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It was a breakthrough year for Sitka with new discoveries at both the
At the
The Following is a Recap and Highlights of 2021 Exploration:
On
January 15 thSitka began trading on the OTCQB Venture Market with Ticker Symbol SITKF.On
January 20 th, Sitka received assay results from its RAB drilling program at its OGI Property east ofDawson City , YT. OGI-RAB-20-004 returned assays of 5430 ppm Zn and 11.6 ppm Ag over 3 m (see news release datedJan 20, 2021 ). A follow-up Gravity survey was conducted in late summer for target definition. The Company is awaiting the final report on the survey.On
February 12 ththe Company announced a$4.5 million non-brokered financing at13.5 cents per Flow-Thru unit with half warrant exercisable at18 cents with a 3 year term. A12 cent non Flow-Thru unit was also issued with a full warrant exercisable at18 cents . This financing was increased to$6 million due to heightened interest and was still oversubscribed, closing onMarch 5 that$6.4 million .Drilling started at Alpha Gold on
February 16 th. Both holes AG21-02and03 penetrated theHorse Canyon equivalent/Devil’s gate contact in strong Carlin-Type mineralization and alteration. AG21-02 averaged 0.105 g/t gold over 93 m and a higher grade interval within averaged 0.164 g/t over 27 m. This prompted the Company to stake an additional 30 claims to cover prospective ground. Gold values in both holes were associated with very strong Carlin-Type pathfinder elements of Arsenic, Antimony, Mercury and Thalium.Drilling began on
June 8 that theRC Gold Project in theYukon to expand on the previous years’ success highlighted by the 0.82 g/t gold assay over 100.8 m in hole DDRCCC20-02 (see news release datedNov 23, 2020 )The third phase of drilling began on
July 8 that Alpha Gold. AG21-04 to 08 were drilled to follow up on Carlin-Type mineralization and alteration encountered in AG21-02and03. All holes continued to return significant Carlin-Type gold and pathfinder elements. AG21-05 intersected 12.19 m of 0.41 g/t gold before the hole was abandoned due to downhole instability (see news release datedSept 16, 2021 ). Hole AG21-08 intersected 0.46 g/t gold over 15.24 m (see news release datedNov 16, 2021 ). Sitka then staked an additional 125 claims in November to cover highly prospective ground, bringing the total land holdings at Alpha Gold to 239 claims covering approximately 1934 hectares (4780 acres).Beginning in mid-August, assays for the
RC Gold Project began trickling in for the remainder of the year for holes DDRCCC21-07 to 15 and DDRCCC21-21 (results are pending for holes DDRCCC21-016 to -020). Holes DDRCCC21-07 intersected 318 m of 0.45 g/t gold (including 92 m of 0.61 g/t) at theSaddle Zone . Holes DDRCCC21-09 to 15 were drilled at theEiger Zone 2 km to the east. These holes demonstrate that there is a significant zone of gold mineralization trending east-west that likely reflects the very strong 2 km x 500 m gold-in-soil geochemical anomaly interpreted as the surface signature of a very large intrusion-related gold system. Drill assay highlights from theEiger Zone include 0.41 g/t gold over 354 m in DDRCCC21-09; 0.40 g/t gold over 402.5 m and 0.61 g/t gold over 82 m (see 2021 news releases datedAugust 19 ,September 22 ,October 21 and December 13).Drill hole DDRCCC21-21 (Hole 21) represents a significant new discovery approximately 200 m south of any previous drilling at the
Saddle Zone . Assays averaged 1.17 g/t gold over 220.1 m with a higher grade core of 50.5 m of 2.08 g/t gold. 21 instances of visible gold grains were identified in core during logging. Surface rock samples gathered 100 to 500 m south of Hole 21 expanded upon this new discovery, returning up to 11.00 g/t gold. Furthermore, 4 placer gold test pits were excavated in the creek 1 km down-drainage from hole 21 which revealed significant amounts of placer gold (see news releaseDec 13, 2021 ) that is likely associated with the in-situ gold located in this zone and further confirms the richness of this gold system. A major fault, known as the Blackjack Fault, was also intersected in this hole which is now recognized as a potential control of gold mineralization in the area.On
December 23 rd, the Company closed a$2.8 million Flow-Thru financing at17 cents per unit, each unit consisting of 1 FT share and half a Warrant exercisable at23 cents for 2 years. This brings the total amount raised in 2021 to$9.2 million for exploration on Sitka’s Canadian and US properties.The Company is currently awaiting final approval of its Plan of Operations Permit application from the BLM for its Burro Creek Property in
Arizona . The Company has traced the mineralized vein to the boundary of its patented claims and this permit will enable exploration to continue along an additional 1km of undrilled strike onto Federal Lands.An application for a permit to drill at the Company’s
Coppermine River Project inNunavut is currently being compiled. The application is for a drill program to drill test the Copperleaf discovery, where mineralization has been traced for over 2 km and surface samples returned up to 13.45% copper and 65 g/t silver, and drill test the WIN copper showing where surface rock samples collected by Sitka have returned up to 41.54% copper.
Plans for Exploration in 2022
Sitka has signed a 10,000 m drill contract with New Age Drilling Solutions of
Whitehorse, YT to supply one drill for a winter drill program and two drills for a summer drill program.The Company will conduct a winter drill program at RC Gold to follow up and expand upon the newly discovered, high-grade gold mineralization in DDRCCC21-021. Road clearing and camp construction is expected to begin within days, followed by drill mobilization. Drilling is expected to commence by the end of January.
At Alpha Gold, the current drill permit is being amended in preparation for its next phase of exploration expected to begin in Q2.
A diamond drill program at the OGI silver-zinc property is anticipated for the summer field season based on preliminary target generation to be defined by the pending report on the geophysics survey conducted in 2021.
Once permits have been received, drilling programs at
Burro Creek and Coppermine River are anticipated to begin shortly thereafter.
About
The scientific and technical content of this news release has been reviewed and approved by
ON BEHALF OF THE BOARD OF DIRECTORS OF
“
President and Director
For more information contact:
President & Director
778-212-1950
dpenner@sitkagoldcorp.com
or
CEO & Director
604-817-4753
ccoe@sitkagoldcorp.com
Cautionary and Forward-Looking Statements
This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward‐looking statements or information. Forward‐looking statements and information are often, but not always, identified by the use of words such as “appear”, “seek”, “anticipate”, “plan”, “continue”, “estimate”, “approximate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “would” and similar expressions.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward‐looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the expected timing and terms of the private placement, use of proceeds, anticipated work program, required approvals in connection with the work program and the ability to obtain such approvals. Accordingly, readers should not place undue reliance on the forward‐looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.
The forward‐looking statements and information contained in this news release are made as of the date of this news release and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the CSE. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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