Sitka Gold (TSX-V: SIG, US-OTC: SITKF) shares rose on Wednesday after the company announced the discovery of multiple instances of visible gold in the first two diamond drill holes completed at the Rhosgobel intrusion-related gold deposit target in western Yukon. Rhosgobel is located about 5 km south of the Blackjack deposit within the Sitka’s RC Gold Project.
Drilling this year at Rhosgobel indicates gold mineralization extends at least 250 meters beyond the depth of previous reverse circulation drilling, which had stopped in mineralization at 70 meters, Sitka reported. Assay results for the drill holes are still pending.
“The visual results from the first two diamond drill holes ever completed at the Rhosgobel gold target have exceeded our expectations, with multiple occurrences of visible gold observed,” Sitka CEO Cor Coe said in a release.
Sitka currently has two drills operating at the RC Gold property and is awaiting results from several drill holes, including DDRCCC-24-068, where more than 40 instances of visible gold were recorded from near-surface (4 metres down) to a depth of 680 meters.
Sitka Gold’s RC project, located 100 km east of Dawson City, spans 423 sq. km and hosts 1.3 million inferred oz. of gold contained in the Blackjack and Eiger gold deposits.
Sitka shares were trading at 41¢ apiece on Wednesday, valuing the company at $128 million. Its shares traded in a 52-week range of 13¢ to 49¢.
Be the first to comment on "Sitka Gold confirms high potential at Rhosgobel, shares up"