(via TheNewswire)
VANCOUVER, CANADA – TheNewswire – November 12th, 2019 – Sitka Gold Corp. (“Sitka” or the “Company”) (CNSX:IG.CN) (FSE:1RF) is pleased to announce that it has begun mobilizing crew and equipment in preparation for the upcoming diamond drilling program at its Burro Creek Gold Property (“Burro Creek” or the “Property”), which contains the Burro Creek Gold Deposit (the “Burro Deposit”), located in Mohave County, Arizona (see Sitka’s news release dated September 21, 2018). The drill program will focus on upgrading and expanding the Burro Deposit along the recently interpreted extension of the Burro Creek Gold vein (the “Burro Vein”) over a strike length of approximately 1.3 kilometres (see Figure 1 map for details) and will consist of up to 3,500 metres of drilling and 50 drill holes. No previous drilling has been conducted over this area. Sitka has secured DrillRite LLC, an experienced and highly regarded exploration drill contractor based in Elko, Nevada, to carry out its drilling program at Burro Creek.
CEO and Director of Sitka Gold, Cor Coe, P.Geo. commented, “The mobilization of crew and equipment to the Burro Creek Gold Property is an exciting milestone for Sitka. The historical gold and silver resource combined with the newly identified 1.3 kilometre long Burro Vein strike length interpretation provides Sitka with an opportunity to upgrade and significantly expand upon the Burro Deposit. Previous diamond drilling results on the Property include bonanza grade intercepts, such as 4.78 metres of 7.99 g/t gold and 192.72 g/t silver, including 1.04 metres of 31.80 g/t gold and 759.00 g/t silver(1), and we look forward to seeing the results that this drill program will produce”.
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Figure 1: 2013 MMI Soil Sampling Results
Burro Creek Gold Property Highlights
The Burro Deposit contains a Historical Mineral Resource Estimate (the “Burro Deposit”) as summarized below:
INDICATED RESOURCE:
|
AuEq (g/t)* |
Gold |
Silver |
Gold Equivalent |
||||
|
Cut-Off |
Tonnes |
Grade (g/t) |
Ounces |
Grade (g/t) |
Ounces |
Grade (g/t) |
Ounces |
|
0.5 g/t |
2,331,871 |
1.01 |
75,567 |
36.77 |
2,756,778 |
1.63 |
122,491 |
INFERRED RESOURCE:
|
AuEq (g/t)* |
Gold |
Silver |
Gold Equivalent |
||||
|
Cut-Off |
Tonnes |
Grade (g/t) |
Ounces |
Grade (g/t) |
Ounces |
Grade (g/t) |
Ounces |
|
0.5 g/t |
2,247,069 |
0.60 |
43,243 |
30.95 |
2,236,113 |
1.13 |
81,304 |
*AuEq metal prices: US$846.00/oz gold, US$14.40/oz silver (3-year average as at January 31, 2011)
The Burro Creek Property is located 1.6 km off of State Highway 93 in Mohave County, Arizona, approximately 265 km southeast of Las Vegas, Nevada and 200 km north of Phoenix, Arizona. The 750 acre property is accessible via dirt road and consists of four patented mineral claims (situated on private land) and 35 surrounding lode mineral claims. The Property is situated in an active mining belt that includes Freeport McMoran Copper & Gold Inc.’s neighbouring Bagdad Mine (www.fcx.com). Northwest Arizona also hosts other gold & silver development properties such as Northern Vertex Mining Corp.’s Moss Mine (www.northernvertex.com).
The Property covers a low-sulphidation epithermal vein system (the “Burro Vein”) that hosts gold and silver Indicated and Inferred Historical Mineral Resource estimates. The Burro Vein has been traced for over 1.7 km with reported widths of up to 45 meters and remains open for expansion along strike near surface and at depth. Results from a Mobile Metal Ion (MMI) soil survey conducted in 2013 by the previous operators on the Property returned an anomalous gold and silver trace across the basalt cover that is interpreted to be the buried portion of the Burro Vein, creating an additional strike length of approximately 1.3 km (See Figure 1 below). This anomaly provides immediate drill targets to test the continuity of the Burro Vein, potentially expand the known Historical Mineral Resource Estimate and bring the historic resource back up to current reporting standards. Parallel high-tension power lines lie within 1.6 km of the Burro Deposit and water rights on the Property have been secured, providing the project with excellent infrastructure for future development.
The Burro Deposit
The Burro Deposit hosts a Historical Mineral Resource Estimate as defined by the National Instrument 43-101 Standards for Disclosure for Mineral Projects and is not considered by the Company to be a Current Mineral Resource, as Sitka Qualified Persons have not completed sufficient work to classify it as a Current Mineral Resource. The Indicated and Inferred Resources referenced above are taken from a technical report filed on SEDAR titled “TECHNICAL REPORT on the BURRO CREEK PROJECT, Sections 10, 11, 14, 15, Township 14N, Range 12W, Kaiser Spring 7.5 minute Quadrangle Latitude 34?32.5’N Longitude 113?29.5’W, Greenwood Mining District, Arizona” for Northern Freegold Resources Ltd. by Jean Pautler, P.Geo., Allan Armitage, Ph. D., P. Geol. and Joe Campbell, P. Geo., January 31, 2011.
The Historical Mineral Resource Estimate of the Burro Deposit is based on 87 reverse circulation (RC) and diamond drill holes and 9 sampled adits totalling 6,672 m and 2,682 assays. Mineralization was constrained within a 3-dimensional geological solid using Gemcom software. Practices consistent with CIM Best Practices Guidelines, (2005) were applied to the generation of the Historical Mineral Resource Estimate and the parameters of the modeling are fully described in the NI 43-101 report referenced above.
The Company considers the NI 43-101 report to be relevant and reliable given that no additional work of significance has been completed since the issuance of the Historical Mineral Resource Estimate.
(1)Northern Freegold Resources Ltd. news release dated May 20, 2008
This news release has been reviewed and approved by Donald Penner, P. Geo., President of Sitka Gold Corp., a “Qualified Person” under National Instrument 43-101 Standard for Disclosure for Mineral Projects.
About Sitka Gold Corp.
Sitka Gold Corp. is a mineral exploration company headquartered in Canada and managed by a team of experienced mining industry professionals. The Company 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 Gold property in the Yukon, an option to acquire a 100% interest in the Burro Creek Gold property in Arizona and owns a 100% interest in its Coppermine River project in Nunavut and the Alpha Gold property in Nevada. Directors and Management own over 25% of the outstanding shares of Sitka Gold, a solid indication of their alignment with shareholders’ interests.
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
dpenner@sitkagoldcorp.com
or
Cor Coe
CEO & Director
604-817-4753
ccoe@sitkagoldcorp.com
or
Peter MacLean
Director
604-781-8513
petergmaclean@hotmail.com
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.
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