Sitka Gold, SIG, SITKF, Company Profile, Stock Summary
Sitka Gold Corp. is a well-funded mineral exploration company headquartered in Canada. The Company is managed by a team of experienced industry professionals and is focused on exploring for economically viable mineral deposits with its primary emphasis on gold, silver and copper mineral properties of merit. Sitka currently has an option to acquire a 100% interest in the RC, Barney Ridge, Clear Creek and OGI properties in the Yukon and the Burro Creek Gold property in Arizona. Sitka owns a 100% interest in its Alpha Gold property in Nevada, its Mahtin Gold property in the Yukon and its Coppermine River project in Nunavut.
Sitka has received all assay results from its 2022 diamond drill program at its RC Gold Project in the Yukon and announced a 43-101 compliant Initial Mineral Resource Estimate of 1,340,000 ounces of gold(1) beginning at surface and grading 0.68 g/t (see news release dated January 19, 2023). A resource expansion diamond drilling program has now begun (March 2023).
Results from 2022 drilling at the Company’s Alpha Gold Property in Nevada where a new Carlin-type gold system was recently discovered have all been received. The Company is focused on vectoring towards the high-grade core of this newly discovered system, which is located in the Cortez Trend just 40 km southeast of the Cortez Mine Complex of Barrick/Newmont, and plans for a 2023 drilling program at Alpha are currently underway.
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A district-scale, contiguous land package covering 376 square kilometres with multiple intrusion related gold deposit targets located in the heart of the Tombstone Gold Belt in Yukon.
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Pit-constrained Initial Inferred Mineral Resource Estimate released January 19, 2023 consisting of 1,340,000 ounces of gold* contained in two near/on-surface zones: the Blackjack and Eiger gold deposits.
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Blackjack deposit contains a higher grade resource of 900,000 ounces of gold at a grade of 0.83 g/t gold with a cut-off grade of 0.25 g/t gold.
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The deposits are open in all directions and are located at opposite ends of a 2km long mineralized corridor running East-West which remains relatively untested but has been shown to contain significant gold mineralization with the potential to add additional resources.
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Initial metallurgical testing indicates that the gold is not refractory and has high gold recoveries of up to 94% with minimal NaCN consumption (see News Release dated July 13, 2022).
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The project has year-round road access with close proximity to key infrastructure such as power lines, the Klondike Highway and Dawson City.
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Several high priority intrusion related gold deposit targets remain untested across the property and have the potential to host additional gold deposits.
Several high priority intrusion related gold targets exist at RC Gold with nine outcropped intrusions identified to date over the 376 sq km property, however Sitka’s main focus at the RC Gold Project has been on the underlying Clear Creek Property where a large 500 metre by 2000 metre intrusion related gold system covering the area over the Blackjack, Saddle and Eiger zones was identified. To date the Company has drilled 38 diamond drill holes into this system for a total of approximately 13,000 metres. This drilling culminated in the discovery of the Blackjack and Eiger deposits with an initial inferred mineral resource estimate of 1,340,000 gold ounces(1).
Sitka Gold inherited a wealth of historical and current data from these properties from work spanning the last 40 years. Recent exploration work and the compilation of historical data have defined several mineralized zones with both bulk tonnage, intrusion-related gold deposit targets and high-grade, vein- and breccia-hosted gold targets. The RC Gold Project also has a common border with Victoria Gold’s Clear Creek property at its western boundary and Florin Resources’ Florin Gold property at its northern boundary.
The RC Gold Project, comprised of the RC Gold, Mahtin, Clear Creek and Barney Ridge properties, is a district-scale, contiguous land package of 1,891 claims covering approximately 376 square kilometres (37,600 hectares or 92,900 acres) within the geologically fertile and highly prospective Tombstone Gold Belt (TCB) region (Figures 1 & 2). The 1.34 million ounce deposit at the RC Gold Project is an intrusion-related gold deposit similar to other intrusion-related gold deposits that exist throughout the Tombstone Gold Belt such as Victoria Gold’s Eagle and Olive Deposits (with a combined 4.7 million ounces Au) (1), Sabre Gold Mine's Brewery Creek Deposits (1.5 million ounces gold) (2), Florin Resources Florin Gold Deposit (2.47 million ounces gold) (3) and Banyan Gold's AurMac Project (3.99 million ounces gold) (4). Numerous placer gold deposits also exist throughout this gold-rich belt. The Tombstone Gold Belt is located within the larger Tintina Gold Belt which also hosts Kinross Golds’ Fort Knox deposit in Alaska (3 million ounces of gold) (5) (see Figure 1). Several additional intrusion related gold deposit targets a present across the RC Gold Project but have yet to be tested as the initial focus has been at the Blackjack and Eiger zones.
