Sitka Gold Drills 154.0 Metres of 1.47 g/t Gold Including 37.0 Metres of 3.07 g/t Gold and 8.0 Metres of 4.61 g/t Gold at its RC Gold Project, Yukon

• DDRCCC-24-058 ("Hole 58") returned 154.0 m averaging 1.47 g/t gold, including 37.0 m of 3.07 g/t gold and 8.0 m of 4.61 g/t gold, confirming robust continuity of the higher-grade gold mineralization discovered south of the current Blackjack gold deposit
• 3D structural interpretation from winter drill hole results establishes new Blackjack Mineralized Gold Corridor demonstrating the potential of continued higher-grade gold mineralization to the south of the Blackjack gold deposit
• Abundant sheeted quartz veins, quartz-arsenopyrite veins, and arsenopyrite veins were observed throughout the quartz monzonite intrusions intersected by Hole 58 with several instances of visible gold also noted

VANCOUVER, BC / ACCESSWIRE / May 23, 2024 / Sitka Gold Corp. ("Sitka" or the "Company") (TSXV:SIG)(FSE:1RF)(OTCQB:SITKF) is pleased to announce that drill hole DDRCCC-23-058 ("Hole 58"), has intersected strong gold results south of the current Blackjack Gold Deposit resource. Hole 58 was the second of two holes completed during the 2024 winter diamond drilling program at the Company's 386 square kilometre, road accessible RC Gold Project ("RC Gold" or the "Project") located in Yukon's Tombstone Gold Belt ("TGB"), approximately 100 kilometres east of Dawson City. (see Table 1). Hole 58 intersected 154.0 metres of 1.47 g/t gold including 37.0 metres of 3.07 g/t gold and 8.0 metres of 4.61 g/t gold, confirming persistent gold mineralization continues 200 metres downdip of the gold mineralization encountered in DRCCC-23-047 ("Hole 47"), which returned the best drill hole results to date with 219.0 m of 1.34 g/t gold, including 124.8 m of 2.01 g/t gold and 55.0 m of 3.11 g/t gold (see news release dated September 26, 2023). The results from Hole 58, when taken together with the results of Hole 47, and 57, have enabled the Company to generate a 3D model interpretation that shows this strong gold mineralization is associated with the Blackjack Fault, is open to the southeast and projects both to depth and to surface (see Figure 6).

Assay highlights from drill hole DDRCCC-24-058:

• 351 m of 0.85 g/t Au from 157.0 m including
  • 154 m of 1.47 g/t Au from 354.0 m
  • 37.0 m of 3.07 m g/t Au from 449.0 m
  • 8.0 m of 4.61 g/t from 470.0 m

"The strong gold results from Hole 58 continue to highlight the potential of this area to add significant higher-grade tonnage to our gold resource while further demonstrating the prospectivity of the multiple intrusion related gold deposit targets we have across our 100% owned, district-scale RC Gold Project'', stated Cor Coe, Director and CEO of Sitka. "The information from Hole 58 has also provided key insight into the three-dimensional continuity of the robust gold mineralization and associated structural controls in this recently discovered, higher-grade zone of the Saddle intrusion. The Blackjack Fault, which was previously unknown prior to our diamond drilling campaigns, appears to be an important control to the mineralization being discovered here with both this fault and the associated gold mineralization trending in the same direction to the south of our current extent of drilling. What has us really excited is that this mineralized corridor, which projects to surface and to depth, traces south of our resource, through a highly prospective area that has remained largely unexplored to date, and on towards additional intrusions that have similar geological characteristics to the Saddle intrusion (see Figures 2 through 5). This updated geological model has highlighted an area of approximately 1 kilometre in length along strike to the south of our resource as a high-priority target that could extend the higher-grade gold zone discovered at Blackjack significantly. This area, along with the Saddle Zone target area, which remains largely untested by drilling and contains the largest and strongest gold-in-soil anomaly on the property (see Figure 3), will be the primary focus of our exploration efforts this season.

"The higher-grade gold values being discovered near our Blackjack gold deposit are quite remarkable for a reduced intrusion related gold system and the results from Hole 58 further support our view that there is incredible potential for additional discoveries of similar calibre across our largely underexplored land package, where nine known intrusions with associated gold mineralization have been discovered to date. With the summer phase of drilling about to commence and the largest drilling campaign planned to date at RC Gold, with up to 15,000 metres diamond drilling proposed, we look forward to further unlocking this potential while we continue to expand our rapidly growing gold resource".

The results of Holes 57 and 58, when taken together with the results of Hole 47, have significantly enhanced the Company's understanding of the structural controls of gold mineralization at the Blackjack deposit (see Figures 3 through 6). The higher-grade gold intervals identified in these holes form a large volume of well mineralized rock that define a SSE trending corridor, now called the Blackjack Mineralized Corridor, that is coincident with the Blackjack Fault, a previously identified feature which is interpreted to have been important in the emplacement of the Saddle Stock and subsequent gold mineralizing episodes.

When placed in a district context, the results of the recent drilling further demonstrate the potential of significant gold mineralization in the Blackjack deposit to continue to the southeast (Figures 4 and 5). The area between the known southern extent of the Saddle Stock and the West Pukelman Stock is of particular interest as it is essentially unexplored. Soil sampling has been one of the key identifiers of gold mineralization in the Clear Creek intrusive complex area, but as shown in Figure 3, there has been virtually no soil sampling in the area between the Saddle Stock, the West Pukelman Stock and the western margin of the Pukelman Stock.

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 and returned 191.0 Metres of 1.16 g/t gold (see press releases dated March 28 and May 1 , 2024). Hole 58 was drilled to a depth of 534.9 metres at an azimuth of 60 degrees and dip of -60 degrees (see Figure 1). It was drilled to test the down dip extension of the well mineralized quartz monzonite intrusion intersected in hole DDRCCC-23-047.

Hole 58 intersected 2 broad zones of feldspar megacrystic and vari-textured, quartz monzonite and feldspar porphyry within a large package of biotite schist, phyllite, and quartzite. A large lamprophyre dyke was intersected from 509.85-528.15 m at the footwall contact of mineralized quartz monzonite.

Both quartz monzonite intrusions were cut by abundant 1-2 cm sheeted quartz veins, quartz-arsenopyrite veins, and arsenopyrite veins. Visible gold was noted at several locations including 180.2 m, 240.5 m, 244.2 m, 276.3 m, 401.2 m, and 476.9 m, and several occurrences of bismuthinite were noted such as 476.8 m and 420.0 m (see Figure 6).

A focus for drilling up to 15,000 m in 2024 will be to continue to define gold mineralization along the newly recognized Blackjack Mineralized Corridor to the SSE. In addition, soil and rock sampling and geologic mapping will also be conducted along the Blackjack Mineralized Corridor to further evaluate the mineralization within this unexplored portion of the property.

Further Objectives for 2024

In addition to extending Blackjack gold mineralization to the southeast, objectives for the Company's 2024 exploration season include further drilling of the Saddle East zone (84 m of 1.21 g/t Au in 2023), further drilling of the Eiger Deposit (Inferred Resource of 440,000 oz Au in 2023), further drilling of the Josephine Stock (visible gold discovered at surface in 2023) and further investigation of the nine known intrusions with associated gold mineralization that have been discovered to date on the Company's 386 square kilometre RC Project.

Table 1- Assay highlights for DDRCCC-24-058 and DDRCCC-24-057 (completed in winter 2024)