Sitka Gold Corp. Announces Final Drill Results and Summarizes 2020 Exploration Program at its RC Gold Project

VANCOUVER, Dec. 16, 2020 - Sitka Gold Corp. (“Sitka” or the “Company”) (CSE:SIG) (CNSX:SIG.CN) (FSE:1RF) is pleased to announce it has now received all the assay results from drilling, trenching and soil sampling at its district scale, contiguous 376 square kilometre RC Gold Project in Yukon (“RC Gold” or the “Project”). A total of six diamond drill holes totalling approximately 1500 metres were completed on the Project this year testing high priority targets over approximately 10 kilometres (Figure 1). 497 soil samples, 20 rock samples, 140 metres of trenching and a 42 square kilometre LiDAR airborne survey were also completed on the Project.

Highlights from diamond drilling include*:

DDRCCC-20-001:

• • - 18.0 metres of .90 g/t gold from 3.0 to 21.0 metres

    - 13.6 metres of 1.63 g/t gold from 72.1 to 85.7 metres and

    - 18.0 metres of 1.34 g/t gold from 69.0 to 87.0 metres and

DDRCCC-20-002:

• • - 231.0 metres of 0.61 g/t gold from 65.0 to 296.0 metres and

    - 100.8 metres of 0.82 g/t gold from 156.4 to 257.2 metres and

    - 2.0 metres of 16.10 g/t gold from 294.0 to 296.0 metres

DDRCCC20-003:

• • - 38.0 metres of 0.67 g/t gold from 27.0 metres to 65.0 metres and

    - 57.5 metres of 0.50 g/t gold from 243.0 metres to 300.5 metres including

• • - 11.6 metres of 1.20 g/t gold from 251.0 metres to 262.6 metres and

    - 0.9 metres of 9.57 g/t gold from 251.0 metres to 251.9 metres

DDRCCC20-004:

• • - 139.1 metres of 0.61 g/t gold from 131.9 metres to 271.0 metres in including:

    - 59.0 metres of 0.88 g/t gold from 212.0 to 271.0 metres and

    - 37.0 metres of 1.05 g/t gold from 234.0 to 271.0 metres and

    - 6.6 metres of 1.27 g/t gold from 131.9 to 138.5 metres

DDRCCC20-006:

• • - 1.2 metres of 2.47 g/t gold and 23.2 g/t silver from 142.1 metres to 143.3 metres

*See Table 1.

“The Company’s first drill program at RC Gold was a huge success and resulted in the discovery of a large, robust intrusion related gold system”, stated Cor Coe, CEO and Director of Sitka. “These exceptional drill results, including 100.8 metres of 0.82 g/t gold, that also ended in 16.1 g/t gold over 2.0 metres, demonstrates the enormous potential present at the Saddle-Eiger Zones and confirms that the area hosts significant gold mineralization, open both laterally and at depth, within a broad gold-in-soil anomaly that is over 2 kilometres in length (see news release dated November 23, 2020). The intercepts and grades we are discovering in this area are quite compelling when you consider Victoria Gold’s producing Eagle Gold mine, located just 40km east of our claim block, has a resource grade of 0.63 g/t gold. We believe the results from these inaugural drill holes at the Saddle-Eiger Zones reflect the grades and scale necessary for hosting an economic gold deposit. Trenching and drilling conducted on other areas of the district scale property also returned inaugural gold results with drillhole DDRCRC20-006 returning 2.47 g/t gold and 23.2 g/t silver over 1.2 metres at the Big Creek Zone and trench BR20-01 returning 7.0 metres of 0.65 g/t Au in a large >100ppb gold-in-soil anomaly at Barney Ridge (Figure 1). We are looking forward to a much more aggressive drill program in 2021 to follow up on the important gold discovery identified at the Saddle-Eiger Zones, as well as continuing exploration efforts at other target areas within the district scale property, including following up on the trenching results at Barney Ridge and the drill results at the Big Creek Zone.”

Sitka’s first ever drill campaign at RC Gold tested four targets over a distance of approximately 10 kilometres within a massive 376 square kilometre land package that had never been drilled before or where previous drilling had been unsuccessful in reaching target depth (see Figure 1). The campaign was successful in intersecting significant gold mineralization within an intrusion related gold system environment in all four drill holes completed within the Saddle-Eiger Zone area and returned significant gold mineralization in drilling at the Big Creek Zone 6 kilometres away.

