Strong potential for additional discoveries

Sitka Gold Corp. (TSXV:SIG; FSE:1RF, OTCQB:SITKF) continues to demonstrate the great potential of its Blackjack discovery at its RC Gold Project in the Yukon with another targeted drill success outside of the existing Blackjack resource. Following the recently announced drilling success of DDRCCC-23-057, the follow-up hole DDRCCC-23-058, 70 metres south of the current Blackjack resource, also intersected strong gold results. Hole 58 intersected 154.0 metres of 1.47 g/t gold, including 37.0 metres of 3.07 g/t gold and 8.0 metres of 4.61 g/t gold. The result confirms, among other things, that gold mineralisation continues 200 metres down dip from drill hole DRCCC-23-047. Hole 47 returned 219.0 metres of 1.34 g/t gold in September last year, the best drill results to date on the project.

Figure 1: Overview of drill holes 47 from 2023 and current drill holes 57 and 58 from the completed winter drill programme.
Figure 2: Results from holes 58 and 47 are shown in cross-section, with the projected holes approximately 200 metres apart.

Geologists are gaining a better understanding of the structural controls on gold mineralisation at the Blackjack deposit. Results from holes 58, 47 and 57 have provided a 3D model interpretation showing that this strong gold mineralisation is associated with the Blackjack Fault, is open to the southeast and extends to both depth and surface. The high-grade gold intercepts identified in these holes form a large volume of well mineralised rock that defines a SSE trending corridor, now referred to as the Blackjack Mineralized Corridor, coincident with the Blackjack Fault. (see Figure 3)

Figure 3: The new target zone south of the Blackjack resource is several times larger than the known Blackjack resource area itself. The updated geological model indicates an area approximately 1km long along strike to the south of the resource as a high priority target.

Cor Coe, Director and CEO of Sitka commented, “The strong gold results from hole 58 continue to highlight the potential of this area to add significant high-grade tonnage to our gold resource, while also demonstrating the prospectivity of multiple intrusion-related gold deposits we have on our 100% owned, district-scale RC gold project. The Blackjack Fault, which was not known prior to our diamond drilling campaigns, appears to be an important control on the mineralisation discovered here as both this fault and the associated gold mineralisation trend in the same direction to the south of our current drill area. What really excites us is the fact that this mineralised corridor, which projects to surface and at depth, trends south of our resource through a highly prospective area that has remained largely unexplored to date, and further towards additional intrusions that have similar geological characteristics to the Saddle intrusion. This updated geological model has highlighted an area approximately 1km long along strike to the south of our resource as a high priority target that could significantly expand the high grade gold zone discovered at Blackjack. This area, along with the Saddle Zone target, which remains largely untested by drilling and contains the largest and strongest gold-in-soil anomaly on the property, will be the focus of our exploration efforts this season.”

The focus of the ongoing 15,000 metres of drilling in 2024 will be to further define gold mineralisation along the newly recognised Blackjack mineralised corridor towards the SSE. In addition, Sitka plans further drilling in the 2024 exploration season at the Saddle East zone (84m of 1.21 g/t Au in 2023), further drilling at the Eiger deposit (inferred resource of 440,000 oz Au in 2023), further drilling at the Josephine stock (visible gold discovered at surface in 2023) and further testing of the nine known intrusions with associated gold mineralisation.

Summary: The high-grade gold values most recently discovered near the known Blackjack gold deposit are remarkable for an intrusion-related gold system. In particular, the results from hole 58 demonstrate the strong potential for additional discoveries of similar calibre on the largely unexplored Clear Creek property package, where nine known intrusions have been discovered to date. When placed in a broader context, the results of the recent drilling in particular demonstrate the potential for significant gold mineralisation at the Blackjack deposit, which continues to the southeast.

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

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