Sitka Gold Corp. (CSE:SIG; FRA:1RF) has delivered the first promising interim results from its ongoing summer drill program at the RC Gold project in Yukon. Released were the first three of 19 drill holes that have now been drilled at the Eiger target. A total of 6,494 metres of drilling has been completed to further define last year's discovery consisting of four drill holes.
Highlights now released include drill hole DDRCCC 21-010 in particular: this hole returned 402.5 metres of 0.40 g/t gold from 39.0 to 441.5 metres, including a higher grade interval of 37.8 metres of 1.03 g/t gold from 136.5 to 174.3 metres and 20.3 metres of 1.65 g/t gold from 154.0 to 174.3 metres. Drill holes DDRCCC 21-011 and DDRCCC 21-012 were also successful. DDRCCC 21-011 intersected 23.0 metres of 0.50 g/t gold from 123.0 to 146.0 metres in hole, including 2.0 metres of 3.58 g/t gold from 144 to 146 metres. DDRCCC 21-012 returned 25.0 metres of 0.67 g/t gold from 25.0 to 50 metres including 1.0 metre of 8.89 g/t gold from 39 to 40 metres and 7.0 metres of 1.20 g/t gold from 166.0 to 173.0 metres in DDRCCC 21-012, including 0.9 metres of 4.42 g/t gold from 172.1 to 173.0 metres.
Cor Coe, P.Geo., CEO of Sitka, commented, “Drilling at RC Gold continues to demonstrate the robustness of the intrusive gold system we are testing at the Saddle - Eiger Zone. Results to date from our summer drill program are returning grades comparable to the average resource grade of existing mines within the Tintina Gold Belt. In addition, we have encountered narrower intervals of higher grade mineralization ranging from 3.58 to 13.5 g/t Au.”
All samples from the summer drill program have now been delivered to the laboratory and new results will be released regularly in the future.
Figure 1: Figure 1 - Locations of drill holes in the Saddle and Eiger zones.
CONCLUSION: The limited results Sitka Gold has been able to release to date from its Yukon project support the hypothesis that the Eiger-Saddle Zone is a large interconnected intrusion-related gold system. As might be expected for this type of deposit, gold grades are not spectacularly high. However, it is the continuity and thickness of the measured zones that primarily counts for this type of deposit. Resources averaging 0.5 grams of gold per ton are considered economic. One can therefore take guidance from CEO Cor Coe's observation that the measured grades and thicknesses are a best fit with other gold deposits in the Tintina Gold Belt. Sitka is focused on extending the mineralization sufficiently at the Eiger Saddle Zone to ultimately to release a maiden resource estimate. However, it will be some time before that happens as the majority of the drill holes are still in the lab. We look forward to the further results and don't forget that Sitka still has a wild card up its sleeve with its Alpha Gold project in Nevada.
According to §34b WpHG and according to paragraph 48f paragraph 5 BörseG (Austria) we would like to point out that principals, partners, authors and employees of GOLDINVEST Consulting GmbH hold or may hold shares of Sitka Gold and therefore a possible conflict of interest exists. We also cannot exclude that other stock letters, media or research firms discuss the stocks we recommend during the same period. Therefore, symmetrical information and opinion generation may occur during this period. Furthermore, there is a consulting or other service contract between Sitka Gold and GOLDINVEST Consulting GmbH, which means that there is a conflict of interest, especially since Sitka Gold remunerates GOLDINVEST Consulting GmbH for reporting on Sitka Gold.