VANCOUVER, British Columbia, May 19, 2022 (GLOBE NEWSWIRE) -- Sitka Gold (CSE:SIG) (FSE:1RF) (OTCQB:SITKF) announced high-grade gold intercepts from the third diamond drill hole completed during the company’s 2022 winter exploration program at its RC Gold Project in Yukon. The RC Gold Project, a contiguous district-scale land package, consists of 376 square kilometre or 92,900 acres, located in the newly road accessible Clear Creek, Big Creek, and Sprague Creek districts in the heart of Yukon's highly prospective Tombstone Gold Belt.
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It is strategically positioned mid-way between Victoria Gold's Eagle Gold Mine, which is Yukon's newest gold mine having reached commercial production in the summer of 2020, and Sabre Gold Mine's Brewery Creek Gold Mine.
The RC Gold Project land package comprises five underlying properties, namely, the RC, Bee Bop, Mahtin, Clear Creek, and Barney Ridge properties.
The winter drilling program focused in the area of the Blackjack Zone which was first intersected by Hole 21. The Blackjack Zone occurs within the Saddle West Zone where the Blackjack Fault obliquely intersects an east-west trending extensional corridor. This corridor is defined by abundant lamprophyre dykes and the gold-in-soil anomaly of greater than 100 parts per billion and greater than 500 parts per billion over an area of 2 kilometres by 500 metres between the Saddle West, Blackjack, Saddle and Eiger Zones.
Four diamond drill holes, 22, 23, 24 and 25, were completed during the 2022 winter program for a total of 1,243 metres. Hole 24 was collared from the same setups as Holes 21 & 23 but was drilled to the west to a depth of 204 metres. The hole collared and remained in multiphase intrusive rock associated with the most consistent mineralization encountered to date at the BlackJack zone, to a depth of 52.4 metres where it crossed the BlackJack Fault. Below the fault, a mixed sequence of well mineralized metasedimentary country rocks and multiphase intrusive sills was encountered to a depth of 114.6 metres before transitioning into weakly mineralized metasedimentary country rock. Visible gold was also observed throughout the drill hole.
Cor Coe, P.Geo., CEO, stated: "Results from our winter drill program continue to deliver with the exceptional assays from Hole 24 adding to the mounting evidence that our newly discovered Blackjack zone could host a multi-million ounce, economically viable gold deposit. With over 100 metres of nearly 1.5 grams per tonne of gold drilled from surface, including 2 metres of over 1 ounce per tonne of gold, Hole 24 has confirmed that the gold-rich mineralization in this zone extends at least 100 metres west of our initial discovery hole (Hole 21) and remains open. Additionally, we have now confirmed that gold mineralization also extends 100 metres south and that it is continuous along vertical section (depth) from Hole 23 to Hole 22. This gold-rich zone remains open in all directions and we are eagerly awaiting the results from Hole 25 which was drilled approximately 80 metres to the east of Hole 21. Our plan is to continue step out drilling as we work towards further expanding this gold mineralization east and west along the interpreted strike while building tonnage for a maiden resource estimate."
The shares are trading at $0.135. For more information about this project and the company’s other projects in the Yukon, Arizona, Nevada and Nunavut, please visit the company’s website at www.SitkaGoldCorp.com, contact Donald Penner, President, at 778-212-1950 or by email at dpenner@SitkaGoldCorp.com, or Cor Coe, CEO, at 604-817-4753, or email ccoe@SitkaGoldCorp.com.
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