Sitka Gold Expands RC Gold Project in Yukon with Acquisition of Barney Ridge Gold Property
NEWS RELEASE
June 30, 2020
NR 20-17
www.sitkagoldcorp.com
Sitka Gold Expands RC Gold Project in Yukon with Acquisition
of Barney Ridge Gold Property
VANCOUVER, CANADA – June 30, 2020: Sitka Gold Corp. (“Sitka” or the “Company”) (CSE:SIG)
(FSE:1RF) is pleased to announce that it has entered into an option agreement with veteran
prospector Bernie Kreft (“Kreft”) to acquire a 100% interest in the Barney Ridge gold property located
next to Sitka’s RC Gold project approximately 110 km east of Dawson City, Yukon.
The road accessible 1780 hectare Barney Ridge Property (“Barney Ridge”) adjoins Victoria Gold’s
Clear Creek project and is approximately 7 km west of Sitka’s current RC Gold project. Barney Ridge
and RC Gold are situated in the Tombstone Gold Belt which is host to several intrusion related gold
deposits including Victoria Gold’s Eagle Gold Mine, approximately 60 kilometers to the east, and
Golden Predator’s Brewery Creek Mine, approximately 5 5 kilometers to the northwest (Figure 1) .
Rock sampling of altered sediments near the margin of the Barney Stock has returned values ranging
from less than 5 ppb to 7.72 g/t gold across 0.8 metres within a 600 by 125 m wide > 30 ppb Au soil
anomaly. With the addition of the Barney Ridge Gold Property , Sitka’s claim holdings in the district
now total approximately 328 km2 (Figure 2).*
*Mineralization hosted on nearby and/or adjacent properties is not necessarily indicative of mineralization hosted on the
Company’s property.
Cor Coe, Director and CEO of Sitka Gold, commented: “The Barney Ridge Gold Property is an
excellent addition to our large RC Gold Project land package located in Yukon’s Tombstone Gold Belt,
a region that continues to gain prominence as an underexplored gold bearing district. We are looking
forward to following up on the recent gold exploration results at Barney Ridge as part of our
exploration efforts at RC Gold this summer.”
Figure 1 - Barney Ridge Property Location
Figure 2 - RC Gold Project (~328 km2)
About the Barney Ridge Gold Property
Exploration work conducted on the property from 2011 to 2019 consisted of soil, silt, and rock
geochemical sampling as well as trenching and road rehabilitation. The work identified 3 distinct gold-
silver bearing zones, the Clover, Leprechaun and Lucky Charm zones, all of which remain open for
expansion on surface and particularly to depth, as well as a large area of untested prospective ground
located between the Lucky Charm and Clover zones. The Lucky Charm zone was extended to 600 m
long and 125 m wide with greater than 30 ppb Au and up to 141 ppb Au returned from soil samples.
The Leprechaun zone was extended to 1200 m N-S and up to 400 m E -W with greater than 30 ppb
Au in soil values (Schulze, 2012). Rock samples from 201 1 trenching returned samples ranging from
less than 5 ppb up to 7.72 g/t Au over 0.8m and grab samples from less than 5 ppb up to 7.61 g/t from
the Lucky Charm zone (Schulze, 2012).
In 2016 additional limited rock and soil sampling was completed on the property with 28 rock grab
samples returning values from less than 5 ppb up to 4.05 g/t Au from epithermal style alteration found
adjacent to north margins of the Barney stock. In 2017, further exploration work was done on the
property with 101 rock samples and 146 soil samples collected. Excellent results were returned from
both rock and so il sampling with values from less than 5 ppb up to 2.11 g/t Au from rocks over the
Clover zone and from less than 5 ppb Au to up to 212 ppb Au from soils. All soil samples taken from
Leprechaun zone returned anomalous Au results (> 59 ppb Au) with 13 of those greater than 117 ppb
Au (Huber, 2017). The property has an active Class 3 exploration permit which allows for a variety of
exploration activities on the property, including drilling.
Deposit Model
Exploration on the Property has been focused on identifying an intrusion related gold system
(“IRGS”). The property is part of the Tombstone G old Belt which is the prominent host to IR GS
deposits within the Tintina Gold Province in Yukon and Alaska. Notable deposits from the belt include:
Fort Knox mine in Alaska with current reserves of 282 million tonnes at 0.37 g/t Au (3.4 million
ounces, not including 7.5 million ounces of past production ; Fairbanks Gold Mining Inc.); Eagle Gold
mine with 155 million tonnes at a diluted grade of 0.65 g/t Au (3.26 million ounces; Victoria Gold Corp,
2020) and the Brewery Creek epizonal deposit with 17.17 milli on tonnes at a gold grade of 1.45 g/t
(0.726 million ounces; Barr, 2013).*
*The disclosure above is strictly for deposit model comparisons and the mineralization hosted on these properties is not
indicative of mineralization hosted on the Company’s property.
Acquisition Terms
The Company has the right to acquire a 100% interest in the Barney Ridge claims by paying
$150,000, issuing 500,000 shares and completing $850,000 in exploration over 5 years. An additional
$200,000 is payable and 1,000,000 shares issuable upon Sitka publicly disclosing an Inferred Mineral
Resource or greater category of 750,000 ounces of gold or greater (as such term is defined in
National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”). The property
is subject to a 2% NSR, one -half of which can be purchased for $1,500,000 at anytime prior to
commencement of commercial production. The agreement is subject to regulatory approval.
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, silver and copper
mineral properties of merit. Sitka currently has an option to acquire a 100% interest in the RC
Gold Project 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. Directors and Management own approximately 20% of the
outstanding shares of Sitka Gold Corp., a solid indication of their alignment with shareholders’
interests.
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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