VANCOUVER, British Columbia, July 21, 2022 (GLOBE NEWSWIRE) -- Sitka Gold (CSE:SIG) (FSE:1RF) (OTCQB:SITKF) has provided an update on the ongoing diamond drilling program at its RC Gold Project in Yukon. The RC Gold Project, a contiguous district-scale land package, consists of 376 square kilometres 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.
Since first phase drilling began in February 2022, the company has completed approximately 4990 metres of drilling in 16 holes focused on the Blackjack Zone where drilling in 2021 intersected 220.1 metres of 1.17 g/t gold including 50.5 metres of 2.08 g/t gold. Four subsequent drill holes completed during the winter of 2022 confirmed this impressive gold discovery, including the last drill hole announced, hole DDRCCC-22-025, a step out drill hole 80 metres to the east, that returned 349.0 metres of 0.71 g/t of gold drilled from near surface, including 221.0 metres of 1.01 g/t gold and 2.0 metres of 15.15 g/t gold.
Samples from 12 holes of the current second phase of drilling, which began June 1st, have been sent to ALS Global Laboratories’ preparation facility in Whitehorse, Yukon.
Drilling by the company since 2020 has demonstrated that better grade gold mineralization at the Blackjack Zone is hosted in sheeted quartz sulphide veins and veinlets in megacrystic granite and quartz feldspar porphyry dykes and sills and in proximal intruded metasedimentary rocks.
Recent preliminary metallurgical work has returned gold recoveries of up to 94% and demonstrated that the gold is not refractory and is potentially amenable to open-pit, heap leach extraction methods.
All drill holes completed to date in the current phase of drilling have intersected significant intervals of mineralized quartz veining in the intrusive and meta-sedimentary hosts rocks, with visible gold identified in several locations.
Cor Coe, P.Geo., CEO, stated: “We are very encouraged by the persistent mineralization and several occurrences of visible gold being observed as we continue to step out both laterally and vertically in all directions from discovery Hole 21 at the Blackjack Zone. Given what is being observed in the drill core, we expect the assay results from this phase of drilling to date will continue to expand on the known gold mineralization in this area and increase the parameters of what appears to be very significant intrusion related gold occurrence. With an access road that is usable year-round and proximity to additional infrastructure such as the highway and powerlines, the RC Gold Project is in an ideal location for future development.”
The company has identified a large 500 m by 2000 m intrusion related gold system on the property spanning the Blackjack, Saddle and Eiger zones and to date has drilled 34 diamond drill holes into this system. This has been the main focus of the company’s drill programs at RC Gold in 2020, 2021 and 2022.
The company is well funded having recently raised gross proceeds of approximately $4.7 million. The shares are trading at $0.145.
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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