New Target And Additional Claims Staked At Alpha Gold Property

VANCOUVER - Sitka Gold Corp. has identified a new Carlin-type gold deposit target and staked additional claims at its Alpha Gold Property in Nevada. Since drill hole AG-01 was completed in July 2020 further geological mapping was carried out using improved stratigraphic information obtained from the drill hole to gain increased resolution on local structural trends. This has enabled the Company to identify an additional prospective structure where a drill hole can be collared deeper in the stratigraphic section to potentially intersect the Lower Plate Limestone at a much shallower depth and test a Carlin-type gold deposit target. Twenty-seven additional claims were subsequently staked to the NW of the present Alpha claim block to cover the new Carlin-type gold deposit target.

The following are some key points regarding the new target: Surface geochem to 1.2 ppm gold and 7000 ppm arsenic shows a crude E-W trend, coincident with an E-W anticline axis in highly oxidized lower plate and basal Antler Foreland rocks; the E-W folding deforms older, more regional N-S folding, creating a fluid focus; There is evidence the lower plate window, west of the target, may have unroofed during the Antler orogeny, and remained elevated and oxidizing through much of its pre-Eocene history, removing primary pyrite and carbon from shallow host rocks and fluid conduits, thus diminishing their gold capture qualities during the Eocene mineralization event; The target model is potentially analogous to the scenario around Goldrush, in the Cortez District, where gold deposits in shallow unroofed areas tend to be low grade (Horse Canyon), and deeper gold deposits in the same strata in areas that were never unroofed are high grade; The E-W fold axis and late normal faulting make this an ideal location to test the lower plate to foreland clastic transition beneath rapidly eastward thickening Antler Foreland basin rocks where early oxidation has not compromised the host rocks; and Additional comparisons are possible between the reverse fault indicated by mapping here and the Abyss fault at the Pipeline deposit.

“The geological information obtained from the first deep drill hole to ever be completed at our Alpha Gold property, located in Nevada’s Carlin Gold Province, provided crucial and previously unknown details regarding local structural trends and ultimately resulted in the identification of this new target”, said, Cor Coe, CEO and Director. “With this expanded land package, enhanced geological modeling and an additional target at Alpha, we feel the probability of success at Alpha has been significantly increased. The Company intends to commence drilling this new target once drill permits for the expanded land package have been received. We expect to receive our permit to drill in the upcoming weeks.”