EQS-News

Sitka Gold Announces Maiden Resource of 1,340,000 Ounces of Gold for RC Gold Project in the Yukon

Issuer: Goldinvest Consulting GmbH / Key word(s): Drilling Result/Miscellaneous Sitka Gold Announces Maiden Resource of 1,340,000 Ounces of Gold for RC Gold Project in the Yukon 20.01.2023 / 08:53 CET/CEST The issuer is solely responsible for the content of this announcement. Sitka Gold Corp (CSE:SIG; FRA:1RF; OTCQB: SITKF) today reported its maiden 43-101 standard mineral resource estimate: Based on 34 holes (11,630 meters) drilled between 2020 and 2022, the RC Gold Project thereafter comprises a total Inferred Mineral Resource of 1,340,000 ounces of gold, starting at surface. The Blackjack zone, discovered in late 2021, contains a higher-grade resource of 900,000 ounces of gold grading 0.83 g/t gold at a cut-off grade of 0.25 g/t gold.

The Blackjack and Eiger gold deposits are open in all directions. The resource provisionally does not include other areas where drilling has confirmed the presence of additional gold mineralization, namely the Saddle Zone. Preliminary metallurgical tests indicate that the gold is non-refractory and has a high gold recovery of up to 94% with minimal NaCN consumption (see press release dated July 13, 2022).

The Tombstone Gold Belt in the Yukon is considered a rapidly expanding mining district. The Blackjack and Eiger gold deposits are accessible year-round by road and form only a small portion of the 376 square kilometer RC Gold Project. Mineral resources are constrained by an optimized pit shell using the following assumptions: Au price of US$1800/ounce; a pit slope of 45°; assumed metallurgical recovery of 85%; mining costs of US$2.00 per tonne; processing costs of US$8.00 per tonne; overhead costs of US$1.50 per tonne.

Cor Coe, Director and CEO of Sitka commented, "Establishing an initial resource of over 1.3 million ounces of gold with only 34 diamond drill holes represents a significant milestone for our flagship Yukon project. Beginning in 2020 with the first four diamond drill holes drilled by Sitka in the Blackjack Saddle-Eiger corridor, our team knew we had discovered an area with high potential for the discovery of an intrusion-related gold deposit. To advance the project in such a short period of time and produce an initial resource estimate for the Blackjack and Eiger zones is a testament to that potential and the capabilities of Sitka's technical and operational teams. With both the Blackjack and Eiger deposits open in all directions, this initial mineral resource provides a solid foundation on which we can build to add additional resources. The Company is currently planning a two-part winter and summer diamond drill program totaling 10,000 meters at RC Gold for 2023, primarily focused on the Blackjack, Saddle and Eiger zones."