Game on for Sitka Gold! Exploration success is often a mixture of courage, calculation and perseverance. All three things distinguish Sitka CEO Cor Coe. This is another reason why there are few companies for whom we are as happy about a discovery as we are now for Sitka Gold Corp. (CSE SIG / FSE 1RF).
As the company reports today, with its first two wells on its RC gold project in the Yukon, Sitka is hitting gold grades that the company is on par with its neighbors banyan Gold (TSXV: BYN) and Victoria Bring gold (TSX: VGSX)!
Sitka reports 139.1 meters averaging 0.61 g / t gold. This compares to the drill success from Banyan Gold, which recently completed a 1.02 g / t hole over 47 in length. The other comparison is Victoria Gold, the only producer in the neighborhood. There, an average of 0.62 g / t gold is sufficient for extremely profitable mining. Game on than for Sitka, because the company owns by far the largest exploration area in the so-called Tomb Stone Belt of the Yukon. After all, 345 square kilometers.
Commenting on the drilling success, Cor Coe said: “These initial results reinforce our belief that the RC gold project is a promising land package that could host multiple intrusive gold deposits along with high-grade veins and breccias.”
In total, Sitka has completed six drill holes totaling approximately 1,500 meters on its huge RC gold project. Targets of high priority were tested over a distance of 10 kilometers (Figure 1). The company is currently awaiting results from the remaining four holes.
The highlights of these drill holes include *:
– 139.1 meters grading 0.61 g / t gold from 131.9 meters to 271 meters in DDRCCC20-004 including:
59 meters grading 0.88 g / t gold over a length of 212 to 271 meters and
– 37 meters of 1.05 g / t gold from 234 to 271 meters and
– 6.6 meters grading 1.27 g / t gold from 131.9 to 138.5 meters
– 57.5 meters at 0.50 g / t gold from 243 meters to 300.5 meters in DDRCCC20-003 including:
– 11.6 meters grading 1.20 g / t gold from 251 meters to 262.6 meters and
– 0.9 meters grading 9.57 g / t gold from 251 meters to 251.9 meters
– 38 meters grading 0.67 g / t gold d from 27 meters to 65 meters in DDRCCC20-003
Holes DDRCCC20-003 and 04 returned exceptionally long intercepts up to 139.1 meters grading 0.61 g / t gold and high grade intercepts up to 9.57 g / t gold over 0.9 meters spanning a lateral width of 300 meters of sustained gold values in both holes (Figure 3). These holes were drilled in the Eiger Zone, where surface grab samples and chip samples up to 27.8 g / t gold within a> 500 ppb gold-in-soil anomaly were found earlier this year.
The drill results in the Eiger Zone of the RC Gold Project confirm that the area hosts significant gold mineralization that is open both laterally and at depth within a broad gold-in-soil anomaly. (Figures 2 and 3). The targets have never been drilled before or previous drill holes have not reached target depth (see Figure 1).
Figure 1: Borehole locations of the RC Gold Project 2020
Figure 2: RC Gold Project – Eiger Zone Target Plan Map with Surface Rock Samples by 2020 and Completed Drill Holes and Section A-A ‘
Table 1: Drilling results of the RC gold project – Eiger Zone target area *
* Intervals are core lengths drilled as insufficient drilling has been done at this point to determine true width.
About the RC Gold Project
The RC Gold Project is a 345.5 square kilometer district within the Tombstone Gold Belt in the Yukon. The Clear Creek, Big Creek, and Sprague Creek Districts in the heart of the Yukon’s Tintina Gold Belt are accessible by road. It is the largest contiguous land package strategically located midway between the Victoria Gold’s Eagle gold mine and the Golden Predator’s Brewery Creek gold mine. Victoria’s Gold Eagle Mine is Canada’s youngest gold mine, which only entered commercial production earlier this summer. Golden Predator’s Brewery Creek Mine only recently received government and First Nation support to resume production. The RC Gold Project land package consists of five underlying mining properties, namely the RC, Bee Bop, Mahtin, Clear Creek and Barney Ridge * properties.
Sitka Gold has inherited a wealth of historical and current data from these properties spanning 40 years. Recent exploration and historical data compilation have defined multiple large tonnage mineralized zones, intrusive gold deposit targets, and high grade gold targets hosted in veins and breccias. The RC gold project also shares a border with Victoria Gold’s Clear Creek property on its western boundary and AM Gold’s Red Mountain property on its northern boundary. *
Exploration on the property has focused primarily on the identification of an intrusive gold system (“IRGS”). The property is part of the Tombstone Gold Belt with prominent examples of IRGS deposits. Notable Belt Holdings include: The Fort Knox Mine in Alaska with current reserves of 282 million tonnes grading 0.37 g / t Au (3.4 million ounces, excluding 7.5 million ounces from previous production ; Fairbanks Gold Mining Inc.); Eagle Gold Mine grading 155 million tonnes grading 0.65 g / t Au (3.26 million ounces; Victoria Gold Corp, 2020); the 17.17 million tonnes Brewery Creek deposit grading 1.45 g / t gold (0.726 million ounces; Barr, 2013); and the Red Mountain gold deposit, adjacent to Sitka’s RC Gold gold project, grading 127 million tonnes grading 0.48 g / t (1.95 million ounces; AM Gold Corp .; Cole, 2012).
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