{kanada_flagge}”Just weeks after the disclosure of two discovery holes on its Alpha Gold Project in Nevada, Sitka Gold Corp. (CSE: SIG; FRA: 1RF) continued the hunt for a Carlin-style deposit. The company announced yesterday that the crew and equipment have already been mobilized in preparation for the upcoming drill program.
Sitka has since changed its drilling permit to allow drilling from six additional locations. (See Figure 1). The drilling follows the AG21-02 & 03 discovery holes noted above, which had already provided strong evidence of a Carlin style gold deposit. Both holes intersected long intervals of anomalous gold and very strong Pathfinder elements known to be associated with Carlin-type gold deposits (see Sitka news releases dated May 6-21, 2021). Sitka intends to drill at least 1,500 meters during this initial phase of follow-up.
Figure 1: The Alpha Project is located at the intersection of the Pine Valley Regional Anticline and the northeastern fold trends of the Roberts Mountains (dashed line). Sitka interprets the two discovery holes AG21-02 and AG21-03 as being on the edge of a Carlin-type deposit. The new drill hole sites (marked in blue) are positioned to test the target stratigraphy at depth where surface coincident structural, geochemical and intense alteration signatures suggest that an underlying Carlin type deposit may be present.
Pathfinder elements provide further strong evidence of Carlin mineralization
The Alpha Project is located at the southeast end of the Cortez Trend approximately 40 km southeast of the Barrick / Newmont Cortez Gold Mining Complex. The six new drill locations were selected to test the critical contact between Horse Canyon and the Devils Gate Formation at depth near the strongest surface alteration southeast of AG21-02 and AG21-03 (Figure 1). The results of the rock chip samples from May have just arrived and will now be used to determine the drill target. The rock chip results confirm that the extensive surface alteration shows strong Carlin Pathfinder values, including peaks of 2150 ppm As, 4.92 ppm Hg, and 144 ppm Sb, along the entire 5 km strike of the Inferred targets.
Cor Coe, PGeo, CEO and Director of Sitka Gold, stated, “We are excited to begin this next phase of exploration at Alpha Gold to coincide with our ongoing drilling program at RC Gold in Yukon. The results from holes AG21-02 & 03 indicate that we are on the edge of a Carlin type gold system and this next phase of drilling is aimed at exploring the potential high grade zones of that system.”
Alpha Gold’s location
Sitka Gold has acquired a 100% interest in the Alpha Gold Project, located along the southeast projection of the prolific Cortez gold trend in Eureka County, approximately 135 kilometers southwest of Elko, Nevada. The property consists of two claim blocks totaling 114 lode claims covering approximately 2,280 acres (923 hectares) and is accessible by a dirt road approximately 2 km west of Nevada State Highway 278.
The property was originally staked after the site was identified as the intersection of the Pine Valley Regional Anticline with northeastern fold trends in the Roberts Mountains. Of primary concern at Alpha Gold’s location is that the rock has been significantly subsided by late expansion fractures. Prior to expansion and during the critical Carlin-style mineralization event 36-42 million years ago, the fold crest at Alpha Gold would have been a regional highlight among the nearby mountain ranges. Well exposed ‘lower plate windows’ near Alpha Gold have been explored extensively for Carlin-type gold showings with a number of showings found along the legs.
Yukon RC Gold Project Drilling Update
Sitka is also active in the Yukon at the same time. The company announced that it has completed the first hole on its RC gold project and that the drill core has already been shipped to the laboratory. The RC project is located approximately 110 kilometers east of Dawson City, Yukon. This first hole went to a depth of 353.4 meters and was located near last year’s DDRCCC # 002 drill hole which returned 0.82 g / t gold over 100.8 meters and an additional interval at the bottom at 16.1 g / t gold over 2.0 meters (see press releases dated November 23, 2020 and December 16, 2020). Drilling on the project will continue as part of a planned 10,000 meter drill program that will primarily focus on expanding the extent of gold mineralization discovered in the Saddle-Eiger Zone.
Conclusion: Successful drilling in Nevada could turn the Alpha Project for Sitka into a Moonshot Project overnight. Meanwhile, do not forget the work on the RC gold project in the Yukon: The most recent hole was roughly parallel to a hole that ended 2 meters at 16.1 g / t gold. There could still be nice surprises there too, especially since the drilling was advanced to a depth of 354 meters. With 10,000 meters of drilling, Sitka is aiming for a Maiden Resource in the Yukon. The blueprint for the exploration is provided by the neighbor Victoria Gold, which operates the Eagle gold mine only 40 kilometers away, which is characterized by high tonnage and rather low gold grades. According to the latest resource estimate from 2020, the highly profitable Eagle Gold Mine contains 155 million tons of ore at an average grade of 0.65 g / t Au, for the equivalent of 3.26 million ounces of gold. In other words, average gold grades of 0.65 g / t are the benchmark to keep in mind when reporting future results from Sitka’s RC gold project.
Disclaimer: GOLDINVEST Consulting GmbH offers editors, agencies and companies the opportunity to publish commentaries, analyses and news on http://www.goldinvest.de. This content serves exclusively to inform the readers and does not represent any kind of call to action, neither explicitly nor implicitly, and is not to be understood as an assurance of any price development. Furthermore, it does not in any way replace individual expert investment advice and does not constitute an offer to sell the share(s) discussed or a solicitation to buy or sell securities. This is expressly not a financial analysis, but an advertising / journalistic text. Readers who make investment decisions or carry out transactions on the basis of the information provided here do so entirely at their own risk. No contractual relationship is established between GOLDINVEST Consulting GmbH and its readers or the users of its offerings, as our information only relates to the company and not to the reader’s investment decision.
The purchase of securities involves high risks which can lead to the complete loss of the capital invested. The information published by GOLDINVEST Consulting GmbH and its authors is based on careful research. Nevertheless, any liability for financial losses or the guarantee of the topicality, correctness, adequacy and completeness of the articles offered here is expressly excluded.
In accordance with §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 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. Furthermore, a contractual relationship exists between Sitka Gold and GOLDINVEST Consulting GmbH which involves GOLDINVEST Consulting GmbH reporting on Sitka Gold. This is another clear conflict of interest.
