Sitka Gold Corp. announced the first drill hole DDRCCC-23-057 ("Hole 057") of the 2024 drill campaign has intersected significant gold results south of the current Blackjack Gold Deposit resource. Hole 57 was the first of two holes completed during the 2024 winter diamond drilling program at the Company's 386 square kilometre, road accessible RC Gold Project ("RC Gold" or the "Project") located in Yukon's Tombstone Gold Belt ("TGB"), approximately 100 kilometres east of Dawson City.

Hole 57 intersected 191.0 metres (m) grading 1.16 g/t goldincluding 11.0 m of 5.80 g/t gold within 89.0 m of 2.03 g/t gold confirming persistent gold mineralization continues 175 metres below and 45 metres to the southeast of DDRCCC-23-047 ("Hole 47"), which returned the best drill hole results to date with 219.0 m of 1.34 g/t gold, including 124.8 m of 2.01 g/t gold and 55.0 m of 3.11 g/t gold. Hole 057 was drilled to a length of 550.2 m and was a step-out to the west from hole DDRCCC-23-047 designed to test the southeastern extension of the well-mineralized quartz monzonite intrusion intersected in Hole 47. It intersected two broad zones of feldspar megacrystic quartz monzonite intrusion (49.9 - 160.9 m and 446.6 - 509.9 m; see Figure 5) within a large package of biotite schist, phyllite, and quartzite of the Late Proterozoic Yusezyu Formation (Hyland Group).

A narrow lamprophyre dyke was intersected from 241.6 - 243.2 m along with abundant narrow (1-2 m) quartz monzonite dykes cross cutting throughout the Yusezyu Formation metasediments. Both intrusions were cut by abundant 1-2 cm sheeted quartz veins, quartz-arsenopyrite veins, and dominantly arsenopyrite veins with narrow cm scale sericite alteration halos. The second hole of the program, DDRCCC-24-058 (Hole 58), was collared approximately 70 metres north of Hole 057 and drilled to a length of 535.9 m. Hole 58 has been logged and sampled and assays are currently pending.

Hole 57 was variously mineralized throughout almost its entire length, returning 505.0 m of 0.50 g/t gold from 13.0 to 518.0 m. Higher grade intervals within the hole included 191.0 m of 1.16 g/t gold; 89.0 m of 2.03 g/t gold and 11.0 m of 5.80 g/t gold. The highest grade interval was 2.0 m 21.2 g/t gold. Hole 57 has successfully extended the gold mineralization identified in Hole 047 a further 175 m to depth and 45 m to the southeast.

Of particular significance, Hole 57 has returned the most consistent gold mineralization seen on the RC property to date hosted in strongly silicified and veined metasediments. Hole 57 is the first hole to be completed of up to 15,000 metres of diamond drilling at RC Gold this year in proposed winter and summer diamond drilling campaigns. The key objectives of drilling this year will be to further expand and define targets within the well-endowed Clear Creek Intrusive Complex area, which currently hosts the Blackjack and Eiger gold deposits - both of which remain open in all directions - and the Saddle zone.

Additionally, the drilling aims to advance other high-priority drill-ready targets elsewhere on the district-scale, 386 square kilometre property. The RC Gold Project consists of a 386 square kilometre contiguous district-scale land package located in the heart of Yukon's Tombstone Gold Belt. The project is located approximately 100 kilometres east of Dawson City, which has a 5,000 foot paved runway, and is accessed via a secondary gravel road from the Klondike Highway which is usable year-round and is an approximate 2 hour drive from Dawson.

It is the largest consolidated land package strategically positioned mid-way between Victoria Gold's Eagle Gold Mine - Yukon's newest gold mine which reached commercial production in the summer of 2020 - and Victoria Gold's former producing Brewery Creek Gold Mine. 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 zones: The Blackjack and Eiger deposits.

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. The Mineral Resource estimate is presented at a base case cut-off grade of 0.25 g/t Au: To date, 56 diamond drill holes have been drilled into this system for a total of approximately 19,962 metres including 16 drill holes totalling 6,515 metres completed in 2023 focused on expanding the initial resource. The drilling in 2023 produced results of up to 219.0 m of 1.34 g/t gold including 124.8 m of 2.01 g/t gold and 55.0 m of 3.11 g/t gold in drill hole DDRCCC-23-047 at Blackjack.

The Company recently completed two drill holes totalling 1,085 metres during the winter phase of a planned 15,000 metre diamond drilling program at the RC Gold Project for 2024. All core samples for these drill holes have been delivered to the lab and assays are currently pending.