VANCOUVER, CANADA – May 1st, 2018: Sitka Gold Corp. (CSE: SIG) (the “Company” or “Sitka”) is pleased to announce that drilling has commenced on its Adobe Gold Property (the “Property” or “Adobe”) located 40 kilometres north of Elko, Nevada. The Company is targeting Carlin-type gold mineralization in the Adobe Range in three separate target areas on the Property where prospective host rocks are upwarped at depth with pathfinder element (Au, As, Hg, Tl) anomalies defined in overlying rocks and soil. The drilling is designed to test the Mississippian Tripon Pass Formation and its contact with the underlying Guilmette Formation, which host the bulk of mineralization found on the south Carlin trend.
A recently completed Induced Polarization (IP) survey has identified chargeability anomalies, potentially representing mineralization within parts of the upwarped host stratigraphy below the previously defined Carlin-type pathfinder element anomalies. Approximately 10 kilometres of IP was conducted in advance of drilling and has refined the location of several drill targets.
Additionally, a zone of high Lithium values, obtained from a previous geochemical survey, was found to coincide with an altered dyke swarm, peripheral to the primary drill targets. Published geochemical studies from an existing Carlin-type deposit in China indicate that lithium was flushed from the core of the deposit and concentrated above and peripheral to it, making lithium a potentially useful new pathfinder element. Dykes are also a notable feature of many Carlin-type gold deposits. These associations led Sitka personnel to stake an additional 14 claims to cover this anomaly.
Sitka plans to drill up to 3000 metres in 6 holes with a Reverse Circulation (RC) drill rig. The drilling will be carried out in stages to allow sufficient time for assays to be completed. Anticipated depths of the drill holes are expected to be between 300 and 500 metres.
Cor Coe, Director and CEO of Sitka, comments: “The start of the drill program at Adobe is an exciting milestone for Sitka. The recently completed IP survey has been successful in identifying chargeability anomalies, potentially representing mineralization within the target areas. We are looking forward to the results of these initial drill holes, the first drilling ever to be conducted at Adobe”.About Adobe Gold
The Adobe Gold Property, located in northern Nevada, is a newly assembled land package totaling approximately 1,366 hectares (3,374 acres) in size that hosts a previously unrecognized Carlin-Type gold play. Geological mapping at Adobe has revealed intersecting folds and good structural preparation within favourable stratigraphy, key features that are found at most of the gold mines in the Carlin district. Geochemical surveys have also revealed anomalies of gold, mercury, arsenic, and thallium, which are common pathfinder elements for Carlin-type gold mineralization. Compilation and interpretation of the data have identified structurally-controlled areas where anomalous pathfinder minerals and gold assay results have defined three target areas to be drill tested. There has been no previous drilling done on the Adobe Gold Property.
The technical content of this news release has been reviewed and approved by Donald Penner, P.Geo., Director and President for the Company, and a qualified person as defined by National Instrument 43-101.
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 and copper mineral properties of merit. Sitka currently has an option to acquire a 100% interest in the Adobe Gold Property in Nevada and owns a 100% interest in its Coppermine River Project in Nunavut and the Alpha Gold Property in Nevada. The Company recently completed an initial public offering (IPO), raised the maximum $1.2 million allowed under its prospectus and is fully financed to complete the aforementioned exploration program.ON BEHALF OF THE BOARD OF DIRECTORS OF
SITKA GOLD CORP.
“Donald Penner”
President and Director
For more information contact:
Donald Penner
President & Director
dpenner@sitkagoldcorp.com
or
Cor Coe
CEO & Director
ccoe@sitkagoldcorp.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.Cautionary Statements Regarding Forward Looking Information
Certain statements included herein may constitute “forward-looking statements”. All statements included in this press release that address future events, conditions or results, including in connection with exploration activity, future acquisitions and any financing, are forward-looking statements. These forward-looking statements can be identified by the use of words such as “may”, “must”, “plan”, “believe”, “expect”, “estimate”, “think”, “continue”, “should”, “will”, “could”, “intend”, “anticipate” or “future” or the negative forms thereof or similar variations. These forward-looking statements are based on certain assumptions and analyses made by management in light of their experiences and their perception of historical trends, current conditions and expected future developments, as well as other factors they believe are appropriate in the circumstances. These statements are subject to risks, uncertainties and assumptions, including those mentioned in the Company’s continuous disclosure documents, which can be found under its profile on SEDAR (www.sedar.com). Many of such risks and uncertainties are outside the control of the Company and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In making such forward-looking statements, management has relied upon a number of material factors and assumptions, on the basis of currently available information, for which there is no insurance that such information will prove accurate. All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
