Sitka Intercepts Multiple Occurrences of Visible Gold from Surface to 680 Metres in Deepest Hole Ever Drilled at RC Gold in Yukon
NEWS RELEASE
September 11, 2024
NR 24-22
www.sitkagoldcorp.com
Sitka Intercepts Multiple Occurrences of Visible Gold
from Surface to 680 Metres in Deepest Hole Ever Drilled
at RC Gold in Yukon
●
DDRCCC-24-068 (Hole 68) was drilled to 708.7 metres to test the depth continuity of Blackjack
Zone mineralization and encountered over 40 instances of visible gold from surface to 680
metres with mineralization remaining open to depth.
●
Hole 68 is approximately 200 metres deeper than any previous drill holes, adding substantial
gold mineralization beyond previous drilling limits.
●
Multiple occurrences of visible gold within sheeted quartz veins observed in other recently
completed drill holes.
●
Diamond drilling is currently ongoing at RC Gold.
VANCOUVER, CANADA – September 11, 2024: Sitka Gold Corp. (“Sitka” or the “Company”)
(TSXV:SIG) (FSE:1RF) (OTCQB:SITKF) is pleased to announce that visible gold has been observed
multiple times in recently completed diamond drilling currently underway at the southern extent of the
Blackjack Deposit at the Company’s flagship RC Gold Project (“RC Gold” or the “Project”) in Yukon,
Canada. Drill holes DDRCCC-24-063, 064, 065, 066, 067 and 068 were designed to continue to
expand the Blackjack Deposit to the south and to depth with all holes encountering observations of
strong mineralization (see Figure 3). Hole 68 was drilled 200 metres deeper than any previous drill
holes and encountered numerous instances of visible gold from surface to 680 metres with
mineralization remaining open to depth. Mineralization at Blackjack remains open in all directions and
appears to strengthen to the south and to depth where drilling is ongoing.
Figure 1: Examples of instances of visible gold observed throughout DDRCCC-24-068. Hole 68
has the most abundant visible gold observed in any drill hole to date at RC Gold with native gold
observed numerous times from near surface at 4.4 metres to 679.8 metres. Assays for this drill hole are
currently pending. Additional images of visible gold observed in Hole 68 can be viewed on the
Company’s website at www.sitkagoldcorp.com
“Drilling continues to encounter robust mineralization at our Blackjack Zone as we track this gold
system to the south of the Blackjack gold deposit, along the Blackjack Mineralized Corridor, and to
depth,” said Cor Coe, CEO and Director of Sitka. “Hole 68, which is the first hole drilled to test the
continuity of gold mineralization to depth at Blackjack, has returned some very impressive visuals. This
is the deepest hole we have ever drilled into this system, adding 200 vertical metres of gold
mineralization to the limits of previous drilling, and it has encountered the most abundant visible gold
observed in any drill holes to date, with numerous instances of gold seen from near surface to 680
metres. Our geological modelling indicates that intersecting structural corridors are forming a conduit
for gold mineralization at Blackjack that is part of a larger mineralized system within the Clear Creek
Intrusive Complex. While we eagerly await the assay results to give us the full picture, the strength of
the system as indicated by the abundant visible gold at depth in Hole 68 suggests we are getting closer
to the source of this impressive mineralized system that remains open in all directions”.
Figure 2: Cross Section of hole DDRCCC-24-068 showing the multiple occurrences of visible
gold that extend from surface to 680 metres. Hole 68 was drilled to a depth of 708.7 metres,
approximately 200 metres deeper than any previous drilling, where it ended in mineralized, silicified
metasediments with altered mineralized MCQM. The abundance of visible gold at depth in Hole 68
suggests drilling is getting closer to the source of a very large gold system that appears to connect
across the expansive Clear Creek Intrusive Complex (Figure 4). While the presence of visible gold is a
good indicator of robust gold mineralization it is not a requirement for strong gold mineralization to be
present, as was the case in DDRCCC-23-047, one of the best drill holes completed to date at
Blackjack. Visible gold was only observed once in Hole 47, however it returned 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 (see news release dated
September 26, 2023).
Figure 3: Plan map of Blackjack Deposit drilling showing the location of holes DDRCCC-24-059
to 071 including hole DDRCCC-24-068.
Figure 4: Plan map showing multiple priority target areas across the recently consolidated Clear
Creek Intrusive Complex. Drilling is currently underway to test the projection of higher-grade gold
mineralization along the newly identified Blackjack Mineralized Corridor that follows the Blackjack Fault
and extends for over 10 kilometres through the Saddle, Pukelman West and Rhosgobel Intrusive
Stocks. Higher-grade gold mineralization is modelled along intersections of structural corridors that
form conduits for gold mineralization. A large mineral system highlighted by the numerous gold-bearing
intrusions and intersecting structural corridors similar to that being defined at the Blackjack Deposit
exist at many other target areas within the Clear Creek Intrusive Complex.
DDRCCC-24-068
Drill hole DDRCCC-24-068 was drilled to a length of 708.7 m at an azimuth of 100 degrees and a dip
of -75 degrees to fill in a gap between holes 047 and 041 and to test the down-dip continuity of
mineralization encountered in holes 042, 057, and 062. The hole drilled down-plunge of the known
mineralized system to test the depth continuity of Blackjack mineralization. The hole intersected
multiple zones of mineralized quartz monzonite and mineralized metasediments with over 40 instances
of visible gold noted from near surface to 680 m. The visible gold was consistently associated with
bismuthinite and scheelite in sheeted quartz veins cutting both the intrusives and the metasediments.