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Figure 1: RC Gold Project 2020 Work Locations

The first four drill holes (DDRCCC-20-001 to DDRCCC-20-004) at the Saddle-Eiger Zones were strategically positioned to test the large, overlying >100ppb to >500 ppb gold-in-soil geochemical anomaly that stretches over an approximate 2 kilometre x 500 metre area (Figure 2). DDRCCC-20-001 and 20-002 were located approximately 1240 metres and 1830 metres respectively to the west of DDRCCC-20-004 along the trend of this large gold anomaly. All four diamond drill holes collared over this 2 kilometre distance returned exceptionally long intersections of up to 100.8 metres of 0.82 g/t gold, as well as high grade intervals of up to 16.1 g/t gold over 2.0 metres (see Table 1 below) and straddle a lateral width of 300 metres of persistent gold values as demonstrated in holes DDRC2020-003 AND 004. The results from these four drill holes demonstrate the potential size and robust nature of this mineralized gold zone and solidify Sitka’s belief that the RC Gold Project is an incredibly fertile land package capable of hosting several intrusion related gold deposits along with high-grade vein and breccia hosted gold. Sitka is planning a much larger diamond drill program to follow up on these results in the 2021 field season.

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Figure 2: 2020 Drillhole Plan Map at the Saddle-Eiger Zones

The Company identified the Saddle-Eiger Zones, which contains a large >500 ppb gold-in-soil anomaly, as a priority drill target area at the RC Gold Project and submitted eleven rock grab and chip surface samples for rush analysis while drilling was underway. The samples returned values ranging from 1.56 g/t gold to 27.8 g/t gold (see news release dated September 8, 2020) and identified a strong correlation between high grade gold and bismuth.

DDRCCC-20-001 (results previously announced - see news release November 23, 2020) was drilled to test mineralization reported in historical trenches, and a gold-in-soil anomaly at the Saddle zone. The hole encountered a thick package of hornfelsed metasediments and a quartz monzonite intrusion interpreted by Company geologists to be a sill. Significant quartz-sulphide sheeted veins were recorded within the metasediment package in the hanging wall of the intrusive sill, and in the intrusive sill itself.

DDRCCC-20-002 (results previously announced - see news release November 23, 2020) was drilled 625 meters west of hole 20-001 and collared on the margin of the Saddle intrusive stock. The drillhole intersected quartz monzonite, belonging to the Saddle Stock Unit, for nearly the entire length of the hole except for a short section of metasediments near the bottom. Mineralization consisted of sheeted quartz-sulphide veins, and notably an interval of pegmatite and massive arsenopyrite veins at the bottom of the hole which returned 16.1 g/t Au over 2.0 meters between 294.0 and 296.0 meters depth. High-grade gold values throughout the drill holes were found to coincide with higher bismuth values.

DDRCCC-20-003 (results previously announced - see news release dated October 15, 2020) was collared on the margin of the Eiger stock and drilled to the northwest to intersect at depth numerous quartz-sulphide veins sampled at surface which returned values up to 27.8 g/t Au from select grab samples obtained at the beginning of the drill program (see news release dated September 8, 2020). The hole encountered intrusive rocks of the Eiger stock mineralized with sheeted quartz-sulphide veins for its entire length. Mineralization consisted of quartz veins containing pyrite, arsenopyrite and bismuthinite, and massive arsenopyrite veins. Visible gold with bismuthinite was also observed in DDRCCC-20-003 during logging and was confirmed by assay results. The correlation of gold and bismuth in intrusion related gold systems is a characteristic feature of deeply formed intrusion-proximal gold deposits and is present at the nearby Eagle Gold mine and at the Fort Knox gold mine where it indicates the presence of fine grained (on the order of 100 microns) free gold (Baker et al., 2005). Sheeted quartz veins mineralized with variable amounts of arsenopyrite, pyrite, chalcopyrite and bismuthinite were encountered throughout the entire length of drillhole DDRCCC-20-003 below the surface projection where the reported samples were taken.

DDRCCC-20-004 (results previously announced - see news release dated October 15, 2020) was collared approximately 100 meters north of DDRCCC-20-003 and drilled to the south. The hole was planned to test below mineralization reported from historical trenches and to test the margin of the intrusive stock and the adjoining hornfelsed metasedimentary unit. The hole encountered mineralized sheeted veins throughout its entire length, and a notable increase in grade was observed in the hornfelsed metasediment unit adjacent to the Eiger stock.

DDRCCC-20-005 was drilled at an azimuth of 360 degrees and a dip of -45 degrees for a total depth of 173 metres to test a separate target at the FAR Grid Zone located approximately 6 kms southeast of DDRCCC-20-004 (see Figure 1). This was the first drill hole to test a broad gold geochemical anomaly outlined from previous exploration work conducted over the area. The hole encountered hornfelsed metasedimentary units throughout its entire length mineralized with a sporadic low density distribution of sheeted-style quartz veins associated with anomalous gold values.

