Sitka Drills 82.0 Metres of 2.04 g/t Gold From Surface, Including 19.5 Metres of 4.87 g/t Gold, Within 201.0 Metres of 1.26 g/t Gold at Its RC Gold Project, Yukon

NEWS RELEASE

January 11, 2023

NR 23-02

www.sitkagoldcorp.com

Sitka Drills 82.0 Metres of 2.04 g/t Gold From Surface,

Including 19.5 Metres of 4.87 g/t Gold, Within 201.0 Metres

of 1.26 g/t Gold at Its RC Gold Project, Yukon

VANCOUVER,

CANADA

–

January

11,

2023:

Sitka

Gold

Corp.

(“Sitka”

or

the

“Company”)

(CSE:SIG)

(FSE:1RF)

(OTCQB:SITKF)

is

pleased

to

release

assay

results

for

the

final

drill

holes

of

the

2022

diamond

drill

program

completed

at

the

Company’s

district-scale

RC

Gold

Project

(“RC

Gold”

or

the

“Project”),

a

376

square

kilometre

contiguous

land

package

with

year-round

road

access

located

in

the

heart

of

Yukon’s

Tombstone Gold Belt (TGB).

Gold assay highlights from this new release include:

●

201.0 m of 1.26 g/t Au

from surface in DDRCCC-22-040,

including

○

82.0 m of 2.04 g/t Au

from surface including;

○

19.5 m of 4.87 g/t Au

from surface including;

○

2.0 m of 31.20 g/t Au

from 16.0 m

●

10.0 m of 0.60 g/t Au

from 357.0 m in DDRCCC-22-039

and

○

12.0 m of 0.52 g/t Au

from 336.0 m and

○

3.0 m of 0.97 g/t Au

from 458.0 m

Cor

Coe,

P.Geo.,

CEO

and

Director

of

Sitka

commented,

“The

2022

step-out

drilling

at

RC

Gold

was

extremely

rewarding

for

Sitka

with

the

results

of

these

latest

drill

holes

highlighting

the

tremendous

potential

of

the

Blackjack

zone,

which

was

just

discovered

in

December,

2021.

DDRCCC-22-040

is

one

of

the

best

holes

we

have

drilled

to

date

at

RC

Gold

with

the

entire

201.0

metre

length

averaging

1.26

g/t

gold

including

82.0

m

grading

2.04

g/t

gold

and

19.5

m

of

4.87

g/t

Au

from

the

casing

at

surface.

Several

other

impressive

intervals

including

2

metres

of

31.20

g/t

gold

were

encountered

throughout

the

hole

which

also

contained

visible

gold

(see

Figure

3

and

Table

1).

Our

winter

and

summer

diamond

drilling

programs

last

year

were

successful

in

demonstrating

the

continuity

of

strong

and

persistent

gold

mineralization

throughout

the

Blackjack

zone,

which

remains

open

in

all

directions.

With

the

potential

to

also

link

gold

mineralization

for

up

to

2

kilometres

across

both

the

Saddle

and

Eiger

Zones

(see

Figure

1),

we

are

eager

to

aggressively

add

potential

tonnage

and

unlock

additional

value

with

continued

exploration

at

our

quickly

evolving,

district scale and road accessible RC Gold Project.”

Drilling

to

date

at

the

RC

Gold

Project

has

produced

long

intercepts

with

significant

gold

grades,

as

highlighted

by

Hole

40

(see

Table

1),

and

has

confirmed

the

continuity

of

significant

and

persistent

gold

mineralization

within

the

Blackjack

zone

to

surface,

which

remains

open

in

all

directions

and

demonstrates

significantly

higher

grades

of

gold

mineralization

within

the

intrusion

host

rock.

The

majority

of

drilling

to

date

at

RC

Gold

was

designed to provide the spatial requirements necessary to estimate an initial resource.

The

Company

is

planning

a

two

part,

winter

and

summer

drilling

program

totaling

10,000

metres

of

diamond

drilling

at

RC

Gold

for

2023

focused

primarily

in

the

Blackjack,

Saddle

and Eiger zone areas.

