Sitka Discovers Visible Gold on Surface at Josephine Zone 3.6 km East of the Blackjack Deposit at its RC Gold Project, Yukon
NEWS RELEASE
August 2, 2023
NR 23-20
www.sitkagoldcorp.com
Sitka Discovers Visible Gold on Surface at Josephine Zone 3.6
km East of the Blackjack Deposit at its RC Gold Project, Yukon
VANCOUVER, CANADA – August 2, 2023: Sitka Gold Corp. (“Sitka” or the “Company”)
(CSE:SIG) (FSE:1RF) (OTCQB:SITKF) is pleased to announce that recent geological mapping and
prospecting at its road accessible RC Gold Project (“RC Gold” or the “Project”) located in the
Tombstone Gold Belt approximately 60 kms from the producing Eagle Gold Mine in the Yukon
Territory, Canada has identified visible gold in the Josephine Zone at surface, in outcrop,
approximately 3.6 kilometres (km) east of the Blackjack Deposit (900,000 ounces @ 0.83 g/t gold
inferred resource; see news release dated January 19, 2023 and Figures 1 through 5).
In addition to
the newly discovered visible gold south of the Josephine intrusion several key
highlights from the mapping are:
1. The identification of the surface expression of the mineralized Friendly fault which cuts
through and may sinistrally offset the Saddle intrusion.
2. The extension of the mapped surface expression of the Saddle intrusion to the south and
north, lamprophyre dike mapped at the northern extent of the Saddle intrusion.
3. The identification of a highly prospective zone of veining in the hornfelsed country rock in an
EastWest corridor between the Saddle and Eiger intrusion.
4. The identification of substantial, mineralized veins and zones of alteration within the Eiger
intrusion.
5. The identification of sheeted veins and visible gold in the hornfelsed country rock south of the
Josephine intrusion (see Figures 3 and 4).
6. The identification of mineralized veins within and adjacent to the western edge of the
Pukelman intrusion.
7. The slight expansion of and the confirmation of mineralized veins within the Big Creek
intrusion.
“The discovery of visible gold in outcrop on surface at the Josephine Zone is very exciting and
provides additional support that the Clear Creek Intrusive Complex, encompassing the 5 km
extensional mineralized corridor that spans across both the Blackjack and Eiger deposits, has the
potential to host additional gold deposits of significant size and grade”, said Cor Coe, CEO and
Director of Sitka Gold. “The recent interpretation of the high resolution MAG survey we conducted last
year, along with the compilation of historical geochemical surveys across the area, highlighted several
new targets throughout the Clear Creek Intrusive Complex that we have only just begun to follow up
on. Based on the geophysics and geochem completed to date, the Josephine Zone itself appears to
have the size and scale required to host large intrusion-related gold deposits and the discovery of
native gold on surface during a first pass reconnaissance there bodes well for future exploration
success. It is still early days at our RC Gold Project and with the abundance of additional high-priority
intrusion-related gold targets present across this district-scale project (see Figures 1 and 2) we
believe there is great potential for further discoveries to be made.”
Figure 1: Plan map of the district-scale RC Gold Project
Figure 2: Plan map of the northern extent of the Clear Creek Intrusive Complex encompassing
the Blackjack, Saddle, Eiger, Josephine and Pukelman Stocks
The Company is currently conducting up to 10,000 metres of diamond drilling at RC Gold, primarily
focused on the expansion of the 1,340,000 ounce initial gold mineral resource estimate comprising
the newly discovered Blackjack and Eiger reduced intrusion-related gold deposits (see news release
dated January 19, 2023). So far this year, 12 drill holes and approximately 5,300 metres of drilling has
been completed. Additional exploration based on the interpretation of new and historical geological,
geophysical and geochemical datasets (see news release dated June 26, 2023) has resulted in the
identification of new areas of gold mineralization. Initial fieldwork consisting of detailed geological
mapping has focused on the northern portion of the Clear Creek Intrusive Complex which contains
the Saddle, Eiger, Josephine, Pukelman, Rhosgobel and Big Creek intrusions emplaced within a
broad extensional tectonic setting (see Figure 1). The northern portion of the Clear Creek Intrusive
Complex contains the Saddle intrusion (host to the Blackjack Deposit), Eiger intrusion (host to the
Eiger Deposit) and the Josephine intrusion where visible gold was discovered during geological
mapping (see Figure 3 to 5). The gold was discovered in a quartz-sulfide vein hosted in altered
metasedimentary rocks immediately south of the Josephine intrusion. Crews are currently prospecting
the key areas identified by the geological mapping and will assess the potential of the new areas of
intrusion hosted and proximal types of gold mineralization.
Three dimensional inversion modelling and interpretation of an airborne magnetic (MAG) survey flown
over the RC Gold Project in 2022 together with coincident gold-in-soil anomalies indicates that the
gold bearing intrusive bodies present at surface in this area and that host these reduced
intrusion-related gold deposits could be much larger than previously defined and appear to be part of
a major, gold-enriched intrusive system that is connected at depth (see news release dated June 26,
2023) . The MAG survey and coincident geochemical data also demonstrate that the gold mineralized
extensional corridor within the northern portion of the Clear Creek Intrusive Complex that spans
across the Blackjack and Eiger gold deposits appears to be over 5 kilometres in length and contains
the Josephine intrusion. The newly discovered visible gold on surface in mineralized quartz veining
proximal to the southern end of the Josephine intrusion adds significant potential for additional
deposit discoveries within this portion of the project.
Ongoing work continues to identify prospective reduced intrusion-related gold deposit targets
associated with the nine intrusions identified by regional scale geological mapping and in areas that
contain no mapped intrusions on the 376 square km project. The potential for the discovery of
high-grade intrusion related gold deposits in the Tombstone Gold Belt (TGB) is highlighted by the
grades encountered in the Blackjack Deposit and in Snowline Gold’s Valley Gold Deposit. The TGB is
the focus of numerous exploration programs across Yukon and Alaska driven by this newly
recognized potential. Sitka is pleased to control a significant portion of the TGB and will continue to
explore the RC Gold Project with a focus on expanding the newly discovered Blackjack and Eiger
Deposits and evaluation of the many significant underexplored gold targets contained within the
project area.
Figure 3: Visible gold observed in surface outcrop at the Josephine Zone
Figure 4: Sheeted veins found south of the Josephine Stock where visible gold was
discovered
Figure 5: Outcrop with sheeted veins at the western margin of the Josephine stock where
arsenopyrite and pyrite was observed
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.
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 resource expansion diamond drilling
program is currently underway.
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 system, which is located on the Cortez Trend just 40 km southeast of the
Cortez Mine Complex of Barrick/Newmont.
(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
For more information contact:
Donald Penner
President & Director
778-212-1950
or
Cor Coe
CEO & Director
604-817-4753
Cautionary and Forward-Looking Statements
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defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy
or accuracy of this release.
This release includes certain statements and information that may constitute forward-looking
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proceeds raised under the Offering and the Company’s anticipated work programs.
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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
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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
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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,
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actual results and future events could differ materially from those anticipated in such statements.
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