Mineralization with Further Step Out Drilling at Its
NEWS
RELEASE
July
10,
2023
NR
23-17
www.sitkagoldcorp.com
SITKA
CONTINUES
TO
INTERCEPT
VISIBLE
GOLD
AND
EXPAND
MINERALIZATION
WITH
FURTHER
STEP
OUT
DRILLING
AT
ITS
BLACKJACK
GOLD
DEPOSIT
IN
YUKON
VANCOUVER,
CANADA
–
July
10,
2023:
Sitka
Gold
Corp.
(“Sitka”
or
the
“Company”)
(CSE:SIG)
(FSE:1RF)
(OTCQB:SITKF)
is
pleased
to
provide
an
update
on
the
diamond
drilling
program
currently
underway
at
its
RC
Gold
Project
(“RC
Gold”
or
the
“Project”)
located
within
Yukon’s
Tombstone
Gold
Belt,
approximately
100
kilometres
east
of
Dawson
City.
The
ongoing
drilling
program
of
up
to
10,000
metres
is
primarily
focused
on
step
out
drilling
designed
to
expand
the
1,340,000
ounce
gold
initial
mineral
resource
estimate
(1)
that
was
announced
this
year
(see
news
release
dated
January
19,
2023)
which
is
comprised
of
two
at/near
surface
gold
deposits:
the
Blackjack
and
Eiger
deposits,
both
of
which
remain
open
in
all
directions.
Step
out
drilling
at
the
Blackjack
gold
deposit,
hosting
an
inferred,
pit-constrained
900,000
ounces
of
gold
at
a
grade
of
0.83
g/t,
is
currently
underway
and
has
been
the
initial
focus
of
the
summer
drill
program.
Four
drill
holes,
DDRCCC-23-043
to
-046,
have
been
completed
to
date
this
summer
with
DDRCCC-23-047
drilling
in
progress
(see
Figure
1).
Each
drill
hole
has
been
successful
in
expanding
the
known
mineralization
of
the
deposit
and
visible
gold
occurrences
have
been
observed
in
all
holes
that
have
been
logged
so
far
(Holes
043,
044
and
045;
see
Figure
2).
Analytical
results
are
currently
pending
for
all
summer
drill
holes
completed
to
date.
“The
first
drill
holes
completed
during
the
summer
drilling
campaign
at
RC
Gold
continue
to
highlight
the
expansion
potential
at
our
Blackjack
gold
deposit
with
additional
visible
gold
occurrences
observed
in
every
hole
logged
to
date”,
comments
Cor
Coe,
CEO
and
Director
of
Sitka
Gold.
“Part
of
this
drilling
included
the
deepening
of
Hole
043
where
the
entire
422
m
hole
had
returned
0.74
g/t
gold
from
surface,
including
112
m
of
1.24
g/t
gold
and
14
m
of
3.28
g/t
gold
(see
news
release
dated
June
21,
2023).
This
hole
was
extended
with
an
additional
104.6
m
of
mineralization
observed
to
a
total
depth
of
526.4
m.
The
mineralization
with
visible
gold
observed
in
these
drill
holes
has
the
potential
to
add
significant
tonnage
to
the
known
mineralization
at
Blackjack
and
we
look
forward
to
receiving
the
analytical
results
of
these
holes
as
we
continue
our
drill
program
at
RC
Gold.”
Figure
1:
Plan
map
of
drill
hole
locations
at
the
Blackjack
Zone
The
2023
summer
drilling
season
began
with
the
continuation
and
completion
of
drill
hole
DDRCCC-23-043,
which
had
terminated
in
111.7
m
of
1.24
g/t
Au
starting
from
315
m
(see
news
release
dated
June
21,
2023).
To
date,
an
additional
3
holes,
DDRCCC-23-044
to
046,
have
been
completed
for
a
total
of
1353.3
m
drilled
during
the
summer
drilling
campaign.
DDRCCC-23-043
continued
in
similar
appearing
megacrystic
quartz
monzonite
(MQZMN)
hosting
quartz
sulfide
veins
until
476
m
where
a
6
m
lamprophyre
dyke,
a
known
and
expected
marker
unit
in
the
Blackjack
Deposit,
was
intersected.
