Update On Drilling At Alpha Gold Project

VANCOUVER - Sitka Gold Corp. reported on the recently initiated drill program at the Alpha Gold Project, located at the southeast end of the Cortez Trend.

AG22-09 and 10 have both now defined a new zone of strong alteration in a North to NNW structure.  Both holes hit strong silicification in Horse Canyon equivalent stratigraphy with zones of 5 - 10+ percent pyrite, including dark, discolored, potentially arsenic-rich pyrite.  Originally calcareous rocks near the fault zone are decalcified to completely karsted.  AG22-10 encountered an 11.5 meter cavity.  Drill results in combination with surface mapping indicate significant offset on this fault along at least two strands.  AG22-10 started in the footwall of the fault and tested altered Horse Canyon equivalent there from 149 to 175 meters.  The hole then crossed the fault into the down-dropped hanging wall and is now in a repeated section of strongly silicified, decalcified, pyritic Horse Canyon stratigraphy from about 232 meters.  The hole remains in progress with the objective of reaching the upper Devils Gate Limestone.

“Drilling at Alpha Gold continues to rapidly advance our knowledge of the Carlin-type gold system we discovered last year,” stated Cor Coe, P.Geo., CEO and Director of Sitka. “Visual observation of the new structural zone intersected in holes AG22-09 and -10 has us very excited as it appears to be the primary mineral control at Alpha Gold with the most robust alteration and Carlin-type mineralization observed to date. We eagerly await the results from these drill holes as we continue to vector toward the high-grade core of this Carlin-type gold system.”

Shallower depths to the Horse Canyon equivalent unit confirm that this structure lies closer to the Alpha anticline axis.  AG22-09 hit the target stratigraphy at 113 meters, and AG22-10 hit it at 149 meters, compared to 335 meters in AG21-08, farther east.  Alteration encountered thus far in 2022 has been very robust, emphasizing the importance of this new structural zone and the company looks forward to receiving the assay results.  All samples for AG22-09 and samples to 247 meters in AG22-10 have been delivered to ALS Global Labs in Elko, Nevada for analysis.

Increased alteration, greater offset, and proximity to the anticlinal crest suggest that the structure presently being tested may be the primary mineral control and the eastern structure tested last year by AG21-08 may be secondary.  It also appears that AG21-06, the weakest hole in the area was well into the footwall of both structures and off target where it tested the Horse Canyon equivalent strata.  Mineralization is believed to continue southward, west of that hole.  Upon completion of AG22-10, the next hole will be a 950-meter southward offset to test the new structural zone near the next major E-W cross-structure .  Confidence for this aggressive offset comes from a better understanding of the mineralization controlling fault system and definition of the anticline crest, both of which appear to be farther west than previously thought.  The proposed hole will be drilled WSW, should have a favorable angle to bedding and is anticipated to hit the Horse Canyon equivalent unit at a depth of about 350 meters.