Figure 1 – 2020 – 2022 drilling in the Blackjack, Saddle and Eiger zones

Table 1 - Analytical Results for DDRCCC-22-039 and DDRCCC-22-040

Drillhole ID

Azimuth

(°)

Dip

(°)

Length

(m)

From (m)

To (m)

Interval

(m)*

Au (g/t)

DDRCCC-22-040

320

-55

209.0

8.0

209.0

201.0

1.26

including

8.0

90.0

82.0

2.04

including

8.0

27.5

19.5

4.87

including

10.0

12.0

2.0

8.69

including

16.0

18.0

2.0

31.20

including

34.5

48.5

14.0

1.48

including

46.8

48.5

1.7

6.48

including

56.0

63.2

7.2

3.50

including

58

59.5

1.5

10.40

including

81.0

84.0

3.0

4.36

including

100.0

102.0

2.0

3.00

DDRCCC-22-039

320

-54

480.0

336.0

348.0

12.0

0.52

and

357.0

367.0

10.0

0.60

and

458.0

461.0

3.0

0.97

*Intervals are drilled core length, as insufficient drilling has been undertaken to determine true widths at this time

Table 2 –

Blackjack Zone Drill Highlights 2020-2022

BLACKJACK ZONE

Drillhole ID

Azimuth

(°)

Dip

(°)

Length

(m)

From

(m)

To (m)

Interval

(m)*

Au (g/t)

News

Release

Date

DDRCCC-20-02

200

-60

296.0

9.0

296.0

287.0

0.52

Nov 23, 2020

Including

156.4

257.1

100.8

0.82

DDRCCC-21-07

208

-58

336.0

18.0

336.0

318.0

0.45

Aug 19, 2021

including

262.0

294.0

32.0

1.24

DDRCCC-21-021

320

-54

480.0

surface

220.0

220.0

1.17

Dec 13, 2021

Including

120.0

170.5

50.5

2.08

DDRCCC-22-022

320

-45

364.6

46.0

319.0

273.0

0.52

Apr 26, 2022

Including

253.0

315.0

62.0

1.21

DDRCCC-22-023

320

-61.5

285.0

4.2

210.0

205.8

1.01

May 17, 2022

Including

46.0

137.0

91.0

1.61

DDRCCC-22-024

277

-47

204.0

4.5

112.0

107.5

1.44

May 18, 2022

Including

16.0

82.0

66.0

2.11

DDRCCC-22-025

320

-46

389.2

19.0

368.0

349.0

0.71

June 13, 2022

Including

25.0

246.0

221.0

1.01

DDRCCC-22-026

140

-45

374.0

152.0

194.0

42.0

0.43

Sept 7, 2022

DDRCCC-22-027

320

-55

209.0

6.0

18.0

12.0

0.83

and

131.0

145.0

14.0

1.49

DDRCCC-22-028

320

-50

254.0

6.0

28.0

22.0

0.69

Sept 7, 2022

and

185.6

198.0

12.4

0.76

DDRCCC-22-029

320

-50

308.0

27.0

143.0

116.0

0.65

Sept 7, 2022

Including

124.0

143.0

19.0

1.22

DDRCCC-22-030

320

-50

398.0

1.4

148.0

146.6

0.90

Sept 7, 2022

Including

2.8

36.6

33.8

1.42

DDRCCC-22-031

320

-50

359.0

147.0

216.0

69.0

0.51

Sept 7, 2022

Including

147.0

157.0

10.0

1.18

DDRCCC-22-032

320

-54

386.0

255.0

265.0

10.0

0.42

Nov 18, 2022

and

352.0

362.4

10.4

10.4

0.47

DDRCCC-22-033

320

-50

344.0

104.6

114.7

10.1

1.56

Nov 18, 2022

and

292.0

311.0

19.0

1.03

DDRCCC-22-035

320

-50

244.0

156.0

164.4

8.4

0.95

Nov 18, 2022

DDRCCC-22-036

34.9

167.0

132.1

0.51

Nov 18, 2022

DDRCCC-22-037

125

-50

305.0

186.0

223.5

37.5

0.68

Nov 30, 2022

DDRCCC-22-038

315

-50

545.0

73.0

474.5

401.5

0.63

Nov 30,2022

Including

176.0

356.0

180.0

1.04

DDRCCC-22-039

320

-54

480.0

336.0

348.0

12.0

0.52

This release

and

357.0

367.0

10.0

0.60

DDRCCC-22-040

320

-55

209.0

8.0

209.0

201.0

1.26

This release

including

8.0

90.0

82.0

2.04

*Intervals are drilled core length, as insufficient drilling has been completed at this time to determine true widths