The RC Gold Project is situated about 100 km east of Dawson City, Yukon at the headwaters of Clear Creek and Big Creek, a major placer mining district that is serviced by a network of gravel roads and trails. A new, well maintained placer mine access road traverses through the south side of the claim block and provides great access across the Property (Figure 2). This road connects to the Clear Creek road which connects to the Klondike Highway, approximately mid-way between Stewart Crossing and Dawson (Figure 1). The contiguous RC Gold Project claim block is strategically located within the heart of the Tombstone Gold Belt and is surrounded by junior mining companies, including a common boundary with Victoria Gold to the west and Florin Resources' 2.47 million ounce gold deposit to the north (Figure 2). Initial Mineral Resource Estimate
On January 19, 2023 Sitka Gold announced an Initial Mineral Resource Estimate prepared in accordance with National Instrument 43-101 (“NI 43-101”) guidelines for the RC Gold Property of 1,340,000 ounces of gold. The road accessible, pit constrained Mineral Resource is classified as inferred and is contained in two near/on-surface zones: The Blackjack and Eiger deposits. The Mineral Resource estimate is presented in the following table at a base case cut-off grade of 0.25 g/t Au:
The Initial Mineral Resource Estimate of 1,340,000 ounces of gold at the RC Gold Project is comprised of two deposits: the Blackjack deposit containing 900,000 ounces of gold at a grade of 0.83 g/t gold and the Eiger deposit containing 440,000 ounces of gold at a grade of 0.50 g/t gold (see news release dated January 19, 2023). Both of these deposits are at/near surface, are potentially open pit minable and amenable to heap leaching, with initial bottle roll tests indicating that the gold is not refractory and has high gold recoveries of up to 94% with minimal NaCN consumption (see News Release July 13, 2022).
The Blackjack and Eiger deposits are in close proximity to highway and power infrastructure, are road accessible year-round, remain open in all directions and are respectively located at the western and eastern end of a large, 500 metre by 2 kilometre intrusion related gold system that was recently discovered on the Property. As of March 1, 2023 just 38 diamond drill holes have been drilled into this system for a total of approximately 13,000 metres with results of up to 201.0 m of 1.26 g/t gold from surface, including 82.0 m of 2.04 g/t gold and 19.5 m of 4.87 g/t gold at Blackjack (drill hole DDRCCC-22-040; see news release dated January 11, 2023) and 354 m of 0.41 g/t gold including 72 m of 0.72 g/t gold at Eiger (drill hole DDRCCC-21-09; see news release date August 19, 2021).
Project History
Placer Mining first began on Clear Creek in the late 1800's and the first quartz claims were staked in the early 1900's. Placer mining has continued to the present, with a dredge operating on Clear Creek from 1943 to 1954 and again between 1981 and 1987. Several active placer mines continue to operate in the Clear Creek drainage and new placer mining activity has recently begun in Big Creek.
The first modern hard rock exploration in the area took place in the 1970's, targeting silver, tin and tungsten, metals commonly associated with Intrusion Related Gold deposits. High grade gold-silver and silver-lead-zinc veins have also been prospected.
In the 1990's, exploration shifted to bulk tonnage gold after the discovery of the Fort Knox gold deposit in Alaska, in a similar geological environment. Explorers in and around the vicinity of the RC Gold Project included Noranda, Ivanhoe Goldfields, Kennecott and Newmont. These companies carried out geological mapping, geochemical and geophysical surveys and several campaigns of drilling. More recently, in the 2000s, Thor Exploration, StrataGold, Golden Predator, Pacific Ridge and Kestral Gold have explored on the west side of the RC Project, while Ryan Gold (now StrikePoint) explored to the east. AM Gold’s Red Mountain Property, an intrusion-related gold target that is adjacent to the the Project's northern border, has also seen exploration throughout the 2000’s and has a resource of 1.95 million of gold ounces defined.
