Sitka Gold Provides Update on its North American Gold, Silver and Copper Assets
Sitka's project portfolio includes the RC Gold project ("RC Gold") and OGI project ("OGI") located in
"Since its inception, Sitka's goal was to curate a portfolio of highly prospective mineral properties that would provide diversification across key target minerals and mining friendly jurisdictions", said
The Company is currently conducting a winter diamond drilling program at its year-round road accessible
The project is located a two hour drive east of
The Alpha Gold property lies 40 km SSE of
The 2023 drilling and previous widely spaced drilling demonstrate that gold mineralization appears continuous along the 2.5 km segment of the Alpha anticline with encouraging evidence of higher-grade zones. An additional 4.5 km segment of the Alpha anticline continuing SSE to
Table 1 – Alpha NW Drill Results greater than 0.2 g/t gold 2021 to 2023. Wide spaced drilling at Alpha has continued to intersect broad gold intervals. |
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HOLE ID |
FROM (m) |
LENGTH (m)* |
GOLD (g/t) |
COMMENTS |
AG23-13 |
117.3 |
4.57 |
0.34 |
This release |
AG23-13 |
135.6 |
6.10 |
0.29 |
This release |
AG23-14 |
350.5 |
9.14 |
0.50 |
This release |
incl AG23-14 |
353.6 |
3.05 |
0.82 |
This release |
AG23-15 |
96.0 |
19.81 |
0.41 |
This release |
incl AG23-15 |
100.6 |
7.62 |
0.55 |
This release |
AG23-16 |
143.3 |
28.96 |
0.38 |
This release |
incl AG23-16 |
160.0 |
10.67 |
0.49 |
This release |
AG21-02 |
89.9 |
3.05 |
0.25 |
|
AG21-02 |
155.4 |
6.10 |
0.24 |
|
AG21-03 |
65.5 |
1.52 |
0.25 |
May 6, 2021 News Release |
AG21-03 |
83.8 |
4.57 |
0.28 |
May 6, 2021 News Release |
AG21-03 |
190.5 |
1.52 |
0.36 |
May 6, 2021 News Release |
AG21-04* |
|
|
<0.2 |
|
AG21-05** |
118.9 |
12.19 |
0.41 |
|
AG21-06* |
|
|
<0.2 |
|
AG21-07 |
62.5 |
4.57 |
0.28 |
|
AG21-07 |
111.5 |
4.57 |
0.34 |
|
AG21-07 |
125.0 |
6.10 |
0.27 |
|
AG21-07 |
149.4 |
3.05 |
0.29 |
|
AG21-08 |
262.1 |
1.52 |
0.44 |
|
AG21-08 |
333.8 |
3.05 |
0.38 |
|
AG21-08 |
339.9 |
9.14 |
0.60 |
|
incl AG21-08 |
344.4 |
3.05 |
1.10 |
|
AG21-08 |
364.2 |
3.05 |
0.41 |
|
AG22-09 |
115.82 |
3.05 |
0.30 |
|
AG22-09 |
137.2 |
15.24 |
0.42 |
|
AG22-09 |
149.4 |
6.10 |
0.23 |
|
AG22-10 |
202.7 |
3.05 |
0.27 |
|
AG22-10 |
210.3 |
48.77 |
0.70 |
|
incl AG22-10 |
211.8 |
21.34 |
1.21 |
|
incl AG22-10 |
225.6 |
1.52 |
4.62 |
|
AG22-11 |
483.1 |
12.19 |
0.50 |
|
AG22-11 |
483.1 |
1.52 |
2.32 |
|
AG22-12*** |
|
|
<0.2 |
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*Hole located off anticline axis; ** Lost hole in mineralization; ***Lost hole above target |
*Intervals are drilled core length, as insufficient drilling has been completed at this time to determine true widths |
The 2023 drilling at Alpha greatly advanced the definition of structural controls to mineralization along the Alpha anticline and highlighted prime areas for targeting the deeper increasingly prospective Wenban 5 correlative host. Sitka has completed 5143.5 m of drilling in 15 holes since 2021 on the northwest end of the 7 km Alpha anticline. A longitudinal section of the 2.5 km segment where the drilling has occurred is shown in Figure 7 with gold and in Figure 8 with arsenic. The Alpha anticline lies in a down-dropped area east of a lower plate window as Goldrush does. All drilling at the Alpha project has occurred in the northwest portion of the project, except AG20-01. Drilling near the Alpha anticline axis has yielded significant gold intercepts, so far testing only the shallow
Higher gold grades up to 4.62 g/t in Hole AG22-10 (see news release of
The Company is pleased to announce that
The Copper Leaf showing consists of strong massive and disseminated sediment-hosted copper sulphide mineralization in the Husky Creek Sandstone Formation. The mineralization appears to lie proximal to a major gabbro dyke that trends north-south for more than 12 km. Grab samples from the Copper Leaf showing returned values of up to 13.45% copper and up to 65 g/t silver in sandstone interpreted to be brought to surface by frost heave action (see Figure 11). A single line gravity survey (see Figure 10) was conducted over the Copper Leaf showing in 2015 and revealed a strong gravity anomaly 90 m wide located proximal to the Gabbro Dyke. An expanded gravity survey conducted in 2019 suggested significant strike potential along the east flank of the gabbro dyke for more than 400 m.
