Additional Diamond Drill Holes Completed As Part Of Phase II At RC Gold Project

VANCOUVER - Sitka Gold Corp. reported that two additional diamond drill holes were completed as part of the Phase II summer 2022 drilling program at its road accessible 376 square kilometer RC Gold Project, located in the Yukon's Tombstone Gold Belt (TGB). Sixteen diamond drill holes were completed totaling 5,250 meters (m) during the Phase II drilling program, with assays released for the first eleven holes and an additional three holes still pending assay results. Gold assay highlights: 401.5 m of 0.63 g/t Au from 73.0 m in DDRCCC-22-038, including 305.2 m of 0.78 g/t Au from 79.8 m depth, and including 180.0 m of 1.04 g/t Au from 176.0 m depth.

Cor Coe, P.Geo., Director and CEO, said, "Step out drilling at the Blackjack zone continues to deliver very impressive results with these latest drill holes demonstrating the persistence of attractive gold grades within this recently discovered gold zone. Diamond drill hole 38 (DDRCCC-22-038 or "Hole 38") was collared 175 meters (m) southeast of the Blackjack zone discovery Hole 21 (DDRCCC-21-021 or "Hole 21") and intersected 180 m of 1.04 g/t gold, demonstrating the continuity of higher grades (>1 g/t gold) within the Blackjack zone as we step out from Hole 21, which intersected 220.1m of 1.17 g/t gold from surface. Hole 38 was the furthest step out to the SE from Hole 21 completed to date. In addition to the higher grade core, the entire mineralized section of Hole 38 graded 0.63 g/t gold over 401.5 m which is comparable to the 0.63 g/t gold resource(2) at Victoria Gold's producing Eagle Gold Mine, an Intrusion Related Gold Deposit (IRGD) in the Tombstone Gold Belt (TGB) which is an analog to our Blackjack target. Hole 38 was drilled on the same section as DDRCCC-22-025 which intersected 221.0 m of 1.01 g/t gold while the entire mineralized section of Hole 25 graded 0.71 g/t gold over 349.0 m. Several instances of visible gold were noted throughout Hole 38, and structural measurements taken from these visible gold sections and other well mineralized sections of the Hole corroborates the Company's existing geologic modeling that indicates the steeply-dipping east-west sheeted quartz veining as hosting the bulk of the gold mineralization. The gold mineralization in Hole 38 was the deepest intersection to date within the Blackjack zone and has increased the vertical extent of known mineralization to 545 m.

Step-out drilling continues to add to the potential scale and grade of the Blackjack gold zone that remains open both laterally and to depth. Assays are still pending for the final two holes drilled in 2022 in the Blackjack zone (DDRCCC-22-039 and -040) which intersected sheeted quartz veining within intrusive rocks and had visible gold in their core. We expect these pending drill holes will further expand this exciting new gold zone which is located within a large gold-in-soil anomaly of >100 ppb to > 500 ppb that is approximately 2 km long where drilling to date has demonstrated the potential to host a continuous zone of gold mineralization across its length. While we await the pending assays, the Company is eagerly planning the next phase of drilling at RC Gold to follow up on these impressive results as we work toward building tonnage and determining the parameters of this gold rich zone.”