VANCOUVER, British Columbia, June 22, 2022 (GLOBE NEWSWIRE) -- Sitka Gold (CSE:SIG) (FSE:1RF) (OTCQB:SITKF) starts its new drill program at its Alpha Gold Project in Nevada, and finishes its first hole. The 100% owned Alpha Gold is located along the southeast projection of the prolific Cortez Gold Trend in Eureka County, approximately 135 kilometres southwest of Elko, and 40 kilometres southeast of the Barrick/Newmont Cortez gold mine complex.
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O’Keefe Drilling, an experienced and highly regarded drill contractor familiar with the Project, completed the first hole, AG22-09 on June 19th, to a depth of 171 metres. It was drilled from the same pad as holes AG21-05 and 07 and was positioned to test the hanging wall. There was a decalcified zone at 58 to 61 metres, but the strong alteration began at 113 metres in the Horse Canyon equivalent unit. This strong alteration, reminiscent of AG21-08, is very encouraging for hole AG22-10 which is currently being drilled and will test the same structure farther south and deeper.
Cor Coe, P.Geo., CEO, stated: "We are very excited to begin this latest phase of drilling at Alpha Gold. This is the first drilling to be conducted since we doubled the size of the Alpha Gold Property last year, after receiving our assay results and our amended BLM drill permit. Previous drilling at Alpha Gold returned intervals of greater than one gram per tonne of gold with only eight drill holes completed across three phases of drilling in a large, newly identified area within the projection of the Cortez trend. Initial observations of drill hole AG22-09 are very encouraging and further enforce our belief that Alpha Gold has excellent potential to host a large, Carlin-type gold deposit. Sitka is well funded to continue drill advancing the Alpha Gold Project as we work towards vectoring in on the high-grade core of this newly discovered Carlin-type gold system."
The Project is comprised of 1 claim block totaling 239 lode claims covering an area of approximately 4,780 acres and is accessible via a dirt road, approximately 2 km west of Nevada State Highway 278.
Three drill programs totaling 2604 meters in 8 holes have been completed at Alpha Gold since its acquisition and have advanced the Property from an undrilled geologic concept with a surface alteration and pathfinder element anomaly, to a large wide-open Carlin-type gold system with thick, low-grade gold intercepts, from wide-spaced drilling. Detailed surface mapping at Frazier Creek clearly defined the anticlinal target in that area.
Sitka is currently conducting a 10,000 metre diamond drill program with two drills at its RC Gold Project in the Yukon where the last hole drilled in 2021 resulted in the discovery of a new gold zone and returned 220.1 metres averaging 1.17 g/t gold from surface. Follow-up drilling in the winter of 2022 expanded the Blackjack zone and current drilling is focused on further defining the extent of this zone, which is open in all directions.
Sitka is fully funded for its planned 2022 exploration programs following the recent completion of a $4.69 million financing. The shares are trading at $0.145.
For more information about this project and the company’s other projects in the Yukon, Arizona, Nevada and Nunavut, please visit the company’s website at www.SitkaGoldCorp.com, contact Donald Penner, President, at 778-212-1950 or by email at dpenner@SitkaGoldCorp.com, or Cor Coe, CEO, at 604-817-4753, or email ccoe@SitkaGoldCorp.com.
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