Getting closer to a very large gold system
On the sidelines of this year’s mining investor summit in Beaver Creek, Colorado, the name of an insider tip that is almost no longer one is being eagerly discussed: Sitka Gold (TSXV:SIG; FSE:1RF; OTCQB:SITKF). Quite a few participants are asking the question: “Will Sitka Gold follow in the footsteps of Snowline Gold?” Just in time for the event in the Rocky Mountains, Sitka has followed up today with a new showpiece drill hole from its RC project in the Yukon.
Hole DDRCCC-24-068 (hole 68) was the deepest hole ever drilled on the project at 708.7 meters. The hole was designed to test the continuity of blackjack zone mineralization at depth and did so impressively: Hole 68 has the largest amount of visible gold observed to date at RC Gold, with multiple native gold intersections from near surface 4.4 metres to 679.8 metres. Drill core shows 40 occurrences of visible gold from surface to 680 metres, with mineralization remaining open at depth. Hole 68 is approximately 200 metres deeper than any previous hole and shows significant gold mineralization beyond previous drill limits. The strength of the system, as indicated by the abundant visible gold at depth, suggests, in the opinion of geologists, that Sitka is approaching the source of the mineralized system. Lab results from hole 068 are pending.
Cor Coe, CEO and Director of Sitka commented, “Drilling continues to encounter robust mineralization in our Blackjack zone as we pursue this gold system south of the Blackjack gold deposit, along the mineralized Blackjack corridor and at depth. Hole 68, the first hole to test the continuity of gold mineralization at Blackjack at depth, returned some very impressive images. This is the deepest hole we have ever drilled in this system, adding 200 vertical metres of gold mineralization to the limits of previous drilling, and it encountered the largest amount of visible gold seen in any hole to date, with numerous gold showings seen from near surface to 680 metres. Our geological modelling suggests that the intersecting structural corridors form a conduit for gold mineralization at Blackjack, which is part of a larger mineralized system within the Clear Creek intrusive complex. While we eagerly await assay results to provide us with a complete picture, the strength of the system, as indicated by the abundant visible gold at depth in hole 68, suggests that we are approaching the source of this impressive mineralized system that is open in all directions.”
In addition to hole 068, Sitka also reports on holes DDRCCC-24-063, 064, 065, 066, 067, which also extend the Blackjack deposit further south and to depth, with strong mineralization noted in all holes. Again, lab results are pending.
Conclusion: In exploration, some drill holes are more important than others and only a few drill holes are real game changers or even company makers. Looking back at Sitka Gold’s exploration history, success started with drill hole 21 (in November 2021). Discovery drill hole DDRCCC-21-021, intersected 220.1 meters with 1.17 grams of gold per tonne from surface. This result was surpassed by hole DDRCCC-23-047 at Blackjack, which returned results of up to 219.0 meters of 1.34 g/t gold, including 124.8 meters of 2.01 g/t gold and 55.0 meters of 3.11 g/t gold in 2023. Interestingly, visible gold was only encountered in one location in this successful hole. In contrast, the most recent drill hole DDRCCC-24-068 intersected 40 times visible gold. Sitka could therefore have opened the door to a whole new dimension with this hole – it could be a game changer hole. The abundance of visible gold at depth in hole 68 suggests that Sitka is getting closer and closer to the source of a very large gold system that appears to extend across the extensive Clear Creek intrusive complex. Sitka’s geologists are betting on a repeat of Blackjack along the 10 kilometer long Blackjack Corridor. The bigger picture within the Clear Creek Intrusive Complex shows a mineral system characterized by numerous gold-bearing intrusions and intersecting structural corridors similar to that defined in the Blackjack deposit. With all this in mind, it is important to remember that Sitka has only drilled a total of 72 diamond drill holes totaling approximately 25,136 meters into this system to date. This is comparatively few and speaks for the high efficiency with which Sitka is exploring its project.
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