Mineralization with Commencement of Drilling at Alpha Gold in Nevada
NEWS
RELEASE
November
8,
2023
NR
23-30
www.sitkagoldcorp.com
Sitka
Targets
Carlin-Type
Gold
Mineralization
with
Commencement
of
Drilling
at
Alpha
Gold
in
Nevada
VANCOUVER,
CANADA
–
November
8,
2023:
Sitka
Gold
Corp.
(“Sitka”
or
the
“Company”)
(CSE:SIG)
(FSE:1RF)
(OTCQB:SITKF)
is
pleased
to
announce
that
drilling
has
commenced
at
its
Alpha
Gold
Property
(
“Alpha
Gold”
or
the
“Property”
)
located
at
the
southeast
end
of
the
Cortez
Trend.
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.
Similar
stratigraphy
and
structure
occur
along
trend
to
the
Alpha
Gold
Property
where
previous
drilling
has
intersected
Carlin-Type
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
drill
program
will
include
approximately
1,500
m
in
up
to
5
holes
as
shown
in
Figure
2
which
shows
the
currently
permitted
drill
sites.
“
Our
systematic
and
disciplined
approach
to
exploration
at
Alpha
Gold
has
resulted
in
progressively
better
gold
intercepts
and
a
clearer
understanding
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
first
discovered
this
system
and
we
believe
the
targets
generated
for
this
drill
campaign
provide
the
ideal
framework
for
the
discovery
of
a
multi-million
ounce,
Carlin-type
gold
deposit
at
a
minable
depth.
”
Figure
1
shows
the
Alpha
target
concept
in
cross-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.
These
holes
define
the
east
limb
of
an
anticline
approximately
located
by
early
surface
mapping.
Gold
grade
increases
up-limb
to
the
west.
A
surface
mapped
normal
fault
then
drops
the
section
down
to
the
west.
No
drilling
has
yet
tested
the
down-dropped
side
of
this
fault
or
the
hinge
and
west
limb
of
the
anticline.
The
current,
evolving
exploration
model
anticipates
peak
grades
in
the
hinge
zone
which
should
be
characterized
by
more
intense
fracturing
than
the
limbs.
Red
crosshatch
on
the
figure
highlights
the
intersection
of
key
host
rock
horizons
within
the
hinge
zone,
the
most
probable
location
of
underground
gold
grades
consistently
in
excess
of
5
g/t.
This
model
should
be
broadly
applicable
along
the
entire
7.5
km
NNW
anticline
target
trend
on
the
Alpha
Gold
project.
Testing
will
take
place
from
the
currently
permitted
drill
sites
along
the
northern
2
km
of
the
target
trend.
Figure
2
is
a
plan
map
showing
proposed
drill
holes
to
test
the
hingeline
target
zone.
High
priority
sites
providing
optimal
angles
on
the
target
near
holes
8
and
10
include
the
site
of
AG21-09
which
encountered
and
was
captured
in
karst
cavities,
resulting
in
severe
sample
recovery
problems.
Rocks
adjacent
to
karst
have
yielded
anomalous
gold
grades
at
Alpha
and
the
cavities
seem
to
reflect
dissolution
of
carbonate
rocks
by
pre-
or
post-mineral
stage
acidic
fluids.
AG22-09
cut
10.7
m
@
0.51
g/t
Au
in
the
immediate
walls
to
the
karst
zone
before
completely
losing
all
sample
recovery.
Holes
drilled
SW
and
secondarily
NW
from
this
site
will
directly
test
the
western,
down-dropped
side
of
the
Hingeline
fault
and
the
inferred
hinge
zone
shown
in
Figure
1.
The
site
of
AG21-06
south
of
AG22-10
provides
a
target
angle
with
potential
to
hit
the
Horse
Canyon
to
Devils
Gate
host
horizon
first
on
the
east
side
of
the
Hingeline
fault,
then
cross
the
fault
and
hit
the
host
horizon
again
on
the
downthrown
side
of
the
fault.
At
the
northern
end
of
the
target
trend
a
hole
is
planned
drilling
SW
from
the
site
of
AG21-03.
AG21-03
produced
a
low
grade,
but
exceptionally
thick
gold
intercept
(89.9
m
@
0.11
g/t
Au)
characterized
by
black
passive
silicification
and
jasperoid
that
is
interpreted
to
be
significantly
off
axis
from
the
target
zone.
A
thick
intercept
with
much
higher
grade
is
possible
from
this
hole
and
would
be
extremely
important
to
proving
the
size
and
strength
of
the
Carlin-type
gold
system
at
Alpha.
Three
additional
sites
north
of
AG21-03
in
the
large
essentially
untested
segment
of
the
trend
north
of
AG21-03
and
south
of
AG21-09
are
also
important.
Prior
holes
in
this
segment
are
both
interpreted
to
be
off
the
target
axis
but
yielded
good
indications
of
the
fringes
of
the
system.
AG21-04
cut
53
m
@
746
ppm
arsenic.
In
AG21-03
the
Horse
Canyon
to
Devils
Gate
host
horizon
was
mostly
karsted
out,
but
still
produced
58
m
@
0.100
g/t
Au
and
329
ppm
arsenic.
This
intercept
may
relate
to
the
N-S
structure
near
the
collar
which
may
also
be
important
and
is
otherwise
untested.
Objectives
of
this
drill
program
are
to
seek
out
the
high-grade
core
of
the
Carlin-type
gold
system
at
Alpha
and
better
define
its
geometry,
distribution,
and
strength.
This
program
will
target
the
Horse
Canyon
to
Devils
Gate
target
horizon
and
provide
additional
target
definition
towards
eventual
testing
of
the
McColley
Canyon
Fm
(Goldrush
Wenban
5
equivalent)
target
horizon
below.
Figure
1:
Interpreted
cross
section
of
hingeline
target
area
at
Alpha
Gold
Figure
2:
Plan
map
of
proposed
2023
drilling
at
Alpha
Gold
Figure
3:
Regional
map
of
the
Alpha
Gold
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
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
3,979
metres
of
drilling
in
12
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.
About
Sitka
Gold
Corp.
Sitka
Gold
Corp.
is
a
well-funded
mineral
exploration
company
headquartered
in
Canada.
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,
Barney
Ridge,
Clear
Creek
and
OGI
properties
in
the
Yukon
and
the
Burro
Creek
Gold
property
in
Arizona.
Sitka
owns
a
100%
interest
in
its
Alpha
Gold
property
in
Nevada,
its
Mahtin
Gold
property
in
the
Yukon
and
its
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
with
results
still
pending
for
2
drill
holes
that
were
completed
in
mid-September
of
this
year.
(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
prese
nting
at
the
following
events:
●
Red
Cloud
Fall
Mining
Showcase,
Toronto,
ON:
November
7
&
8,
2023
●
Yukon
Geoscience
Forum,
Whitehorse,
Yukon:
November
19
-
22,
2023
●
American
Exploration
and
Mining
Association,
Sparks,
Nevada:
December
3
-
8,
2023
●
AME
Roundup
January
22
-
25,
2024
●
VRIC,
Vancouver,
BC:
January
21
-
22,
2024
●
PDAC,
Toronto,
ON:
March
3
-
6,
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
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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
the
adequacy
or
accuracy
of
this
release.
This
release
includes
certain
statements
and
information
that
may
constitute
forward-looking
information
within
the
meaning
of
applicable
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