Sitka Gold Drills 84.0 Metres of 1.21 g/t Gold From Surface 450 Metres East of the Blackjack Deposit at its RC Gold Project, Yukon
NEWS RELEASE
October 30, 2023
NR 23-29
www.sitkagoldcorp.com
Sitka Gold Drills 84.0 Metres of 1.21 g/t Gold
From Surface 450 Metres East of the Blackjack
Deposit at its RC Gold Project, Yukon
VANCOUVER, CANADA – October 30, 2023: Sitka Gold Corp. (“Sitka” or the “Company”)
(CSE:SIG) (FSE:1RF) (OTCQB:SITKF) is pleased to announce the results of drill holes
DDRCCC-23-048 through DDRCCC-23-054 (“Holes 048 to 054”), the 8th to 14th holes
completed during the 2023 diamond drilling program at the Company’s 376 square kilometre,
road accessible RC Gold Project (“RC Gold" or the “Project”) located in Yukon’s Tombstone
Gold Belt (“TGB”), approximately 100 kilometres east of Dawson City (see Table 1). Analytical
results for an additional 2 diamond drill holes completed at RC Gold are pending.
Gold assay highlights from this release:
DDRCCC-23-054
● 84.0 m of 1.21 g/t Au from surface including
○ 4.0 m of 5.12 g/t Au and;
○ 51.1 m of 1.52 g/t Au
DDRCCC-23-048
● 58.1 m of 0.72 g/t Au including:
○ 21.6 m of 1.22 g/t Au including;
○ 6.2 m of 2.85 g/t Au
DDRCCC-23-053
●
29.0 m of 0.68 g/t Au and;
○ 3.9 m of 4.76 g/t Au
DDRCCC-23-051
● 32.0 m of 0.59 g/t Au including;
○ 6.2 m of 2.85 g/t Au
DDRCCC-23-049
● 48.0 m of 0.51 g/t Au including;
○ 29.9 m of 0.73 g/t Au
“The results from these latest drill holes have significantly expanded the known gold
mineralization with the capacity to add considerable ounces at our Blackjack gold deposit, which
remains open in all directions, while also highlighting the potential of the Saddle zone to host a
substantial new gold deposit”, stated Cor Coe, P.Geo., CEO and Director of Sitka. “While we are
very pleased to see the continued expansion potential confirmed with several step out holes at
our Blackjack deposit, Hole 54 is particularly noteworthy as it was collared at the western edge
of the Saddle zone, 450 metres east of the Blackjack resource boundary, and returned the best
drill result to date there with 84.0 m of 1.21 g/t gold beginning at surface. With only a handful of
drill holes completed, the Saddle zone remains open in all directions and is underlain by both
the largest and the highest grade gold-in-soil anomaly on the project (see Figure 2). Considering
the large surface footprint of the underlying geochem at Saddle and the fact that we have only
completed drill holes on the fringe of this zone, with the strongest part of this anomaly, extending
625 metres east of Hole 54, yet to be drill tested, the future prospects for expansion of the
Saddle zone towards a major new gold deposit look very promising.
“In addition, Hole 54 has highlighted the exceptional continuity of gold mineralization across this
large Intrusion Related Gold System. The Saddle zone remains open 450 m west toward the
Blackjack deposit and 1 km east toward the Eiger deposit and there has been next to no drilling
yet between these zones. Given its location, the results from Hole 54 have reinforced our belief
that gold mineralization present within the 3 km x 5 km Clear Creek Intrusive Complex could be
linked together with additional drilling. By most metrics we have really just begun to scratch the
surface at RC Gold and, as Hole 54 has shown us, there is still plenty to discover as we
continue to develop this exciting gold project.”
Figure 1: Plan map of the Northern Extent of the Clear Creek Intrusive Complex. Yellow
stars indicate where outcrop rock samples or drill hole intervals have returned >10 g/t gold.
