VANCOUVER, CANADA – TheNewswire – June 10, 2020 – Sitka Gold Corp. (“Sitka” or the “Company”) (CSE:SIG) (CNSX:SIG.CN) (FSE:1RF) (OTC:SITKF) is pleased to announce that it has begun mobilizing crew and equipment in preparation for the upcoming drill program at its Alpha Gold Property (“Alpha Gold” or the “Property”) located in Nevada’s prolific Carlin District where the projection of the Cortez Gold trend intersects with the Garden Valley Anticline (See Figure 1). Permits for a 12-hole drill program have been secured to test a Carlin-type gold deposit target where the prime Late Devonian carbonate host horizon is believed to be preserved at a minable depth at the contact between the Webb formation and the Devil’s Gate formation (see Figure 2). The Webb-Devil’s Gate contact zone hosts McEwen Mining’s Gold Bar deposit, located nearby on a parallel anticlinal trend, and is considered the most favourable host for gold mineralization in the Roberts Mountains. McEwen Mining recently began commercial production at the Gold Bar deposit.
The target area at Alpha Gold has never been drilled and Sitka has secured DrillRite LLC, an experienced and highly regarded exploration drill contractor based in Elko, Nevada, to carry out its drilling program at the Property.
Cor Coe, chief executive officer of Sitka, commented, “We are very pleased to announce the mobilization of crew and equipment to the Alpha Gold Property. Alpha Gold presents an exciting target in the heart of Nevada’s Carlin District. The Property is ideally positioned at the intersection of the Garden Valley Anticline and the projection of the Cortez Gold Trend which hosts over 50 million ounces of gold including the Pipeline, Cortez Hills and Goldrush mega gold deposits(1). We are eager to get the drill turning and the results compiled from this maiden drill program at Alpha Gold.”
(1) Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of the mineralization hosted on the Company’s property
Figure 1: Alpha Gold Location
Figure 2: Alpha Gold Target Cross-Section
About Alpha Gold
Sitka Gold has acquired a 100% interest in the Alpha Gold Property, located along the southeast projection of the prolific Cortez Gold Trend in Eureka County, approximately 135 kilometres southwest of Elko, Nevada. The Property is comprised of a claim block of 50 lode claims covering an area of approximately 1000 acres (405 hectares) and is accessible via a dirt road, approximately 2km west of Nevada State Highway 278.
The Property was 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. 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.
Sitka also announces that it has granted 500,000 incentive stock options to a consultant of the Company. The options are exercisable at $0.17 per share for a period of 5 years from the date of grant and are subject to the policies of the Canadian Securities Exchange.
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, silver and copper mineral properties of merit. Sitka currently has an option to acquire a 100% interest in the RC Gold property 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. Directors and Management own approximately 20% of the outstanding shares of Sitka Gold Corp., a solid indication of their alignment with shareholders’ interests.
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 release. Readers are cautioned that the foregoing list of factors is not exhaustive.
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