiss
Mining
Institute,
Zurich,
Switzerland:
March
20
-
21,
2024
*All
events
are
subject
to
change.
The
scientific
and
technical
content
of
this
news
release
has
been
reviewed
and
approved
by
Cor
Coe,
P.Geo.,
Director
and
CEO
of
the
Company,
and
a
Qualified
Person
(QP)
as
defined
by
National
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
or
Cor
Coe
CEO
&
Director
604-817-4753
Cautionary
and
Forward-Looking
Statements
Neither
the
Canadian
Securities
Exchange
nor
its
Regulation
Services
Provider
(as
that
term
is
defined
in
the
policies
of
the
Canadian
Securities
Exchange)
accepts
responsibility
for
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or
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release.
This
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includes
certain
statements
and
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that
may
constitute
forward-looking
information
within
the
meaning
of
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Canadian
securities
laws.
Forward-looking
statements
relate
to
future
events
or
future
performance
and
reflect
the
expectations
or
beliefs
of
management
of
the
Company
regarding
future
events.
Generally,
forward-looking
statements
and
information
can
be
identified
by
the
use
of
forward-looking
terminology
such
as
“intends”
or
“anticipates”,
or
variations
of
such
words
and
phrases
or
statements
that
certain
actions,
events
or
results
“may”,
“could”,
“should”,
“would”
or
“occur”.
This
information
and
these
statements,
referred
to
herein
as
"forward-
looking
statements",
are
not
historical
facts,
are
made
as
of
the
date
of
this
news
release
and
include
without
limitation,
statements
regarding
discussions
of
future
plans,
estimates
and
forecasts
and
statements
as
to
management's
expectations
and
intentions
with
respect
to,
among
other
things,
the
use
of
the
proceeds
raised
under
the
Offering
and
the
Company’s
anticipated
work
programs.
In
making
the
forward-looking
statements
in
this
news
release,
the
Company
has
applied
several
material
assumptions,
including
without
limitation,
that
the
Company
will
complete
its
anticipated
work
programs
and
use
the
proceeds
of
the
Offering
as
currently
anticipated.
These
forward-
looking
statements
involve
numerous
risks
and
uncertainties
and
actual
results
might
differ
materially
from
results
suggested
in
any
forward-looking
statements.
These
risks
and
uncertainties
include,
among
other
things,
market
uncertainty,
the
results
of
the
Company’s
anticipated
work
programs
and
that
the
Company
will
not
use
the
proceeds
of
the
Offering
as
currently
anticipated.
Although
management
of
the
Company
has
attempted
to
identify
important
factors
that
could
cause
actual
results
to
differ
materially
from
those
contained
in
forward-looking
statements
or
forward-looking
information,
there
may
be
other
factors
that
cause
results
not
to
be
as
anticipated,
estimated
or
intended.
There
can
be
no
assurance
that
such
statements
will
prove
to
be
accurate,
as
actual
results
and
future
events
could
differ
materially
from
those
anticipated
in
such
statements.
Accordingly,
readers
should
not
place
undue
reliance
on
forward-looking
statements
and
forward-looking
information.
Readers
are
cautioned
that
reliance
on
such
information
may
not
be
appropriate
for
other
purposes.
The
Company
does
not
undertake
to
update
any
forward-looking
statement,
forward-looking
information
or
financial
out-look
that
are
incorporated
by
reference
herein,
except
in
accordance
with
applicable
securities
laws.
We
seek
safe
harbor.