Figure 2: Plan Map Showing the Location of DDRCCC-23-048 through DDRCC-23-054
Drill holes DDRCCC-23-053 and 054 were drilled in the Saddle zone located 450 metres east of
the Blackjack deposit with hole 54 intersecting an interval of 84.0 m of 1.21 g/t Au starting at
surface and hole 53 intersecting highly anomalous gold values of 0.25 g/t over its entire length
of 417.4 m including 29.0 m of 0.68 g/t Au and 3.9 m of 4.76 g/t Au.
Drill holes DDRCCC-23-048 through DDRCCC-23-052 were step-out holes drilled up to 250
metres outside the Blackjack deposit resource and all holes encountered gold mineralization at
or above the current resource cut-off grade of 0.25 g/t Au, with the exception of hole
DDRCCC-23-052.
Drill hole DDRCCC-23-048 through DDRCCC-23-051 are significant for the growth of the
Blackjack deposit as all of the holes were drilled outside the margin of the current Blackjack
resource. Current drilling has not defined the limits of the deposit and it remains open in all
directions. DDRCCC-23-053 and 054 demonstrate that near surface higher-grade gold
mineralization occurs outside the main Saddle intrusion within metasediments intruded by
megacrystic quartz monzonite dykes up to 10 m in thickness. Previous drilling at the Saddle
zone in holes DDRCCC-20-001 and DDRCCC-21-019, located approximately 125 m to the east
of hole 53 and 54, intersected 80 m of 0.59 g/t and 84.8 m of 0.52 g/t gold respectively. The
strongest gold-in-soil on the property extends for a further 500 m east of these drill holes
and has not yet been tested by drilling (see Figure 2).
DDRCCC-23-048 was drilled to test the southern extent of the Saddle Stock, 60 m southeast of
the most southerly holes drilled in the area to date (DDRCCC-23-044 and 045) and was collared
on the same pad location as DDRCCC-23-047 but with an azimuth of 180 degrees and a dip of
–55 degrees into a new area where previous mapping had identified sulphide mineralization in
sheeted quartz veins with gold values ranging from 0.01 to 8.62 g/t (see Figure 2). The hole
collared in megacrystic quartz monzonite (MQZM) and then intersected altered metasediments
intruded by 1 to 20 m thick multi-phase intrusive dykes, including MQZM, granodiorite and
aplite. Quartz sulphide veins and massive veinlets of arsenopyrite occurred locally in all rock
units, with the best gold mineralization occurring from 152.0 to 210.1 m, This 58.1 m interval
contained 0.72 g/t Au, including 21.6 m of 1.22 g/t from 179.5 m.
DDRCCC-23-049 was collared 265 m to the northwest of discovery hole 21-021 and drilled to
the northeast at an azimuth of 030 degrees and dip of -50 degrees to extend the western margin
of the current resource. The hole collared in metasediments but then dominantly intersected
several different intrusive phases for the remainder of the hole, including metre scale
lamprophyre dykes at 13 m, 220 m, 262 m and 301 m. The lamprophyre dykes are generally not
mineralized, but they have been noted to occur in areas of increased gold mineralization in the
Blackjack deposit. Quartz veins with arsenopyrite and massive arsenopyrite occurred
throughout the hole in all units except the lamprophyres but were most strongly developed in the
megacrystic intrusive units.
DDRCCC-23-049 intersected broad intervals of gold mineralization above the resource cut-off of
0.25 g/t Au, with 140.6 m of 0.34 g/t Au from 97.5 m including 48.0 m of 0.51 g/t Au from 190.0
m.
Holes DDRCCC-23-050, 051 and 052 were drilled 130, 170, 250 m respectively north of the
current margin of the Blackjack resource into an area where previous mapping had identified
extensive sheeted quartz – sulphide veining in the Saddle Stock, with rock samples returning
gold values ranging from 0.06 to 4.54 g/t. All three holes were drilled to the north with an
azimuth of 000 degrees.
