VANCOUVER, British Columbia, June 07, 2023 (GLOBE NEWSWIRE) -- Sitka Gold (CSE:SIG) (FSE:1RF) (OTCQB:SITKF) reported 215.1 metres of 1.00 g/t gold, including 30.7 metres of 2.19 g/t gold from Hole 42 at its RC Gold project in the Yukon. The RC Gold Project consists of a 376 square kilometre contiguous district-scale land package located in the newly road accessible Clear Creek, Big Creek, and Sprague Creek districts in the heart of Yukon's Tombstone Gold Belt.
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The project is located approximately 100 kilometres east of Dawson City and is accessed via a secondary gravel road from the Klondike Highway an approximate 2-hour drive from Dawson. It is the largest consolidated land package strategically positioned mid-way between Victoria Gold's Eagle Gold Mine, Yukon's newest gold mine, which 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 and shares a common border with Victoria Gold's Clear Creek property to the west and Florin Resources' Florin Gold property to the north.
Hole 42, the second of three holes completed to date in 2023, was collared 215 m south of discovery Hole 21 announced in December 2021. It was drilled to expand the Blackjack deposit at depth and to the SE and was stepped 80 m to the west of Hole 41. Hole 42 intersected 180.2 m of 1.15 g/t Au within a larger interval of 215.1 m of 1.00 g/t Au.
The highest grade gold encountered in the hole was 2.35 m of 17.63 g/t Au from 311.0 m within a feldspar porphyry dyke. Widespread gold mineralization occurred throughout the latter half of Hole 42. Multiple occurrences of visible gold with bismuthinite were noted in the quartz veins.
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. Several high priority intrusion related gold targets exist at RC Gold with nine outcropped intrusions identified to date.
However, Sitka's main focus at the RC Gold Project has been on the underlying Clear Creek Property where a large 500 metre by 2000 metre intrusion related gold system covering the area over the Blackjack, Saddle and Eiger zones was identified. Prior to the onset of the 2023 winter drilling program, the company had drilled 38 diamond drill holes into this system for a total of approximately 13,000 metres, which culminated in the discovery of the Blackjack and Eiger deposits and an initial inferred mineral resource estimate.
In January 2023, the company announced that Blackjack had an inferred pit-constrained gold resource of 900,000 ounces of gold grading 0.83 g/t gold with another 440,000 pit-constrained ounces of gold grading 0.50 g/t gold at the Eiger deposit. 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 NaCN consumption.
Shifting to Nevada, Sitka is also planning additional drilling at its Alpha Gold Property where a new Carlin -type gold system was recently discovered. The company is focused on vectoring towards the high-grade core of this newly discovered system, which is located in the Cortez Trend just 40 km southeast of the Cortez Mine Complex of Barrick/Newmont with plans for a 2023 drilling program currently underway.
The company is well funded with its shares trading at $0.11. 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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