The mineral occurrences at Copper Leaf display similarities to other major world renown sediment hosted copper deposits such as the Kamoa-Kakula copper deposits in the
(1) |
Gilchrist, G., Pri.Sci.Nat.SACNASP, and Witley, G., Pri.Sci.Nat.SACNASP (Qualified Person): Kamoa and Combined Kakula Indicated and Inferred Mineral Resource. Effective Date |
(2) |
These figures are for discussion purposes and do not imply that |
(3) |
|
(4) |
Close, Scott, |
The Company has received its drill permit to further explore its Burro Creek Property where a historical gold and silver resource (indicated and inferred) has been identified(1, 2) (see Table 2 and news releases
The historical mineral resource estimate of the Burro deposit is based on 87 reverse circulation (RC) and diamond drill holes and 9 sampled adits totaling 6,672m and 2,682 assays. Mineralization was constrained within a 3-dimensional geological solid created using Gemcom software. Practices consistent with CIM (2005) were applied to the generation of the historical mineral resource estimate and the parameters of the modeling are fully described in the NI 43-101 report referenced below.
Previous reverse circulation, diamond drilling and underground development conducted on the property outlined an historical indicated resource of 2,331,871 tonnes grading 1.01 g/t Au and 36.77 g/t Ag (yielding 122,491 ounces at a 1.63 g/t Au equivalent) and an historical inferred resource of 2,247,069 tonnes grading 0.60 g/t Au and 30.95 g/t Ag (yielding 81,304 ounces at a 1.13 g/t Au equivalent), both using a cut-off grade of 0.50 g/t Au(1). The historical results reported in the NI 43-101 technical report are considered by management to be reliable and relevant, though not conforming to current NI 43-101 standards (1,2). The Company is not treating the historical estimate as current mineral resources or mineral reserves.
The Property was fully permitted to commence production in 1988 but the production decision was deferred due to a decline in the price of gold and silver(1). At that time, the intent was to place the Burro gold and silver deposit into production and continue to expand the resource through exploration funded by the ensuing profits.
(1)
Pautler, J. ( |
Table 2: Historic Resource Summary |
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HISTORIC INDICATED RESOURCE:** |
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AuEq* |
Gold |
Silver |
Gold Equivalent |
|
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Cut-Off |
Tonnes |
Grade (g/t) |
Ounces |
Grade |
Ounces |
Grade (g/t) |
Ounces |
|
0.5g/t |
2,331,871 |
1.01 |
75,567 |
36.77 |
2,756,778 |
1.63 |
122,491 |
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HISTORIC INFERRED RESOURCE:** |
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AuEq* |
Gold |
Silver |
Gold Equivalent |
|
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Cut-Off |
Tonnes |
Grade (g/t) |
Ounces |
Grade |
Ounces |
Grade (g/t) |
Ounces |
|
0.5g/t |
2,247,069 |
0.6 |
43,243 |
30.95 |
2,236,113 |
1.13 |
81,304 |
|
*AuEq metal prices: |
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** |
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Recent exploration by Sitka in 2020 included 10 drill holes to define the on-strike continuity of the Burro Vein within the bounds of the patented claims (Figure 12). The results confirmed that the vein extends to the southern limits of the patented claims where Mobile Metal Ion (MMI) geochemical surveys conducted in 2013 indicate that the Burro Vein likely continues southward beneath a thin cover of volcanic rocks. Hole 19-56 intersected 1.14 g/t gold and 42.94 g/t silver over a core length of 41.08 m. Drilling is now permitted to test for the extension of the Burro Vein which could add significant potential to the property.
