Sitka Gold Corp. Completes 2019 Exploration Program at RC Gold
VANCOUVER, August 28th, 2019: Sitka Gold Corp. (CNSX:SIG.CN) (the "Company" or "Sitka") is pleased to announce it has completed this season's exploration program at its newly acquired RC Gold Property in the prolific Tintina Gold Belt in Yukon, Canada.The program involved infill and expansion soil sampling focused on refining drill targets identified from six gold in soil anomalies outlined during the last two exploration programs conducted on property in 2017 and 2018, as well as follow up additional IP geophysics and geological mapping and prospecting. Results from this season's exploration program will be announced when the analytical data has been received and interpreted.
The Company, through its wholly owned subsidiary, Arctic Copper Corp., has also mobilized a crew this week to its Coppermine River Project in Nunavut to conduct additional geophysical surveying at its recently discovered Copper Leaf showing, a sedimentary hosted copper discovery that returned over 13% copper and 65 g/t silver on the surface. The Copper Leaf showing is coincident with a geophysical gravity survey that produced a 100m wide gravity anomaly over the surface showing. Additional geological mapping and prospecting is also planned during this program.
Pursuant to the Company's news release dated April 9, 2019 the Company currently has an open financing to raise funds to drill its Alpha Gold property in the Carlin District of Nevada and its Burro Creek Gold property in Arizona, which hosts a historical gold and silver resource estimate. Burro Creek has an identified potential to substantially expand the historical mineral resource estimate through systematic drilling of a 1.5 km strike length of the mineralized zone identified through a geochemical soil sampling mobile metal ion grid survey.
The Company recently announced the closing of the first tranche of this financing (see news release dated August 9, 2019). The company issued 3,848,000 units at a price of 11 cents per unit for gross proceeds of $423,280. Each unit consists of one common share and one-half of one share purchase warrant. Each whole warrant will entitle the holder to purchase an additional common share at a price of 16 cents for a period of two years. Net proceeds from the financing will be used to conduct drill programs at the Burro Creek Gold and Alpha Gold properties and for general working capital.
About Sitka Gold Corp.
Sitka Gold Corp. is a mineral exploration company headquartered in Canada and managed by a team of experienced mining industry professionals. The Company is focused on exploring for economically viable mineral deposits with its primary emphasis on gold and copper mineral properties of merit. Sitka currently has an option to acquire a 100% interest in the RC Gold property in the Yukon, an option to acquire a 100% interest in the Burro Creek Gold property in Arizona and owns a 100% interest in its Coppermine River project in Nunavut and the Alpha Gold property in Nevada. Directors and Management own approximately 36% of the outstanding shares of Sitka Gold, a solid indication of their alignment with shareholder's interests.
ON BEHALF OF THE BOARD OF DIRECTORS OF Sitka Gold Corp.
"Donald Penner"
President and Director
For more information contact:
Donald Penner
President & Director
dpenner@sitkagoldcorp.com
or
Cor Coe
CEO & Director
604-817-4753
ccoe@sitkagoldcorp.com
or
Peter MacLean
Director
604-781-8513
petergmaclean@hotmail.com
The technical content of this news release has been reviewed and approved by Donald Penner, P.Geo, Director and President for the Company, and a Qualified Person as defined by National Instrument 43-101.
Cautionary and Forward-Looking Statements
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