VANCOUVER, CANADA – July 18th, 2018: Sitka Gold Corp. (CSE: SIG) (the “Company” or “Sitka”) announces regulatory permitting has been received and it is mobilizing the Reverse Circulation (RC) drill rig to the third drill target at its Adobe Gold Project located 40km north of Elko, Nevada. The Company is exploring for Carlin-type gold mineralization in an area of the Adobe Range Mountains that has the necessary structural/stratigraphic features and geochemical signature for such potential mineralization to occur at depth on a district scale. The Company is also pleased to announce assay results from its second drill hole (A18-02) completed last month.
Reverse Circulation drill hole A18-02 was drilled at 135°, -70° to a total depth of 1955 feet (595.85 metres). Geochemical results showed generally elevated gold throughout the Mississippian section from 340’ to 1955’ which is analogous to A18-01. This supports the northern Adobe Range as a prospective location for Carlin-type gold generation, due to regionally elevated background gold in this part of the Mississippian black shale basin. More importantly gold concentrations spiked in a few key intervals of A18-02 indicating a Carlin-type gold system is at work concentrating that gold. Peak gold in A18-02 was six times that seen in A18-01. The strongest gold spike occurred at the margin of a potentially Eocene-aged, biotite- hornblende dike, in a decalcified, silicificified zone near the base of the Permian. Two additional gold spikes occurred in the Tripon Pass Formation associated with quartz-calcite stockwork and pyrite in thin dolomitic beds. Carlin-type ore bodies typically focus along specific regional stratigraphic horizons of highly favorable strata. Narrow decalcified, silicificied, gold zones associated with dikes, faults and thin carbonate beds are characteristic of leakage into less favorable rocks above orebodies.
Characteristic Carlin-type gold anomalies in A18-02 strongly support further drilling to test the Adobe project’s ultimate stratigraphic target in the lowermost Tripon Pass and uppermost Guilmette Formations. Surface mapping suggests this target horizon will be much shallower where A18-03 will collar this week. A18-03 will test the Adobe project’s northern anticline target next to a major northwest striking fault, within an antimony-thallium surface geochemical anomaly.
Scott Price, VP Exploration comments: ”Gold anomalies in A18-02 look like leakage and indicate potential for much stronger mineralization in the Tripon Pass – Guilmette contact zone. A18-03 tests a target that meets all of our structural and geochemical parameters and has the best chance of cost-effectively reaching the critical stratigraphic target.”
The location of drill holes A18-01 and A18-02, and the proposed site of A18-03 are shown on the attached map (Figure 1); a downhole profile of A18-02 is shown with gold results in Figure 2. Both figures can also be viewed on Sitka’s website (www.sitkagoldcorp.com).
Sitka plans to drill up to 3000 metres in 6 holes with a Reverse Circulation drill rig. This will be carried out in stages to allow sufficient time for assays to be received and assessed. Anticipated depths are expected to be approximately 300m to 500m.
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 is currently drilling its Adobe Gold Property with funds raised from its recent Initial Public Offering that was fully subscribed for $1.2M.
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 604-817-4753
Peter MacLean Director
604-781-8513
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.
Figure 1: Drill Hole Location Map
Figure 2: A18-02 Cross Section
