Sitka Gold Confirms Quality of Blackjack Discovery with 449.0 Meters of 0.74 g/t Gold from Surface

Sitka Gold Corp. (CSE:SIG; FSE:1RF; OTCQB:SITKF) has again demonstrated the high reliability of gold mineralization at its Blackjack discovery at the RC Gold Project in the Yukon with results from the first three diamond drill holes (DDRCCC-23-043, 044 and 045) from the 10,000m summer drilling still in progress.

The Company has drilled 14 holes totaling approximately 6,000 meters to date as part of its ongoing diamond drilling program at RC. The best hole, 23-043, returned an impressive 332 grams/meter. Specifically, the drilling included 449.0 m of 0.74 g/t Au from 4.0 m (surface), including 28.0 m of 0.91 g/t Au from 4.0 m; 40.0 m of 1.02 g/t Au from 81.0 m; 138.0 m of 1.14 g/t Au from 315.0 m; and 14.0 m of 3.28 g/t Au from 345.0 m. Hole DDRCCC-23-044 returned 161.8 m of 0.71 g/t gold from 107.2 m, including 24.0 m of 1.10 g/t gold from 143.0 m, 34.0 m of 1.66 g/t gold from 235.0 m and 16.0 m of 2.36 g/t gold from 253.0 m. DDRCCC-23-045 returned several mineralized intercepts including 52.5 m of 0.51 g/t gold from 57.0 m and 14.0 m of 0.80 g/t gold from 57.0 m. Visible gold was encountered in all three holes.

DDRCCC-23-043 was drilled in the same location as DDRCCC-21-021. The purpose of the hole was to fill a data gap in the current resource model and to extend the higher grade mineralization in the current resource to depth. The hole had been started as part of the winter drilling program, but had to be abandoned at 426.7 m due to the onset of spring thaw. The hole was re-drilled at the start of the summer drill program and extended to 526.4m.

Cor Coe, Director and CEO of Sitka Gold commented, “Results from the first three holes completed during our summer drill program at RC Gold continue to demonstrate how consistent and well-endowed the gold mineralization is at our expanding Blackjack deposit. The extension of hole 43 added an additional 30 meters grading 0.78 grams per tonne gold to the end of this hole, resulting in an impressive intersection of 449.0 meters grading 0.74 grams per tonne gold from surface. Holes 044 and 045 continue to extend this gold deposit to the south, with several additional intercepts of greater than one gram per tonne gold encountered. Step-out drilling and field work to extend the Blackjack and Eiger gold deposits, both of which remain wide open, will be the primary focus of our 2023 summer field season at RC Gold, along with additional exploration work in preparation for drilling to test other high-priority gold targets within the Clear Creek intrusive complex” (see Figure 2).

Sitka Gold Confirms Quality of Blackjack Discovery with 449.0 Meters of 0.74 g/t Gold from Surface
Figure 1: Overview map of drill hole locations in the Blackjack Zone.
Sitka Gold Confirms Quality of Blackjack Discovery with 449.0 Meters of 0.74 g/t Gold from Surface
Figure 2: Overview map of the northern extent of the Clear Creek intrusive complex.

Summary: Just a few days ago, Ana Maria Cox De Gubbins, a major shareholder of Snowline Gold Corp, took a CAD 4 million stake in Sitka Gold. Cox holds a position of more than 10 percent in Yukon gold explorer Snowline, which has made a splash with its recent discoveries. Snowline's market value is currently more than $700 million CAD, about 20 times higher than Sitka Gold's current valuation. What might have motivated a major Snowline shareholder to take a strategic position in Sitka? Geologically, Snowline, like the Blackjack and Eiger deposits, has intrusion-related gold discoveries in the Yukon. This type of deposit, suitable for industrial mining, is known in the Yukon from several successful mines such as Fort Knox or Victoria Gold and it is understood what parameters must be met for a successful project. Apart from the gold grades, however, there is one major difference between Sitka's Blackjack and Snowline's Rogue project. The Sitka discoveries are in close proximity to highway and power infrastructure and have year-round road access. The Snowline projects are far from infrastructure. This advantage for Sitka could easily make up for a few missing grams/meter from the new investor's perspective. In addition, Sitka's 5,000 meter by 2 kilometer intrusion-related gold system at Clear Creak is still open in all directions. To date, only 52 diamond drill holes totaling approximately 18,275 meters have been drilled in this system! So, in a sense, exploration is just beginning. Sitka can be sure that at the latest from now on other Snownline investors will also follow the further newsflow closely.

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Pursuant to §34b WpHG and §48f Abs. 5 BörseG (Austria) we would like to point out that GOLDINVEST Consulting GmbH and/or partners, principals or employees of GOLDINVEST Consulting GmbH hold shares of Sitka Gold and therefore a conflict of interest exists. GOLDINVEST Consulting GmbH also reserves the right to buy or sell shares of the company at any time. Furthermore, GOLDINVEST Consulting GmbH is remunerated by Sitka Gold for reporting on the company. This is another clear conflict of interest.

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