VANCOUVER - Sitka Gold Corp. ('Sitka' or the 'Company') (TSXV:SIG)(FSE:1RF)(OTCQB:SITKF) announces that the Company has executed a definitive asset purchase agreement (the 'Purchase Agreement') with Victoria Gold Corp. (the 'Vendor') dated June 24, 2024 in connection with the acquisition (the 'Acquisition') of a 100% interest in the Clear Creek property (the 'Property'), located adjacent to the Company's RC Gold Project,. The Clear Creek Property claims adjoin Sitka Gold's road accessible RC Gold Project ('RC Gold' or the 'Project'), located approximately 100 kilometres east of Dawson City, Yukon and cover the southern portion of the Clear Creek Intrusive Complex. The Property encompasses several regions of intrusion-related gold mineralization that have undergone various levels of exploration, including historical reverse circulation and diamond drilling.
'We are very pleased to complete the purchase of the Clear Creek Property and to welcome Victoria Gold as a major new shareholder of the Company,' said Cor Coe, Director and CEO of Sitka Gold. 'The purchase of Victoria Gold's Clear Creek Property marks a significant milestone in the evolution of the RC Gold Project as it consolidates the entire Clear Creek Intrusive Complex under one owner. The newly acquired property has an excellent road network accessing the target areas allowing Sitka to effectively use capital to conduct low cost drilling within this newly discovered high-grade Reduced Intrusion Related Gold System. The potential for this area, including the newly acquired Clear Creek Property, to host several multi-million ounce intrusion related gold deposits is becoming more evident as we continue to systematically explore the region.
'Sitka's recent discovery of the Blackjack and Eiger deposits has proven that the district hosts very significant gold deposits, with the higher-grade, Blackjack gold deposit being the cornerstone to develop the potential of the region with an initial inferred 900,000 ounce resource from surface grading 0.83 g/t gold. With the entire Clear Creek Intrusive Complex now under Sitka's 100% ownership we will be pushing to unlock value in this target rich area as we pursue additional discoveries while expanding these wide open deposits.'
'We have been impressed with the exploration success that Sitka has demonstrated at its RC Gold Project,' stated John McConnell, President and CEO of Victoria Gold. 'Combining the RC Gold Project and Victoria's Clear Creek Property consolidates this new Yukon gold camp. Sitka has a strong exploration team with decades of experience in Yukon. We expect Sitka will have further success exploring the combined project and Victoria will benefit as a significant Sitka shareholder.'
Historical work in the Clear Creek district has mainly focused on the southern Clear Creek Intrusive Complex. In 1992 Noranda conducted the first drilling in the area targeting 'Fort Knox' type mineralization with six holes testing the Pukelman Intrusion, Eiger Intrusion and Saddle area. The drilling in the Pukelman intrusion intersected sheeted quartz veining within megacrystic quartz monzonite which returned values of 1.02 g/t gold over 10.0 m from 26.0 m in RC-92-1 and 0.68 g/t gold over 16.0 m from 78.0 m in RC-92-1. In 1995, Kennecott conducted wide spaced shallow reverse circulation drilling on the Rhosgobel intrusion, identifying an east-west trending zone of sheeted quartz-tourmaline veining within megacrystic quartz monzonite, 1200 metres long, 200 metres wide, and 65 metres deep. No drilling has been conducted since Kennecott's initial drilling of this target. Highlights from Kennecott's drilling include CCRC95-15 which intersected mineralization over its entire 74.7m length grading 0.83 g/t gold, including 1.57 g/t gold over 6.1 m at the bottom of the hole. CCRC95-16 intersected 1.03 g/t gold over its entire length of 67.1 m including 1.43 g/t gold over the final 30 metres of the hole. In 1999, the Bear Paw Breccia Zone, a hydrothermal quartz breccia, was discovered by Redstar Resources with hole BP99-1, which intersected 26.7 m grading 2.00 g/t gold. In 2010 and 2011 Golden Predator drilled several zones on the property including the Contact Zone intersecting 42.7 m of 1.87 g/t gold and 10.7 m of 20.46 g/t gold within sheeted veining hosted in metasediments and associated with an east-northeast trending structure and intrusive dykes along the southeast margin of the Pukelman intrusion. No drilling has been conducted on the Property since the 2011 program.