Figure 2 – Plan Map of Diamond Drill Holes at the Blackjack Zone

Drillhole

DDRCCC-22-039

collared

into

metasedimentary

country

rock

to

the

northeast

of

the

main

Saddle

intrusive

host

rock

at

the

Blackjack

zone

at

an

azimuth

of

320

degrees.

The

hole

intersected

a

thick

sequence

of

metasediments

interspersed

with

intrusive

dikes

and

sills

to

a

depth

of

279

metres

before

crossing

into

the

main

Saddle

intrusive.

Sporadic

gold

mineralization

associated

with

sheeted-style

quartz

veining

was

encountered

throughout

the

hole to a depth of 480 metres with the best zones developed within the intrusive host rocks.

Drillhole

DDRCCC-22-040

was

drilled

on

section

between

holes

DDRCCC-22-036

to

the

northwest

and

DDRCCC-21-021

to

the

southeast

at

an

azimuth

of

320

degrees.

The

hole

collared

and

remained

in

the

main

multiphase-intrusive

host

rock

at

the

Blackjack

zone

for

its

entire

length

to

a

depth

of

209

metres.

The

hole

encountered

significant

sheeted-style

quartz

veining

associated

with

gold

mineralization.

Higher

grade

zones

were

observed

occurring

in

or

adjacent

to

structural

zones

defined

by

late

and

post

mineral

intrusive

phases,

and

areas

with abundant metasedimentary rock inclusions.

Figure 3 – Cross Section of Hole DDRCCC-22-040

2022

drilling

was

designed

to

further

expand

the

Blackjack

Zone

and

provide

Sitka

geologists

with

a

solid

database

of

drilling

data

to

understand

controls

on

mineralization

observed

in

both

intrusive

and

metasedimentary

host

rocks

while

also

potentially

providing

the

necessary

spatial

density

to

generate

an

initial

resource

estimate.

Assay

results

from

drilling

along

with

structural

information

obtained

from

oriented

drilling,

data

from

detailed

core

logging,

reprocessed

Lidar

data

and

interpretation

of

an

airborne

magnetic

geophysical

survey will form the basis for planning of the 2023 drilling program.

Figure 4 - Visible Gold in DDRCCC-22-039 at 417.25 m and DDRCCC-040 at 58.1 m

Table 3 – 2022 Drill Hole Location, Azimuth and Dip

Drillhole ID

Total

Depth

(m)

UTM Z8

Easting

UTM Z8

Northing

Elevation

(masl)

Azimuth (

O

)

Dip (

O

)

DDRCCC-22-022

364.6

396871

7085308

1490

320

-45

DDRCCC-22-023

285

396815

7085385

1530

320

-61.5

DDRCCC-22-024

204

396815

7085385

1530

277

-47

DDRCCC-22-025

389.2

396901

7085365

1525

320

-46

DDRCCC-22-026

374

396877

7085305

1495

140

-45

DDRCCC-22-027

209

396594

7085472

1605

320

-55

DDRCCC-22-028

254

396668

7085405

1552

320

-50

DDRCCC-22-029

308

396951

7085357

1544

320

-50

DDRCCC-22-030

398

396822

7085505

1624

320

-50

DDRCCC-22-031

359

396998

7085304

1548

320

-50

DDRCCC-22-032

386

397046

7085397

1591

320

-54

DDRCCC-22-033

344

396763

7085316

1485

320

-50

DDRCCC-22-034

174.15

396972

7085662

1727

322

-55

DDRCCC-22-035

244

397101

7085740

1768

180

-50

DDRCCC-22-036

410

396728

7085517

1618

320

-65

DDRCCC-22-037

305

396597

7085533

1645

125

-50

DDRCCC-22-038

545

396965

7085290

1530

315

-50

DDRCCC-22-039

480

396888

7085453

1583

320

-54