Sitka Gold Drills up to 4.62 g/t Gold, Continues Drilling at Alpha Gold in Nevada
NEWS RELEASE
October 06, 2022
NR 22-27
www.sitkagoldcorp.com
Sitka Gold Drills up to 4.62 g/t Gold, Continues Drilling at Alpha
Gold in Nevada
VANCOUVER,
CANADA
–
October
06,
2022:
Sitka
Gold
Corp.
(“Sitka''
or
the
“Company”)
(CSE:SIG)
(FSE:1RF)
(OTCQB:SITKF)
is
pleased
to
announce
initial
assay
results
from
the
first
two
drill
holes,
AG22-09
and
AG22-10,
completed
during
the
ongoing
2022
drilling
program
at
its
Alpha
Gold
Property
(“Alpha
Gold”
or
the
“Property”)
located
on
the
southeast
projection
of
the
prolific
Cortez
gold
trend
in
Nevada.
The
Company
is
conducting
a
planned
1,500
m
drilling
program
at
Alpha
Gold
where
drilling
at
hole
AG22-12,
which
is
a
step-out
located
5,600
m
along
trend
from
AG22-10,
is
currently
underway.
Alteration
and
mineralization
observed
in
AG22-11
and
AG22-12
indicate
that
the
scale
of
this
Carlin-type
gold
system
is
over
six
kilometres
in
strike
length
(see
Figure
1). Assays for AG22-11 and AG22-12 are currently pending.
Highlights of gold assays include:
Drill hole AG22-10
●
21.3 m of 1.21 g/t Au
from 211.8 m including:
○
13.7 m of 1.52 g/t Au
from 217.9 m and
○
1.5m of 4.62 g/t Au
from 225.6 m
Drill hole AG22-09
●
10.7 m of 0.51 g/t Au
from 125.0 m
Cor
Coe,
CEO
and
Director
of
Sitka
Gold
comments,
“The
initial
results
from
the
Company’s
ongoing
2022
drill
program
at
Alpha
Gold
continue
to
affirm
we
are
on
to
a
very
significant
Carlin-type
gold
system.
These
are
the
best
gold
intervals
we
have
intercepted
to
date
and
add
to
the
mounting
evidence
that
this
system
has
the
potential
to
host
a
significant
Carlin-type
gold
deposit.
In
addition,
alteration
and
mineralization
observed
in
drill
holes
AG22-11
and
AG22-12
have
significantly
expanded
the
known
footprint
of
this
system
with
their
massive
step
outs
of
940
m
and
5,600
m
respectively
SSE
from
AG22-10
(see
Figure
1),
adding
to
the
exceptional
tonnage
potential
of
this
target.
Considering
that
we
have
only
drilled
and
received
results
from
10
drill
holes
since
the
conceptual
geological
model
was
presented
in
2020
on
this
totally
new,
undrilled
area,
it
is
extremely
impressive
that
our
geological
team
has
advanced
this
project
to
the
confirmation
stage
that
Alpha
Gold
hosts
a
large,
very
robust
Carlin-type
gold
system.
Alpha
Gold
is
located
directly
on
the
southeast
projection
of
the
Cortez
trend,
known
to
host
world
class,
multi-million
ounce
Carlin-type
gold
deposits
such
as
Barrick
Gold’s
Goldrush
deposit
located
approximately
40
kms
to
the
northwest.
Since
the
discovery
of
this
Carlin-type
gold
system
at
Alpha
Gold,
drilling
has
progressively
produced
larger
intervals
with
better
gold
grades
as
we
continue
to
vector
toward
the
core
of
this
system
with
additional
data
generated
from
drill
hole
assays
and
an
enhanced
geological
interpretation.
We
are
eagerly
awaiting
additional
drill
hole
results
as
drilling
continues
at
our
100%
owned Alpha Gold Property.”
The
NNW
structural
zone
at
Alpha
Gold
is
very
subtle
at
surface
and
has
demanded
a
methodical
and
systematic
exploration
strategy.
Increasingly
strong
results
from
AG22-09
and
10
have
confirmed
the
location
and
orientation
of
the
subsurface
mineralization
system.
That
new
information
was
employed
in
very
aggressive
step-outs
in
holes
AG22-11
and
12.
Alteration
and
mineralization
in
both
new
holes
indicate
they
remain
on
target
continuing
to
define
the
same
structure
along
a
strike
extent
of
over
six
kilometers
from
AG21-03
to
AG22-12
(see
Figure
1).
This
is
very
exciting
and
generates
an
abundance
of
new
targets
both
along
strike
and
at
depth
in
the
deeper
even
more
permissive
downward
stacked
set
of
host
rock
horizons.
