Sitka Gold drills 3.05 m of 1.10 g/t Au at Alpha

Mr. Cor Coe reports

SITKA DRILLS 3.05 METRES OF 1.10 G/T GOLD; FURTHER INCREASES LAND HOLDINGS AT ALPHA GOLD IN NEVADA

Sitka Gold Corp. has released assay results from the final three drill holes of the 2021 summer drill program at the Alpha gold project located at the southeast end of the Cortez trend in northern Nevada.Five drill holes were completed during this latest phase of drilling for a total of 1,553 metres. Sitka is also pleased to announce that, subsequent to receiving and incorporating these latest results into its geological model, an additional 125 claims have been staked to cover high-priority target areas, with newly mapped, prospective alteration and structure on trend with the recent drilling. These new claims more than double the project's landholdings and join the northwest and southeast Alpha gold claim blocks creating a contiguous property of 239 claims totalling approximately 1,934 hectares (4,780 acres).

Highlights from these drill holes include:

15.24 metres of 0.46 grams per tonne gold from 333.76 to 349 metres in hole AG21-08 including: 7.62 metres of 0.68 g/t gold from 339.85 to 347.47 metres including:4.58 metres of 0.81 g/t gold from 344.42 to 349.0 metres including;3.05 metres of 1.10 g/t gold from 344.42 to 347.47 metres including;1.53 metres of 1.24 g/t gold from 344.42 to 345.95 metres;3.04 metres of 0.41 g/t gold from 196.60 to 199.64 metres in hole AG21-07 including: 1.52 metres of 0.66 g/t gold from 196.60 to 198.12 metres.

The Alpha gold project has advanced rapidly at modest cost, from an undrilled geologic concept with a surface alteration and pathfinder element anomaly, to a large wide-open Carlin-type gold system with thick, low-grade gold intercepts, from wide-spaced drilling.Intercepted gold grades have improved as basic controls of the system have begun to be understood. This is reflected in drill hole AG21-08 where gold intervals over one gram per tonne were encountered.Considering the early-stage, relatively blind nature of the target, the strength of mineralization encountered thus far and rate of progression at Alpha are extremely encouraging.Many lateral offset targets on newly discovered gold-bearing structures with excellent potential to reveal higher grades are already apparent from this year's drilling.Success on an early-stage geologic concept play also comes with a nearly wide-open land domain.Geologic mapping across areas south and east of the drilling has identified continuing alteration and structural trends extending from the existing land position. Consequently, an additional 125 claims have been staked to cover this ground more than doubling the project land holdings. Surface alteration extends between large Eocene rhyolite flow dome features and the structural trend is locally defined by deeper stratigraphic exposures characteristic of eroded anticlinal uplifts.This represents the first detailed mapping undertaken in this area, made possible by improved knowledge of the complex stratigraphy derived from the drilling.Depths to key target horizons are estimated to be relatively modest in comparison with similar, better known, covered or blind Carlin-type exploration plays around the Cortez and Carlin trends.Sitka now holds 239 contiguous claims covering multiple highly prospective targets for discovery and offset of Carlin-type gold mineralization.The priority will be to better define gold mineralization patterns and find higher grades with more drilling in the current northwest Alpha area.The information gathered from this will assist in successful targeting and drilling in the newly staked ground where permitting is currently under way.

Cor Coe, PGeo, chief executive officer and director of Sitka, stated: "We are very pleased to report positive drill results from this latest phase of drilling at Alpha gold. Having intervals of greater than one gram per tonne of gold with only eight drill holes completed across two phases of drilling in a large, newly identified area within the projection of the Cortez trend is extremely encouraging. It also underscores the importance of using a disciplined exploration approach to follow up on Carlin-type exploration targets in a highly prospective area. Staking claims contiguous with our existing claims has now doubled the size of our project and enabled us to secure additional highly prospective ground identified from the exploration work completed to date. With our $6.4-million financing completed this year, Sitka is well positioned to continue advancing Alpha gold."

AG21-07 was drilled at an azimuth of 70degrees and inclination of negative-70degrees from the same site as AG21-05.The hole tested the Horse Canyon equivalent unit and Devil's Gate formation contact zone in the footwall of the east-west cross-structure encountered in AG21-05 where gold values averaged 0.41 g/t over 12.19 m (see news release dated Sept. 16, 2021).Assays from AG21-07 returned anomalous intervals averaging 0.19 g/t over 54.86 m from 111.25 m to 166.20 m, in the Horse Canyon equivalent unit.A single sample from 196.60 m to 198.12 m assayed 0.66 g/t in silicification near the top of the Devils Gate limestone.The east-west cross-structure here is clearly important and greatly enhanced gold grades are possible if the target stratigraphy can be tested closer to the fault.Surface alteration also strengthens to the east.Additional drill sites are needed for optimal testing.The thick gold anomalies, at shallow depths, in classic Carlin-type alteration with strong associated arsenic, mercury, antimony and thallium from initial drilling of this location are highly encouraging.

AG21-06 was drilled 560 m south-southeast of AG21-07 with a due-south azimuth.This hole tested the Horse Canyon equivalent unit and Devils Gate contact zone which was carbonaceous, decalcified and silicified.An east-northeast cross-structure was tested, but intercepted too shallow, in the upper part of the Devonian Shale unit.The structure included an altered Eocene rhyolite dike with up to 733 parts per million arsenic, but no significant gold.A 13.72 m zone of 0.12 g/t gold was intercepted in the target stratigraphy.This hole may lie too far west and could also be an indication that east-directed holes are crossing the structural grain of the north-northwest fold trend more optimally than south-directed holes like this one and AG21-04.

Drill hole AG21-08, located 260 m south-southeast of AG21-07, was designed to test for downward strengthening of alteration in and enveloping a north-south-striking rhyolite dike at surface.The hole was successful in hitting both the dike and the Horse Canyon equivalent unit and Devils Gate formation contact zone which was highly carbonaceous, and strongly silicified and decalcified.The targeted dike structure was hit at a relatively fortuitous position within the Horse Canyon equivalent unit, but this also omitted part of the critical host stratigraphy.A broad zone of anomalous gold was encountered from 324.61 m to 367.28 m which averaged 0.25 g/t, including a 15.24 m interval from 333.76 m to 349 m that assayed 0.46 g/t.The peak gold value of 1.24 g/t Au was encountered in the immediate hanginwall of the rhyolite dike at 344.42 m. Association of gold mineralization with steep dike structures indicates a vertical bias to fluid flow, along with lateral spread into host stratigraphy.Deeper drilling to test the lower Upper Denay formation and the Bartine member of the McColley Canyon formation proximal to these dikes will be important in the future.These units host ore deposits at the Gold Bar complex and are analogous to the prolific Wenban 5 through 7 units at Goldrush to the north.First, there are ample lateral offset targets to test and potentially define higher-grade zones for deeper drill testing.The gold-bearing dike structure intercepted in AG21-08 strikes north toward the east-west cross-fault that yielded gold intercepts in holes AG21-05 and 07.The intersection of those two structures will be a priority target for upcoming drilling.