(via TheNewswire)
Hole 58 was collared approximately 70 metres north of recently completed DDRCCC-24-057, which also intersected visible gold in sheeted veining within megacrystic quartz monzonite (see press release dated
The winter drilling program is focused on stepping out from Hole 47 that was drilled in 2023 south of the current Blackjack gold deposit (900,000 ounces of gold at a grade of 0.83 g/t; see news release dated
“Observations of visible gold within significant intervals of megacrystic quartz monzonite (intrusive rock) in the first two step out drill holes of our winter diamond drilling campaign at RC Gold are very encouraging and further support that robust gold mineralization remains persistent in this area, which is still open in all directions,”said
“Our team has done a wonderful job getting an early start on the planned 15,000 metre diamond drilling program for this year. As the only company drilling in the Tombstone Gold Belt this winter, the advantages of having proximity to existing infrastructure, including year-round road access, are hard to ignore and bode well for current and future development of RC Gold. The Blackjack gold deposit is a strong example of the geological potential of the district-scale and still largely underexplored land package where over 1.3 million ounces of gold has been defined andnine outcropped intrusions associated with gold mineralization have been identified to date. With a gold resource that is poised for significant growth and several additional high priority intrusion related gold targets across the 386 squarekilometre property, Sitka is very well positioned to capitalize on a strengthening gold market as we continue with our fully funded 2024 diamond drilling program at RC Gold.”
Hole 58 has confirmed that the well mineralized quartz monzonite intrusion intersected in hole DDRCCC-23-047 and in Hole 57 continues to depth. It intersected two broad zones of feldspar megacrystic and vari-textured, quartz monzonite and feldspar porphyry (6.0 - 114.2 m and 455.3 - 509.8 m, Figures 2 and 5) within a large package of biotite schist, phyllite, and quartzite of the Late Proterozoic Yusezyu Formation (
The key objectives of drilling this year will be to further expand and define targets within the well-endowed
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Figure 1: Workmap showing drill hole locations at the Blackjack gold deposit.
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Figure 2: Cross section of DDRCCC-24-058 where visible gold was intercepted within the deepest intersection of the intrusion drilled to date.
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Figure 3: Plan map of the
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Figure 4: Example of visible gold observed in DDRCCC-24-058 at 476.9 m
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Figure 5: Drill core, ranging from 470.5 to 479.5 metres in DDRCCC-24-058, consists of variably altered and intensely veined, multi-phase, megacrystic quartz monzonite, where visible gold was observed in a quartz veinlet at a depth of 476.9 metres.
About the flagship
On
RC Gold Inferred Mineral Resource Estimate
COG g/t Au | Combined | ||||||||||
Tonnes 000's | Au g/t | 0z Au 000's | Tonnes 000's | Au g/t | 0z Au 000's | Tonnes 000's | Au g/t | 0z Au 000's | |||
0.20 | 35,798 | 0.80 | 921 | 32,523 | 0.45 | 471 | 68,321 | 0.63 | 1,391 | ||
0.25 | 33,743 | 0.83 | 900 | 27,362 | 0.50 | 440 | 61,105 | 0.68 | 1,340 | ||
0.30 | 31,282 | 0.88 | 885 | 22,253 | 0.55 | 393 | 53,535 | 0.74 | 1,279 | ||
0.35 | 29,065 | 0.92 | 860 | 17,817 | 0.60 | 344 | 46,882 | 0.80 | 1,203 | ||
0.40 | 26,975 | 0.96 | 833 | 14,506 | 0.66 | 308 | 41,481 | 0.86 | 1,140 |
Notes
1. Mineral resource estimate prepared by
2023. Mineral Resources are classified using the 2014 CIM Definition Standards.
2. The cut-off grade of 0.25 g/t Au is believed to provide a reasonable margin over operating and sustaining costs for open-pit
mining and processing
3. Mineral resources are constrained by an optimised pit shell using the following assumptions:
pit slope; assumed metallurgical recovery of 85%; mining costs of
tonne; G&A of
4. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
5. Totals may not sum due to rounding.
To date, 56diamond drill holes have been drilled into this system for a total of approximately 19,962 metres including 16 drill holes totalling 6,515 metres completed in 2023 focused on expanding the initial resource. The drilling in 2023 produced results of up to219.0 m of 1.34 g/t goldincluding124.8 m of 2.01 g/t goldand55.0 m of 3.11 g/t goldin drill hole DDRCCC-23-047 at Blackjack (see news release dated
*For more detailed information on the underlying properties please visit our website atwww.sitkagoldcorp.com
RC Gold Deposit Model
Exploration on the Property has mainly focused on identifying an intrusion-related gold system (“IRGS”). The property is part of the Tombstone Gold Belt which is the prominent host to IRGS deposits within the
(1)Sims J. Fort Knox Mine Fairbanks North Star Borough, Alaska, USA National Instrument 43-101 Technical Report.
(2)Harvey N., Gray P., Winterton J., Jutras M., Levy M.,Technical Report for the
(3)Hulse D, Emanuel C, Cook
(4)Simpson R. Florin Gold Project NI 43-101 Technical Report.
(5)Banyan Gold News Release Dated
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*All events are subject to change.
About
The scientific and technical content of this news release has been reviewed and approved by
ON BEHALF OF THE BOARD OF DIRECTORS OF SITKA GOLD CORP.
“
President and Director
For more information contact:
dpenner@sitkagoldcorp.com
or
CEO & Director 604-817-4753
ccoe@sitkagoldcorp.com
Cautionary and Forward-Looking Statements
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, the use of the proceeds raised under the Offering and the Company’s anticipated work programs.
In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will complete its anticipated work programs and use the proceeds of the Offering as currently anticipated.
These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, market uncertainty, the results of the Company’s anticipated work programs and that the Company will not use the proceeds of the Offering as currently anticipated.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes.
The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
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