News & Media
Sitka Gold TO AQUIRE 100% INTEREST IN THE ALPHA GOLD PROPERTY
VANCOUVER, CANADA – February 13th, 2018: Sitka Gold Corp. (CSE:SIG) (the “Company” or “Sitka”) is pleased to announce that the Company has entered into an Acquisition Agreement (the “Agreement”) with Objective Exploration LLC (“Objective”) to purchase the Alpha Gold Property (“Alpha Gold” or the “Property”) located along the southeast projection of the prolific Cortez Gold Trend in Eureka County, Nevada.
About Alpha Gold
The Property is comprised of a claim block of 50 lode claims covering an area of approximately 1000 acres (405 ha). Objective staked the Property after the location was recognized as the intersection of the regional-scale Pine Valley anticline with northeasterly fold trends exposed in the Roberts Mountains. Of primary importance at the Alpha Gold location is that the rocks have been down-dropped significantly by late extensional faulting. Prior to extension, and during the critical 36- 42 Ma Carlin-type mineralization event, the fold crest at Alpha Gold would have been a regional highpoint among nearby mountain ranges. This is an ideal scenario for producing and preserving a Carlin-type gold deposit, and is exactly what happened at the Pipeline (20 Moz), Cortez Hills (15 Moz), and Goldrush (15 Moz) deposits in the Cortez district. Well exposed ‘lower plate windows’ near Alpha Gold have been extensively explored for Carlin-type gold deposits with a number of smaller deposits found along the limbs.
Cor Coe, Director and CEO of Sitka comments: “The acquisition of Alpha Gold reinforces the Company’s current objective of exploring for potential district scale Carlin-type gold deposits in this prolific region of Nevada by identifying highly prospective areas that fulfill geological, geochemical and structural criteria, and complements the Company’s Adobe Gold Property where the Company is currently preparing to drill three prospective Carlin-type gold targets in early 2018”.
To acquire a 100% interest in the Property, the Company must: (i) grant Objective a 1.5% Net Smelter Return (NSR) with the right to purchase all of the NSR for $3.0 million USD; (ii) pay Objective $10,000 USD annually as an advance royalty until 2039 or until purchase of the NSR; (iii) pay Objective an additional $10,000 USD annually in cash or shares after 10,000 feet of drilling has been conducted on the Property until 2039 or until purchase of the NSR; (iv) pay Objective an additional $20,000 USD annually in cash or shares after 50,000 feet of drilling has been conducted on the Property until 2039 or until purchase of the NSR; (v) pay all fees to file and maintain the Property.
About Sitka Gold Corp.
Sitka Gold Corp. is a mineral exploration company headquartered in Canada and managed by a team of experienced mining industry professionals. The Company is focused on exploring for economically viable mineral deposits with its primary emphasis on gold and copper mineral properties of merit. In addition to the Alpha Gold Property, Sitka currently has an option to acquire a 100% interest in the Adobe gold property in Nevada and owns a 100% interest in its Coppermine River project in Nunavut.
ON BEHALF OF THE BOARD OF DIRECTORS OF SITKA GOLD CORP.
President and Director
For more information contact:
President & Director
CEO & Director
The technical content of this news release has been reviewed and approved by Donald Penner, P.Geo, Director and President for the Company, and qualified person as defined by National Instrument 43-101. Neither the Canadian Securities Exchange nor it Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward Looking Information
Certain statements included herein may constitute “forward-looking statements”. All statements included in this press release that address future events, conditions or results, including in connection with exploration activity, future acquisitions and any financing, are forward-looking statements. These forward-looking statements can be identified by the use of words such as “may”, “must”, “plan”, “believe”, “expect”, “estimate”, “think”, “continue”, “should”, “will”, “could”, “intend”, “anticipate” or “future” or the negative forms thereof or similar variations. These forward-looking statements are based on certain assumptions and analyses made by management in light of their experiences and their perception of historical trends, current conditions and expected future developments, as well as other factors they believe are appropriate in the circumstances. These statements are subject to risks, uncertainties and assumptions, including those mentioned in the Company’s continuous disclosure documents, which can be found under its profile on SEDAR (www.sedar.com). Many of such risks and uncertainties are outside the control of the Company and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In making such forward-looking statements, management has relied upon a number of material factors and assumptions, on the basis of currently available information, for which there is no insurance that such information will prove accurate. All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.