Sitka Gold (TSXV: SIG; FRA: 1RF) is primarily a gold explorer and will remain so. Nevertheless, the first-ever drill hole announced today at the Sitka Coppermine River project in Nunavut is a matter close to the heart of CEO Cor Coe. Long before the discovery of the RC Gold Project in the Yukon in 2021, Sitka conducted highly successful exploration on this 120 km² copper project, strategically located 60 kilometers from the port town of Kugluktuk, between 2015 and 2019.
The results were outstanding: at the time, copper values of up to 41.54% were measured on the volcanic “WIN” target at surface and 13.45% copper on the sedimentary “Copper Leaf” target, 55 kilometers from WIN. Geologists subsequently hypothesized that Copper Leaf could be an extensive sediment-based copper system. Gravity data shows an anomaly approximately 100 meters wide and potentially several kilometers long. It is precisely this anomaly that Sitka finally intends to test with the drilling program now underway.
The fact that this is a minor matter for Sitka Gold, but not a trivial one, can be seen from the fact that the company, otherwise known for its caution, cites the Kamoa mine in Katanga in the Democratic Republic of Congo, which contains over 739 million tons with 2.67% Cu, as an example of a deposit similar to Copper Leaf. As an example of volcanic copper deposits with a mineralization style similar to the WIN target, Sitka cites the Keewena Peninsula in the US, which contains 387.5 million tons with a copper grade of 2% and a total of 15.5 billion pounds of copper.
Figure 1: The Coppermine River Project is logistically located only 60 kilometers from the port city of Kugluktuk. Due to climate change, the Northwest Passage is becoming increasingly passable.
Figure 2: The profile of the Copper Leaf gravity anomaly shows a massive deflection directly above an approximately 100-meter-wide sedimentary copper mineralization.
The Coppermine River Project is 100% owned by Sitka through its wholly-owned subsidiary Arctic Copper Corp. The first phase of drilling at Coppermine includes drilling up to 1,000 meters in total length. Drilling will focus on testing two priority copper targets, the Copper Leaf and WIN deposits, which were previously defined by the Company through initial mapping, surface sampling, and geophysical surveys between 2015 and 2019. Surface sampling at Copper Leaf during this period returned up to 13.45% copper and 65.0 g/t silver, while surface sampling at WIN returned up to 41.54% copper and 36.0 g/t silver.
The target areas are located approximately 30 km and approximately 60 km from the commercial airstrip in Kugluktuk and nearby tidal waters, which offer alternative commercial transportation options as the Northwest Passage has recently become a navigable shipping route.
Figure 3: Examples of surface rock at the Copperleaf and WIN targets. Massive stratiform chalcocite in Husky Creek Sandstone is visible at the Copperleaf occurrence, where a grab sample from this material yielded 13.45% Cu and 11.0 g/t Ag. Massive chalcocite and malachite are visible at the WIN occurrence, where sample R442005 yielded 40% Cu and 36.0 g/t Ag.
Cor Coe, Director and CEO of Sitka Gold, said: “We are very pleased that the first drill program has now commenced at our Coppermine River project, where our previous work, including surface sampling and gravity geophysical surveys, has identified several promising drill targets. The Coppermine River area is known to be a rich mineral deposit, but it is only recently that shipping lanes have been opened through the Northwest Passage, now offering a viable opportunity to bring these minerals to market. While the Company’s primary focus and priority remains the advancement of its flagship RC Gold project, where four drill rigs are currently operating as part of a 30,000-meter diamond drilling program scheduled for 2025, the potential for the discovery of a significant, high-grade copper deposit at Coppermine is very compelling, and we eagerly await the first results from this initial phase of drilling.”
Sitka Gold’s Copper Leaf Target Area
The Copper Leaf deposit is a new stratiform copper discovery in sedimentary rocks made by Sitka’s field team during initial exploration prospecting in the area. The Copper Leaf deposit is located approximately 60 km southwest of Kugluktuk and consists of disseminated and massive chalcocite and malachite mineralization within the Husky Creek sandstones, with mineralization appearing to be associated with a large gabbro dike that extends over 12 km in a north-south Gravity surveys conducted by Sitka over the Copper Leaf prospect revealed a strong gravity anomaly approximately 90 meters wide near the gabbro dike, and subsequent gravity surveys in the surrounding area indicate significant strike potential along the eastern flank of the gabbro dike over more than 400 meters. This is a good sign for the discovery of large sediment-hosted copper deposits in this area, as this contact between the vein and sediment extends for more than 12 km through the Company’s mining concessions.
The WIN and HA properties are located approximately 30 km southeast of Kugluktuk and approximately 55 km northeast of the Copper Leaf property. This area hosts multiple mineral occurrences ranging from disseminated copper sulfides in the lower sediments of the Rae Group to high-grade fracture-filled veins in the basalt flows of the underlying Copper Creek Formation. Seven samples collected by Sitka personnel from massive chalcocite mineralization in the basalt flows of historic test pits on the WIN property returned results ranging from 0.05% to 41.54% copper. Three samples from similar chalcocite mineralization in basalt from historic trenches in the HA property returned values ranging from 1.45% to 17.55% copper.
Figure 4: Map of the WIN and HA targets with the location and values of surface rock samples
Conclusion: At the RC Gold project, Sitka has now completed almost half of its 30,000-meter drilling campaign for the current season. With four drills, 37 new drill holes totaling 14,387 meters have been drilled to date. Of these, only three drill holes have been published so far. Sitka is awaiting results for 34 drill holes, while drilling continues at Blackjack, Saddle, Eiger, and Rhosgobel. There will be no shortage of news from Sitka in the near future. Nevertheless, the small drilling program on Copper Mine River stands out. Both targets, WIN and Copper Leaf, offer the chance to rediscover large, high-grade copper deposits. Sitka shareholders receive this discovery fantasy as a bonus, so to speak, while the RC Gold discovery continues to grow. One should not forget the other two gold projects in Sitka Gold’s portfolio: Alpha Gold in the Carlin Gold Province in Nevada and Burro Creek in Arizona. These projects are also good for surprises, especially in a gold market like the one we are currently experiencing.