From
the
482
m
to
the
end
of
the
hole
at
526.4
m
the
hole
intersected
moderately
altered
metasediments
intruded
by
metre
scale
MQZMN
dykes,
with
both
units
cross-cut
by
quartz
sulfide
veins.
Holes
DDRCCC-23-044
and
DDRCCC-23-045
with
an
azimuth
of
040
degrees
and
dips
of
–
55
and
-65
respectively,
were
drilled
from
the
same
location
to
extend
the
current
resource
to
the
south
and
at
depth
(see
Figure
1).
Both
holes
intersected
moderately
to
strongly
altered
metasediments
intersected
by
metre
scale
MQZMN
dykes
throughout
their
length.
Quartz
vein
density
with
locally
massive
development
of
arsenopyrite
generally
increased
downhole
in
both
holes
and
both
holes
also
encountered
visible
gold.
Holes
DDRCCC-23-044
and
045
are
significant
as
they
intersected
the
strongest
alteration
and
quartz
sulfide
development
seen
in
the
metasediment
unit
in
drilling
on
the
RC
Project
to
date
and
indicate
the
potential
of
the
metasedimentary
unit
to
host
significant
gold
mineralization
(see
Figure
3).
Hole
DDRCCC-23-046
was
targeted
to
extend
the
margin
of
the
current
resource
to
the
northeast.
Logging
has
yet
to
be
completed
on
this
hole.
Hole
47
(in
progress)
was
targeted
to
extend
the
southern
margin
of
the
current
resource.
Analytical
results
are
pending
for
all
holes
completed
to
date
during
the
ongoing
summer
drilling
campaign.
Figure
2:
Examples
of
visible
gold
observed
in
Holes
43,
44
and
45
Figure
3:
Drill
core
from
DDRCCC-23-044
showing
strong
quartz
sulphide
veining
in
the
metasediments
About
the
RC
Gold
Project
The
RC
Gold
Project
(RC
Gold)
consists
of
a
376
square
kilometre
contiguous
district-scale
land
package
located
in
the
newly
road
accessible
Clear
Creek,
Big
Creek,
and
Sprague
Creek
districts
in
the
heart
of
Yukon's
Tombstone
Gold
Belt.
The
project
is
located
approximately
100
kilometres
east
of
Dawson
City
and
is
accessed
via
a
secondary
gravel
road
from
the
Klondike
Highway
an
approximate
2
hour
drive
from
Dawson.
It
is
the
largest
consolidated
land
package
strategically
positioned
mid-way
between
Victoria
Gold's
Eagle
Gold
Mine
-
Yukon’s
newest
gold
mine
which
reached
commercial
production
in
the
summer
of
2020
-
and
Sabre
Gold
Mine’s
Brewery
Creek
Gold
Mine.
The
RC
Gold
Project
land
package
comprises
five
underlying
properties,
namely,
the
RC,
Bee
Bop,
Mahtin,
Clear
Creek,
and
Barney
Ridge
properties*.
The
planned
10,000
metre
drill
program
for
2023
is
currently
underway
and
is
focused
on
expanding
the
Blackjack
and
Eiger
gold
deposits,
both
of
which
remain
open
in
all
directions.
On
January
19,
2023
Sitka
Gold
announced
an
Initial
Mineral
Resource
Estimate
prepare
d
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,
pit
constrained
Mineral
Resource
is
classified
as
inferred
and
is
contained
in
two
near/on-surface
zones:
The
Blackjack
and
Eiger
deposits.
The
Mineral
Resource
estimate
is
presented
in
the
following
table
at
a
base
case
cut-off
grade
of
0.25
g/t
Au:
Table
1:
RC
Gold
Inferred
Mineral
Resource
Estimate
COG g/t Au
Blackjack Zone Eiger Zone CombinedTonnes000's
Au g/t
0z Au000's
Tonnes000's
Au g/t
0z Au000's
Tonnes000's
Au g/t
0z Au000's0.20 35,798 0.80 921 32,523 0.45 471 68,321 0.63 1,3910.25 33,743 0.83 900 27,362 0.50 440 61,105 0.68 1,3400.30 31,282 0.88 885 22,253 0.55 393 53,535 0.74 1,2790.35 29,065 0.92 860 17,817 0.60 344 46,882 0.80 1,2030.40 26,975 0.96 833 14,506 0.66 308 41,481 0.86 1,140
Notes
1.
