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The Sitka story in Nevada is alive and well: Sitka Gold Corp. (CSE: SIG; FRA: 1RF) has just released the highly anticipated results from its two drill holes at the Alpha Gold project in Nevada. Both holes AG21-02 and AG21-03 have long intercepts of up to 100 meters with anomalous gold grades, however the gold grades are only in the range of fractions of a gram.

The highest measured values in AG21-02 include 0.105 g/t Au over 93.0 metres from 89.9 metres to 182.9 metres. Partial intercepts included 0.162 g/t Au over 12.2 m from 89.9 m to 102.1 m and 0.164 g/t Au over 27.4 m from 143.3 m to 170.7 m. Gold intercepts in AG21-03, also in the Horse Canyon equivalent, were 0.100 g/t Au over 57.9 m from 64.0 m to 121.9 m, including 0.147 g/t Au over 24.4 m from 64.0 m to 88.4 m. A separate intercept of 0.197 g/t Au over 4.6 m from 190.5 m to 195.1 m occurred in the Denay Fm and is interpreted to reflect a mineralized north-south fault.

Commenting on the results, Cor Coe, CEO and Director of Sitka Gold said: "The results confirm that we are in a gold-enriched Carlin-type system." Cor confirmed that Sitka has staked an additional 21 mining claims, increasing the land package to 923 hectares. (Figures 1 and 2). The new claims complete coverage of a newly identified structural trend to the east and southeast of drill hole AG21-03 (see news release dated March 10, 2021).

Querschnitt durch die Zielzonen von Sitkas Bohrprogramm

Figure 1: Cross-section of target zones from Sitka's drill program.

The broad intervals of anomalous gold are consistent with alteration and mineralization similar to that found in gold deposits along the Cortez Trend. Sitka infers from the drill results that they are on the edge of a strong Carlin-type gold system. The targets shown in Figure 1 (pink) are interpreted to be the most likely high-grade cores of this Carlin-type gold system. In addition, recent surface exploration has discovered another structural trend to the southeast of AG21-03 that has the strongest and most extensive alteration on the project. Alpha Gold's land package has therefore been expanded accordingly to cover this new target area.

Drilling at the Alpha Gold project has encountered wide zones of strongly anomalous gold mineralization in the lower part of the Devonian shale (Horse Canyon equivalent) directly above the Devils Gate limestone. The results support the assumption of increased gold mineralization compared to surface outcrops to the west. The primary target remains a high-grade gold rush analogue. Drilling results and new information have refined the target model as shown in Figure 1.

The northern target was always recognized as potentially important. The broad continuous gold zone near it in the lower Horse Canyon equivalent section of AG20-02 underscores the importance of this NNW reverse fault. Surface work conducted after drilling was completed discovered a second, larger, structural NNW target to the south. These inferred targets have a potential strike length approaching 5 kilometers and the intercept in AG21-02 suggests a thickness potential of 100 meters in the Horse Canyon equivalent stratigraphy alone. The structural orientation is consistent with the trend of the Goldrush-Fourmile deposit.

The Alpha Gold targets are also uniquely shallow compared to similar high-grade Carlin-type gold exploration areas.

Bottom line: The market demands easy answers and wants "instant gratification." Unfortunately, exploration can rarely deliver this "instant gratification". Sitka's findings from its two drill holes are doubly encouraging: yes, it is a Carlin gold system, and yes, the structural information is already providing precise indications of new drill targets that are top priority. Consistently, Sitka has secured an additional claim block adjacent to the existing claims to the south. There, a strong alteration zone was observed at surface (red). Sitka is expected to drill again on Alpha in the near future. The Sitka story is by no means dead, it has only just begun!

SIG Sitkas neuer Claimblock grenzt südlich an die bestehenden Claims
Figure 2: Sitka's new claim block is adjacent to the existing claims to the south.

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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.