Sitka Gold’s first hole of 2024 ‘most consistent’ yet at RC project in Yukon

Sitka Gold (TSX-V:SIG; US-OTC:SITKF) reported grades Wednesday of up to 1.16 grams gold per tonne over 191 metres in its first drill hole of the year at its RC Gold project in Yukon.

That result, drilled from 327 metres depth in hole DDRCCC-23-057, included 89 metres at 2.03 grams gold from 419 metres downhole; 11 metres at 5.8 grams gold from 459 metres, and 2 metres at 21.2 grams gold from 468 metres, Sitka said in a news release.

‘Hole 57’, south of the Blackjack gold resource, returned the most consistent gold mineralization yet at RC, Sitka said. It  was one of two drilled in the winter diamond drilling program at Sitka’s 386-sq.-km, road accessible RC project in Yukon’s Tombstone Gold Belt, about 100 km east of Dawson City.

“The results from hole 57 are very significant as they confirm that the higher-grade gold mineralization discovered in Hole 47 last year continues a further 45 metres to the southeast and 175 metres to vertical depth and remains wide open,” Sitka CEO and director Cor Coe said in the release.

“While hole 57, which was a fairly aggressive step out from our discovery at hole 47, has successfully demonstrated the potential of this area to add significant, higher-grade tonnage to our growing gold resource, it also highlights the persistent gold mineralization being exhibited within the metasediments, in addition to the intrusive rocks of this system.”

Coe said that the mineralization’s potential will contribute to a “very large gold endowment” in the cluster of intrusive rocks and metasediments in the Clear Creek intrusive complex.

“We are eagerly awaiting the pending assay results for Hole 58,” he added.

Tombstone belt

Sitka’s strong results this year occur in the busy Tombstone gold belt area, where other early-stage properties include those by Snowline Gold (TSXV: SGD), Banyan Gold (TSXV: BYN; US-OTC: BYAGF), Sabre Gold Mines (TSX: SGLD; US-OTC: SGLDF) and St. James Gold (TSXV: LORD).  

Hole 57 is the first to be completed this year out of a program targeting up to 15,000 metres of diamond drilling at RC, in proposed winter and summer campaigns. They aim to expand and define targets within the Clear Creek intrusive complex which hosts the Blackjack and Eiger gold deposits and the Saddle zone.

Hole 47 returned the best result to date, Sitka said, with 219 metres grading 1.34 grams gold, including 124.8 metres at 2 grams gold and 55 metres of 3.11 grams gold.

The RC project, including the Blackjack and Eiger deposits hosts 61.1 million inferred tonnes grading 0.7 gram gold for 1.3 million oz. gold, according to a resource estimate from January 2023.

Sitka shares were down 3.9% on Wednesday afternoon to 25¢ apiece, valuing the company at $60.5 million. Its shares traded in a 52-week range of 17¢ and 27¢.