It’s enormous what workload Sitka Gold Corp. (CSE: SIG; FRA: 1RF) completed in just four months and what progress has been made in this short time. On August 7, 2020, initial drilling commenced on the 376 square meter RC Gold Project in the Yukon. Sitka already presented the results of all six drill holes yesterday. Five found them. That is an astonishing hit rate when you consider the proportions: What are six wells in an area as large as the city of Cologne?
And Sitka’s geologists did the precision work because they landed a Discovery straight away. CEO Cor Coe states, “The company’s first drill program at RC Gold resulted in the discovery of a large, robust, intrusive gold system.” The outstanding drill results include 100.8 meters of 0.82 g / t gold in the so-called Saddle-Eiger- Zone. (see map 1) Cor Coe is convinced that “the results of these first drill holes in the Saddle-Eiger zones reflect the grades and the size that are necessary for an economic gold deposit.” That gives hope for 2021! Sitka is planning a first resource for the Saddle Eiger project in the coming year.
Figure 1: The overview map shows Sitka’s huge exploration license between gold producer Victoria Gold and AM Gold. The Saddle-Eiger discovery is only around 40 kilometers north of Victoria Gold’s Eagle open-cast gold mine, the largest mine in the Yukon, which is advertised with the slogan “Canada’s Newest Goldmine”. The average grade for Eagle Gold is 0.63 g / t gold.
There is a lot of work behind this success: 497 soil samples, 20 rock samples, 140 meters of excavations and a 42 square kilometer LiDAR aerial survey. Prospecting and drilling in other areas of the vast property also returned promising gold results: Hole DDRCRC20-006 returned 2.47 g / t gold and 23.2 g / t silver over 1.2 meters in the Big Creek Zone and prospect BR20-01 returned 7.0 meters at 0.65 g / t gold in a large> 100ppb gold anomaly in the soil at Barney Ridge (Figure 1).
Sitka shares reacted rather weakly to the news yesterday, closing a cent down at $ 0.155. However, fewer than 200,000 shares were traded. The chart suggests a resistance zone at CAD 0.15. Given the upside for the coming year, this could be an entry point for investors willing to take big risk. However, Sitka will probably need fresh money again by spring at the latest. At the end of September there was still CAD 1.2 million in the till. That will certainly not be enough for a major drilling program in the Yukon. At the same time, Sitka is still pursuing promising projects in Nevada and Arizona.
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