Sitka Gold Provides Year End Review of 2022 Exploration Activities


Vancouver, Canada – Newswire – January 3, 2023 – Sitka Gold Corp. (“Sitka” or “we”) (CSE:SIG) (FSE:1RF) (OTC:SITKF) teeth We are pleased to provide an overview of the progress and achievements of our exploration activities over the last 12 months, as well as an overview of our planned exploration program for 2023.

Below is a summary and highlights of our 2022 exploration.

A total of three drilling programs were expanded in the Yukon and Nevada, confirming the importance of the 2021 drilling discoveries of an intrusion-related gold system at the RC Gold Project and a Carlin-type gold system at the Alpha Project.

At Yukon’s RC Gold project, a 6,500-meter, 20-hole drilling program, consisting of a Phase 1 winter diamond drilling program and a Phase 2 summer diamond drilling program, was completed with the discovery of Blackjack. The blackjack find was on the final hole of the 2021 drill season. Hall 21 he crossed with 221 meters of 1.17 g/t gold within the Tombstone suite craze. The 2022 drilling intersected a similar breadth and grade of intrusive host mineralization that greatly expanded the Blackjack discovery. In addition, drilling has emerged from intrusions into the surrounding metasedimentary host rock intersecting with distal gold-bearing vein-type mineralization. The Blackjack Zone remains open in all directions and drilling in 2023 will continue to focus on expanding the zone in both intrusive and surrounding metasedimentary rocks.

Additional work completed on the RC Gold project included the first bottle-roll metallurgical tests, which confirmed the non-refractory nature of gold mineralization and demonstrated gold extraction rates of up to 94%. Got it. In addition to LiDAR surveys, airborne magnetogeophysical surveys have been completed in portions of the project area. Exploration and sampling continued on the project. A new 30-person all-season camp was built to support future winter and summer drilling programs. The RC Gold Project is a sprawling site of 376 square kilometers, and he completed one drill hole to the May-Qu Invasion Host’s Gold Target, which is located 28 kilometers from the Blackjack Zone.

In Nevada, the Alpha Project has completed a four-hole, 1375-meter drill program. The drilling program continued to confirm that the geological model used to target this unexplored area of ​​the Cortez trend was host to Carlin-type gold mineralization. Drilling intersected Carlin-style mineralization and alteration, and the grades and widths encountered in 2022 drilling continued to increase from previous programs.drill hole AG22-10 is The most significant gold mineralization to date intersected by 21.5 meters of 1.21 g/t Au with a peak value of 4.62 g/t Au over 1.5 meters. Furthermore, the alteration and mineralization observed at boreholes AG22-11 and -12 significantly increased the known footprint of this system, with large step-outs of 940 m and 5,600 m from AG22-10 to SSE, respectively. expanded to In addition to surface geological mapping, geological information from the drilling program has significantly improved the geological map of the project area and several new high-priority drilling targets. A drilling permit for Frazier Creek in the southern region of the project has also been approved. Received in 2022.

Analysis of the final borehole for 2022 drilling at the RC Gold project and the final borehole at the Alpha Gold project is pending.

At the Yukon OGI property, a 600-station soil grid sampling program was completed to track previously identified gold anomalies in soil. He has drilling permits underway at the Burro Creek project in Arizona and the Coppermine project in Nunavut.

Sitka Gold Corp. is focused on discovery, and as evidenced by the discovery of blackjack in the Yukon and alpha in Nevada, 2022 will see the company succeed in discovering geological concepts. We showed that we can proceed. The company continues to leverage its strong technical team and operational expertise to efficiently deploy exploration capital across its portfolio of gold, silver and copper projects in key North American jurisdictions. We would like to thank our devoted shareholders and investors for helping us raise over $8 million in funding by 2022. With strong financials and a rapidly progressing portfolio of assets, we are well positioned to head into the new year. .

The Company has had an exceptional year of research with some exciting progress and milestones achieved in 2022said Cor Coe of P.Geo, CEO and Director of Sitka Gold. “After receiving the results of the analysis of the Blackjack Zone Discovery Hole (“Hole 21”) at RC Gold in December 2021, Sitka is ready to follow up with the first-ever winter diamond drilling program in January 2022. I made it. The successful completion of this drilling program has demonstrated year-round operation at RC Gold and confirmed that the Blackjack discovery is ripe for expansion. The winter drilling results helped design an aggressive summer step-out drilling program aimed at further expanding the known mineralization at Blackjack and building significant tonnage. The results so far have been very encouraging, showing the scale, continuity, and scale of the Blackjack Zone, which is still open in all directions, to host what could become a large, economically viable gold deposit. , indicating that it is equipped with a grade.

