Mobilization for a Winter Diamond Drilling Program at Its RC Gold Project, Yukon
NEWS
RELEASE
January
4,
2024
NR
24-01
www.sitkagoldcorp.com
Sitka
Gold
Prepares
Mobilization
for
a
Winter
Diamond
Drilling
Program
at
Its
RC
Gold
Project,
Yukon
VANCOUVER,
CANADA
–
January
4,
2024:
Sitka
Gold
Corp.
(“Sitka”
or
the
“Company”)
(CSE:SIG)
(FSE:1RF)
(OTCQB:SITKF)
is
pleased
to
announce
that
it
has
secured
a
drilling
contractor
to
complete
winter
and
summer
diamond
drilling
programs
at
its
RC
Gold
Project
(“RC
Gold”
or
the
“Project”)
located
in
the
prolific
Tombstone
Gold
Belt
in
the
Yukon.
Preparation
of
crew
and
equipment
is
currently
underway
and
mobilization
for
the
winter
drilling
program
is
anticipated
to
begin
next
month.
Kluane
Drilling
Ltd.,
a
highly
experienced
drilling
company
based
in
Whitehorse,
Yukon
with
over
30
years
of
experience
diamond
drilling
in
the
Yukon
and
around
the
world,
has
been
contracted
to
complete
up
to
15,000
metres
of
drilling
at
the
Company’s
flagship
RC
Gold
Project.
Kluane
Drilling
is
dedicated
to
providing
quality
drilling
services
based
on
technical
innovation
and
human
talent
and
specializes
in
achieving
high
drilling
production
in
various
drilling
environments.
Kluane
Drilling
has
proven
to
be
an
exceptional
contractor
and
Sitka
looks
forward
to
continuing
working
with
them
as
the
Company
continues
to
advance
RC
Gold
in
2024.
The
2024
winter
drilling
program
at
RC
Gold
will
follow-up
on
hole
DDRCCC-23-047
(see
news
release
dated
September
26,
2023)
which
was
the
highest
grade
intersection
at
the
project
to
date
at
the
current
southern
extent
of
the
Blackjack
zone
returning
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.
Cor
Coe,
Director
and
CEO
of
Sitka,
comments:
“
We
are
very
pleased
to
have
secured
the
services
of
Kluane
Drilling
Ltd.
for
our
2024
drilling
programs.
Kluane
provided
Sitka
with
exceptional
drilling
services
in
both
our
winter
and
summer
drilling
programs
at
RC
Gold
in
2023
and
we
look
forward
to
continuing
to
work
with
Kluane.
We
are
excited
to
begin
our
2024
drilling
program
at
the
southern
extent
of
the
Blackjack
zone
where
we
encountered
the
best
intersection
on
the
Project
to
date
in
Hole
47.
The
2023
drilling
at
RC
Gold
provided
many
highlights
and
we
look
forward
to
beginning
our
exploration
season
early
in
the
year
thanks
to
the
year-round
road
accessibility
of
the
Project”.
2023
RC
Gold
Highlights:
●
Announced
i
nitial
pit-constrained
inferred
mineral
resource
estimate
of
1.34
million
ounces
of
gold
comprising
the
Blackjack
Deposit
(
900,000
ounces
of
gold
grading
0.83
g/t
gold
)
and
the
Eiger
Deposit
(
440,000
ounces
of
gold
grading
0.50
g/t
gold
;
see
news
release
dated
January
19,
2023).
●
Completed
a
16-hole,
6,515
metre
resource
expansion
drill
program
that
significantly
expanded
the
known
gold
mineralization
at
the
Blackjack
Deposit
area
with
the
deposit
still
remaining
open
in
all
directions.
●
Drilled
the
best
intersection
to
date
at
the
Property
which
expands
the
known
gold
mineralization
from
the
southern
extent
of
the
current
Blackjack
Deposit,
returning
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
hole
DDRCCC-23-047
(see
news
release
dated
September
26,
2023),
along
with
4.3
m
of
33.10
g/t
gold
including
1.2
m
of
108.00
g/t
gold
in
hole
DDRCCC-23-46
(see
news
dated
September
11,
2023)
demonstrating
the
exceptional
grades
that
exist
within
this
intrusion
related
gold
system.
●
DDRCCC-23-54
located
in
the
Saddle
zone,
450
metres
east
of
the
Blackjack
resource
boundary
returned
the
best
drill
result
to
date
there
with
84.0
m
of
1.21
g/t
gold
beginning
at
surface
(see
news
release
dated
October
30,
2023)
.
