Sitka Appoints Tim Termuende to Board of Advisors
NEWS RELEASE
May 10, 2023
NR 23-12
www.sitkagoldcorp.com
Sitka Appoints Tim Termuende to Board of
Advisors
VANCOUVER, CANADA – May 10, 2023: Sitka Gold Corp. (“Sitka” or the
“Company”) (CSE:SIG) (FSE:1RF) (OTCQB:SITKF) is pleased to announce that Tim
Termuende, P. Geo, President, CEO and Director of Eagle Plains Resources (“EPL”) has
joined its Advisory Board. Tim is a professional geologist with over 40 years of
experience in the mineral exploration industry. Since leaving Cominco in the late 1980’s,
Tim has worked on exploration projects throughout North and South America and
currently oversees a broad range of projects targeting various commodities throughout
British Columbia, Saskatchewan, Yukon and Northwest Territories.
As the CEO of Eagle Plains, Tim has overall responsibility for execution of the
company's strategic priorities and operating plans and has delivered exceptional
shareholder value over the years and through numerous spin-outs has transferred over
$100,000,000 in value directly to its shareholders, with Copper Canyon Resources and
recently Taiga Gold being notable examples.
“I’m happy to be working with Cor, Mike and the team at Sitka - many of whom I’ve
known for decades”, commented Tim Termuende. “I look forward to helping Sitka
management enhance shareholder value and to advance their portfolio of high-quality
exploration projects in western Canada”.
Cor Coe, Director and CEO of Sitka Gold Corp. comments, “We are very pleased to
welcome Tim to our Advisory Board. With Tim’s decades of experience in the corporate
boardroom as well as boots on the ground in the field, Tim provides a unique opportunity
for Sitka to capitalise on his strategic knowledge and acumen”.
The Company also announces that it has granted an aggregate of 500,000 incentive
stock options (the “Options”) to Mr. Termuende. The Options are exercisable at $0.12
per share for a period of three years from the date of grant, vest quarterly every six
months, and are subject to the policies of the Canadian Securities Exchange.
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, BeeBop, 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 RC, Beebop, Barney Ridge,
Clear Creek and Mahtin properties comprise the RC Gold Project, a district-scale,
contiguous land package of 376 square kilometres.
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 Project 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
0.20
0.25
0.30
0.35
0.40
Notes
Blackjack Zone
Tonnes
0z Au
Au g/t
000's
000's
35,798
0.80
921
33,743
0.83
900
31,282
0.88
885
29,065
0.92
860
26,975
0.96
833
Eiger Zone
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
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 Blackjack deposit contains 900,000 ounces of gold at a grade of 0.83 g/t gold and
the Eiger deposit contains 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 have 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). Assays are pending for the 3 diamond drill holes totaling approximately 1500
metres drilled during the winter of this year (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 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 the RC Gold 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.
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 newly discovered system, which is
located in the Cortez Trend just 40 km southeast of the Cortez Mine Complex of
Barrick/Newmont, and plans for a 2023 drilling program at Alpha are currently underway.
(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.
Upcoming Events
Sitka Gold will be attending and/or presenting at the following events:
● Dawson Gold Show, Dawson City, Yukon: May 19 - 20, 2023
● TakeStock Calgary Capital Event, Calgary, AB: July 5, 2023
● 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
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