DDRCCC-24-067
Drill hole DDRCCC-24-067 was drilled from the same pad as hole DDRCCC-24-062 at an azimuth of
065o and dip of -65 degrees to test the southern extent of the mineralization intersected in holes 062
and 058. This hole intersected 4 broad zones of mineralization associated with quartz monzonite
intrusions and adjacent metasediments (147.3 - 199.5 m, 259.0 - 289.0 m, 355.3 - 397.4 m, and 480.0 520.0 m). Sheeted quartz-arsenopyrite veins were most abundant from 425.0 - 523.0 m, and several
instances of visible gold associated with bismuthinite were observed in sheeted quartz veins between
237.2 m and 520.3 m.
DDRCCC-24-066
Hole DDRCCC-24-066 was drilled at an azimuth of 225 degrees and a dip of -55 degrees to test the
further southern continuity of the South Blackjack stock. The hole intersected approximately 275 m of
hornfels biotite schist with several oxidized fault zones before intersecting several moderately to
strongly oxidized, altered, and mineralized feldspar megacrystic quartz monzonite and feldspar
porphyry dykes (274.73 - 279.0 m, 280.82 - 285.37 m, 303.5 - 342.5, and 351.5 - 355.95 m). This hole
ended in strongly altered and silicified metasediments at 394.7 m.
DDRCCC-24-065
Hole DDRCCC-24-065 was drilled from the same pad as hole DDRCCC-24-064 but at a steeper angle
(-70o) to test the down dip extension of the intrusions (and structures) intersected in hole 064. It
intersected approximately 511 m of locally moderately altered, faulted, and oxidized biotite schist cut by
several strongly altered and oxidized feldspar megacrystic quartz monzonite intrusions (288.1 - 292.2
m, 371.21 - 383.6 m, and 458.1 - 461.0 m). This hole ended in strongly silicified metasediments at
511.15 m.
DDRCCC-24-064
Hole DDRCCC-24-064 was drilled at an azimuth of 225 degrees and a dip of -55 degrees to test the
southern continuity of the South Blackjack stock. It was drilled from the northeast back to the
southwest. This hole intersected approximately 300 m of hornfels biotite schist with several oxidized
fault zones before intersecting strongly oxidized feldspar megacrystic quartz monzonite (290.0 - 297.6
m) within strongly oxidized and faulted metasediments. Several smaller discrete intrusions were
intersected including (329.0 - 332.5 m, 345.0 - 347.0 m, and 458.3 - 442.7 m) and the hole ended in
locally weakly altered, un-mineralized biotite schist at 492.3 m.
DDRCCC-24-063
Hole DDRCCC-24-063 was drilled at an azimuth of 225 degrees and a dip of -60 to test the southern
continuity of the South Blackjack stock. The hole intersected approximately 200 m of hornfels biotite
schist with several oxidized fault zones before intersecting three feldspar megacrystic quartz monzonite
intrusions at 204.6 - 253.7 m, 301.6 - 308.9 m, and 406.5 - 409.7 m The hole ended in weakly altered,
weakly veined biotite schist at 494.7 m.
Figure 5: Images of core from DDRCCC-24-068 showing several occurrences of visible gold in
well mineralized and altered quartz monzonite.
About the flagship RC Gold Project
The RC Gold Project consists of a 431 square kilometre contiguous district-scale land package located
in the heart of Yukon's Tombstone Gold Belt. The project is located approximately 100 kilometres east
of Dawson City, which has a 5,000 foot paved runway, 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 City. It is the largest consolidated land package strategically positioned mid-way between the
Eagle Gold Mine and the past producing Brewery Creek Gold Mine.
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 zones: The Blackjack and Eiger deposits with 900,000 ounces of gold
grading 0.83 g/t and 440,000 ounces of gold grading 0.68 g/t respectively. 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 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
Blackjack Zone
COG g/t Au
0.20
0.25
0.30
0.35
0.40
Tonnes
000's
35,798
33,743
31,282
29,065
26,975
Au g/t
0.80
0.83
0.88
0.92
0.96
Eiger Zone
0z Au
000's
921
900
885
860
833
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.
To date, 72 diamond drill holes have been drilled into this system by the Company for a total of
approximately 25,136 metres including 16 drill holes totalling 6,515 metres completed in 2023 focused
on expanding the initial resource. The drilling in 2023 produced 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).
(1)
Simpson, R. January 19, 2023. Clear Creek Property, RC Gold Project, NI 43-101 Technical Report, Dawson Mining District, Yukon Territory
RC Gold Deposit Model
Exploration on the Property has mainly focused on identifying an intrusion-related gold system
(“IRGS”). The property is within 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://minedocs.com/22/Brewery-Creek-PEA-01182022.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&docI d=4984158
(5) Thornton T., Jutras M., Malhotra D. Technical Report Aurmac Property Mayo Mining District, Yukon Territory, Canada. JDS Energy and Mining Inc. February
6, 2024. https://banyangold.com/site/assets/files/5251/banyan_gold_ni_43-101_technical_report_2024_03_18.pdf
Upcoming Events
Sitka Gold will be attending and/or presenting at the following events*:
● Precious Metals Summit, Beaver Creek, Colorado: September 10 - 13, 2024
● Red Cloud Fall Mining Showcase, Toronto, Ontario: October 16 - 17, 2024
● Yukon Geoscience, Whitehorse, Yukon: November 17 - 20, 2024
*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 is currently exploring its 100% owned, 431 square kilometre flagship RC Gold
Project within the Tombstone Gold Belt in the Yukon TerritoryThe Company is also advancing the Alpha
Gold Project in Nevada and currently 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).
(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 Company’s properties please visit our website at www.sitkagoldcorp.com
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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary and Forward-Looking Statements
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 and the Company’s anticipated work programs.
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 and the results of the Company’s
anticipated work programs.
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.