Hole DDRCCC-23-050 intersected dominantly MQZM cut by intrusive breccia and local metre
scale lamprophyre dykes until 343 m and then remained in dominantly metasedimentary rocks
with minor intrusive units until the end of the hole at 398 m. Arsenopyrite mineralization was
noted in all rock types except the lamprophyre but was most strongly developed in a MQZM unit
from 98 to 260 m. The longest interval of above cut-off mineralization in the hole was from 206.0
m to 284 m, which returned 78.0 m of 0.30 g/t Au.
Hole DDRCCC-23-051 intersected moderately to strongly altered MQZM cut by metre scale
units of intrusive breccia and lamprophyre dykes until 307 m and then dominantly
metasediments, again intruded by metre scale lamprophyre dykes, until the end of the hole at
421 m. Quartz-sulphide (pyrrhotite, pyrite and arsenopyrite) in veins, veinlets and fractures
occur in all units, but are most strongly developed throughout the locally very strongly altered
and oxidized MQZM from 67 m to 307 m. Massive sulphide veins within this interval range up to
35 cm thick. Most veins trend in the same east – west direction as the Blackjack deposit, but
some multidirectional stockwork is also developed. The longest interval of plus cut-off
mineralization in DDRCCC-23-051 was 104.2 m of 0.30 g/t Au from 190.8 m.
Hole DDRCCC-23-052, with an azimuth of 000 degrees and a dip of -50 degrees, was drilled to
test the eastern margin of the Saddle Stock so encountered a mix of MQZM, metre scale
lamprophyre dykes and metasediment rocks throughout its 386 m length. Due to ground
conditions, the hole deviated significantly to the east from its intended target zone into largely
weakly mineralized metasedimentary rock. Quartz sulphides were locally developed in all rock
units, and increased in intensity in the metasediments downhole of 296 m, but the hole did not
return significant gold mineralization.
DDRCCC-23-053 was located 450 m east of the eastern margin of the current Blackjack
resource in the Saddle zone and drilled to the southeast at an azimuth of 150 degrees. The hole
intersected dominantly metasediments until 233 m, dominantly QZMN until 292 m and then
dominantly metasediments to the end of the hole at 452 m. The intensity of east – west quartz
vein development was similar to previous holes, but DDRCCC-23-053 is significant in that it
demonstrates some of the strongest arsenopyrite development seen in quartz veins and
fractures in metasedimentary rock to date. Visible gold was identified in two locations in quartz
sulfide veins in the metasediments (see Figure 3). Significant intervals of Hole 053 included
29.0 m of 0.68 g/t gold from 253.5 m and 3.9 m of 4.76 g/t from 406.1 with the 417.4 m interval
from 21.7 m averaging 0.25 g/t Au.
DDRCCC-23-054 was drilled northwest at 330 degrees and a -50 dip from the same location as
DDRCCC-23-053, therefore also 450 m east of the eastern margin of the Blackjack resource.
The hole intersected dominantly metasediments intruded by metre to 10 metre scale MQZM
dykes. Quartz sulphide veins cross-cut all units, with arsenopyrite generally being the dominant
sulfide. The hole was terminated short of target at 260 m because of technical issues. The
casing has been left in the hole allowing the option for it to be continued in the next drilling
program. The hole returned significant near surface gold mineralization with an 84.0 m interval
from 4.0 m averaging 1.21 g/t Au and 51.1 m of 1.52 g/t gold from 37 m. Higher grade
near-surface mineralization included 4.0 m of 5.12 g/t Au from 11.0 m.
The Company has completed 16 drill holes totalling approximately 6515 metres as part of its
2023 diamond drill program at RC Gold. Analytical results for the remaining 2 drill holes
completed to date will be released once they have been received and compiled.