Confirmation
of
the
target
structures
on
broad
strike
offsets
also
provides
for
permitting
a
much
larger
set
of
well-chosen
sites
for
future
drilling.
Progress
at
Alpha
Gold
has
made
an
important
leap
forward
and
has
generated
several
newly
refined
targets
to
test
in
the
search
for
the
strongest
parts
of
this
almost
entirely
subsurface
Carlin-type gold system.
Results
from
AG22-09
and
AG22-10
have
significantly
widened
and
strengthened
gold
mineralization
related
to
the
NNW
structural
trend
defined
by
surface
mapping
and
prior
drilling
(Figure
2).
AG22-10
intercepted up to 4.62 g/t Au in an interval of 1.21 g/t over 21.34 m from 211.84 meters.
Gold
mineralization
in
AG22-10
occurred
in
the
Horse
Canyon
Equivalent
horizon
near
the
Devils
Gate
Limestone
contact.
The
gold
mineralization
included
highly
carbonaceous,
pyritic,
decalcified
and
silicified
strata
on
the
hanging
wall
side
of
a
west
dipping
normal
fault
zone
characterized
by
karst
cavities
and
severe
decalcification.
Lithologic
logs
from
the
hole
and
surface
mapping
indicate
a
larger
offset
normal
fault
occurs
west
of
the
hole
and
remains
untested.
The
hole
confirmed
that
AG21-08
was
well
out
on
the
east
limb
of
the
now
better-defined
NNW
anticline
and
indicates
continued strong potential to the west (Figure 3).
AG22-09
intercepted
0.51
g/t
over
10.67
m
from
124.97
m.
Gold
mineralization
occurred
in
the
Devonian
Shale
unit
and
upper
Horse
Canyon
equivalent
unit
above
the
prime
host
horizon,
which
was
replaced
by
a
karsted
fault
zone,
probably
the
strike
projection
of
the
same
karst
zone
encountered
in
AG22-10.
AG22-09
had
to
be
terminated
when
drilling
conditions
became
unmanageable
and
samples
could
not
be
recovered
due
to
the
hole
apparently
being
deflected
into
karst
cavities
along
the
fault.
Material
recovered
from
the
karst
zone
indicated
the
footwall
of
the
fault
was basal Horse Canyon equivalent below the prime host rock zone which was faulted out.
Holes
AG22-09
and
AG22-10
have
provided
excellent
confirmation
of
the
NNW
structural
zone
which
is
not
adequately
exposed
on
the
surface
in
this
area
due
to
thin
gravel
cover
and
they
provide
a
framework
for
better
testing
of
the
host
rock
horizons
adjacent
to
it.
Results
suggest
that
gold
grade
relates
to
host
rock
more
than
it
does
to
the
fault
zones.
With
the
fault
plane
now
relatively
well
defined
it
becomes
possible
to
target
not
only
the
Horse
Canyon
equivalent
host
horizon,
but
also
potentially
even
more
transmissive
host
horizons
at
depth
in
the
Bartine
Member
of
the
McColley
Canyon
Fm
and
the
lower
Upper
Denay
Fm.
The
former
is
the
host
to
much
of
the
Gold
Bar
deposit
and
equivalent
to
the
prolific
Wenban
5
host
horizon
at
the
Goldrush
deposit.
The
lower
Upper
Denay
Fm
is
a
platy
silty
limestone
known
to
be
a
secondary
host
that
will
be
crossed
by
any
holes
directed
at McColley Canyon targets.
The
strike
extension
of
the
NNW
structural
zone
at
Alpha
NW
remains
open
to
the
north
and
south.
The
apparent
preference
of
gold
mineralization
to
host
stratigraphy
rather
than
karsted
fault
zones
in
the
latest
drilling
generates
renewed
interest
in
AG21-03
which
encountered
a
karst
cavity
comparable
in
size
to
those
in
AG22-09
and
10
as
well
as
an
eight-meter
clay
fault
gouge.
The
favorable
part
of
the
Horse
Canyon
equivalent
host
rock
horizon
was
faulted
out.
Better
testing
of
the
host
rock
is
still
needed
near
AG21-03
along
with
the
intervening
area
back
towards
AG22-09.
Gold
grades
in
the
karst
zone
of
AG21-03
were
actually
slightly
better
than
those
in
the
immediate
karst
zones
of
AG22-09
or
10.
Both
the
NNW
trend
from
AG22-09
to
AG21-03
and
the
larger
N-S
fault
through
AG21-03
merit
further
testing
in
consideration
of
the
above.
Depth
to
the
Devils
Gate
Limestone
is
less
than
100
m
in
AG21-03,
so
any
positive
follow
up
results
there
would
make
it
an
excellent
location
for
testing
the
McColley
Canyon
Fm
target
horizon
at
the
shallowest
depth
along
the structural trend.