“Additional drilling at the Alpha Gold project in Nevada yielded our best gold results to date and significantly expands the known footprint of the recently discovered Carlin-type gold system.

“The 2022 results are a direct reflection of the hard work and dedication of the outstanding Sitka Gold team, and I would like to thank everyone, including our shareholders and investors, for helping us reach our goals last year. We look forward to building these newest developments in 2023.

upcoming events

Sitka Gold participates and/or presents at the following events:

  • Roundup, Vancouver, British Columbia: January 23-26, 2023

  • Vancouver Resource Investment Conference: January 29-30, 2023

  • PDAC, Toronto, ON: March 5-8, 2023

All events are subject to change.

About Sitka Gold Corporation

Sitka Gold Corp. is a well-funded mineral exploration company headquartered in Canada. Managed by a team of experienced industry professionals, the company is focused on searching for economically viable mineral deposits, with a primary focus on the beneficial mineral properties of gold, silver and copper. increase. Sitka now has the option to acquire 100% of his RC Gold and his OGI assets in the Yukon, as well as his Barrow Creek Gold assets in Arizona. Sitka owns his 100% interest in the Alpha Gold property in Nevada, the Mahtin Gold property in the Yukon and the Coppermine River project in Nunavut.

Sitka is currently awaiting additional analyzes of the recently completed Phase II Summer Diamond Drill Program at the Yukon RC Gold Project. The company is also awaiting the results of a recently completed drill program at its Alpha Gold property in Nevada. There, a new Carlin-type Gold system was recently discovered, and the company is focused on going to the high-quality core of this system.

The scientific and technical content of this news release has been reviewed and approved by our Directors and CEOs Cor Coe, P.Geo and Qualified Persons (QPs) as defined in National Instrument 43-101 .

On behalf of the Board of Directors

Sitka Gold Corporation

Donald Penner

President and Director

For more information, please contact:

Donald Penner

President and Director

778-212-1950

dpenner@sitkagoldcorp.com

Also

coco

Representative Director and President

604-817-4753

ccoe@sitkagoldcorp.com

Cautionary and forward-looking statements

Neither the Canadian Stock Exchange nor its regulatory service providers (as that term is defined in the Canadian Securities Exchange Policy) assumes responsibility for the adequacy or accuracy of this release.

This release contains certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of our management regarding future events. In general, forward-looking statements and information refer to the use of forward-looking terms such as “intends” or “anticipates” or variations of such words or phrases or that certain actions, events or results may occur. It can be identified by the use of the statement “may be”. “could”, “should”, “could”, or “occur”. This information and these statements, referred to herein as “forward-looking statements”, are not historical facts and are made as of the date of this news release, and are subject to the terms of the offering and anticipated use of earnings. including, but not limited to, descriptions of the Offerings. Readers should therefore not place undue reliance on the forward-looking statements and information contained in this news release. Readers are cautioned that the list of factors mentioned above is not exhaustive.

In preparing the forward-looking statements in this news release, we have made certain important assumptions. This includes, but is not limited to, the completion of the sale by the Company and the use of proceeds from the sale as currently anticipated.

These forward-looking statements involve a number of risks and uncertainties, and actual results may differ materially from those implied by the forward-looking statements. These risks and uncertainties include, among other things, the Company’s failure to obtain required regulatory approvals or approval from the CSE in connection with the offering, and the Company’s failure to use the proceeds of the offering as currently anticipated. includes.

Although our management has attempted to identify important factors that could cause our actual results to differ materially from those contained in the forward-looking statements or forward-looking information, we cannot predict, estimate or Or there may be other factors that cause it to differ from what is intended. There can be no assurance that such statements will prove to be accurate, as actual results or future events could differ materially from those projected by such statements. You should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be suitable for other purposes. We do not undertake to update any forward-looking statements, forward-looking information or financial prospects incorporated herein by reference, except in accordance with applicable securities laws.



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