Mineral
resource
estimate
prepared
by
Ronald
G.
Simpson
of
GeoSim
Services
Inc.
with
an
effective
date
of
January
19,
2023.
Mineral
Resources
are
classified
using
the
2014
CIM
Definition
Standards.
2.
The
cut-off
grade
of
0.25
g/t
Au
is
believed
to
provide
a
reasonable
margin
over
operating
and
sustaining
costs
for
open-pit
mining
and
processing
3.
Mineral
resources
are
constrained
by
an
optimised
pit
shell
using
the
following
assumptions:
US$1800/oz
Au
price;
a
45°
pit
slope;
assumed
metallurgical
recovery
of
85%;
mining
costs
of
US$2.00
per
tonne;
processing
costs
of
US$8.00
per
tonne;
G&A
of
US$1.50/t.
4.
Mineral
resources
are
not
mineral
reserves
and
do
not
have
demonstrated
economic
viability.
5.
Totals
may
not
sum
due
to
rounding.
The
Initial
Mineral
Resource
Estimate
of
1,340,000
ounces
of
gold
at
the
RC
Gold
Project
is
comprised
of
two
deposits:
the
Blackjack
deposit
containing
900,000
ounces
of
gold
at
a
grade
of
0.83
g/t
gold
and
the
Eiger
deposit
containing
440,000
ounces
of
gold
at
a
grade
of
0.50
g/t
gold
(see
news
release
dated
January
19,
2023).
Both
of
these
deposits
are
at/near
surface,
are
potentially
open
pit
minable
and
amenable
to
heap
leaching,
with
initial
bottle
roll
tests
indicating
that
the
gold
is
not
refractory
and
has
high
gold
recoveries
of
up
to
94%
with
minimal
NaCN
consumption
(see
News
Release
July
13,
2022).
The
Blackjack
and
Eiger
deposits
are
in
close
proximity
to
highway
and
power
infrastructure,
are
road
accessible
year-round,
remain
open
in
all
directions
and
are
respectively
located
at
the
western
and
eastern
end
of
a
large,
500
metre
by
2
kilometre
intrusion
related
gold
system
that
was
recently
discovered
on
the
Property.
To
date,
just
41
diamond
drill
holes
have
been
drilled
into
this
system
for
a
total
of
approximately
14,500
metres
with
results
of
up
to
201.0
m
of
1.26
g/t
gold
from
surface,
including
82.0
m
of
2.04
g/t
gold
and
19.5
m
of
4.87
g/t
gold
at
Blackjack
(drill
hole
DDRCCC-22-040;
see
news
release
dated
January
11,
2023)
and
354
m
of
0.41
g/t
gold
including
72
m
of
0.72
g/t
gold
at
Eiger
(drill
hole
DDRCCC-21-09;
see
news
release
date
August
19,
2021).
Several
high
priority
intrusion
related
gold
targets
exist
at
RC
Gold
with
nine
outcropped
intrusions
identified
to
date
over
the
376
sq
km
property,
however
Sitka’s
main
focus
at
the
RC
Gold
Project
has
been
on
the
underlying
Clear
Creek
Property
where
a
large
500
metre
by
2000
metre
intrusion
related
gold
system
covering
the
area
over
the
Blackjack,
Saddle
and
Eiger
zones
was
identified.
Prior
to
the
onset
of
the
2023
winter
drilling
program,
the
Company
had
drilled
38
diamond
drill
holes
into
this
system
for
a
total
of
approximately
13,000
metres.
This
drilling
culminated
in
the
discovery
of
the
Blackjack
and
Eiger
deposits
with
an
initial
inferred
mineral
resource
estimate
of
1,340,000
gold
ounces
(1)
.
Sitka
Gold
inherited
a
wealth
of
historical
and
current
data
from
these
properties
from
work
spanning
the
last
40
years.
