Sitka Gold Mobilizes Crew and Equipment to its RC Gold Project in Yukon
NEWS RELEASE
February 27, 2024
NR 24-03
www.sitkagoldcorp.com
Sitka Gold Mobilizes Crew and Equipment to its RC
Gold Project in Yukon
VANCOUVER, CANADA – February 27, 2024: Sitka Gold Corp. (“Sitka” or the “Company”)
(CSE:SIG) (FSE:1RF) (OTCQB:SITKF) is pleased to announce that crew and equipment have
been mobilized to site in preparation for a winter drilling campaign at its flagship RC Gold
Project (“RC Gold” or the “Project”) located in Yukon’s prolific Tombstone Gold Belt. The 2024
winter drilling program at RC Gold will follow-up and step-out from hole DDRCCC-23-047 (see
news release dated September 26, 2023) which was the highest grade intersection at the
project to date at the current southern extent of the Blackjack zone returning 219.0 m of 1.34 g/t
gold including 124.8 m of 2.01 g/t gold and 55.0 m of 3.11 g/t gold.
“After the success of 2023, we are very excited to be back at RC Gold to kick-start 2024
exploration activities,” commented Cor Coe, Director and CEO. “With year-round road access to
the Project, we can get an early start this year on further advancing the discoveries at RC Gold
with the first drill holes of the year designed to follow-up on the exceptional grades we
encountered at the southern extent of our Blackjack zone (see Figure 1). Drilling is anticipated
to commence in the coming days as we look to extend this higher-grade gold zone to the
southeast of the current deposit.”
Up to 15,000 metres of drilling is planned at RC Gold this year, to be completed across winter
and summer drilling campaigns. The key objectives of drilling this year will be to further expand
and define the well endowed Clear Creek Intrusive Complex area that currently hosts the
Blackjack and Eiger gold deposits, both of which remain open in all directions, (see Figure 2)
and advance the drill-ready targets elsewhere on the district-scale, 386 square kilometre
property.
Figure 1 - Plan map of the 2023 resource expansion drilling at the Blackjack deposit with
highlights from selected drill holes. The deposit remains open in all directions.
Figure 2: Plan map of the Northern Extent of the Clear Creek Intrusive Complex where several drill
intervals and surface samples have demonstrated the high-grade nature of the Reduced Intrusion
Related Gold System present. Yellow stars indicate where outcrop rock samples or drill hole
intervals have returned >10 g/t gold. Several additional targets with the potential to host
intrusion related gold deposits of significant size and grade have yet to be drilled within
this approximately 3 km x 5 km area.
About the RC Gold Project
The RC Gold Project (RC Gold) consists of a 386 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 which is usable year-round and is 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. Sitka currently owns 100% of the Clear Creek which
encompasses the Blackjack and Eiger deposits, Mahtin and other independently staked claims
which comprise 86% of the total 386 square kilometre land package that comprises the RC Gold
Project. The Company has an option to earn a 100% interest in the Barney Creek, Bee Bop and
RC properties which comprise the remaining 14% of the RC Gold Project.*
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 within a large, 3 kilometre by 5 kilometre
intrusion related gold system that was recently identified at the Northern Extent of the Clear
Creek Intrusive Complex. To date, 54 diamond drill holes have been drilled into this system for a
total of approximately 18,877 metres with results of up to 219.0 m of 1.34 g/t gold including
124.8 m of 2.01 g/t gold and 55.0 m of 3.11 g/t gold in drill hole DDRCCC-23-047 at Blackjack
(see news release dated September 26, 2023).
Several high priority intrusion related gold targets exist at RC Gold with nine outcropped
intrusions identified to date over the 386 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 extensional corridor hosting an intrusion related gold system covering the area over
the Blackjack, Saddle and Eiger zones was identified. Additional surface work has since
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
347.49 million tonnes grading 0.63 gram per tonne gold (7.00 million ounces)(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. NI 43-101 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 NI 43-101 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 February 7, 2023 (Technical Report to be filed within 45 days of news release)
https://banyangold.com/news-releases/2024/banyan-announces-7-million-ounce-gold-updated-mineral-resource-estim
ate-aurmac-project-yukon-canada/
Upcoming Events
Sitka Gold will be attending and/or presenting at the following events*:
●
●
●
●
●
Tombstone Gold Rush Breakfast - Fireside Chat - Toronto, ON: March 5, 2024
Invest Yukon Precious Metals Luncheon - Toronto, ON: March 5, 2024
PDAC, Toronto, ON: March 3 - 6, 2024
○ Exhibitor Booth #2346: March 3-6
○ One-on-One Meeting Program: March 4-5
○ Core Shack Booth #3310: March 3-4
Swiss Mining Institute, Zurich, Switzerland: March 20 - 21, 2024
121 Mining Investment, London, England: May 16-17, 2024
*All events are subject to change.
About Sitka Gold Corp.
Sitka Gold Corp. is a well-funded mineral exploration company headquartered in Canada with
approximately $7.5 million in the treasury. 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 is currently
exploring its flagship RC Gold Project within the Tombstone Gold Belt in the Yukon Territory. The
company is advancing the Alpha Gold Project in Nevada and has drill permits for its Burro
Creek Gold and Silver Project in Arizona and the Coppermine River Project in Nunavut.
The Company recently announced an NI 43-101 compliant initial inferred 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). A total of approximately
6500 metres of additional diamond drilling within 16 drill holes has been completed at RC Gold
since the announcement of the Mineral Resource Estimate.
(1) Simpson, R. January 19, 2023. Clear Creek Property, RC Gold Project, NI 43-101 Technical Report, Dawson
Mining District, Yukon Territory
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
Cautionary and Forward-Looking Statements
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the Canadian Securities Exchange) accepts responsibility for the
adequacy or accuracy of this release.
This release includes certain statements and information that may constitute forward-looking
information within the meaning of applicable Canadian securities laws. Forward-looking
statements relate to future events or future performance and reflect the expectations or beliefs
of management of the Company regarding future events. Generally, forward-looking statements
and information can be identified by the use of forward-looking terminology such as “intends” or
“anticipates”, or variations of such words and phrases or statements that certain actions, events
or results “may”, “could”, “should”, “would” or “occur”. This information and these statements,
referred to herein as "forward‐looking statements", are not historical facts, are made as of the
date of this news release and include without limitation, statements regarding discussions of
future plans, estimates and forecasts and statements as to management's expectations and
intentions with respect to, among other things, the use of the proceeds raised under the Offering
and the Company’s anticipated work programs.
In making the forward-looking statements in this news release, the Company has applied
several material assumptions, including without limitation, that the Company will complete its
anticipated work programs and use the proceeds of the Offering as currently anticipated.
These forward‐looking statements involve numerous risks and uncertainties and actual results
might differ materially from results suggested in any forward-looking statements. These risks
and uncertainties include, among other things, market uncertainty, the results of the Company’s
anticipated work programs and that the Company will not use the proceeds of the Offering as
currently anticipated.
Although management of the Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in forward-looking statements or
forward-looking information, there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ materially from those anticipated
in such statements. Accordingly, readers should not place undue reliance on forward-looking
statements and forward-looking information. Readers are cautioned that reliance on such
information may not be appropriate for other purposes. The Company does not undertake to
update any forward-looking statement, forward-looking information or financial out-look that are
incorporated by reference herein, except in accordance with applicable securities laws. We seek
safe harbor.