DDRCCC-20-006 was drilled at an azimuth of 35 degrees and a dip of -45 degrees for a total depth of 221 metres to test another target at the Big Creek Zone located approximately 2 kilometres southeast of DDRCCC-20-004 (see Figure 1). This was the first drill hole to test a broad gold geochemical anomaly outlined from previous exploration work conducted over the area. The hole was collared and remained in intrusive diorite of the Big Creek Stock for its entire length. Numerous zones consisting of sheeted-style quartz veins returned anomalous gold values, and a significant quartz-arsenopyrite-tourmaline vein was intersected between 142.1 metres and 143.3 metres returning 2.47 g/t gold and 23.2 g/t silver over 1.2 metres.

Table 1: RC Gold Project Drill Results – Saddle-Eiger Zone

 ------------------------------------------------------- |Hole ID     |From (m)|To (m)|Interval* (m)|Gold (g/t)| |-----------------------------------------------------| |DDRCCC20-001|3.0     |87.8  |84.8         |0.52      | |-----------------------------------------------------| |including   |72.1    |85.7  |13.6         |1.63      | |-----------------------------------------------------| |including   |69.0    |87.0  |18.0         |1.34      | |-----------------------------------------------------| |and         |3.0     |21.0  |18.0         |0.90      | |-----------------------------------------------------| |            |        |      |             |          | |-----------------------------------------------------| |DDRCCC20-002|9.0     |296.0 |287.0        |0.52      | |-----------------------------------------------------| |including   |65.0    |296.0 |231.0        |0.61      | |-----------------------------------------------------| |Including   |156.4   |257.1 |100.8        |0.82      | |-----------------------------------------------------| |and         |294.0   |296.0 |2.0          |16.10     | |-----------------------------------------------------| |            |        |      |             |          | |-----------------------------------------------------| |DDRCCC20-003|3.0     |307.4 |304.4        |0.36      | |-----------------------------------------------------| |Including   |27.0    |65.0  |38.0         |0.67      | |-----------------------------------------------------| |Including   |243.0   |300.5 |57.5         |0.50      | |-----------------------------------------------------| |Including   |251.0   |262.6 |11.6         |1.20      | |-----------------------------------------------------| |Including   |251.0   |251.9 |0.9          |9.57      | |-----------------------------------------------------| |            |        |      |             |          | |-----------------------------------------------------| |DDRCCC20-004|2.1     |281.0 |278.8        |0.4       | |-----------------------------------------------------| |Including   |187.0   |271.0 |84.0         |0.72      | |-----------------------------------------------------| |Including   |131.9   |271.0 |139.1        |0.61      | |-----------------------------------------------------| |Including   |212.0   |271.0 |59.0         |0.87      | |-----------------------------------------------------| |Including   |234.0   |271.0 |37.0         |1.05      | |-----------------------------------------------------| |Including   |131.9   |138.5 |6.6          |1.27      | |-----------------------------------------------------| |            |        |      |             |          | |-----------------------------------------------------| |DDRCRC20-005|No significant results                  | |-----------------------------------------------------| |            |        |      |             |          | |-----------------------------------------------------| |DDRCRC20-006|142.1   |143.3 |1.2          |2.47      | -------------------------------------------------------

*Intervals are drilled core length, as insufficient drilling has been undertaken to determine true widths at this time.

Cross-sections of these drillholes will be made available on the Company’s website (www.sitkagoldcorp.com).

As part of the 2020 exploration program at the RC Project, a total of 140 metres of trenching was complete in two trenches over a high definition gold-in-soil anomaly at Barney Ridge (Figure 1). Results included 7.0 metres at 0.65 g/t Au. This sampling represents trenching conducted perpendicular to the general mineralized sheeted vein structures in the area which are hosted in a hornfelsed metasedimentary unit. This is a new zone that has not had any previous trenching and is a drill target for further exploration in 2021.

A total of 497 soil samples were also completed during the 2020 exploration season. Analytical results of the soil samples significantly extended and infilled existing gold-in-soil anomalies at the RC Gold Project. Rock samples also verified significant gold mineralization on surface, returning up to 27.8 g/t Au from select grab samples (see news release dated September 8, 2020).

LiDAR interpretation from this season’s 42 square kilometres LiDAR survey has begun and is anticipated to assist in future drill target selection by identifying areas with a potential for a high density of structures and intersections, including over the newly discovered Saddle-Eiger Zone gold corridor.

