Sitka Gold Corp. announced an Initial Mineral Resource Estimate (‘MRE') in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (‘CIM') Definition Standards incorporated by reference in National Instrument 43-101 (‘NI 43-101') for the Blackjack and Eiger gold deposits located on the Company's road accessible, contiguous 376 square kilometre RC Gold Project (‘RC Gold' or the ‘Project') located in the Yukon's prolific Tombstone Gold Belt (TGB). The MRE was prepared on behalf of the company by GeoSim Services Inc. and is based on drilling conducted between 2020 and 2022.

Highlights The Initial Mineral Resource Estimate comprises a total Inferred Mineral Resource of 1,340,000 ounces of gold beginning at surface; The Blackjack zone discovered in late 2021 contains a higher grade resource of 900,000 ounces of gold at a grade of 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 and the resource does not include other areas including the Saddle zone where drilling has confirmed the presence of additional gold mineralization; Located in Yukon's Tombstone Gold Belt, a rapidly expanding mining district. Initial metallurgical testing indicates that the gold is not refractory and has high gold recoveries of up to 94% with minimal NaCN consumption (see News Release dated July 13, 2022). This pit constrained Mineral Resource is classified as inferred and contained in two near/on-surface zones: The Blackjack and Eiger deposits.

The Blackjack and Eiger zones are typified by intrusion-hosted mineralization within the 2 km x 500 m extensional corridor that provides a structural and genetic link between the Blackjack zone and Eiger zone intrusions. The Blackjack and Eiger zones remain open in all directions and have excellent potential for resource expansion. The Saddle zone, located midway between the Blackjack and Eiger is characterised by metasedimentary rocks intruded by dykes and sills.

This zone remains relatively untested but contains significant mineralization with the potential to add additional resources as demonstrated by drill hole DDRCCC20-01 which returned 0.52 g/t gold over 84.8 m from surface and DDRCCC21-19 which intersected 80.0 m grading 0.59 g/t gold from 48.0 m depth. Drilling at the RC Gold project has been planned to provide Sitka geologists with a solid database of drilling data to understand controls on mineralization observed in both intrusive and metasedimentary host rocks while also providing the necessary spatial density to generate the initial resource estimate. Assay results from drilling along with structural information obtained from oriented drilling, data from detailed core logging, reprocessed Lidar data and interpretation of an airborne magnetic geophysical survey will form the basis for planning of the 2023 resource expansion drilling program.