Number of Ounces in Blackjack Increased by More Than Two and a Half Times

The efficiency of Sitka Gold’s (WKN A2JG70 / TSXV SIG) drilling campaigns on the RC Gold project in Yukon continues to impress, as evidenced by the release of the new Mineral Resource Estimate (MRE). With just 11,725 meters of additional diamond drilling since the publication of the first resource estimate in early 2023, the company has more than doubled the gold resource of its Blackjack deposit from 900,000 ounces at 0.83 g/t to now a total of 2,335,000 ounces, while also significantly increasing the average grades in both the indicated and inferred resource categories. This means that with each meter drilled, the company has added an equivalent of 122 ounces of gold to its resource!

At a cut-off grade of 0.3 g/t Gold , the indicated mineral resource now stands at 1,291,000 ounces of gold with a grade of 1.01 g/t (39,962,000 tonnes). The inferred mineral resource amounts to 1,044,000 ounces of gold with a grade of 0.94 g/t (34,603,000 tonnes). Despite a higher gold price, the company has set a higher cut-off grade for its new resource calculation compared to 2023. At that time, a cut-off grade of 0.25 g/t gold was used for the Blackjack calculation. This indicates a cautious strategy in publishing the results.

The updated MRE at Blackjack has a well-defined and consistent core of 1 g/t or higher material extending from the surface to a depth of 660 m and remains open in all directions. Initial metallurgical tests indicate that the gold in the Blackjack deposit is not refractory and shows high recovery of up to 94% with minimal NaCN consumption.

Figure 1: Block model of Blackjack showing the higher-grade core of mineralization as well as a potential pit design.

The gold resource just announced is likely to be nothing more than a “snapshot in time,” as Sitka Gold is planning its most extensive drilling program by far this year. 30,000 m of drilling is planned at RC Gold this year to continue upgrading and expanding the Blackjack resource and further develop other significant centers of gold mineralization within the Clear Creek Intrusive Complex (“CCIC”), including the Eiger deposit, which contains an initial inferred MRE of 440,000 ounces of gold, as well as the Saddle, Rhosgobel, Contact, Pukelman, Bear Paw, and Josephine targets.

Cor Coe, Director and CEO of Sitka Gold commented: “We are thrilled with the remarkable growth of the Blackjack Gold Deposit achieved in just two years at our flagship RC Gold Project in Yukon. With only 11,725 meters of additional diamond drilling since the release of the initial Mineral Resource Estimate in 2023, we have increased the number of ounces contained in the Blackjack Gold Deposit by more than two and a half times while also increasing the overall grade. This updated resource estimate reflects the quality of this discovery, highlighted by the robust, non-refractory gold mineralization with a significant core of higher-grade material of 1 gram per tonne or greater that begins at surface and extends to a currently defined depth of 660 meters. These results also illustrate the exceptional scalability that can be achieved with relatively modest drilling at RC Gold and underscore the potential of this extensive gold system to host world-class, multi-million-ounce gold deposits. The Blackjack Deposit is a benchmark for what can be achieved at the various other intrusions within the Clear Creek Intrusive Complex, all of which have demonstrated similar gold mineralization. With 30,000 meters of diamond drilling planned for this year, we are well on our way to rapidly advancing what is quickly evolving into a multi-million-ounce gold camp.”
The morphology and grade of this mineralization allow for the possible development of a higher-grade starter pit and faster payback of capital costs for a potential future mine development. The MRE is also relatively insensitive to changes in cut-off grades, further confirming the quality of the resource.

Figure 2: The map of the Clear Creek Intrusive Complex (CCIC) provides an overview of the intrusion targets identified so far. The 30,000-meter diamond drilling program planned for 2025 will focus on further expanding the 2 km long Blackjack-Eiger area with 15,000 meters of drilling. An additional 10,000 meters of drilling is planned in Rhosgobel to continue Sitka’s initial diamond drilling from late 2024, which discovered sections with significant gold mineralization, including 119.0 meters at 1.05 g/t gold. About the Flagship RC Gold Project

Conclusion: To date, Sitka Gold has drilled only 72 diamond drill holes with a total length of approximately 25,136 meters in the Clear Creek Complex. In addition to the Blackjack and Eiger resource drilling, the Saddle, Josephine, Rhosgobel, and Pukelman zones were tested. With its 30,000-meter drilling program in 2025, Sitka Gold plans to drill more this year than in all previous years combined. We have already pointed out that these drillings are fully funded. If the Blackjack deposit is any indication of what to expect from the other intrusion targets, shareholders could be in for a very lucrative year.