RC Gold Property (RC, BEE & BOP Claims)
In 2017, the RC Gold Property was optioned to Pacific Ridge Exploration Ltd. who completed a program of geological mapping and property-wide soil sampling that same year. Pacific Ridge conducted additional soil sampling, mapping and a small geophysical survey in 2018. These work programs produced encouraging results with several previously unknown gold-in-soil anomalies shown to be present on the Property. In 2019, after acquiring the Property, Sitka Gold followed up on these results with a soil sampling and geophysical survey program designed to expand and fill in the previous geophysical and geochemical anomalous zones that had been identified. Together, this work has defined several high-priority gold targets where the gold values, plus the associated pathfinder metals, are typical of mineralization associated with Intrusion Related Gold deposits. Two of these mineralized zones appear to be contiguous representing an Intrusion Related Gold target that is 2 km long by 0.5 km wide (see Figure 3). In 2020 Sitka completed 2 helicopter supported drill holes in the Big Creek and Far Grid targets and also flew a LiDAR survey across the western half of the Property.
Geological Setting
The area of the RC Gold property is underlain by phyllite, quartzite, calc-phyllite, calc-silicate, grit and marble of the Proterozoic to Early Cambrian Hyland Group. These metasedimentary rocks are imbricated by thrust faults of Jurassic and Early Cretaceous age. The Clear Creek area is in the hanging wall of the Robert Service Thrust.
At the headwaters of Clear Creek, six Tombstone-style intrusions with ages of approximately 92 my, include the Saddle, Eiger, Pukelman, Rhosgobel, Josephine and Big Creek stocks. They have surface exposures ranging from 0.2 to 3.5 km2. The Saddle, Pukelman and Rhosgobel stocks are composed of medium- to coarse-grained quartz monzonite The Josephine and Big Creek stocks are composed of fine- to medium-grained, equigranular granodiorite. The Eiger stock is composed of fine to medium-grained, equigranular diorite with rare mafic phenocrysts.
Contact metamorphism of the Hyland Group country rocks extends for as much as 0.5 km around the stocks and typically occurs as resistant, rusty weathering biotite hornfels.
Mineralization
The RC Gold property lies within the heart of the Tintina Gold Belt. Hart (2005) has estimated a total metal endowment on the order of 70 million ounces of gold. Key deposits include Brewery Creek and the Eagle deposit (Dublin Gulch) in Yukon and Fort Knox, True North, Pogo and Donlin Creek in Alaska. Most of these deposits are characterized by flanking placer gold creeks.
Photograph of Placer Gold Down-Drainage
from Hole 21 & Surface Prospecting Area
The immediate area of the RC Gold property is characterized by several styles of mineralization associated with the Tombstone-aged intrusions, but the most important of these is sheeted veins, stockworks and breccias that occur within the intrusions and adjacent hornfels. These veins typically contain minor amounts of sulphide, including arsenopyrite, pyrite and rarely pyrrhotite. Other minerals include scheelite (tungsten), molybdenite, galena, chalcopyrite and bismuthinite. Arsenic, bismuth, tellurium, antimony, tungsten and molybdenum are typical pathfinder elements when prospecting for gold in these types of systems.
Corwin (Cor) Coe, B.Sc., P.Geo.
CEO and Director
Cor has over 35 years’ experience in the mining industry working primarily in Arizona, Nevada and the Yukon and has put two mines into production in the past. He is also credited with the discovery of a 2.0 million ounce gold deposit.
Cor is a Professional Geologist, Mining Engineering Technologist and Gemologist, holding a Bachelor of Science degree in Earth Sciences from Simon Fraser University and a Diploma in Mining Engineering Technology from the British Columbia Institute of Technology. He is a member of the Association of Professional Engineers and Geoscientists of British Columbia (APEGBC) and, the Northwest Territories and Nunavut Association of Professional Engineers and Geoscientists (NAPEG). Cor has been a Director and/or Officer of several successful public mining companies and previously was a fully licensed Investment Advisor and branch manager of a national brokerage firm.
Most recently, Cor was the founding CEO and a Director of Tundra Copper Corp., where he led the company from its inception through property acquisition, exploration and the successful sale of the company over an 18 month period. Cor is currently focused on building shareholder value in Sitka Gold Corp.
Donald Penner, B.Sc.
