VANCOUVER, British Columbia, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Sitka Gold (CSE:SIG) (FSE:1RF) (OTCQB:SITKF) has released results from the final two drill holes of the 2022 drill program, expanding extent of gold mineralization in strong Carlin-Type alteration to 2.5 km at its Alpha Gold Project in Nevada.
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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, approximately 40 kilometres southeast of the Nevada Gold Mines Cortez Complex in Nevada. The project, approximately 2 km west of Nevada State Highway 278, is easily accessible via a dirt road.
A total of 1,374.7 metres in four holes, AG22-09 to 12, were completed in 2022. In October, the company released the first two holes, with Hole AG22-09 returning 10.7 metres of 0.51 g/t gold and Hole AG22-10 returning 21.3 metres of 1.21 g/t gold starting at 212 metres, including 13.7 metres of 1.52 g/t gold and 1.5 metres of 4.62 g/t gold. AG22-11 intersected 12.2 metres of 0.50 g/t gold including 1.5 metres of 2.32 g/t gold within strong Carlin-type alteration. This was a 940 metre step-out south-southeast of AG22-10, expanding the extent of gold mineralization in strong Carlin-type mineralization intersected in drilling to 2.5 km within the 8 km north-northwest trending target zone.
AG22-12 was drilled 5.6 km south of AG22-10 at the southern extent of the target zone in the Frazier Creek area. Gold was more anomalous in AG22-12 than it was in AG22-11 in the shale cap rock above the host horizon. Progress on the hole was plagued by mechanical breakdowns and challenging hole conditions and as severe winter weather set into the area, the hole was abandoned at 416 metres, before reaching the critical Horse Canyon Equivalent host rock horizon, its targeted objective.
Surface alteration at Frazier Creek is visually the strongest on the Alpha Gold property with a 2 km strike length of continuous alteration interpreted as leakage from a potential Carlin-type gold system at depth. Valuable information obtained from this first drill hole and the extensive alteration on surface confirms Frazier Creek as a high priority target. Peak gold grades in Carlin-type systems generally occur where ore fluids, optimal host rock, and highly fractured or brecciated zones intersect.
Moving north, the company’s flagship RC Gold Project is a contiguous district-scale land package, consisting of 376 square kilometres, 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. Sitka has received all assay results from its 2022 diamond drill program at its RC Gold Project and recently announced a 43-101 compliant Initial Inferred Mineral Resource Estimate of 1,340,000 ounces of gold beginning at surface and grading 0.68 g/t.
The company is well funded with its shares trading at $0.115. For more information about this project and the company’s 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.
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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