VANCOUVER, CANADA – February 22, 2023: Sitka Gold Corp. (“Sitka” or the “Company”) (CSE:SIG) (FSE:1RF) (OTCQB:SITKF) is pleased to release results from the final drill holes of the 2022 drill program at the Alpha Gold Project (“Alpha Gold” or the “Project”) located on the southeast projection of the Cortez gold trend, approximately 40 kilometres (km) southeast of
the Nevada Gold Mines Cortez Complex in Nevada (Figure 1).
A total of 1,374.7 metres (m) in four holes (AG22-09 – AG22-12) were completed in 2022. AG22-11 intersected 12.2 m of 0.50 g/t gold including 1.5 m of 2.32 g/t gold within strong
Carlin-type alteration. The hole was a 940m step-out south-southeast of AG22-10 which intersected 21.3 m of 1.21 g/t gold including 1.5 m of 4.62 g/t gold (see news release
dated October 6, 2022) expanding the extent of gold mineralization in strong Carlin-type mineralization intersected in drilling to 2.5 km within the 8 km north-northwest trending target
zone (Figure 2).
Cor Coe, P.Geo., CEO and Director of Sitka Gold comments, “The results from our final drill holes of 2022 are very encouraging and continue to demonstrate the potential of this area to
host one or more significant Carlin-type gold deposits as seen at other locations along the Cortez trend. The intercept from AG22-11 is particularly exciting as it expanded the extent of
known Carlin-type gold mineralization an additional 940 metres from Hole 10 and suggests proximity to a potential high-grade core zone. This was an important step in confirming the
mineralization trend considering there is no significant gold in surface alteration. Further, while Hole 12 did not reach its target depth, the gold present in the cap rock above the
targeted host horizon was more anomalous than in Hole 11 and suggests the host rock in this location could be higher-grade in nature. With 2.5 km of potential strike length delineated
by our drilling in 2021 and 2022, the next step at Alpha will be locating the anticline crest and core of the gold mineralization with additional cross trend drilling aimed at finding
higher-grade gold zones similar to those that have made the Cortez trend famous.”
AG22-12 was drilled 5.6 km south of AG22-10 at the southern extent of the target zone in the Frazier Creek area. A strongly altered dike-filled fault zone high above the target horizon
carried anomalous gold. Progress on the hole was plagued by mechanical breakdowns and challenging hole conditions and after nine weeks the decision was made to abandon the
hole at 416 m as severe winter weather set into the area. The hole therefore did not reach the critical Horse Canyon Equivalent host rock horizon which was its targeted objective. Gold
was more anomalous in AG22-12 than it was in AG22-11 in the shale cap rock above the host horizon. Surface alteration at Frazier Creek is visually the strongest on the Alpha Gold
property with a 2 km strike length of continuous alteration interpreted as leakage from a potential Carlin-type gold system at depth. Valuable information obtained from this first drill
hole and the extensive alteration on surface confirms Frazier Creek as a high priority target (Figure 5).
Confirmation of a Large Carlin-type Gold System
All elements of a large Carlin-type gold system are
confirmed by results at Alpha.
The Horse Canyon Equivalent host rock horizon carries gold mineralization and Carlin pathfinders in all holes that have penetrated it at Alpha and correlates with analogous
horizons at Goldrush and Gold Bar. A deeper horizon in the McColley Canyon Fm (Goldrush Wenban Fm Unit 5 equivalent) remains untested at depth. Mapping has identified and drilling is confirming a NNW anticline broadly controlling gold mineralization just like at Goldrush 40 km to the NNW. Gold mineralization is now drill-defined for 2.5 km along the anticline in the Horse Canyon Equivalent host. Drill results ranging from broad zones of 0.10 g/t in AG21-02 and 03 versus stronger intercepts like 21.3 m of 1.21 g/t Au in AG21-10 may
reflect their proximity to the crest of this anticline.* A higher grade core coincident with the anticline crest can now be surmised in this manner.
The location of this interpreted high priority drill target zone is shown in Figure 2. The target is also based on the gold distribution pattern at Goldrush where gold greater than 5 g/t is restricted to mostly narrow elongate zones.
The geologic setting at Alpha is correlative with that at Goldrush and other gold deposits along the Cortez Trend, however, Sitka makes no representation that similar gold
deposits will be found at Alpha.
Targeting High-grade Gold Mineralization
Peak gold grades in Carlin-type systems generally occur where ore fluids, optimal host rock, and highly fractured or brecciated zones intersect. Figures 3 and 4 are drill sections illustrating such targets at Alpha. Figure 3 shows the fold crest target west of AG22-10. Gold grades increase from 1.24 g/t in AG21-08 to 4.62 g/t in AG22-10. Gold grade should continue to increase into the crest and hingeline of the fold where fracture intensity should be greatest.
Figure 4 shows Goldrush style anticline crest targets at the projected location of the core zone between AG21-03 and 04. Targets inferred along the reverse fault are like breccia zone ore bodies on the Sadler reverse fault at the new Fourmile deposit. AG21-03 intercepted 58 m @ 0.10 g/t Au around a large karst cavity. AG21-04 had the highest sulphide and arsenic oncentration of any hole including 66 m @ 622 ppm As, associated with an altered intrusive body in the Horse Canyon Equivalent to Devils Gate contact. The potentially even more
prospective McColley Canyon Fm (Goldrush Wenban Fm Unit 5 equivalent) target on this section is less than 600 m deep and has not been tested by drilling here or elsewhere on the property. Testing these system core targets with cross-trend drilling, then offsetting them along trend as shown by the target zone map in Figure 2 is the next stage for the Alpha Gold project.
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 Project is comprised of one contiguous claim block totaling 239 lode claims covering an area of approximately 4,780 acres (1,934 hectares) and is accessible via a dirt road, approximately 2 km west of Nevada State Highway 278.
The Project 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. Overprinting NNW folds coincident with the projection of the Cortez Trend were subsequently recognized and found to be important alteration and mineralization controls. 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.
A total of 3,979 metres of drilling in 12 holes have been completed at Alpha Gold since its acquisition and have advanced the Property from an undrilled geologic concept with a surface alteration and pathfinder element anomaly, to a large wide-open Carlin-type gold system with thick, low-grade gold intercepts, from wide-spaced drilling.
About Sitka Gold Corp.
Sitka Gold Corp. is a well-funded mineral exploration company headquartered in Canada. The Company is managed by a team of experienced industry professionals and 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 the Yukon and the Burro Creek Gold property in Arizona. Sitka owns a 100% interest in its Alpha Gold property in Nevada, its Mahtin Gold property in the Yukon and its
Coppermine River project in Nunavut.
Sitka has received all assay results from its 2022 diamond drill program at its RC Gold Project in the Yukon and announced a 43-101 compliant
Initial Mineral Resource
Estimate of 1,340,000 ounces of gold beginning at surface and grading 0.68 g/t (see news release dated January 19, 2023). Results from 2022 drilling at the Company’s Alpha Gold Property in Nevada where a new Carlin-type gold system was recently discovered have all been received. The Company is focused on vectoring towards the high-grade core of this newly discovered system which is located in the Cortez Trend just 40 km southwest of the Cortez Mine Complex of Barrick/Newmont.
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
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 relese. 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 policiesof the CSE) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapprovedthe information contained herein.
