News release
NEWS RELEASE
June 13, 2024
NR 24-14
www.sitkagoldcorp.com
Sitka Resumes Drilling at its RC Gold Project, Yukon
VANCOUVER, CANADA – June 13, 2024: Sitka Gold Corp. (“Sitka” or the “Company”)
(TSXV:SIG) (FSE:1RF) (OTCQB:SITKF) is pleased to announce that it has recommenced the
previously announced 15,000 metre diamond drilling program (see news release dated March 5,
2024) at its road accessible RC Gold Project (“RC Gold” or “the Project”) located in the prolific
Tombstone Gold Belt in the Yukon. Sitka successfully completed two diamond drill holes during the
winter portion of this year’s drilling program to test the continuity of higher-grade gold mineralization
south of the Blackjack gold deposit. A total of 1085 metres (m) was drilled during the winter program
with visible gold observed in both drill holes and assay results that returned 191.0 m grading 1.16 g/t
gold including 11.0 m of 5.80 g/t gold within 89.0 m of 2.03 g/t gold (DDRCCC-24-057 or “Hole 57”;
see news release dated May 1, 2024) and 154.0 m of 1.47 g/t gold including 37.0 m of 3.07 g/t gold
and 8.0 m of 4.61 g/t gold (DDRCCC-24-058 or “Hole 58”; see news release dated May 23, 2024).
“Drilling currently underway is focused on continuing to expand the Blackjack deposit following up on
the higher-grade gold mineralization discovered during the winter diamond drilling program outside of
the current resource,” said Cor Coe, Director and CEO of Sitka Gold Corp. “Our updated geological
model suggests this higher-grade gold zone continues south and we plan to investigate that
possibility this summer along with follow-up on several other high-priority targets as we push to
expand our rapidly growing gold resource and make additional discoveries across our one hundred
percent owned, district-scale RC Gold Project.”
In addition to extending Blackjack gold mineralization to the southeast, objectives for the Company’s
2024 exploration season include further drilling of the Saddle East zone (84 m of 1.21 g/t gold drilled
in 2023), further drilling of the Eiger Deposit (Inferred Resource of 440,000 oz gold published in
2023), further drilling of the Josephine Stock (visible gold discovered at surface in 2023) and further
investigation of the nine known intrusions with associated gold mineralization that have been
discovered to date on the Company’s 386 square kilometre RC Project.
Figure 1: Plan map of the Northern Extent of the Clear Creek Intrusive Complex where several drill
intervals and surface samples have demonstrated the high-grade nature of the Reduced Intrusion
Related Gold System present. The projection of the Blackjack fault and Blackjack Mineralized Corridor
are highlighted along with the priority targets in this area for 2024. Yellow stars indicate where outcrop
rock samples or drill hole intervals have returned >10 g/t gold. Several additional targets with the
potential to host intrusion related gold deposits of significant size and grade have yet to be drilled
within this approximately 3 km x 5 km area. The Saddle Zone priority target area (between the Blackjack
and Eiger gold deposits) remains largely untested by drilling and contains the largest and strongest
gold-in-soil anomaly on the property.
Figure 2: Plan map showing current proposed 2024 diamond drilling and the projection of the recently
identified Blackjack Mineralized Corridor and the Blackjack Fault which remain open to the south of the
Blackjack gold deposit. This fault appears to be an important structural control for the intrusion related
gold mineralization being discovered at the Blackjack deposit area and remains wide open to the north
and south of the current extent of drilling.
Figure 3: Diamond drilling currently underway south of the Blackjack gold deposit at the district-scale,
road accessible RC Gold Project.
About the flagship RC Gold Project
The RC Gold Project consists of a 386 square kilometre contiguous district-scale land package
located in the heart of Yukon's Tombstone Gold Belt. The project is located approximately 100
kilometres east of Dawson City, which has a 5,000 foot paved runway, 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 former producing Brewery Creek Gold Mine.
On January 19, 2023 Sitka Gold announced an Initial Mineral Resource Estimate prepared 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 zones: The Blackjack and Eiger deposits. 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 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
Blackjack Zone
COG g/t Au
0.20
0.25
0.30
0.35
0.40
Tonnes
000's
35,798
33,743
31,282
29,065
26,975
Au g/t
0.80
0.83
0.88
0.92
0.96
Eiger Zone
0z Au
000's
921
900
885
860
833
Tonnes
000's
32,523
27,362
22,253
17,817
14,506
Au g/t
0.45
0.50
0.55
0.60
0.66
Combined
0z Au
000's
471
440
393
344
308
Tonnes
000's
68,321
61,105
53,535
46,882
41,481
Au g/t
0.63
0.68
0.74
0.80
0.86
0z Au
000's
1,391
1,340
1,279
1,203
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.
To date, 56 diamond drill holes have been drilled into this system for a total of approximately 19,962
metres including 16 drill holes totalling 6,515 metres completed in 2023 focused on expanding the
initial resource. The drilling in 2023 produced 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). The Company recently completed two drill holes totalling 1,085
metres during the winter phase of a planned 15,000 metre diamond drilling program at the RC Gold
Project for 2024.
*For more detailed information on the underlying properties please visit our website at www.sitkagoldcorp.com
RC Gold Deposit Model
Exploration on the Property has mainly focused on identifying an intrusion-related gold system
(“IRGS”). The property is within 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 347.49 million tonnes grading 0.63 gram per tonne gold (7.00
million ounces)(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. NI 43-101 Technical Report on Mineral Resources. Gustavson Associates. May 31, 2020.
https://minedocs.com/22/Brewery-Creek-PEA-01182022.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&docI d=4984158
(5)
Banyan Gold News Release Dated February 7, 2023 (Technical Report to be filed within 45 days of news release)
https://banyangold.com/news-releases/2024/banyan-announces-7-million-ounce-gold-updated-mineral-resource-estimate-aurmac-project-y
ukon-canada/
Upcoming Events
Sitka Gold will be attending and/or presenting at the following events*:
●
●
●
Yukon Mining Alliance Property Tours, Dawson City, Yukon: June 20 - 26, 2024
Takestock Investor Forum, Stampede Event, Calgary, Alberta: July 3, 2024
Precious Metals Summit, Beaver Creek, Colorado: September 10 - 13, 2-024
*All events are subject to change.
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 is currently exploring its flagship RC Gold Project within the Tombstone Gold
Belt in the Yukon Territory with a 15,000 metre diamond drill program planned for 2024. The company is
also advancing the Alpha Gold Project in Nevada and currently has drill permits for its Burro Creek
Gold and Silver Project in Arizona and the Coppermine River Project in Nunavut.
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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary and Forward-Looking Statements
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 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.