VANCOUVER, British Columbia, Jan. 20, 2023 (GLOBE NEWSWIRE) -- Sitka Gold (CSE:SIG) (FSE:1RF) (OTCQB:SITKF) announces a maiden Mineral Resource Estimate for its Blackjack and Eiger gold deposits in its RC Gold Project. 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.
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The RC Gold Project, a contiguous district-scale land package, consists of 376 square kilometres or 92,900 acres, located in the newly road accessible Clear Creek, Big Creek, and Sprague Creek districts in the heart of Yukon's highly prospective Tombstone Gold Belt.
It is strategically positioned mid-way between Victoria Gold's Eagle Gold Mine, which is Yukon's newest gold mine having reached commercial production in the summer of 2020, and Sabre Gold Mine's Brewery Creek Gold Mine. It has a common border with Victoria Gold's Clear Creek property to the west and Florin Resources' Florin Gold property to the north.
The Blackjack and Eiger zones are typified by intrusion-hosted mineralization within a large 500 m by 2000 m extensional corridor. 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.
Drill programs at RC Gold in 2020, 2021 and 2022 returned several significant gold intercepts. including the discovery hole in the Blackjack zone in the last drill hole from the 2021 drill program. DDRCCC-21-021 intersected 220.1 m of 1.17 g/t gold from surface that included 50.5 m of 2.08 g/t gold. Drilling in 2021 in the Eiger Zone, in the easternmost area of the gold-in-soil anomaly, produced numerous significant intersections as demonstrated by Hole 21-09 which intersected 354 m of 0.41 g/t Au including 72 m of 0.72 g/t Au.
The production of an initial resource of more than 1.3 million ounces of gold based on analytical data from just 34 drill holes representing 11,630m of drilling marks a major milestone for the company.
The company is planning a two part, winter and summer drilling program totaling 10,000 metres of diamond drilling at RC Gold for 2023 focused primarily in the Blackjack, Saddle and Eiger zone areas.
Shifting to Nevada, Sitka Gold holds a 100% interest in the 4,780-acre Alpha Gold Project, located along the southeast projection of the prolific Cortez Gold Trend in Eureka County, approximately 135 kilometres southwest of Elko. Results from the final two drill holes, where a new Carlin-type gold system was recently discovered, are expected shortly.
The company is well funded with the shares trading at $0.145. For more information about this project and the company’s other projects in the Yukon, Arizona, Nunavut, and Nevada, 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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