Diamond Drilling Expanding Saddle And Eiger Zones

VANCOUVER - Sitka Gold Corp. reported on the focus during the 2021 diamond drilling program which has been on expanding the area of newly discovered gold mineralization at the Saddle and Eiger Zones where drilling in 2020 returned gold grades and mineralization consistent with intrusion related gold deposits that occur in the Tombstone Gold Belt. Total cumulative diamond drill holes in the Saddle-Eiger Zone area, including the discovery drill holes last season, are 13 holes with a cumulative total meterage of 4981 meters. Observations of alteration and mineralization in the drill holes also correlate well with previous soil geochemical surveys that have defined a very strong gold-in-soil anomaly covering an area that is approximately 2 kilometers long by 500 meters wide. The first seven holes drilled during the 2021 season have all been logged, sampled and submitted for assay to ALS Global labs in Whitehorse. The Company is also advancing other potential drill targets within the district scale RC Gold Project.

Drilling is concurrently underway at the Alpha Gold Project, located along the southeast projection of the Cortez Gold Trend in Nevada. Reverse Circulation (RC) drill hole AG21-04, the first hole in the current phase of drilling, has been completed down to 1,000 feet (305 meters). This drill hole is located approximately 500 meters southeast of AG21-02 and was successful in intersecting alteration and mineralization in the base of the Horse Canyon equivalent, similar to that found in holes AG21-02 & 03, over significant intervals within a Carlin-Type gold system. This is very encouraging given that the surface alteration seems to be indicative of alteration at depth and, of particular importance, this hole has an increased sulphide concentration compared to what was seen in the previous holes.  Drill hole AG21-05 is in progress and is a step-out approximately 900m to the south of AG21-04 to explore for potential high-grade zones within the Carlin-Type gold system that was discovered in the previous phase of drilling conducted earlier this year.  Samples from drill hole AG21-04 have been logged and submitted for assay to ALS Global Labs in Elko, Nevada. Road building has been completed to access to the remaining drill sites that are permitted for this phase of drilling.

Sitka Gold acquired the Alpha Gold Project, located along the southeast projection of the prolific Cortez Gold Trend in Eureka County, approximately 135 kilometers southwest of Elko, Nevada. The Property is comprised of 2 claim blocks totaling 114 lode claims covering an area of approximately 2280 acres (923 hectares) and is accessible via a dirt road, approximately 2km west of Nevada State Highway 278.

The Property was initially staked after the location was recognized as the intersection of the regional-scale Pine Valley anticline with northeasterly fold trends exposed in the Roberts Mountains. Of primary importance at the Alpha Gold location is that the rocks have been down-dropped significantly by late extensional faulting. Prior to extension, and during the critical 36-42 Ma Carlin-type mineralization event, the fold crest at Alpha Gold would have been a regional highpoint among nearby mountain ranges. Well exposed ‘lower plate windows’ near Alpha Gold have been extensively explored for Carlin-type gold deposits with a number of deposits found along the limbs.