Sitka Gold Corp. (CSE: SIG) (FSE: 1RF) (OTCQB: SITKF) is pleased to announce the results of drill hole DDRCCC-23-47 (“Hole 47”), the fifth hole completed during the 2023 diamond drilling program at the Company’s 376 square kilometre, road accessible RC Gold Project located in Yukon’s Tombstone Gold Belt, approximately 100 kilometres east of Dawson City. Hole 47 produced the best gold intercepts drilled to date at RC Gold and significantly extends the known gold mineralization from the southern extent of the current Blackjack deposit, 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 (see Table 1). Analytical results for an additional 9 diamond drill holes completed at RC Gold are currently pending.

DDRCCC-23-047 Highlights:

• 219.0 m of 1.34 g/t Au from 190.0 m including:
  • 124.8 m of 2.01 g/t Au from 233.0 m including;
  • 55.0 m of 3.11 g/t Au from 276.0 m including:
  • 14.0 m of 5.53 g/t Au from 311.0 m

“Hole 47 is our best drill hole to date, returning 219 meters of 1.34 g/t gold including very significant sub-intervals such as 124.8 metres of 2.01 g/t gold and 14.0 meters of 5.53 g/t gold,” commented Cor Coe, Director and CEO of Sitka, “What is particularly noteworthy is that, while Hole 47 is the best hole drilled to date when looking at interval length and grade, its location is in a wide open area at the southern extent of the Blackjack zone, whereas the previous reported Hole 46 was drilled 405 m to the northeast and returned the highest grade interval ever drilled in the Clear Creek Intrusive Complex (1.2 m of 108.00 g/t gold; see news release dated September 11, 2023 and Figure 2). Both of these drill holes are wide open step outs from the maiden resource at the Blackjack deposit investigating the gold mineralization within the metasediments and the intrusive rocks, and underscore that this deposit and the Clear Creek Intrusive Complex area are just beginning to reveal the true potential they have to develop significant ounces. We are very pleased to see the persistent gold mineralization being exhibited within the quartz arsenopyrite veining in the metasediments, in addition to the intrusive units, and believe that this will ultimately contribute to a very large gold endowment within the cluster of intrusive rocks and surrounding metasediments that make up the Clear Creek Intrusive Complex.”

DDRCCC-23-047

DDRCCC-23-047 intersected the longest sections of multi-gram gold mineralization seen in drilling to date on the RC property. Gold mineralization occurred in quartz and quartz – arsenopyrite veins within both the metasediments and the megacrystic quartz monzonite (MQZM) units. Analytical results demonstrate that localized high grade gold values in quartz arsenopyrite veins often occur in the metasediments, such as 2.0 m of 10.5 g/t Au from 249.0 m, while longer more consistently mineralized intervals generally occur in quartz and quartz-arsenopyrite veinlets in the MQZM, such as 55.0 m of 3.11 g/t Au 276.0 m. In the latter 55.0 m interval, only one 1.9 m sample (from 284.0 to 285.9 m) returned an assay less than 1.00 g/t Au, while the highest assay in the interval was 2.0 m of 7.70 g/t Au (from 321.0 to 323.0 m).

DDRCCC-23-047 was located at the south margin of the current Black Jack resource, approximately 60 m southeast of the most southerly holes drilled in the area to date (RCCC23-044 and 045) and drilled to the northeast at an azimuth of 040 degrees and a dip of -55 degrees. The hole intersected metasediments intruded by metre scale granodiorite and MQZM to 75 m; MQMZ and granodiorite until 131 metres; dominantly metasediments to 224 metres; and MQZM to 371 m and then metasediments to the end of the hole at 422.15 metres. Quartz arsenopyrite veins and massive arsenopyrite veinlets occurred throughout the hole, with the most intense development of the veins occurring with the MQZM unit from 224 to 371 metres. Visible gold was noted in a quartz sulphide vein within the MQZM at 280 metres (Figure 4). Significant mineralized intervals are summarized below in Table 1 and examples of drill core intervals are displayed in Figure 5.

Table 1 – Assay Highlights for DDRCCC-23-047

The Company has completed 16 drill holes totaling approximately 6515 metres as part of its 2023 diamond drill program at RC Gold. Analytical results for the remaining 9 drill holes completed to date will be released once they have been received and compiled.

About the RC Gold Project

The RC Gold Project 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 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*.

On January 19, 2023 Sitka Gold announced an Initial Mineral Resource Estimate prepared in accordance with National Instrument 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

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 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 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 72 m of 0.72 g/t gold at Eiger (drill hole DDRCCC-21-009; 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.

*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. 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⁾.

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.

The Company recently announced an NI 43-101 compliant Initial 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).

The Company is also planning additional drilling at its 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 system, which is located on the Cortez Trend just 40 km southeast of the Cortez Mine Complex of Barrick/Newmont.

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. (CNW Group/Sitka Gold Corp.)

Figure 2: Plan Map Showing the Location of DDRCCC-23-047 (CNW Group/Sitka Gold Corp.)

Figure 3: Cross-section A showing DDRCCC-23-047 (CNW Group/Sitka Gold Corp.)

Figure 4: Examples of visible gold in drill hole DDRCCC-23-047 (CNW Group/Sitka Gold Corp.)

Figure 5: Drill Core from DDRCCC-23-047 (CNW Group/Sitka Gold Corp.)