A large database of geological, geochemical, and geophysical information exists for the Property. The database of information combined with the increased understanding of the controls on mineralization developed by Sitka Gold suggests there is significant potential for the discovery of additional intrusion related gold deposits. A prime example is the recent drilling by Sitka that has identified a north-south trending structural corridor hosting higher-grade mineralization within the Blackjack deposit. The corridor trends southward from the Blackjack deposit through the Pukelman West intrusion and along the western margin of the Rhosgobel intrusion located on the Property. This structural corridor linking these intrusions appears to extend for over 10 kilometres and represents a significant exploration target.
About the flagship RC Gold Project
The RC Gold Project consists of a 431 square kilometre contiguous district-scale land package located in the heart of Yukon's Tombstone Gold Belt. The project is located approximately 100 kilometres east of Dawson City, which has a 5,000 foot paved runway, and is accessed via a secondary gravel road from the Klondike Highway which is usable year-round and is an approximate 2 hour drive from Dawson City. It is the largest consolidated land package strategically positioned mid-way between Victoria Gold's Eagle Gold Mine - Yukon's newest gold mine which reached commercial production in the summer of 2020 - and Victoria Gold's former producing Brewery Creek Gold Mine.
On January 19, 2023 Sitka Gold announced an Initial Mineral Resource Estimate prepared in accordance with National Instrument 43-101 ('NI 43-101') guidelines for the RC Gold Property of 1,340,000 ounces of gold(1). The road accessible, pit constrained Mineral Resource is classified as inferred and is contained in two zones: The Blackjack and Eiger deposits. Both of these deposits are at/near surface, are potentially open pit minable and amenable to heap leaching, with initial bottle roll tests indicating that the gold is not refractory and has high gold recoveries of up to 94% with minimal NaCN consumption.
About Sitka Gold Corp.
Sitka Gold Corp. is a well-funded mineral exploration company headquartered in Canada. The Company is managed by a team of experienced industry professionals and is focused on exploring for economically viable mineral deposits with its primary emphasis on gold, silver and copper mineral properties of merit. Sitka is currently exploring its flagship RC Gold Project within the Tombstone Gold Belt in the Yukon Territory with a 15,000 metre diamond drill program planned for 2024. The company is also advancing the Alpha Gold Project in Nevada and currently has drill permits for its Burro Creek Gold and Silver Project in Arizona and the Coppermine River Project in Nunavut.
Contact:
Donald Penner
President & Director
Tel: 778-212-1950
Email: dpenner@sitkagoldcorp.com
Cor Coe
CEO & Director
Tel: 604-817-4753
Email: ccoe@sitkagoldcorp.com
Cautionary and Forward-Looking Statements
This release includes 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 management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as 'intends' or 'anticipates', or variations of such words and phrases or statements that certain actions, events or results 'may', 'could', 'should', 'would' or 'occur'. This information and these statements, referred to herein as 'forward-looking statements', are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, the Company's anticipated work programs; the anticipated benefits of the Acquisition; the expected completion of the Acquisition and the timing thereof; the consideration payable pursuant to the Acquisition and the timing thereof and expectations regarding exploration on the Company's mineral properties.
In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the benefits of the Acquisition will be as expected; that the Acquisition will be completed on the timing anticipated; that the Company will complete its proposed work programs and that exploration results on the Company's mineral properties will be anticipated.
These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, market uncertainty; the results of the Company's anticipated work programs; the risk that the Acquisition will not close on the timetable anticipated or at all; risks related to reliance on technical information; risks related to exploration and potential development of the Company's projects; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones and uncertainty as to timely availability of permits and other governmental and stock exchange approvals.
SITKA GOLD CORP. 
