VANCOUVER, CANADA – February 12, 2021: Sitka Gold Corp. (“Sitka” or the “Company”) (CSE: SIG) (FSE: 1RF) (OTCQB: SITKF) is pleased to announce that a drill has been mobilized to the Company’s Alpha Gold Project, located at the southeast end of the Cortez Trend approximately 40km southeast of the Barrick/Newmont Cortez Hills gold mine. The Company is permitted for a total of 16 drill sites across the Alpha Gold Project to follow up on updated geological mapping in its search for a buried Carlin-Type gold deposit along the Cortez Structural Trend (Figures 1 & 2). The geological information gained from drill hole AG20-01, completed last summer, enables this second drill hole to be collared much deeper in the stratigraphy, thereby increasing the likelihood of successfully reaching the Webb/Devil’s Gate Formation Lower Plate Limestone contact at a reasonable depth (Figure 3). Furthermore, rock chip and surface geochemistry anomalous in gold and arsenic suggests upward migration of mineralized fluids along local faults, suggesting the presence of a gold system at depth (Figure 3).
Key updated geological highlights are as follows:
- Surface geochemistry up to 1.2 ppm gold and 7000 ppm arsenic shows a crude E-W trend, coincident with an E-W anticline axis in highly oxidized lower plate and basal Antler Foreland rocks
- The E-W folding deforms older, more regional N-S folding, creating a fluid focus
- There is evidence the lower plate window, west of the target, may have unroofed during the Antler orogeny, and remained elevated and oxidizing through much of its pre-Eocene history, removing primary pyrite and carbon from shallow host rocks and fluid conduits, thus diminishing their gold capture qualities during the Eocene mineralization event
- The target model is potentially analogous to the scenario around Goldrush, in the Cortez District, where gold deposits in shallow unroofed areas tend to be low grade (Horse Canyon), and deeper gold deposits in the same strata in areas that were never unroofed are high grade (Goldrush, Fourmile)
- The E-W fold axis and late normal faulting make this an ideal location to test the lower plate to foreland clastic transition beneath rapidly eastward thickening Antler Foreland basin rocks where early oxidation has not compromised the host rocks
- Additional comparisons are possible between the reverse fault indicated by mapping here and the Abyss fault at the Pipeline deposit
CEO and Director of Sitka Gold, Cor Coe, P.Geo., commented, “We are very excited to kick off the 2021 exploration season with follow-up drilling at our Alpha Gold project. This next drill hole will be collared much deeper in the stratigraphy and we are expecting to reach the contact zone at a much shallower depth than what was anticipated for AG20-01. With last year’s exploration results confirming our geological model and Alpha Gold’s ideal geological setting along the 50-million ounce Cortez Trend (1), management believes there is excellent potential for the discovery of a new Carlin-type gold deposit.”
Figure 1 – Alpha Gold Claim Block Locations
Figure 2 – Alpha Gold Target Locations
Figure 3 – Alpha Gold Regional Cross Section & Initial Drill Hole Location
About Alpha Gold
Sitka Gold has acquired a 100% interest in the Alpha Gold Project, located along the southeast projection of the prolific Cortez Gold Trend in Eureka County, approximately 135 kilometres southwest of Elko, Nevada. The Property is comprised of 2 claim blocks totaling 77 lode claims covering an area of approximately 1540 acres (623 hectares) and is accessible via a dirt road, approximately 2km west of Nevada State Highway 278.
The Property was initially staked after the location was recognized as the intersection of the regional-scale Pine Valley anticline with northeasterly fold trends exposed in the Roberts Mountains. Of primary importance at the Alpha Gold location is that the rocks have been down-dropped significantly by late extensional faulting. Prior to extension, and during the critical 36-42 Ma Carlin-type mineralization event, the fold crest at Alpha Gold would have been a regional highpoint among nearby mountain ranges. Well exposed ‘lower plate windows’ near Alpha Gold have been extensively explored for Carlin-type gold deposits with a number of deposits found along the limbs.
(1) www.carlingold.com
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, Barney Ridge, Clear Creek and OGI properties in Yukon and the Burro Creek Gold property in Arizona. Sitka owns a 100% interest in its Alpha Gold property in Nevada, it’s Mahtin Gold property in the Yukon and it’s Coppermine River project in Nunavut. Directors and Management own approximately 15% of the outstanding shares of Sitka Gold Corp., a solid indication of their alignment with shareholders’ interests.
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
dpenner@sitkagoldcorp.com
or
Cor Coe
CEO & Director
604-817-4753
ccoe@sitkagoldcorp.com
or
Peter MacLean
Director
604-781-8513
petergmaclean@hotmail.com
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