President and Director
Mr Penner brings over 40 years of technical and managerial experience in mineral industry. Mr Penner graduated in 1976 from the University of British Columbia with a Bachelor of Science Degree in Geology. Throughout his career, he gained extensive experience at all levels of mineral property evaluation from grassroots to feasibility-stage on projects in Canada, United States, Africa, South America and Europe. During the late 1970’s, Mr. Penner was a key participant in the discovery of several silver/lead deposits in the central Yukon. His success continued as a member of the exploration team that discovered the Eskay Creek deposit for Prime Resources Ltd in the late 1980’s. Other world class deposits he worked on include Donlin Creek in Alaska and Galore Creek in northwestern British Columbia for NovaGold Resources Ltd. Mr. Penner founded his own successful geological consulting practice in 1990 which he operated for 30 years.
Mike Burke, B.Sc., P.Geo.
Director and VP of Corporate Development
Mike has over 35 years experience in the mining industry primarily in the Yukon. Mike’s career has covered a wide range of experience including 20 years with the Yukon Geological Survey where he was the Head of Mineral Services. Mike was responsible for liaising with prospectors, mining and exploration companies, visiting active exploration sites, authoring the annual Yukon Mining, Development and Exploration Overview and presenting information on Yukon to investment bankers, financial institutions and mining analysts in meetings and conferences around the world. Mike also has experience as an exploration and mine Geologist earlier in his career and was fortunate to be part of the exploration team that discovered the Sa Dena Hes lead-zinc mine and the Ketza River Gold mine in the Yukon. Most recently, Mike was the Chief Geologist for Golden Predator in Yukon and Senior Operations Manager for Ensero Solutions, an environmental and engineering consulting firm.
Mr. Burke holds a BSc in Geology from the University of British Columbia, is a Professional Geologist with the Engineers and Geoscientists of British Columbia and a member of the Society of Economic Geologists. Additionally, Mike is a Director of the Yukon Chamber of Mines (YCM). He has served on the Board of the YCM continuously since 2013 including holding the role of President from 2015-2019.
J. Greg Dawson, M.Sc., P.Geo.
VP Exploration (Canada) and Director
Mr. Dawson has over 30 years of experience in mineral exploration. He holds a B.Sc. in geology from the University of British Columbia, a M.Sc. from Queens University and is a registered Professional Geoscientist with EGBC. His work experience includes acting as Director of Exploration for GroundTruth Exploration, Vice President Exploration for Colorado Resources, President and Vice President, Exploration of Copper Ridge Exploration as well serving as District Manager and General Manager with Teck Exploration Ltd. in Central Asia and South America. He also spent several years earlier in his career working for the Hunter Dickinson Group and its associated companies.
Jodie Gibson, MBA, P.Geo.
Chief Geologist
Mr. Gibson is a professional geologist with over 15 years mineral exploration experience throughout the North American Cordillera from Alaska to Mexico; including syngenetic and epigenetic precious and base metal systems. He was the Project Manager of the Underworld Resources Inc. exploration team that discovered and defined the Golden Saddle and Arc deposits. These assets were subsequently sold to Kinross in 2010 for $139 million., Mr. Gibson also served as Vice President Exploration for White Gold Corp where he oversaw over $30 million in exploration activities with highlights including expansion of the Golden Saddle and Arc deposits and five new discoveries across the White Gold district; including the high-grade Vertigo discovery on the JP Ross property. In 2020, Mr. Gibson was recognized as the 2020 Yukon Prospector of the Year.
Scott Price, B.Sc., M.Sc.
VP Exploration (USA)
Mr. Price has over 25 years experience with major and junior mining and exploration companies in the U.S and Canada. Most of his career has focused on gold exploration in Nevada, where he worked on the discovery and definition teams at the Hollister epithermal deposit, and the Phoenix (Battle Mountain district) and Mount Hamilton Carlin-type/intrusion-related gold deposits. Mr. Price also contributed to discovery of the deep east ore body at the Pebble porphyry Cu-Au deposit in Alaska. Much of his career involved early stage exploration and prospect assessment in Nevada. He began a geologic consulting business in 2008, in order to devote more time to his own Nevada research and prospecting. Mr. Price holds a B.S. degree from the University of Wyoming and a M.S. degree from Washington State University, both in geology.
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