VANCOUVER, CANADA – September 6, 2024: Sitka Gold Corp. (“Sitka” or the “Company”) (TSXV:SIG) (FSE:1RF) (OTCQB:SITKF) is pleased to announce that the Company has closed a non-brokered private placement for aggregate gross proceeds of $5,500,000 (the “Offering”) through the issuance of 27,500,000 units (the “Units“) sold at a price of $0.20 per Unit.
Each Unit consists of one common share of the Company and one half (½) of one common share purchase warrant (each whole warrant, a “Warrant“). Each Warrant entitles the holder thereof to purchase one additional common share of the Company at a price of $0.38 for a period of 36 months from the date of issuance.
Crescat Capital (“Crescat”) and its principals invested a total of $2,500,000 in the Offering. Crescat is a global macro asset management firm headquartered in Denver, Colorado, that deploys tactical investment themes based on proprietary value-driven equity and macro models. Crescat has been taking friendly-activist stakes in the precious metals exploration industry today as one of its key macro themes.
Crescat’s Geologic and Technical Director, Quinton T. Hennigh, PhD commented: “I believe Sitka’s RC Gold Project is proving to be one of the highest quality reduced intrusion type gold discoveries in the Yukon. Long runs of consistent, high-grade gold encountered in recent drilling around the southern perimeter of the Blackjack target point to a very robust, potentially fully preserved gold system at depth. As the Company has stepped into this area with their drill program, the results continue to validate our reasons for investing. We take pride in identifying and supporting discovery stage stories like this. Given the opportunities in the distressed mining capital markets right now, we feel compelled to support Sitka as they drill this discovery.”
“We would like to thank Crescat Capital and the other shareholders who helped make this financing possible”, said Cor Coe, CEO and Director of Sitka Gold. “Crescat’s increased investment in Sitka is a considerable endorsement of our flagship RC Gold Project and we look forward to realizing the full potential of this exciting district-scale property.”
The Company intends to use the net proceeds of the Offering on exploration work on its mineral properties, including the RC Gold Project in Yukon, and for general working capital.
The Offering remains subject to final acceptance from the TSX Venture Exchange. All securities issued pursuant to the Offering are subject to a hold period expiring on January 7, 2025, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada. No finder’s fees were paid in connection with the Offering.
None of the securities sold in connection with the Offering have been and will not be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful.
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 is currently advancing its 100% owned, 431 square kilometre flagship RC Gold Project within the Tombstone Gold Belt in the Yukon Territory. The Company is also advancing the Alpha Gold Project in Nevada and currently has drill permits for its Burro Creek Gold and Silver Project in Arizona and the Coppermine River Project in Nunavut.
In 2023, the Company announced an NI 43-101 compliant Initial Mineral Resource Estimate (“MRE”) of 1,340,000 ounces of gold at its RC Gold Project, beginning at surface and grading 0.68 g/t (see news release dated January 19, 2023)(1). The Initial Mineral Resource Estimate comprises the Blackjack Deposit (900,000 ounces of gold grading 0.83 g/t gold) and the Eiger Deposit (440,000 ounces of gold grading 0.50 g/t gold), both of which remain open in all directions.
The Company is currently drilling at its year-round road accessible RC Gold Project in Yukon and has completed an additional 32 diamond drill holes totalling 13,500 metres since the MRE was announced. Drilling continues to expand upon the MRE with the most recently announced drill hole results from DDRCCC-24-062 (“Hole 62”) returning 290.5 m of 1.10 g/t gold, including 105.0 m of 1.68 g/t gold and 34.5 m of 2.61 g/t gold (see news release August 19, 2024).
- Simpson, R. January 19, 2023. Clear Creek Property, RC Gold Project, NI 43-101 Technical Report, Dawson Mining District, Yukon Territory
*For more detailed information on the underlying properties please visit our website at www.sitkagoldcorp.com
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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary and Forward-Looking Statements
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, orvariations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as “forward‐looking statements”, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management’s expectations and intentions with respect to, among other things, the development potential of the Company’s mineral exploration projects, the use of the proceeds raised under the Offering and the timeline on which the proceeds will be used.
In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, about: general business and economic conditions; the nature and location of the Company’s mineral exploration projects and the timing of the ability to commence and complete the planned exploration programs; the anticipated terms of the consents, permits and authorizations necessary to carry out the planned exploration programs and the Company’s ability to comply with such terms on a cost‐effective basis; the Company’s ability to secure the necessary consulting, drilling and related services and supplies on favorable terms; the timing of the receipt of regulatory and governmental approvals, permits and authorizations necessary to implement and carry on the Company’s planned exploration programs; and the Company using the proceeds of the Offering as currently anticipated.
These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, market uncertainty, the uncertainty of the results of the Company’s anticipated work programs, risks related to the timing and cost of planned exploration programs of the Company, and the timing of the receipt of the results therefrom; risks related to the timing of decisions regarding the strategy and costs of exploration programs with respect to, and the issuance of the necessary permits and authorizations required for, the Company’s exploration programs; and that the Company will not use the proceeds of the Offering as currently anticipated.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