Table 3: Summary of drill hole highlights from the 2019 through 2020 diamond drilling program |
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Drill Hole ID |
|
Interval |
Core |
Gold |
Silver |
News Release Date |
|
|
|
From (m) |
To (m) |
Length (m) |
(g/t) |
(g/t) |
|
BC19-56 |
|
15.03 |
56.11 |
41.08 |
1.14 |
42.94 |
|
|
including |
37.34 |
56.11 |
18.77 |
2.20 |
27.79 |
|
|
including |
42.67 |
43.74 |
1.07 |
17.55 |
33.00 |
|
BC19-57 |
|
0.00 |
50.63 |
50.63 |
1.10 |
35.97 |
|
|
including |
10.70 |
22.40 |
11.70 |
3.23 |
72.86 |
|
|
including |
18.93 |
20.21 |
1.28 |
16.85 |
77.00 |
|
BC19-58 |
|
29.41 |
54.41 |
25.00 |
0.37 |
83.99 |
|
|
including |
44.50 |
50.90 |
6.40 |
0.75 |
119.37 |
|
BC19-59 |
|
26.52 |
53.64 |
27.12 |
0.62 |
79.58 |
|
|
including |
47.85 |
53.64 |
5.79 |
2.08 |
23.69 |
|
BC20-60 |
|
36.48 |
48.37 |
11.89 |
1.02 |
66.66 |
|
|
including |
36.48 |
39.84 |
3.36 |
1.76 |
52.26 |
|
BC20-61 |
|
106.55 |
134.72 |
28.17 |
1.01 |
10.91 |
|
|
including |
128.62 |
132.95 |
4.33 |
3.12 |
6.37 |
|
|
including |
129.84 |
131.24 |
1.40 |
6.24 |
8.00 |
|
BC20-62 |
|
116.73 |
122.77 |
6.04 |
0.94 |
14.16 |
|
|
including |
118.56 |
121.30 |
2.74 |
1.45 |
17.44 |
|
|
|
130.33 |
132.89 |
2.56 |
0.62 |
56.80 |
|
BC20-63 |
|
140.96 |
142.00 |
1.04 |
1.27 |
1.00 |
|
BC20-64 |
|
no significant results |
|
|
|
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BC20-65 |
|
no significant results |
|
|
|
*Intervals are drilled core length, as insufficient drilling has been completed at this time to determine true widths |
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|
1. |
A NI 43-101 report dated |
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2. |
The Property contains an historical mineral resource estimate (the Burro Deposit) as defined by the National Instrument 43-101 Standards for Disclosure for Mineral Projects and is not considered by |
Sitka continues to explore the OGI property for its Sedex Pb-Zn-Ag potential as well as for Intrusion Related Gold System occurrences. The OGI property is strategically located at the western end of the Tombstone Gold Belt immediately north of the
On
RC Gold Inferred Mineral Resource Estimate
COG g/t Au |
|
|
|
|
Combined |
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Tonnes |
Au g/t |
0z Au |
|
Tonnes |
Au g/t |
0z Au |
|
Tonnes |
Au g/t |
0z Au |
|
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, 54 diamond drill holes have been drilled into this system for a total of approximately 18,877 metres including 16-holes totalling 6,515 metres in 2023 focused on expanding the initial resource. The resource expansion drilling in 2023 produced results of up to 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 in drill hole DDRCCC-23-047 at Blackjack (see news release dated
*For more detailed information on the underlying properties please visit our website at www.sitkagoldcorp.com.
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. |
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(2) |
Harvey N., Gray P., Winterton J., Jutras M., Levy M.,Technical Report for the |
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(3) |
Hulse D, Emanuel C, Cook |
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(4) |
Simpson R. Florin Gold Project NI 43-101 Technical Report. |
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(5) |
Banyan Gold News Release Dated |
-
Swiss Mining Institute ,Zurich, Switzerland :March 20 - 21, 2024 - 121
Mining Investment ,London, England :May 16-17, 2024 -
Takestock Investor Forum , Stampede Event,Calgary, Alberta :July 3, 2024
*All events are subject to change |
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
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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