News & Media
VANCOUVER, CANADA – May 10, 2023: Sitka Gold Corp. (“Sitka” or the “Company”) (CSE:SIG) (FSE:1RF) (OTCQB:SITKF) is pleased to announce that Tim Termuende, P. Geo, President, CEO and Director of Eagle Plains Resources (“EPL”) has joined its Advisory Board. Tim is a professional geologist with over 40 years of experience in the mineral exploration industry. Since leaving Cominco in the late 1980’s, Tim has worked on exploration projects throughout North and South America and currently oversees a broad range of projects targeting various commodities throughout British Columbia, Saskatchewan, Yukon and Northwest Territories.
As the CEO of Eagle Plains, Tim has overall responsibility for execution of the company's strategic priorities and operating plans and has delivered exceptional shareholder value over the years and through numerous spin-outs has transferred over $100,000,000 in value directly to its shareholders, with Copper Canyon Resources and recently Taiga Gold being notable examples.
“I’m happy to be working with Cor, Mike and the team at Sitka - many of whom I’ve known for decades”, commented Tim Termuende. “I look forward to helping Sitka management enhance shareholder value and to advance their portfolio of high-quality exploration projects in western Canada”.
Cor Coe, Director and CEO of Sitka Gold Corp. comments, “We are very pleased to welcome Tim to our Advisory Board. With Tim’s decades of experience in the corporate boardroom as well as boots on the ground in the field, Tim provides a unique opportunity for Sitka to capitalise on his strategic knowledge and acumen”.
The Company also announces that it has granted an aggregate of 500,000 incentive stock options (the “Options”) to Mr. Termuende. The Options are exercisable at $0.12 per share for a period of three years from the date of grant, vest quarterly every six months, and are subject to the policies of the Canadian Securities Exchange.
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 currently has an option to acquire a 100% interest in the RC, BeeBop, Barney Ridge, Clear Creek and OGI properties in the Yukon and the Burro Creek Gold property in Arizona. Sitka owns a 100% interest in its Alpha Gold property in Nevada, its Mahtin Gold property in the Yukon and its Coppermine River project in Nunavut. The RC, Beebop, Barney Ridge, Clear Creek and Mahtin properties comprise the RC Gold Project, a district-scale, contiguous land package of 376 square kilometres.
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 Project of 1,340,000 ounces of gold(1). The road accessible, pit constrained Mineral Resource is classified as inferred and is contained in two near/on-surface zones: The Blackjack and Eiger deposits. The Mineral Resource estimate is presented in the following table at a base case cut-off grade of 0.25 g/t Au:
As announced on January 19, 2023 the pit-constrained Mineral Resource is classified as inferred and contained in two near/on-surface zones: The Blackjack and Eiger deposits. The Mineral Resource estimate is presented in the following table at a base case cut-off grade of 0.25 g/t Au:
The Blackjack deposit contains 900,000 ounces of gold at a grade of 0.83 g/t gold and the Eiger deposit contains 440,000 ounces of gold at a grade of 0.50 g/t gold (see news release dated January 19, 2023). 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 have high gold recoveries of up to 94% with minimal NaCN consumption (see News Release July 13, 2022).
The Blackjack and Eiger deposits are in close proximity to highway and power infrastructure, are road accessible year-round, remain open in all directions and are respectively located at the western and eastern end of a large, 500 metre by 2 kilometre intrusion related gold system that was recently discovered on the Property. To date, just 41 diamond drill holes have been drilled into this system for a total of approximately 14,500 metres with results of up to 201.0 m of 1.26 g/t gold from surface, including 82.0 m of 2.04 g/t gold and 19.5 m of 4.87 g/t gold at Blackjack (drill hole DDRCCC-22-040; see news release dated January 11, 2023) and 354 m of 0.41 g/t gold including 72 m of 0.72 g/t gold at Eiger (drill hole DDRCCC-21-09; see news release date August 19, 2021). Assays are pending for the 3 diamond drill holes totaling approximately 1500 metres drilled during the winter of this year (2023).
Several high priority intrusion related gold targets exist at RC Gold with nine outcropped intrusions identified to date over the 376 sq km property, however Sitka’s main focus at the RC Gold Project has been on the underlying Clear Creek Property where a large 500 metre by 2000 metre intrusion related gold system covering the area over the Blackjack, Saddle and Eiger zones was identified. Prior to the onset of the 2023 winter drilling program, the Company had drilled 38 diamond drill holes into this system for a total of approximately 13,000 metres. This drilling culminated in the discovery of the Blackjack and Eiger deposits with an initial inferred mineral resource estimate of 1,340,000 gold ounces(1).
Sitka Gold inherited a wealth of historical and current data from the RC Gold properties from work spanning the last 40 years. Recent exploration work and the compilation of historical data have defined several mineralized zones with both bulk tonnage, intrusion-related gold
deposit targets and high-grade, vein- and breccia-hosted gold targets. The RC Gold Project also has a common border with Victoria Gold’s Clear Creek property.
The Company is also planning additional drilling at its Alpha Gold Property in Nevada where a new Carlin-type gold system was recently discovered. The Company is focused on vectoring towards the high-grade core of this newly discovered system, which is located in the Cortez Trend just 40 km southeast of the Cortez Mine Complex of Barrick/Newmont, and plans for a 2023 drilling program at Alpha are currently underway.
(1) Simpson, R. January 19, 2023. Clear Creek Property, RC Gold Project, NI 43-101 Technical Report, Dawson Mining District, Yukon Territory.
*For more detailed information on the underlying properties please visit our website at www.sitkagoldcorp.com.
Sitka Gold will be attending and/or presenting at the following events:
All events are subject to change.
The scientific and technical content of this news release has been reviewed and approved by Cor Coe, P.Geo., Director and CEO of the Company, and a Qualified Person (QP) as defined by National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS OF SITKA GOLD CORP.
President and Director
For more information contact:
President & Director
CEO & Director
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