VANCOUVER, British Columbia, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Sitka Gold (CSE:SIG) (FSE:1RF) (OTCQB:SITKF) has completed the Phase II summer diamond drilling program and provided an update at its RC Gold Project. 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.
The Phase I winter drilling program successfully tested the potential for expanding the high grades encountered in the 2021 Blackjack Zone discovery Hole 21. All four holes in the Phase I winter drilling program encountered similar high grades to the discovery hole and formed the basis for Sitka to design the Phase II summer drill program.
Utilizing three drill rigs, summer drilling at RC was completed ahead of time. The Phase II summer drilling consisted of 16 diamond drill holes totalling approximately 5,250 meters, bringing the total to 20 holes for approximately 6,500 meters when including the Phase I winter program. Drilling was primarily focused on stepping out laterally and vertically from the Blackjack zone discovery hole number 21 which last December reported an intersection of 220.1m of 1.17 g/t gold including 50.5m of 2.08 g/t gold.
Phase II drilling also included the first ever diamond drill hole completed at the Bos Stock, a Tombstone-age intrusion related gold deposit target located approximately 24 kilometres southeast of the Blackjack zone.
Cor Coe, P.Geo., CEO, stated: “Drilling continued to encounter significant intersections of mineralization at the Blackjack zone in numerous step out holes that included several instances of visible gold hosted in both intrusive and metasedimentary host rocks. Assay results from our summer drill program are expected to greatly expand our understanding of the controls of mineralization at the Blackjack zone. Our systematic approach to exploration at RC Gold continues to deliver excellent results and we are eagerly awaiting the assays from this phase of drilling.”
Mineralization was intersected in all current drill holes with visible gold also identified in the majority of the drill holes including the deepest observation of visible gold at a depth of 417.25m in hole 39.
Cor Coe, P.Geo., CEO, continued: “Sitka is excited to continue to expand the potential of intrusion-related gold mineralization within the Yukon portion of the Tombstone Gold Belt. We are not alone in our recognition of the potential of this extensive mineral belt to host significant gold deposits. The widths and grades encountered in drilling at our Blackjack zone are very significant when compared to our peers Victoria Gold and Banyan Gold who are mining and/or exploring their deposits within the TGB. Victoria Gold is currently mining the Eagle Gold deposit which had Measured and Indicated Resources prior to mining of 214 million tonnes grade of 0.63 g/t gold estimated at a 0.15 g/t cut-off (4.397 million ounces. Banyan Gold recently announced a combined Inferred Mineral Resource at the Airstrip, Powerline and Aurex Hill deposits on their AurMac Project of 207.0 million tonnes grading 0.60 grams per tonne gold at an estimated cut-off grade of 0.2 to 0.3 g/t (3.99 million ounces).”
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 38 diamond drill holes into this system, which has been the main focus of the company’s drill programs at RC Gold in 2020, 2021 and 2022.
Up to 1,500 meters of drilling is also currently underway at the company’s Alpha Gold Property in Nevada where a new Carlin-type gold system was recently discovered and where the company is focused on vectoring towards the high-grade core of this system.
The company is well funded with approximately $4.0 million in working capital after paying for the 2022 Yukon RC Gold Project drilling costs. The shares are trading at $0.21.
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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