Figure 3: Example of visible gold in drill hole DDRCCC-23-053
Figure 4: Examples of drill core intervals from DDRCCC-23-054
Table 1 – Assay Highlights for Holes DDRCCC-23-048 through DDRCCC-23-054
HoleID
To (m)
Length (m)
Au (g/t)
152.0
210.1
58.1
0.72
Including
179.5
201.2
21.6
1.22
Including
195.0
201.2
6.2
2.85
97.5
238.0
140.6
0.34
Including
190.0
238.0
48.0
0.51
Including
190.0
219.9
29.9
0.73
DDRCCC-23-048
DDRCCC-23-049
Azimuth (°)
Dip (°)
180
-55
030
-52
From (m)
DDRCCC-23-050
000
-60
206.0
284.0
78.0
0.30
DDRCCC-23-051
000
-50
190.8
295.0
104.2
0.30
263.0
295.0
32.0
0.59
Including
DDRCCC-23-052
000
-50
DDRCCC-23-053
150
-50
No Significant Intervals
21.7
439.0
417.4
0.254
Including
253.5
282.5
29.0
0.68
Including
406.1
410.0
3.9
4.76
4.0
88.0
84.0
1.21
Including
11.0
15.0
4.0
5.12
Including
37.0
88.0
51.1
1.52
DDRCCC-23-054
330
-50
*Intervals are drilled core length, as insufficient drilling has been completed at this time to determine true widths
Quality Assurance/Quality Control
On receipt from the drill site, the NQ-sized drill core was systematically logged for geological
attributes, photographed and sampled at Sitka’s 2022 field camp. Sample lengths as small as
0.3 m were used to isolate features of interest, otherwise a default 2 m downhole sample length
was used. Core was cut in half lengthwise along a predetermined line, with one-half (same half,
consistently) collected for analysis and one-half stored as a record. Standard reference
materials, blanks and duplicate samples were inserted by Sitka personnel at regular intervals
into the sample stream. Bagged samples were placed in secure bins to ensure integrity during
transport. They were delivered by Sitka personnel or a contract expeditor to ALS Laboratories'
preparatory facility in Whitehorse, Yukon, with analyses completed in North Vancouver.
ALS is accredited to ISO 17025:2005 UKAS ref. 4028 for its laboratory analysis. Samples were
crushed by ALS to over 70 per cent passing below two millimetres and split using a riffle splitter.
One-thousand-gram splits were pulverized to over 85 per cent passing below 75 microns. Gold
determinations are by fire assay with an inductively coupled plasma mass spectroscopy
(ICP-MS) finish on 50 g subsamples of the prepared pulp (ALS code: Au-ICP-22). Any sample
returning over 10 g/t Au was re-analyzed by fire assay with a gravimetric finish on a 50 g
subsample (ALS code: Au-GRA21). In addition, a 51-element analysis was performed on a 0.5
g subsample of the prepared pulps by an aqua regia digestion followed by an inductively
coupled plasma mass spectroscopy (ICP-MS) finish (ALS code: ME-MS41).
Figure 5: Cross section of DDRCCC-23-053 and DDRCCC-23-054
Figure 6: Cross section of DDRCCC-23-048
Figure 7: Cross section of DDRCCC-23-051
Figure 8: Cross section of DDRCCC-23-049
Figure 9: Cross section of DDRCCC-23-050
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 prepared 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
0.20
0.25
0.30
0.35
0.40
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
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, 52 diamond
drill holes have been drilled into this system for a total of approximately 18,275 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 72 m of 0.72 g/t gold at Eiger (drill hole DDRCCC-21-009; see news
release date August 19, 2021).
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
www.sitkagoldcorp.com.
on
the
underlying
properties
please
visit
our
website at
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&do
cI 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-aur
mac-property-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.
The Company recently announced an NI 43-101 compliant Initial 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).
The Company recently signed a drill contract and is planning additional drilling at its Alpha
Gold Property in Nevada (scheduled to commence November 2023; see news release
dated October 24, 2023). Having recently discovered a new Carlin-type gold system at
Alpha, the Company is now 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.
Upcoming Events
Sitka Gold will be attending and/or presenting at the following events:
● Yukon Geoscience Forum, Whitehorse, Yukon: November 19 - 22, 2023
● American Exploration and Mining Association, Sparks, Nevada: December 3 - 8,
2023
● AME Roundup January 22 - 25, 2024
● VRIC, Vancouver, BC: January 21 - 22, 2024
● PDAC, Toronto, ON: March 3 - 6, 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
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