VANCOUVER, CANADA – May 24th, 2018: Sitka Gold Corp. (CSE: SIG) (the “Company” or “Sitka”) is pleased to announce that the first drill hole has been completed on its Adobe Gold property (“Adobe” or the “Property”) located 40 kilometres 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 features and geochemical signature for such potential mineralization to occur at depth.
Reverse circulation drill hole A18-01 was drilled northwest at azimuth 300, -70 degrees inclination to test an IP chargeability high anomaly and prospective Early Mississippian to Late Devonian stratigraphy in the company’s target A area. The hole was drilled to a total depth of 1510 feet (460.24 metres) and was successful in reaching the targeted upper Tripon Pass Formation from a transition depth of 980 feet (298.70 metres) to the bottom of the hole. The upper Tripon Pass Formation consisted of mixed calcareous and siliceous siltstones and a 20 foot (6.1 metre) interval of limestone and calcareous matrix sandstone. The formation included a weakly pyrite mineralized fracture network, strongly carbonaceous intervals and localized clay alteration or gouge, all of which probably contribute to the IP chargeability anomaly coincident with this interval. All samples from this hole have been shipped to Atclabs in Kamloops, BC.
A18-01 intersected Permian limestone, calcareous siltstone, sandstone and chert pebble conglomerate to a depth of 327 feet (99.67 metres) where it encountered the Permian-Mississippian unconformity. An alteration zone of decalcification, silicification, and oxidation was present at and above the unconformity, which also contained iron oxide, minor remnant pyrite, and abundant carbon which produced a heavy black film on the drilling discharge water. Below the unconformity, an anomalously thick section of Chainman Shale (carbonaceous siltstone and shale) was cut, before mildly calcareous rocks of upper Tripon Pass formation were intersected at 980 feet 298.70 metres).
Cor Coe, CEO and Director for Sitka comments: “We are very pleased with the progress made to date at Adobe. Stratigraphy intersected by A18-01 combined with the IP survey and surface mapping now provide a much clearer picture of target area A. We anticipate moving back to this target area once the second hole at target area B is completed and the results of both holes have been compiled.”
The drill rig has been moved to target area B where an initial hole is now collared. Hole A18-02 will drill southwest at azimuth 135, -70 degrees inclination. The hole will test the northwest side of a similar, but stronger, IP chargeability high anomaly to that found in Target A. If this IP anomaly has a similar cause, which surface mapping suggests it may, the hole should test the flatter northwest limb of an anticline. This would provide a much more favorable angle to bedding and allow the hole to cut farther into the target stratigraphy, which becomes more calcareous and prospective with depth.
The location of drill holes A18-01 and A18-02 are shown on the attached map (Figure 1) and 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, at the Adobe Gold project. This will be carried out in stages to allow sufficient time for assays to be completed and results to be analyzed. All samples will be analyzed by Actlabs in Kamloops, BC, an ISO/IEC 17025 Accredited Laboratory by the Standards Council of Canada. The samples will be fire assayed for gold with Atomic Absorption Finish as well as geochemically analyzed for a 63-element suite by ICP-MS methods.
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.
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
The technical content of this news release has been reviewed and approved by Donald Penner, P.Geo, Director and President for the Company, and qualified person as defined by National Instrument 43-101. Neither the Canadian Securities Exchange nor it 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.
Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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Figure 1 – Location of Adobe Drill Holes, Adobe Gold Project, Township 38N, Range 56E, Mount Diablo Meridian
