Sitka Gold Prepares Mobilization for a Winter Diamond Drilling Program at its RC Gold Project, Yukon
NEWS RELEASE
February 16, 2023
NR 23-04
www.sitkagoldcorp.com
Sitka Gold Prepares Mobilization for a Winter Diamond
Drilling Program at its RC Gold Project, Yukon
VANCOUVER,
CANADA
–
February
16,
2023:
Sitka
Gold
Corp.
(“Sitka”
or
the
“Company”)
(CSE:SIG)
(FSE:1RF)
(OTCQB:SITKF)
is
pleased
to
announce
that
it
has
secured
a
drilling
contractor
to
complete
winter
and
summer
diamond
drilling
programs
at
its
RC
Gold
Project
(“RC
Gold”
or
the
“Project”)
located
in
the
prolific
Tombstone
Gold
Belt
in
the
Yukon.
Preparation
of
crew
and
equipment
is
currently
underway
and
mobilization
for
the
winter drilling program is anticipated to begin next month.
Kluane
Drilling
Ltd.,
a
highly
experienced
drilling
company
based
in
Whitehorse,
Yukon
with
over
30
years
of
experience
diamond
drilling
in
the
Yukon
and
around
the
world,
has
been
contracted
to
complete
up
to
10,000
metres
of
drilling
at
the
Company’s
flagship
RC
Gold
Project.
Kluane
D
rilling
is
dedicated
to
providing
quality
drilling
services
based
on
technical
innovation
and
human
talent
and
specializes
in
achieving
high
drilling
production
in
challenging
conditions.
As
a
provider
of
diamond
drilling
services
to
other
operators
in
Yukon’s
Tombstone
Gold
Belt,
Kluane
Drilling
has
proven
to
be
an
exceptional
contractor
with
experience
drilling
in
both
summer
and
winter
conditions
and
Sitka
looks
forward to working with them as the Company continues to advance RC Gold.
Cor
Coe,
Director
and
CEO
of
Sitka,
comments:
“We
are
very
pleased
to
have
secured
the
services
of
Kluane
Drilling
Ltd.
for
our
2023
drilling
programs.
Kluane
is
a
well
established,
Whitehorse
based
drilling
company
with
a
proven
track
record
of
completing
successful
and
cost-effective
diamond
drilling
programs
in
all
terrain
and
weather
conditions
during
both
the
summer
and
winter
seasons
in
the
Yukon.
We
look
forward
to
working
with
Kluane
as
we
plan to begin our winter drilling program at RC Gold.”
The
2023
winter
and
summer
diamond
drill
programs
at
RC
Gold
will
follow
up
on
the
successful
results
from
2022
where
a
step
out
drilling
campaign
returned
up
to
201.0
m
of
1.26
g/t
gold,
including
82.0
m
of
2.04
g/t
gold
(see
news
release
dated
Jan
11,
2023)
and
culminated
in
the
production
of
a
43-101
compliant
Initial
Mineral
Resource
Estimate
of
1,340,000
ounces
of
gold
beginning
at
surface
and
grading
0.68
g/t
(see
news
release
dated
January
19,
2023).
The
Initial
Mineral
Resource
Estimate
comprises
the
Blackjack
Deposit
(
900,000
ounces
of
gold
grading
0.83
g/t
gold
)
and
the
Eiger
Deposit
(440,000
ounces
of
gold
grading
0.50
g/t
gold),
both
of
which
remain
open
in
all
directions.
The
Blackjack
and
Eiger
Deposits
are
located
approximately
2
kilometres
apart,
along
a
mineralized
corridor
where
minimal
drilling
has
demonstrated
that
gold
mineralization
continues
across
the
Saddle
Zone,
located
midway
between
these
newly
discovered
deposits
(see
Figure
1).
The
main
focus
of
drilling
this
year
will
be
on
adding
resources
to
both
the
Blackjack
and
Eiger
deposits
with
drilling
designed
to
expand
the
known
mineralization
of
these
deposits
laterally
and
at
depth.
Drilling
is
also
anticipated
along
the
mineralized
corridor
between
these
deposits
in
and
around
the
Saddle
Zone,
which
remains
relatively
untested
but
contains
significant
mineralization
with
the
potential
to
add
additional
resources,
as
demonstrated
by
drill
hole
DDRCCC-20-01
which
returned
0.52
g/t
gold
over
84.8
m
from
surface
and
DDRCCC-21-19
which
intersected
80.0
m
grading
0.59
g/t
gold
from
48.0
m
depth
(see
news
releases
dated
November
23,
2020
and
January
20,
2022).
Drilling
continues
to
add
to
the
geological
model
of
this
intrusion
related
gold
system
and
the
Company
expects
information
from
this
year’s
drilling
campaign
will
significantly
expand
the
initial
resource
estimate
recently
announced
and
enhance
its
understanding
of
this
large
and
robust
mineralized
gold
system
that
appears
to
have
a
strike
length
of
at
least
2
kilometres
and
includes
several
higher
grade
structures
that
have
returned
up
to
2.0
m
of
31.2
g/t
gold
(see news release dated January 11, 2023).
Figure 1: Blackjack and Eiger Deposits
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.
