680 meters of continous gold mineralization
Ever since Sitka Gold (WKN A2JG70 / TSXV SIG) announced some time ago that the deepest drill hole in the area of the Blackjack gold deposit to date had yielded 40 instances of visible gold over a length of 680 meters, there was wild speculation among investors about the possible grades. Now CEO Cor Coe’s company is presenting results that are probably among the best reported from the Canadian gold sector this year!
Because, as has just been reported, drill hole DDRCCC-24-068 returned a whopping 678.1 metres of 1.04 g/t gold from surface (!), including not only 409.5 metres of 1.36 g/t gold, but also particularly strong gold mineralization at depth. Hole 68 was drilled some 200 meters deeper than any other hole in the Blackjack area to date and intersected an incredible 93 meters of 2.57 g/t gold, including 5.5 meters of as much as 17.59 g/t gold at its bottom!
Results from six additional diamond core holes are also currently pending, including the first holes drilled by Sitka in the Rhosgobel intrusion area approximately 5 kilometers south of the Blackjack deposit. And in these drill holes, too, visible gold was observed in the drill cores at numerous locations…
CEO Coe stated, “Results from our recent drilling at the Blackjack Zone continue to highlight the persistence of strong gold values, with hole DDRCCC-24-068 returning an impressive 678.1 meters of 1.04 g/t gold from surface, including a higher-grade intercept of 93.0 meters of 2.57 g/t gold at the bottom of the hole, which also included 5.5 meters of 17.59 g/t gold.” He continued, “As the deepest hole ever drilled in this system, hole 68 has significantly extended Blackjack’s gold mineralization, approximately 200 metres below all previous drilling, and demonstrates the potential for higher-grade mineralization that continues into a deeper zone that appears to be a higher-grade component of this gold system; current drilling is focused on extending this exciting new zone. While we eagerly await further assay results from our drilling at Blackjack, we also look forward to results from our first drill holes from the Rhosgobel and Pukelman targets, located 5 kilometers south and 2 kilometers southeast of the Blackjack area, respectively. Our systematic approach to drilling continues to unlock significant value for the RC Gold project and we look forward to further developing this 431 square kilometer contiguous property that has the potential for multiple multi-million ounce gold deposits.”
Gold mineralization over the entire length of the drill hole
Sitka had drilled hole 68 down dip of the known mineralized system to test the continuity of the blackjack mineralization to depth – and successfully extended it 200 metres below the previous blackjack drilling. As the company points out, hole 68 was mineralized over its entire length and contained numerous higher-grade intercepts. Which, according to the company, indicates that mineralization in the Blackjack system is getting stronger at depth!
Lots of potential at depth
Second, successful drill hole
Somewhat overlooked by many investors is the fact that Sitka was also successful with drill hole DDRCCC-24-067, which tested the southern extent of mineralization between holes 062 and 058. This hole encountered four broad zones of mineralization and returned 99.2 metres of 1.01 g/t gold, including 2.5 metres of 18.39 g/t gold!
Conclusion: Drill hole 68 is – without exaggerating – a monster. But it is not only the length of the mineralization and the strong gold grades for the region that are outstanding. The fact that the hole contains its highest gold grades at depth once again illustrates the potential of the entire Blackjack system at depth. Not to mention the fact that Sitka has already drilled other holes with abundant visible gold 5 kilometers away at the Rhosgobel intrusion. Even though Sitka’s share price has already risen sharply recently in recent weeks, we therefore believe that, as with the gold price, there is still plenty of potential.
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