Sitka Completes Second Drill Hole and Receives Assays from First Drill Hole at Adobe
Sitka Gold Corp.
1500 - 409 Granville Street
Vancouver, BC, V6C 1T2
NEWS RELEASE
CSE: SIG
June 20th, 2018
NR 18-12
www.sitkagoldcorp.com
Sitka Completes Second Drill Hole and
Receives Assays from First Drill Hole at Adobe
VANCOUVER, CANADA – June 20th, 2018: Sitka Gold Corp. (CSE: SIG) (the “Company” or
“Sitka”) announces that the second drill hole has been completed on its Adobe Gold Project
located 40km north of Elko, Nevada. The Company is exploring for Carlin-type gold
mineralization in an area of the Adobe Range Mountains that has the necessary
structural/stratigraphic features and geochemical signature for such potential mineralization to
occur at depth on a district scale.
Reverse circulation drill hole A18-02 was drilled southeast at azimuth 135°, -70° degrees
inclination to test IP resistivity and chargeability high anomalies and prospective Early
Mississippian to Late Devonian stratigraphy in the company’s target area B. The hole was
drilled to a total depth of 1955 feet (595.85 metres) and was successful in cutting a thick section
of the targeted Tripon Pass Formation.
The hole intersected a series of clay-altered, partly silicified hornblende-biotite dikes in Permian
strata from 30-335 feet. The basal 50 feet of Permian limestone was moderately to strongly
silicified and decalcified, with iron oxide and residual pyrite. The Permian/Mississippian
unconformity was encountered at 340 feet (103.62m), where the hole entered the Mississippian
Chainman Formation. Carbonaceous siltstone and shale with fracture-controlled pyrite veinlets
were intercepted in the Chainman Formation to its base at 810 feet. The underlying Tripon Pass
Formation consisted of mixed calcareous and siliceous siltstones with sporadic dolomite and
limestone beds. Localized structurally controlled zones of quartz/calcite stockwork were present
with associated pyrite. Disseminated pyrite is common throughout the Tripon Pass Formation,
but it intensified to over 20% locally (5% maximum over 5 feet) in dolomite beds near the quartz-
calcite stockwork zones. The thickest limestone bed was decalcified resulting in a lost
circulation zone near the bottom of the hole.
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Potentially Eocene-aged dikes and increased alteration in A18-02 are very encouraging, but the
ultimate target, the lowermost Tripon Pass Formation and uppermost Guilmette Formation,
remains untested in target areas A and B due to depth at the first two collar locations. Now
received assay and geochemical results from A18-01 show that the intersected portion of the
Chainman-Tripon Pass Formation has consistently elevated background levels of gold (91.5%
of 5 foot assays are greater than the 5 ppb detection limit from 330 to 1510 feet (100-460m)), as
is the case in productive Carlin-type gold districts. Large volumes of gold-bearing
carbonaceous shale are considered by many as an important source of gold that is
concentrated in Carlin-type gold deposits. Ore-grade and strongly anomalous gold intercepts in
Carlin-type districts generally occur only in key stratigraphic horizons, like the Tripon Pass –
Guilmette contact zone, and as leakage along significant faults above such stratigraphically
controlled zones. A18-02 shows more signs of prospective structural zones, indicated by the
altered dikes and quartz-calcite stockwork zones. Samples from A18-02 have been shipped to
Actlabs in Kamloops, BC.
Sitka Gold has further evaluated its target priorities based on the depths determined by its first
two holes in target areas A and B. Both areas lie on the southern of two major northeast
trending anticlines present on the very large Adobe Gold Project. More extensive surface
exposures of the Tripon Pass Formation are present on the northern anticline. With depth now
a primary factor in targeting, additional claims have been staked and permitting has been
initiated and should soon be approved for hole A18-03 on the northern anticline, within an area
of Tripon Pass Formation exposed at surface. This hole will have an 800-1000 foot depth
advantage relative to the first two holes towards reaching the Tripon Pass – Guilmette
stratigraphic target zone. This target area has a gold-antimony-thallium surface geochemical
anomaly, as opposed to the gold-mercury anomaly in target areas A and B. Either suite is
prospective for Carlin-type gold exploration. The new target area also shows stronger
indications of structural preparation, including iron oxide matrix breccias and nearby dike
exposures. Success in A18-03 would support additional targets along the northern anticline
trend and provide depth information to assess the viability of targets below and near A18-01 and
02. The company is still evaluating stratigraphy and structure of the southern anticline trend
around target areas A and B, where small areas of Tripon Pass formation are exposed at
surface and shallower targets do still exist. Numerous high priority targets remain under
consideration on the large Adobe Gold project. The siting of A18-03 reflects a combination of
optimal location for testing the critical stratigraphic horizon, as well as ease of permitting and
favorable road and pad construction logistics.