About the RC Gold Project

The RC Gold Project is a 376 square kilometre contiguous district scale land package located in the newly road accessible Clear Creek, Big Creek and Sprague Creek districts in the heart of Yukon's Tintina Gold Belt and within the Tombstone Gold Belt. It is the largest consolidated land package strategically positioned mid-way between Victoria Gold's Eagle Gold Mine, Canada’s newest gold mine which just reach commercial production earlier this summer, and Golden Predator's Brewery Creek Gold Mine, which recently received Government and First Nation’s support for re-starting production. The RC Gold Project land package is comprised of five underlying mining properties, namely; the RC, Bee Bop, Mahtin, Clear Creek and Barney Ridge Properties*. ?

Sitka Gold has inherited a wealth of historical and current data from these properties that span the last 40 years. Recent exploration work and the compilation of historical data has defined several mineralized zones with both bulk tonnage, intrusion-related gold deposit targets and high-grade, vein and breccia hosted gold targets. The RC Gold Project also has a common border with Victoria Gold’s Clear Creek property at its western boundary and AM Gold’s Red Mountain property at its northern boundary.

*For more detailed information on the underlying properties please visit our website at www.sitkagoldcorp.com.

Deposit Model

Exploration on the Property has predominately been 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 Tintina Gold Province in Yukon and Alaska. Notable deposits from the belt include: Fort Knox mine in Alaska with current reserves of 282 million tonnes at 0.37 g/t Au (3.4 million ounces, not including 7.5 million ounces of past production; Fairbanks Gold Mining Inc.); Eagle Gold mine with 155 million tonnes at a diluted grade of 0.65 g/t Au (3.26 million ounces; Victoria Gold Corp., 2020); the Brewery Creek epizonal deposit with 17.17 million tonnes at a gold grade of 1.45 g/t (0.726 million ounces; Barr, 2013); and the Red Mountain gold deposit, located adjacent to Sitka’s RC Gold project, with 127 million tonnes grading 0.48 g/t (1.95 million ounces; AM Gold Corp.; Cole, 2012)*.

*The disclosure above is strictly for deposit model comparisons and the mineralization hosted on these properties is not indicative of mineralization hosted on the Company’s property.

(1) O’Brien, E. and Kreft, B., (2010): 2010 Diamond Drilling Program Clear Creek Property

Analysis and QA/QC

Analytical work was carried out by Bureau Veritas Labs for diamond drill holes DDRC20-001 and 002 and all soil samples. The sample preparation took place in Whitehorse, YT and the analyses were completed in Vancouver, BC. Each sample was assayed for Gold by 50 gram fire assay FA450 with over-limits re-analyzed gravimetrically. Additionally, each sample was analysed by ICP ES-MS for a suite of 36 elements.

Analytical work was carried out by ALS Global Labs for diamond drill holes DDRC20-003 to 006 and all rock samples. The sample preparation took place in Whitehorse, YT and the analyses were completed in Vancouver, BC. Each sample was assayed for Gold by 30 gram fire assay Au-AA25 with over-limits re-analyzed gravimetrically. Additionally, each sample was analysed by ICP ME-MS41 for a suite of 51 elements.

The Company has a rigorous Quality Assurance/Quality Control (QA/QC) program in place consistent with NI 43-101 and industry best practices in addition to QA/QC procedures at the lab. Each batch of 20 samples contains one certified Standard Reference Material and one Blank of known unmineralized material.

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, silver and copper mineral properties of merit. Sitka currently has an option to acquire a 100% interest in the RC, Barney Ridge, Clear Creek and OGI properties in Yukon and the Burro Creek Gold property in Arizona. Sitka owns a 100% interest in its Alpha Gold property in Nevada, it’s Mahtin Gold property in the Yukon and it’s Coppermine River project in Nunavut. Directors and Management own approximately 15% of the outstanding shares of Sitka Gold Corp., a solid indication of their alignment with shareholders’ interests.

The scientific and technical content of this news release has been reviewed and approved by Cor Coe, P.Geo., Director and CEO of the Company, and a Qualified Person (QP) as defined by National Instrument 43-101.

ON BEHALF OF THE BOARD OF DIRECTORS OF

Sitka Gold Corp.

“Donald Penner”

President and Director

For more information contact:

Donald Penner

President & Director

778-212-1950

dpenner@sitkagoldcorp.com

or

Cor Coe

CEO & Director

604-817-4753

ccoe@sitkagoldcorp.com

Cautionary and Forward-Looking Statements

This news release contains forward?looking statements and forward?looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward?looking statements or information. Forward?looking statements and information are often, but not always, identified by the use of words such as “appear”, “seek”, “anticipate”, “plan”, “continue”, “estimate”, “approximate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “would” and similar expressions.

Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward?looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the expected timing and terms of the private placement, use of proceeds, anticipated work program, required approvals in connection with the work program and the ability to obtain such approvals. Accordingly, readers should not place undue reliance on the forward?looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.

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