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:
About the RC Gold Project
The
RC
Gold
Project
consists
of
a
district-scale,
376
square
kilometre
contiguous
land
package
located
in
the
year-round
road
accessible
Clear
Creek,
Big
Creek,
and
Sprague
Creek
districts
in
the
heart
of
Yukon's
Tombstone
Gold
Belt.
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
Company
recently
announced
an
Initial
Mineral
Resource
Estimate
of
1,340,000
ounces
of
gold
at
the
RC
Gold
Project
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
respectively
located
at
the
western
and
eastern
end
of
a
large,
500
metre
by
2
kilometre
intrusion
related
gold
system
that
was
recently
discovered
on
the
Property.
To
date,
just
38
diamond
drill
holes
have
been
drilled
into
this
system
for
a
total
of
approximately
13,000
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
354
m
of
0.41
g/t
gold
including
72
m
of
0.72
g/t
gold
at
Eiger
(drill
hole
DDRCCC-21-09; see news release date August 19, 2021).
Sitka
Gold
inherited
a
wealth
of
historical
and
current
data
from
work
spanning
the
last
40
years
across
the
underlying
properties
at
RC
Gold.
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.
*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
Proven
and
Probable
Reserves
of
155
million
tonnes
at
a
diluted
grade
of
0.65
g/t
Au
at
the
Eagle
and
Olive
deposits
(3.261
million
ounces;
Goodwin
et
al.
2019)
(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
207.0
million
tonnes
grading
0.60
gram
per tonne gold (3.99 millon ounces; Jutras 2022)
(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) Goodwin R, Gray P, Jutras M, Tang S, Wilbur S. Technical Report for the Eagle Gold Mine, Yukon Territory,
Canada. JDS Energy & Mining Inc. December 6, 2019.
https://vitgoldcorp.com/site/assets/files/6480/jds-vit-eagle-gold-ni-43-101-fs-report-20191206.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 17, 2022
(Technical Report to be filed within 45 days of news release)
https://www.banyangold.com/news-releases/2022/banyan-announces-4-million-ounce-gold-mineral-resource-estimate-f
or-the-aurmac-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.
In
late
2022
Sitka
completed
a
drilling
program
at
the
Company’s
Alpha
Gold
Property
in
Nevada
where
a
new
Carlin-type
gold
system
was
recently
discovered.
The
Company
is
focused
on
vectoring
towards
the
high-grade
core
of
this
newly
discovered
system
which
is
located
in
the
Cortez
Trend
only
40
km
southwest
of
the
Cortez
Mine
Complex
of
Barrick/Newmont.
Results
from
the
last
two
drill
holes
of
the
2022
drilling
program
are
pending.
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
This
news
release
contains
forward
-
looking
statements
and
forward
looking
information
within
the
meaning
of
applicable
securities
laws.
These
statements
relate
to
future
events
or
future
performance.
All
statements
other
than
statements
of
historical
fact
may
be
forward
-
looking
statements
or
information.
Forward
-
looking
statements
and
information
are
often,
but
not
always,
identified
by
the
use
of
words
such
as
“appear”,
“seek”,
“anticipate”,
“plan”,
“continue”,
“estimate”,
“approximate”,
“expect”,
“may”,
“will”,
“project”,
“predict”,
“potential”,
“targeting”,
“intend”,
“could”,
“might”,
“should”,
“believe”,
“would”
and
similar
expressions.
Forward-looking
statements
and
information
are
provided
for
the
purpose
of
providing
information
about
the
current
expectations
and
plans
of
management
of
the
Company
relating
to
the
future.
Readers
are
cautioned
that
reliance
on
such
statements
and
information
may
not
be
appropriate
for
other
purposes,
such
as
making
investment
decisions.
Since
forward
-
looking
statements
and
information
address
future
events
and
conditions,
by
their
very
nature
they
involve
inherent
risks
and
uncertainties.
Actual
results
could
differ
materially
from
those
currently
anticipated
due
to
a
number
of
factors
and
risks.
These
include,
but
are
not
limited
to,
the
expected
timing
and
terms
of
the
private
placement,
use
of
proceeds,
anticipated
work
program,
required
approvals
in
connection
with
the
work
program
and
the
ability
to
obtain
such
approvals.
Accordingly,
readers
should
not
place
undue
reliance
on
the
forward
-
looking
statements,
timelines
and
information
contained
in
this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.
The
forward
-
looking
statements
and
information
contained
in
this
news
release
are
made
as
of
the
date
of
this
news
release
and
no
undertaking
is
given
to
update
publicly
or
revise
any
forward
-
looking
statements
or
information,
whether
as
a
result
of
new
information,
future
events
or
otherwise,
unless
so
required
by
applicable
securities
laws
or
the
CSE.
The
forward-looking
statements
or
information
contained
in
this
news
release
are
expressly
qualified by this cautionary statement.
Neither
the
CSE
nor
its
Regulation
Services
Provider
(as
that
term
is
defined
in
the
policies
of
the
CSE)
accepts
responsibility
for
the
adequacy
or
accuracy
of
this
release.
No
stock
exchange,
securities
commission
or
other
regulatory
authority
has
approved
or
disapproved
the information contained herein.