The location of drill holes A18-01 and A18-02, and the proposed site of A18-03 are shown on
the attached map (Figure 1); a cross-section of A18-01 is shown in Figure 2. Both figures can
also be viewed on Sitka’s website (www.sitkagoldcorp.com).
Cor Coe, CEO and Director for Sitka comments: “We are pleased with the progress made to
date at Adobe. Stratigraphy intersected by A18-01 has returned anomalous gold values over a
continuous 360 metre section persisting to the bottom of the hole. Structural interpretation of the
first two drill holes has assisted in identifying an area at the Adobe property where the lower
Tripon Pass stratigraphy and contact with the prospectively more fertile Guilmette formation can
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be intercepted at a much shallower depth and is the location of proposed Hole A03-18. We are
looking forward to additional results as the project advances.”
Sitka plans to drill up to 3000 metres in 6 holes with a Reverse Circulation drill rig. This will be
carried out in stages to allow sufficient time for assays to be received and assessed.
Anticipated depths are expected to be approximately 300m to 500m.
About Sitka Gold Corp.
Sitka Gold Corp. is a mineral exploration company headquartered in Canada and managed by a
team of experienced mining industry professionals. The Company is focused on exploring for
economically viable mineral deposits with its primary emphasis on gold and copper mineral
properties of merit. Sitka currently has an option to acquire a 100% interest in the Adobe gold
property in Nevada and owns a 100% interest in its Coppermine River project in Nunavut and
the Alpha Gold property in Nevada. The Company is currently drilling its Adobe Gold Property
with funds raised from its recent Initial Public Offering that was fully subscribed for $1.2M.
ON BEHALF OF THE BOARD OF DIRECTORS OF
SITKA GOLD CORP.
“Donald Penner”
President and Director
For more information contact:
Donald Penner
President & Director
or
Cor Coe
CEO & Director
604-817-4753
or
Peter MacLean
Director
604-781-8513
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defined in the policies of the Canadian Securities Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Cautionary Statements Regarding Forward Looking Information
Certain statements included herein may constitute “forward-looking statements”. All statements
included in this press release that address future events, conditions or results, including in
connection with exploration activity, future acquisitions and any financing, are forward-looking
statements. These forward-looking statements can be identified by the use of words such as
“may”, “must”, “plan”, “believe”, “expect”, “estimate”, “think”, “continue”, “should”, “will”, “could”,
“intend”, “anticipate” or “future” or the negative forms thereof or similar variations. These
forward-looking statements are based on certain assumptions and analyses made by
management in light of their experiences and their perception of historical trends, current
conditions and expected future developments, as well as other factors they believe are
appropriate in the circumstances. These statements are subject to risks, uncertainties and
assumptions, including those mentioned in the Company’s continuous disclosure documents,
which can be found under its profile on SEDAR (www.sedar.com). Many of such risks and
uncertainties are outside the control of the Company and could cause actual results to differ
materially from those expressed or implied by such forward-looking statements. In making such
forward-looking statements, management has relied upon a number of material factors and
assumptions, on the basis of currently available information, for which there is no insurance that
such information will prove accurate. All forward-looking statements are expressly qualified in
their entirety by the cautionary statements set forth above. The Company is under no obligation,
and expressly disclaims any intention or obligation, to update or revise any forward-looking
statements, whether as a result of new information, future events or otherwise, except as
expressly required by applicable law.
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Figure 1 Drill Hole Location Map
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