Sitka Gold Corp. (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 located in Yukon’s Tombstone Gold Belt, 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.

Table 1 – Assay Highlights for DDRCCC-23-046

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 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 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-21-09; 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.

*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 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). A diamond drilling program of up to 10,000 metres is currently underway at RC Gold.

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-23-046 (CNW Group/Sitka Gold Corp.)

Figure 3: Cross-section A showing DDRCCC-23-046 (CNW Group/Sitka Gold Corp.)

Figure 4: Examples of visible gold in drill hole DDRCCC-23-046 (CNW Group/Sitka Gold Corp.)

Figure 5: Drill Core from DDRCCC-23-046 (CNW Group/Sitka Gold Corp.)