On
the
SSE
projection
of
the
structural
trend,
AG22-11
was
collared
940
m
SSE
of
AG22-10
(Figure
1).
The
hole
was
directed
WSW
toward
the
inferred
projection
of
the
structural
zone
and
encountered
a
rhyolite
dike-filled
fault
zone
followed
by
decalcification
and
pyrite
mineralization
in
the
Horse
Canyon
equivalent
host
horizon.
The
hole
was
completed
to
the
top
of
the
Devils
Gate
Limestone
at
522.73
m.
AG22-12
was
collared
at
Frazier
Creek
5,600
meters
SSE
of
AG22-10.
The
hole
encountered
a
major
dike-filled
structure
along
with
pyrite
mineralization
in
the
upper
Devonian
Shale
unit
and
is
still
in
progress
in
the
lower
part
of
the
Devonian
Shale.
No
assay
results
have
been
received for these two holes.
TABLE 1 - Gold assay highlights from AG22-09 and AG22-10
Hole ID
From (m)
To (m)
Length (m)*
Au (g/t)
AG22-09
115.8
137.2
21.3
0.37
including
125.0
129.5
10.7
0.51
AG22-10
202.7
263.7
61.0
0.59
including
211.8
233.2
21.3
1.21
217.9
231.7
13.7
1.52
225.6
227.1
1.5
4.62
*Intervals are drilled core length, as insufficient drilling has been undertaken to determine true widths at this time
Figure 1 - Alpha Gold Drill Hole Locations
Figure 2 - Alpha Gold Drill Hole Locations
Figure 3 - Cross Section of Drill Holes AG22-08 and AG22-10
About Alpha Gold
Sitka
Gold
has
acquired
a
100%
interest
in
the
Alpha
Gold
Project,
located
along
the
southeast
projection
of
the
prolific
Cortez
Gold
Trend
in
Eureka
County,
approximately
135
kilometres
southwest
of
Elko,
Nevada.
The
Project
is
comprised
of
one
contiguous
claim
block
totaling
239
lode
claims
covering
an
area
of
approximately
4,780
acres
(1,934
hectares)
and
is
accessible
via
a
dirt
road,
approximately 2 km west of Nevada State Highway 278.
The
Project
was
initially
staked
after
the
location
was
recognized
as
the
intersection
of
the
regional-scale
Pine
Valley
anticline
with
northeasterly
fold
trends
exposed
in
the
Roberts
Mountains.
Overprinting
NNW
folds
coincident
with
the
projection
of
the
Cortez
Trend
were
subsequently
recognized
and
found
to
be
important
alteration
and
mineralization
controls.
Of
primary
importance
at
the
Alpha
Gold
location
is
that
the
rocks
have
been
down-dropped
significantly
by
late
extensional
faulting.
Prior
to
extension,
and
during
the
critical
36-42
Ma
Carlin-type
mineralization
event,
the
fold
crest
at
Alpha
Gold
would
have
been
a
regional
highpoint
among
nearby
mountain
ranges.
Well
exposed
‘lower
plate
windows’
near
Alpha
Gold
have
been
extensively
explored
for
Carlin-type
gold
deposits with a number of deposits found along the limbs.
Three
previous
drill
programs
totaling
2604
meters
in
8
holes
have
been
completed
at
Alpha
Gold
since
its
acquisition
and
have
advanced
the
Property
from
an
undrilled
geologic
concept
with
a
surface
alteration
and
pathfinder
element
anomaly,
to
a
large
wide-open
Carlin-type
gold
system
with
thick,
low-grade
gold
intercepts,
from
wide-spaced
drilling.
The
Company
is
currently
conducting
its
4th drill program on the Property.
Upcoming Events
Sitka Gold will be attending and/or presenting at the following events:
●
Takestock Investor Forum, Calgary, Alberta: November 2, 2022
●
Yukon Geoscience Forum, Whitehorse, Yukon: November 19 - 22, 2022
●
Vancouver Resource Investment Conference: January 29 - 30, 2023
●
Roundup, Vancouver, BC: January 23 - 26, 2023
●
PDAC, Toronto, Ontario: March 5 - 8, 2023
All events are subject to change.
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.
Sitka
is
currently
awaiting
additional
assay
results
for
10
diamond
drill
holes
from
its
recently
completed
Phase
II
summer
diamond
drill
program
at
its
RC
Gold
Project
in
the
Yukon.
Up
to
1,500
metres
of
drilling
is
also
currently
underway
at
the
Company’s
Alpha
Gold
Property
in
Nevada
where