Sitka Gold Intercepts 108.00 g/t Gold Over 1.2 Metres Within 4.15 g/t Gold Over 38.2 Metres at its RC Gold Project, Yukon.
NEWS RELEASE
September 11, 2023
NR 23-26
www.sitkagoldcorp.com
Sitka Gold Intercepts 108.00 g/t Gold Over 1.2
Metres Within 4.15 g/t Gold Over 38.2 Metres at
its RC Gold Project, Yukon.
VANCOUVER, CANADA – September 11, 2023: Sitka Gold Corp. (“Sitka” or the
“Company”) (CSE:SIG) (FSE:1RF) (OTCQB:SITKF) is pleased to announce the results of drill
hole DDRCCC-23-46 (“Hole 46”), the fourth hole completed in the 2023 summer drilling program
at the Blackjack deposit on 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. A diamond drilling program of up to 10,000
metres (m) is currently underway at RC Gold.
DDRCCC-23-046 Highlights:
○ 56.0 m of 1.23 g/t Au from 134.0 m including:
■ 9.7 m of 2.81 g/t Au from 168.0 m and;
○ 38.2 m of 4.15 g/t Au from 320.8 m including:
■ 4.3 m of 33.10 g/t Au from 326.1 m including:
● 1.2 m of 108.00 g/t Au from 327.8 m.
“Drill hole DDRCCC-23-046 has produced our highest grade intercept to date with a remarkable
108.00 grams per tonne gold over 1.2 metres within 4.3 metres of 33.10 grams per tonne
gold,” commented Cor Coe, Director and CEO of Sitka Gold.“Grades of this nature are quite
exceptional for a reduced intrusion-related gold system and, along with several other high-grade
drill intercepts and outcrop rock samples received to date, appear to indicate that there is a
high-grade component to the gold system present at the Clear Creek Intrusive Complex (see
Figure 1). Hole 46 confirms that persistent gold mineralization continues to the east of the
current resource boundary and highlights the potential for mineralization to extend at least 550
metres through to the Saddle Zone where limited previous test drilling has returned some very
encouraging numbers, such as 18.8 metres of 1.34 g/t gold. Results from Hole 46 further
demonstrate the discovery potential that is still very present around our existing gold deposits
and elsewhere within the northern extent of the Clear Creek Intrusive Complex. We eagerly
await the many additional analytical results still to come from our ongoing diamond drilling
campaign at RC Gold while we continue to grow our current gold resource, potentially identify
consistent zones of high-grade mineralization and test additional high-priority targets within the
northern extent of the Clear Creek Intrusive Complex.”
DDRCCC-23-046
Drill hole DDRCCC-23-046 was located just outside the eastern margin of the current resource
60 metres east of the nearest previous drill hole DDRCCC-20-002 and drilled to the southeast at
an azimuth of 155 degrees and a dip of – 55 degrees (Figure 2). The hole consisted dominantly
of metasediments locally intruded by metre scale dykes of megacrystic quartz monzonite
(MQZM). Two lamprophyre dykes, known marker units within the Blackjack deposit that are
generally associated with zones of increased gold mineralization, were intersected at 267 m and
365 m. Quartz veins +/- arsenopyrite occurred throughout all units, with increasing
concentrations generally associated with the intrusive dykes and quartzite and psammite
phases of the meta intrusive.
DDRCCC-23-046 intersected significant gold mineralization where multiple occurrences of
visible gold were observed (Figure 4), with the thickest interval returning 56.0 m of 1.23 g/t Au
from 134.0 m on (Figure 3). The hole also intersected the highest gold grade returned from
drilling on the property to date, with 4.3 m of 33.10 g/t Au from 326.1 m including 1.2 m of
108.00 g/t Au. Gold mineralization is associated with quartz sulphide veins that occur both
within the metasedimentary rocks and the MQZM dykes, with higher grade multi gram gold
values more commonly occurring with the MQZM.
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-23-046
Figure 3: Cross-section A showing DDRCCC-23-046
Figure 4: Examples of visible gold in drill hole DDRCCC-23-046
Figure 5: Drill Core from DDRCCC-23-046
Table 1 – Assay Highlights for DDRCCC-23-046
HoleID Azimuth (°) Dip (°)
From
(m) To (m)
Length
(m) Au (g/t)
DDRCCC-23-046 155 -55 134.0 190.0 56.0 1.23
including 141.2 147.4 6.2 2.50
including 168.0 177.6 9.6 2.81
and 320.8 359.0 38.2 4.15
including 326.1 330.5 4.4 33.10
including 327.8 329.0 1.2 108.00
*Intervals are drilled core length, as insufficient drilling has been completed at this time to determine true widths
The Company has completed 14 drill holes totaling approximately 6,000 metres as part of its
ongoing 2023 diamond drill program at RC Gold where up to 10,000 metres of drilling is
planned. Analytical results for remaining 8 drill holes completed to date will be released once
they have been received and compiled.
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 Sabre Gold Mine’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*. The
planned 10,000 metre drill program for 2023 is currently underway and is focused on expanding
the Blackjack and Eiger gold deposits, both of which remain open in all directions, and drill
testing the newly discovered intrusion related gold drill target at Josephine (see news release
dated September 7, 2023).
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
Blackjack Zone Eiger Zone Combined
Tonnes
000's Au g/t 0z Au
000's
Tonnes
000's Au g/t 0z Au
000's
Tonnes
000's Au g/t 0z Au
000's
0.20 35,798 0.80 921 32,523 0.45 471 68,321 0.63 1,391
0.25 33,743 0.83 900 27,362 0.50 440 61,105 0.68 1,340
0.30 31,282 0.88 885 22,253 0.55 393 53,535 0.74 1,279
0.35 29,065 0.92 860 17,817 0.60 344 46,882 0.80 1,203
0.40 26,975 0.96 833 14,506 0.66 308 41,481 0.86 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 containing900,000 ounces of
gold at a grade of 0.83 g/t gold and the Eiger deposit containing440,000 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 hashigh
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 to201.0 m of 1.26 g/t gold from surface, including82.0 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-21-09; 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 on the underlying properties please visit our website at
www.sitkagoldcorp.com.
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&docI
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-aurmac
-property-yukon-canada/