Oversubscribed $2.6 Million Private Placement
NEWS
RELEASE
December
15,
2023
NR
23-34
www.sitkagoldcorp.com
Sitka
Gold
Corp.
Closes
Oversubscribed
$2.6
Million
Private
Placement
VANCOUVER,
CANADA
–
December
15,
2023:
Sitka
Gold
Corp.
(“Sitka”
or
the
“Company”)
(CSE:SIG)
(FSE:1RF)
(OTCQB:SITKF)
is
pleased
to
announce
that
the
Company
has
closed
its
previously
announced
non-brokered
private
placement
for
aggregate
gross
proceeds
of
approximately
$2,602,858
(the
“
Offering
”)
through
the
issuance
of
13,014,289
charity
flow-through
units
(the
“
Charity
FT
Units
”)
at
a
price
of
$0.20
per
Charity
FT
Unit.
Each
Charity
FT
Unit
was
issued
as
part
of
a
charity
arrangement
and
is
comprised
of
one
“flow-through”
common
share
in
the
capital
of
the
Company
and
one-half
of
one
common
share
purchase
warrant
(each
whole
warrant,
a
“
Warrant
”).
Each
Warrant
entitles
the
holder
to
purchase
an
additional
common
share
in
the
capital
of
the
Company
(a
"
Common
Share
")
at
a
price
of
$0.37
for
a
period
of
24
months
from
the
date
of
issuance.
Both
Crescat
Capital
LLC
and
Dr.
Quinton
Hennigh
personally
have
subscribed
to
this
financing.
Dr.
Hennigh
is
the
technical
and
geologic
director
of
Crescat
Capital
and
is
a
world-renowned
exploration
geologist
with
more
than
30
years
of
experience,
including
with
major
gold
mining
firms
Homestake
Mining,
Newcrest
Mining
and
Newmont
Mining.
“Crescat
Capital
and
I
are
delighted
to
become
new
shareholders
of
Sitka
Gold,”
commented
Quinton
Hennigh,
Technical
and
Geologic
Director
of
Crescat.
“The
RC
Gold
project
is
yet
another
new
discovery
of
a
very
large
scale
reduced
intrusion
related
gold
system
in
the
prolific
Tintina
Province.
I
have
been
watching
this
story
develop
over
the
past
couple
years,
and
it
was
some
deeper
higher
grade
gold
intercepts
announced
by
Sitka
earlier
this
year
that
were
compelling.
I
think
they
might
have
a
well
preserved
high
grade
system
like
Snowline’s
Valley
deposit
starting
to
take
shape
at
RC
Gold.
The
geochemistry,
geology
and
grades
all
point
in
this
direction.
We
look
forward
to
working
with
the
Company
as
they
undertake
further
drilling
to
test
this
deeper
area
as
well
as
other
targets
across
the
RC
Gold
project.”
Cor
Coe,
P.
Geo.,
director
and
chief
executive
officer
of
Sitka
Gold,
stated:
“Sitka
is
very
pleased
to
welcome
Crescat
Capital
as
a
strategic
investor
and
Dr.
Quinton
Hennigh
himself
as
an
investor.
Crescat
and
Dr.
Hennigh
bring
a
proven
track
record
of
both
financial
and
technical
strength
that
will
further
enable
Sitka
to
unlock
the
full
potential
of
its
assets
and
build
significant
value
for
shareholders.
Given
their
success
in
recognizing
the
potential
of
Snowline
Gold’s
Valley
target
early
on,
among
many
other
notable
success
stories,
this
investment
and
strategic
partnership
is
a
substantial
endorsement
of
our
RC
Gold
project
and
we
look
forward
to
working
closely
with
Crescat
and
Dr.
Hennigh
as
we
continue
to
advance
this
exciting
project.”
The
securities
offered
pursuant
to
the
Offering
are
subject
to
a
statutory
hold
period
of
four
months
and
a
day
from
the
date
of
issuance.
No
finder’s
fees
were
paid
on
the
gross
proceeds
of
the
Offering.
The
Offering,
as
announce
d
in
the
Company’s
news
release
dated
December
8,
2023
(“Sitka
Gold
Announces
up
to
$2M
Private
Placement”
)
wa
s
oversubscribed.
The
Company
intends
to
use
the
net
proceeds
of
the
Offering
on
its
exploration
and
related
programs
on
the
Company’s
Yukon
gold
properties,
which
expenditures
will
qualify
as
“Canadian
Exploration
Expenses”
as
such
term
is
defined
in
paragraph
(f)
of
the
definition
of
“Canadian
exploration
expense”
in
subsection
66.1(6)
of
the
Income
Tax
Act
(Canada)
(the
“
Tax
Act
”)
and
“flow
through
mining
expenditures”
as
defined
in
subsection
127(9)
of
the
Tax
Act,
which
will
be
incurred
on
or
before
December
31,
2024
and
renounced
with
an
effective
date
no
later
than
December
31,
2023,
to
the
purchasers
of
Charity
FT
Units.
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
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*.
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
with
a
large,
500
metre
by
5
kilometre
intrusion
related
gold
system
that
was
recently
discovered
on
the
Property.
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
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
corridor
hosting
an
intrusion
related
gold
system
covering
the
area
over
the
Blackjack,
Saddle
and
Eiger
zones
was
identified.
Additional
surface
work
has
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
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-aurmac-pro
perty-yukon-canada/
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.
Upcoming
Events
Sitka
Gold
will
be
attending
and/or
prese
nting
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.
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
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
development
potential
of
the
RC
Project
and
the
use
of
the
proceeds
raised
under
the
Offering.
In
making
the
forward-looking
statements
in
this
news
release,
the
Company
has
applied
several
material
assumptions,
including
without
limitation,
about:
general
business
and
economic
conditions;
the
nature
and
location
of
the
Company’s
mineral
exploration
projects
and
the
timing
of
the
ability
to
commence
and
complete
the
planned
exploration
programs;
the
anticipated
terms
of
the
consents,
permits
and
authorizations
necessary
to
carry
out
the
planned
exploration
programs
and
the
Company’s
ability
to
comply
with
such
terms
on
a
cost-
effective
basis;
the
Company’s
ability
to
secure
the
necessary
consulting,
drilling
and
related
services
and
supplies
on
favorable
terms;
the
timing
of
the
receipt
of
regulatory
and
governmental
approvals,
permits
and
authorizations
necessary
to
implement
and
carry
on
the
Company’s
planned
exploration
programs;
and
the
Company
using
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
uncertainty
of
the
results
of
the
Company’s
anticipated
work
programs,
risks
related
to
the
timing
and
cost
of
planned
exploration
programs
of
the
Company,
and
the
timing
of
the
receipt
of
the
results
therefrom;
risks
related
to
the
timing
of
decisions
regarding
the
strategy
and
costs
of
exploration
programs
with
respect
to,
and
the
issuance
of
the
necessary
permits
and
authorizations
required
for,
the
Company’s
exploration
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.