Results From First Deep Drill Hole At Alpha Gold

VANCOUVER - Sitka Gold Corp. has received all assays from its first deep drill hole (AG20-01) at its Alpha Gold Property located in Nevada's prolific Carlin gold province. AG20-01 intercepted anomalous gold and mercury in siliceous mudstones of the Webb formation. This anomalous geochemistry was associated with weak sericite-clay alteration and structure and is interpreted as leakage from a Carlin-type system at depth. Information from the hole and surface mapping indicate the hole was located on the steep east limb of a fold. The best location for testing the clastic to carbonate transition into the top of the Devil's Gate Limestone is likely to the west on the broader west limb of the fold. Chert intercepted at 152m in the hole is exposed on the west part of the property and a follow up hole collared at the base of that chert unit with a broad less complex target is being considered. The footwall of the major normal fault on the east side of the Property might afford a shallower target but bedding is moderately dipping and highly faulted creating a narrow, more difficult target. Sitka will continue to assess the geology of the Alpha Gold area and weigh the prospects of optimal location to collar the next hole.

"The first deep drill hole at our Alpha Gold Property was successful in penetrating a substantial amount of the targeted structure," commented Cor Coe, CEO and director of Sitka. "Several intercepts with anomalous levels of gold were encountered throughout the Webb formation which we interpret to be leakage from an underlying Carlin-type gold system. The results from this first drill hole appear to support our modeling and have greatly increased our understanding of the underlying geological structures which we can now leverage in determining the optimal location and positioning of a second drill hole to reach the Webb-Devil's Gate contact zone."

AG20-01 was completed to a depth of 548 metres (1799 feet). The hole was successful in penetrating through the upper plate and intersecting a substantial amount of the Webb formation. Intense clay-alteration and shearing from 321.5m - 354.9m (1055ft - 1163ft) is interpreted to reflect a normal fault which offsets dolomite exposed on surface east of the collar by about 400m downward to where it was intercepted in the hole. The clay alteration overprints earlier sericite-pyrite-quartz alteration. Narrower zones of structurally controlled clay-sericite-pyrite and bedding controlled massive pyrite were also present in the hole.

The hole was stopped in Antler Foreland rocks (inferred Blue Hill Unit equivalent) beneath the Roberts Mountains thrust as eastward hole deviation had turned the hole to within 20 degrees of the bedding orientation. Information from the hole has greatly enhanced the geologic understanding of the project area and supports the Carlin-type gold deposit target concept. Stratigraphy revealed in AG20-01 indicates the upper plate is completely eroded across part of the Alpha Gold Project, but the Antler Foreland sequence (Webb formation and Devonian shale) is much thicker than where it is exposed farther west. Prospective areas for testing the top of the Devils Gate Limestone are interpreted to exist beneath AG20-01 in the footwall of the normal fault, and up dip to the west.