With
only
four
drill
holes
completed,
the
Saddle
zone
remains
open
in
all
directions
and
is
underlain
by
both
the
largest
and
the
highest
grade
gold-in-soil
anomaly
on
the
Property
highlighting
the
potential
for
building
additional
resources
at
the
project.
●
First
ever
drilling
confirmed
significant
gold
bearing
mineralization
within
the
Josephine
intrusion.
●
Reconnaissance
field
exploration
work
and
data
compilation
(historical
and
recent)
has
identified
five
additional
drill
ready
Intrusion
related
drill
targets
within
the
district
scale
RC
Gold
property
as
well
as
other
prospective
target
areas
that
have
potential
for
undiscovered
intrusions
to
follow
up
on.
●
Completed
all
requirements
to
obtain
100%
ownership
of
the
Clear
Creek
property
which
encompasses
the
northern
portion
of
the
Clear
Creek
Intrusive
Complex
including
the
Blackjack
and
Eiger
deposits.
Figure
1
-
Plan
map
of
the
2023
resource
expansion
drilling
at
the
Blackjack
deposit
with
highlights
from
selected
drill
holes.
The
deposit
remains
open
in
all
directions.
Figure
2:
Cross
section
of
DDRCCC-23-047
where
the
best
gold
interval
to
date
was
encountered.
About
the
RC
Gold
Project
The
RC
Gold
Project
(RC
Gold)
consists
of
a
386
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
which
is
usable
year-round
and
is
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
Victoria
Gold’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.
Sitka
currently
owns
100%
of
the
Clear
Creek,
Mahtin
and
other
independently
staked
claims
which
comprise
86%
of
the
total
386
square
kilometre
land
package
that
comprises
the
RC
Gold
Project.
The
Company
has
an
option
to
earn
a
100%
interest
in
the
Barney
Creek,
Bee
Bop
and
RC
properties
which
comprise
the
remaining
14%
of
the
RC
Gold
Project.*
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:
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
located
within
the
Clear
Creek
Intrusive
Complex.
The
deposits
are
located
within
a
large,
3
kilometre
by
5
kilometre
intrusion
related
gold
system
that
was
recently
identified
at
the
Northern
Extent
of
the
Clear
Creek
Intrusive
Complex.
To
date,
54
diamond
drill
holes
have
been
drilled
into
this
system
for
a
total
of
approximately
18,877
metres
with
results
of
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
hole
DDRCCC-23-047
at
Blackjack
(see
news
release
dated
September
26,
2023).
Several
high
priority
intrusion
related
gold
targets
exist
at
RC
Gold
with
nine
outcropped
intrusions
identified
to
date
over
the
386
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
extensional
corridor
hosting
an
intrusion
related
gold
system
covering
the
area
over
the
Blackjack,
Saddle
and
Eiger
zones
was
identified.
Additional
surface
work
has
since
extended
the
gold
corridor
an
additional
3000
metres
east
and
now
encompasses
the
Josephine
intrusion.
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
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&do
cI
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-aur
mac-property-yukon-canada/
Stock
Option
Grant
Sitka
Gold
Corp.
has
granted
an
aggregate
of
4,000,000
incentive
stock
options
(the
“Options”)
to
officers,
directors
and
consultants
of
the
Company.
The
Options
are
exercisable
at
$0.20
per
share
for
a
period
of
three
years
from
the
date
of
grant
and
are
subject
to
the
policies
of
the
Canadian
Securities
Exchange.
Upcoming
Events
Sitka
Gold
will
be
attending
and/or
presenting
at
the
following
events:
●
AME
Roundup
January
22
-
25,
2024
●
Tombstone
Gold
Belt
Breakfast
-
Fireside
Chat
-
Vancouver,
January
22,
2024
●
VRIC,
Vancouver,
BC:
January
21
-
22,
2024
●
PDAC,
Toronto,
ON:
March
3
-
6,
2024
●
Swiss
Mining
Institute,
Zurich,
Switzerland:
March
20-21,
2024
All
events
are
subject
to
change
About
Sitka
Gold
Corp.
Sitka
Gold
Corp.
is
a
well-funded
mineral
exploration
company
headquartered
in
Canada
with
approximately
$8
million
in
the
treasury
and
no
debt.
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
properties
in
Yukon,
the
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
6515
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
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