Exploration sometimes yields a lot of brown bread, but even brown bread is nutritious in the end. That's one way to look at the latest three drill results from Sitka Gold Corp. (CSE:SIG; FRA: 1RF) from the Eiger Zone at its RC Gold project in the Yukon. In total, Sitka has drilled 15 holes this year totaling 5,000 meters. Including the results now presented, 9 drill results are available. Results from an additional six drill holes are therefore still pending. The results presented relate to holes DDRCCC-21-013, DDRCCC-21-014 and DDRCCC-21-015, all drilled in the Eiger zone. Eiger is located at the eastern end of the 2,000 meter Saddle - Eiger target (Figure 1).
Figure 1 - Drill Hole Locations
Highlights from these holes include 213 metres of 0.45 g/t gold from 113.0 to 326.0 metres in hole DDRCCC 21-013, including: 59.0 metres at 0.62 g/t gold from 267.0 to 326.0 metres, including: 15.0 metres at 1.25 g/t gold from 299.0 to 314.0 metres. As well as 212 metres of 0.41 g/t gold from 265.0 to 477.0 metres in hole DDRCCC 21-014, including: 82.0 metres of 0.61 g/t gold from 273.0 to 355.0 metres and: 10.0 metres of 1.15 g/t gold from 154.0 to 164.0 metres.
DDRCCC 21-015 was drilled to the east and at the southern extent of drilling in the Eiger Zone. The hole extended to 293.35 metres below the drill hole in sediments before passing into the diorite of the Eiger stock.
Cor Coe, CEO of Sitka commented, “The results from these holes continue to demonstrate the significant potential of the Eiger Zone and have greatly increased our confidence in the continuity of higher density mineralized corridors within this zone both laterally and at depth. The projection of these structurally controlled high-grade corridors towards the Saddle Zone, 2,000 meters to the west, where we intersected 318 meters of 0.45 g/t gold in hole DDRCCC-21-007 earlier this year, including 32 meters of 1.23 g/t gold (see press release dated August 19, 2021), gives us great confidence in the potential size of this deposit.”
As stated, assay results are pending for the 6 drill holes DDRCCC-21-016 through DDRCCC-21-21. DDRCCC-21-016 & -017 were drilled in the Eiger zone. Holes DDRCCC-21-018 through DDRCCC-21-020 were drilled in the Saddle Ridge zone - approximately halfway between the Eiger zone and the Saddle West zone. Drill hole DDRCCC-21-021 was drilled on Saddle West, approximately 2,000 metres west of the now disclosed drilling. Including the four 2020 discovery drill holes, the Company has drilled 19 drill holes totaling 6,494 metres in the Saddle-Eiger target area.
Bottom line: due to lab overload, Sitka is unfortunately delivering its Yukon results in slivers. It is all too easy to lose sight of the big picture. The drill results presented are not spectacular when viewed in isolation. Their significance lies in the fact that they prove the context of the 2,000-meter Saddle-Eiger Zone, which was discovered only last year. In particular, CEO Cor Coe's indication that there are structurally controlled higher grade corridors associated with analogous structures towards the Saddle Zone to the west is encouraging. This confirms the thesis that this may be a large system. Sitka has saved the best for last: three of the remaining drill holes, DDRCCC-21-018 through DDRCCC-21-020, are located about halfway between the Eiger Zone and the Saddle West Zone. They are likely to be of great importance to the suspected continuity. Then, at the very end, hole DDRCCC-21-021 was drilled on Saddle West on the far western edge of the project. The upcoming drill holes will reveal much about Saddle-Eiger.
Disclaimer: GOLDINVEST Consulting GmbH publishes comments, analyses and news on https://goldinvest.de. These contents serve exclusively the information of the readers and do not represent any kind of call to action, neither explicitly nor implicitly they are to be understood as an assurance of possible price developments. Furthermore, they do not in any way replace individual expert investment advice and do not constitute an offer to sell the stock(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. There is no contractual relationship between the GOLDINVEST Consulting GmbH and its readers or the users of its offers, because our information refers only to the company, but not to the investment decision of the reader.
According 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.