VANCOUVER, British Columbia, April 13, 2023 (GLOBE NEWSWIRE) -- Sitka Gold (CSE:SIG) (FSE:1RF) (OTCQB:SITKF) has intersected visible gold in step out diamond drilling at its RC Gold Project, approximately 100 km east of Dawson City, in Yukon’s Tombstone Gold Belt. 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 the largest consolidated land package 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. It has a common border with Victoria Gold's Clear Creek property to the west and Florin Resources' Florin Gold property to the north.
The first drill hole of the season, DDRCCC-23-041, was completed to a final depth of 518.8 metres and drilling has now advanced to hole DDRCCC-23-042. Preliminary drill hole locations are being systematically determined based on the latest information gathered from the most recently completed drill holes along with previously generated exploration data. The initial drilling of 2023 is focused on step-out drilling to expand what appears to be a higher-grade component of the maiden Blackjack gold deposit that was announced in January of this year.
Blackjack has an inferred pit-constrained gold resource of 900,000 ounces of gold grading 0.83 g/t gold. Expansion drilling is also planned this year at the Eiger deposit that currently has 440,000 pit-constrained ounces of gold grading 0.50 g/t gold. Both the Blackjack and Eiger deposits remain open in all directions and form the basis of an NI 43-101 compliant, pit-constrained initial mineral resource estimate of 1,340,000 ounces of gold grading 0.68 g/t gold.
Both of these deposits are at or near surface, are potentially open pit minable and amenable to heap leaching, with initial bottle roll tests indicating that the gold is not refractory and has high gold recoveries of up to 94% with minimal sodium cyanide consumption. A 1.5 km long mineralized corridor between the Blackjack and Eiger deposits remains largely undrilled with the potential for gold mineralization to link the Blackjack and Eiger zones together through the Saddle zone. This mineralized corridor will also be a priority exploration target for the 2023 diamond drilling program.
Hole 41 was collared 160 metres south of discovery drill hole DDRCCC-21-021 and was designed to test for an extension of high-grade material at depth below drill holes DDRCCC-22-025 and DDRCCC-22-038. The hole encountered the expected metasedimentary country rock unit with weak quartz-sulphide veining from collar to 184 metres depth where it then transitioned through a series of narrow intrusive dikes and sills with markedly increased vein density and visible gold occurrences.
The visible gold occurrences continued in to the main megacrystic intrusive from 232 metres to 347 metres depth. From 347 metres to 438 metres another zone of transitional intrusive dikes and sills was encountered with significant densities of quartz-sulphide veins similar to above, and comparable to the core of the Blackjack deposit. At 438 metres, the hole crossed a 17-metre wide post-mineral dike followed by more intrusive rocks with variable quartz-sulphide veining to the end of the hole at 518.8 metres.
Cor Coe, P.Geo., CEO, stated: “The geologic indicators observed in our first step-out hole of the year are very encouraging. The concentration of gold grains observed in hole 41 is far beyond anything we have seen to date and was encountered near the start of what appears to be a well mineralized interval (see Figure 3). Given the impressive visuals, hole 41 is expected to further extend what appears to be a higher-grade core of the Blackjack gold deposit to the east and to depth. The 2023 drilling at RC Gold is off to a great start and we look forward to the significant advancement that this year’s activities should bring to the Project.”
The Blackjack and Eiger deposits are in close proximity to highway and power infrastructure, are road accessible year-round, and remain open in all directions. They are at the western and eastern end of a large, 500 metre by 2 kilometre intrusion related gold system that was recently discovered on the property. To date, just 38 diamond drill holes have been drilled into this system for a total of approximately 13,000 metres with results of up to 201.0 m of 1.26 g/t gold from surface, including 82.0 m of 2.04 g/t gold and 19.5 m of 4.87 g/t gold at Blackjack and 354 m of 0.41 g/t gold including 72 m of 0.72 g/t gold at Eiger.
Shifting to Nevada, Sitka Gold holds a 100% interest in the 4,780-acre Alpha Gold Project, located along the southeast projection of the prolific Cortez Gold Trend in Eureka County, where additional drilling is planned where the company recently discovered a new Carlin-type gold system.
The company is well funded with its shares trading at $0.135. For more information about this project and the company’s other projects in the Yukon, Arizona, Nunavut, and Nevada, 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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