VANCOUVER, British Columbia, June 15, 2022 (GLOBE NEWSWIRE) -- Sitka Gold (CSE:SIG) (FSE:1RF) (OTCQB:SITKF) announced high-grade gold intercepts from the fourth diamond drill hole completed during the company’s 2022 winter exploration program at its RC Gold Project in Yukon.
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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. 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 2022 winter drilling program focused in the area of the Blackjack Zone first intersected by Hole 21, consisted of 4 diamond drill holes, numbered 22 to 25, which totalled 1,243 metres. The Blackjack Zone occurs within the Saddle West Zone where the Blackjack Fault obliquely intersects an east-west trending extensional corridor. It is defined by abundant lamprophyre dykes and a large gold-in-soil anomaly of >100 ppb and >500 ppb that covers an area of 2 kilometres by 500 metres between the Saddle West, Blackjack, Saddle and Eiger Zones
Highlights from DDRCCC-22-025, released today, reported 349.0 metres of 0.71 g/t gold, which started at just 19.0 metres below surface included:
• 221.0 metres of 1.02 g/t gold from 25.0 metres,
• 48.0 metres of 1.63 g/t gold from 111.0 metres,
• 20.0 metres of 3.08 g/t gold from 109.0 metres and,
• 2.0 metres of 15.15 g/t gold from 111.0 metres.
Hole 25 stepped out approximately 80 metres to the east of Hole 21 and was drilled at the same orientation and dip. It encountered similar geology to the previous drill holes with gold mineralization hosted both within intrusive and metasedimentary rocks with visible gold observed in the drill core.
Cor Coe, P.Geo., CEO, stated: "The assays from Hole 25 further demonstrate just how rich and consistent the gold mineralization is at our newly discovered Blackjack Zone. With 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 metres of 15.15 g/t gold, Hole 25 has confirmed that the gold mineralization in this zone is open and extends at least 80 metres east of our initial discovery hole (Hole 21). Gold intervals of this magnitude are exactly what we are looking for as we continue to step out and expand what appears to be a large area of potentially economic intrusion-related gold mineralization."
A pattern of step-out holes is planned to expand the zone east and west along the interpreted strike and further define the extent of gold-rich mineralization present in the Blackjack Zone. The goal of this phase of drilling is to gather sufficient data to estimate an initial gold resource.
Sitka has employed two drill rigs that are currently on site to complete the planned 10,000 metre diamond drill program focusing on the newly discovered Blackjack Zone.
The company is well funded having recently raised gross proceeds of approximately $4.7 million. The shares are trading at $0.14.
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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