{kanada_flagge}Gold explorer Sitka Gold (WKN A2JG70 / CSE SIG) had a strong final spurt in 2021. Not only did CEO Corwin Coe’s company present a sensational 1.17 g/t gold drill hole over a whopping 220 meters from the RC Gold project, Sitka also believes it has discovered the continuation of this high-grade gold corridor with a drill hole reported later. Partly to test this theory, a geophysical survey has now been flown over the 376 square kilometer area.
This magnetic survey was conducted by Precision GeoSurveys and totaled more than 1,200 line kilometers in three of RC Gold’s target areas, including the Saddle Eiger zone where the company is currently embarking on a diamond drilling program.
Sitka will use the data from the helicopter-borne geophysical survey in conjunction with existing data from LiDAR surveys, geochemical sampling, existing mapping results, and other information from sampling, drilling and historical data to provide important insights into the structure, alteration and lithology of the target zones for exploration – and thus to better target drilling.
Corwin Coe also emphasized the importance of the just-completed survey, “We are very pleased that Precision GeoSurveys was able to conduct this high-resolution, helicopter-borne geophysical survey on our RC Gold Project last month. Aerial magnetic surveys provide excellent data collection and we anticipate that the quality data obtained from this survey will further assist us in refining drill targets on the property. A portion of the survey was flown over the Saddle Eiger zone where a 500 meter by 2000 meter intrusion-related gold system was identified that is the focus of the Company’s 2020 and 2021 drill programs. Results from this zone returned several significant gold intercepts, including the last hole completed in 2021, DDRCCC-21-021, which intersected 220.1 metres of 1.17 g/t gold from surface. We will immediately use the data from this survey as we prepare to begin our winter drill program, which aims to build on the exceptional results from hole 21.”
The company’s winter drilling program is expected to begin in the next few days and, including planned summer drilling, will encompass 10,000 meters of diamond core drilling. As is to be expected, the first step will focus on step-out drilling from the spectacular drill hole mentioned at the beginning of this report.
Bottom line: Without much of a break, Sitka Gold is moving on to the next round of drilling at the RC Gold project, this time even with targets refined by the new data from the magnetic survey just completed. If the company succeeds in confirming its theory of a roughly 2-kilometer-long, high-grade gold corridor for RC Gold, investor interest in Cor Coe’s company should rekindle, we think. Moreover, the markets reaction to truly outstanding drill results could be observed in mid-December, when Sitka released drill hole 21.
Of course, despite all the preparation and experience of the people involved, exploration is always a risky business, and metal price developments are beyond the control of the company, too. Investors in the commodity sector and especially in commodity juniors should always keep this in mind.
Apart from that, Sitka Gold is far from being a “one-trick pony”, of course, but has several other, also very promising projects, among others in Nevada. Further information can be found in the company’s profile on GOLDINVEST.de.
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