(via TheNewswire)
Hole 057 was drilled to a depth of 550.2 m and was a step-out to the west from hole DDRCCC-23-047 (see news release dated
Observations of visible gold in the first completed drill hole of our ongoing winter diamond drilling campaign at RC Gold are very exciting and confirm that gold mineralization remains persistent in this area,”said
Drill Hole DDRCCC-24-057 was drilled to test the southeastern extension of the well-mineralized quartz monzonite intrusion intersected in hole DDRCCC-23-047. It intersected two broad zones of feldspar megacrystic quartz monzonite intrusion (49.9 – 160.9 m and 446.6 – 509.9 m) within a large package of biotite schist, phyllite, and quartzite of the Late Proterozoic Yusezyu Formation (
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. Visible Gold has been identified in Hole 57 (see Figures 4 and 5).
Hole 057 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 drilling campaigns. The key objectives of drilling this year will be to further expand and define targets within the well-endowed
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Figure 1: Workmap showing drill hole locations at the Blackjack gold deposit
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Figure 2: Cross section of DDRCCC-24-057
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Figure 3:Plan map of the
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Figure 4: Example of visible gold observed in DDRCCC-24-057
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Figure 5: Drill core, ranging from 474.07 to 482.91 metres in DDRCCC-24-057, consists of altered and intensely veined biotite schist and quartzite. These are in contact with megacrystic quartz monzonite, where visible gold was observed in a quartz veinlet at a depth of 481.77 metres.
About the flagship
On
RC Gold Inferred Mineral Resource Estimate
COG g/t Au | Combined | ||||||||||
Tonnes 000's | Au g/t | 0z Au 000's | Tonnes 000's | Au g/t | 0z Au 000's | Tonnes 000's | Au g/t | 0z Au 000's | |||
0.20 | 35,798 | 0.80 | 921 | 32,523 | 0.45 | 471 | 68,321 | 0.63 | 1,391 | ||
0.25 | 33,743 | 0.83 | 900 | 27,362 | 0.50 | 440 | 61,105 | 0.68 | 1,340 | ||
0.30 | 31,282 | 0.88 | 885 | 22,253 | 0.55 | 393 | 53,535 | 0.74 | 1,279 | ||
0.35 | 29,065 | 0.92 | 860 | 17,817 | 0.60 | 344 | 46,882 | 0.80 | 1,203 | ||
0.40 | 26,975 | 0.96 | 833 | 14,506 | 0.66 | 308 | 41,481 | 0.86 | 1,140 |
Notes
1. Mineral resource estimate prepared by
2023. Mineral Resources are classified using the 2014 CIM Definition Standards.
2. The cut-off grade of 0.25 g/t Au is believed to provide a reasonable margin over operating and sustaining costs for open-pit
mining and processing
3. Mineral resources are constrained by an optimised pit shell using the following assumptions:
pit slope; assumed metallurgical recovery of 85%; mining costs of
tonne; G&A of
4. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
5. Totals may not sum due to rounding.
To date, 55 diamond drill holes have been drilled into this system for a total of approximately 19,427 metres including 16 drill holes totalling 6,515 metres completed in 2023 focused on expanding the initial resource. The drilling in2023 produced results of up to219.0 m of 1.34 g/t goldincluding124.8 m of 2.01 g/t goldand55.0 m of 3.11 g/t goldin drill hole DDRCCC-23-047 at Blackjack (see news release dated
*For more detailed information on the underlying properties please visit our website atwww.sitkagoldcorp.com.
RC Gold Deposit Model
Exploration on the Property has mainly focused on identifying an intrusion-related gold system (“IRGS”). The property is part of the Tombstone Gold Belt which is the prominent host to IRGS deposits within the
(1) Sims J. Fort Knox Mine Fairbanks North Star Borough, Alaska, USA National Instrument 43-101 Technical Report.
(2) Harvey N., Gray P., Winterton J., Jutras M., Levy M.,Technical Report for the
(3) Hulse D, Emanuel C, Cook
https://www.goldenpredator.com/_resources/Brewery-Creek_NI-43-101-05OCT2020-File.pdf
(4) Simpson R. Florin Gold Project NI 43-101 Technical Report.
(5) Banyan Gold News Release Dated
Upcoming Events
SitkaGold will be attending and/or presenting at the following events*:
Redcloud Virtual 1:1
Precious Metals Conference ,Toronto, ON , April 11, 2024121
Mining Investment Conference ,London, England : May 15 - 16, 2024Yukon Mining Alliance Property Tours,
Dawson City ,Yukon : June 20 - 26, 2024Takestock Investor Forum , Stampede Event,Calgary, Alberta : July 3, 2024Precious Metals Summit ,Beaver Creek, Colorado :September 10 - 13 , 2-024
*All events are subject to change.
About
The scientific and technical content of this news release has been reviewed and approved by
ON BEHALF OF THE BOARD OF DIRECTORS OF
“
President and Director
For more information contact:
President & Director
778-212-1950
dpenner@sitkagoldcorp.com
or
CEO & Director
604-817-4753
ccoe@sitkagoldcorp.com
Cautionary and Forward-Looking Statements
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, the use of the proceeds raised under the Offering and the Company’s anticipated work programs.
In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will complete its anticipated work programs and use the proceeds of the Offering as currently anticipated.
These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, market uncertainty, the results of the Company’s anticipated work programs and that the Company will not use the proceeds of the Offering as currently anticipated.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-lookinginformation or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
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