Recent
exploration
work
and
the
compilation
of
historical
data
have
defined
several
mineralized
zones
with
both
bulk
tonnage,
intrusion-related
gold
deposit
targets
and
high-grade,
vein-
and
breccia-hosted
gold
targets.
The
RC
Gold
Project
also
has
a
common
border
with
Victoria
Gold’s
Clear
Creek
property
at
its
western
boundary
and
Florin
Resources’
Florin
Gold
property
at
its
northern
boundary.
(1)
Simpson,
R.
January
19,
2023.
Clear
Creek
Property,
RC
Gold
Project,
NI
43-101
Technical
Report,
Dawson
Mining
District,
Yukon
Territory.
*For
more
detailed
information
on
the
underlying
properties
please
visit
our
website
at
www.sitkagoldcorp.com
.
Deposit
Model
Exploration
on
the
Property
has
mainly
focused
on
identifying
an
intrusion-related
gold
system
(“IRGS”).
The
property
is
part
of
the
Tombstone
Gold
Belt
which
is
the
prominent
host
to
IRGS
deposits
within
the
Tintina
Gold
Province
in
Yukon
and
Alaska.
Notable
deposits
from
the
belt
include:
Fort
Knox
Mine
in
Alaska
with
current
Proven
and
Probable
Reserves
of
230
million
tonnes
at
0.3
g/t
Au
(2.471
million
ounces;
Sims
2018)
(1)
;
Eagle
Gold
Mine
with
current
Measured
and
Indicated
Resources
of
233
million
tonnes
at
a
grade
of
0.57
g/t
Au
at
the
Eagle
Main
Zone
(4.303
million
ounces;
Harvey
et
al,
2022)
(2)
;
the
Brewery
Creek
deposit
with
current
Indicated
Mineral
Resource
of
22.2
million
tonnes
at
a
gold
grade
of
1.11
g/t
(0.789
million
ounces;
Hulse
et
al.
2020)
(3)
;
the
Florin
Gold
deposit,
located
adjacent
to
Sitka’s
RC
Gold
project,
with
a
current
Inferred
Mineral
Resource
of
170.99
million
tonnes
grading
0.45
g/t
(2.47
million
ounces;
Simpson
2021)
(4)
and
the
AurMac
Project
with
an
Inferred
Mineral
Resource
of
312.90
million
tonnes
grading
0.61
gram
per
tonne
gold
(6.18
million
ounces;
Jutras
2023)
(5)
.
(1)
Sims
J.
Fort
Knox
Mine
Fairbanks
North
Star
Borough,
Alaska,
USA
National
Instrument
43-101
Technical
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.,
Winterton
J.,
Jutras
M.,
Levy
M.,Technical
Report
for
the
Eagle
Gold
Mine,
Yukon
Territory,
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.
NI43-101
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
Gold
Project
NI43-101
Technical
Report.
Geosim
Services
Inc.
April
21,
2021.
https://sedar.com/GetFile.do?lang=EN&docClass=24&issuerNo=00005795&issuerType=03&projectNo=03236138&docI
d=4984158
(5
)
Banyan
Gold
News
Release
Dated
May
24,,
2023
(Technical
Report
to
be
filed
within
45
days
of
news
release)
https://banyangold.com/news-releases/2023/banyan-announces-6.2-million-ounce-gold-resource-estimate-for-the-aurm
ac-property-yukon-canada/
About
Sitka
Gold
Corp.
Sitka
Gold
Corp.
is
a
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
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
resource
expansion
diamond
drilling
program
is
currently
underway.
The
Company
is
also
planning
additional
drilling
at
its
Alpha
Gold
Property
in
Nevada
where
a
new
Carlin-type
gold
system
was
recently
discovered.
The
Company
is
focused
on
vectoring
towards
the
high-grade
core
of
this
system,
which
is
located
on
the
Cortez
Trend
just
40
km
southeast
of
the
Cortez
Mine
Complex
of
Barrick/Newmont.
(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:
●
YMA
Property
Tours,
Dawson
City,
Yukon:
July
16-22,
2023
●
Precious
Metals
Summit,
Beaver
Creek,
Colorado:
September
12
-
15,
2023
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