Tickers: XCNQ:SIG, XOTC:SITKF, PINX:SITKF
Tags: #Mining
VANCOUVER, CANADA - TheNewswire - December 18th, 2019 - Sitka Gold Corp. ("Sitka" or the "Company") (CNSX:SIG.CN) (OTC:SITKF) (FSE:1RF) is pleased to announce that drilling has commenced at its Burro Creek Gold Property ("Burro Creek" or the "Property"), which contains the Burro Creek Gold Deposit (the "Burro Deposit"), located in Mohave County, Arizona (see Sitka's news release dated November 12, 2019). The first two drill holes have been completed with drilling currently underway at the third drill hole location. The company plans to ship core samples from these initial drill holes to the assay lab within the next week, with drill results anticipated by mid-January. The drill program is focused on upgrading and expanding the Burro Deposit along the recently interpreted extension of the Burro Creek Gold vein (the "Burro Vein") over a strike length of approximately 1.3 kilometres (2) and will consist of up to 3,500 metres of drilling. No previous drilling has been conducted over this area.
Burro Creek Gold Property Highlights:
- High grade gold & silver vein within a wider structure of lower grade
- Previous drilling results on the Property include bonanza grade intercepts, such as 4.78 m of 7.99 g/t gold and 192.72 g/t silver, including 1.04 m of 31.80 g/t gold and 759.00 g/t silver (1),
- 1.7 km projected strike length of vein system that is up to 45 m wide and open in both directions and at depth
- MMI geochemical survey over the projection of the Burro Vein traces anomalous gold and silver for 1.3 km (2)
- Permitted for open pit mining operations in mid 1980s but never mined
- 2008 drilling program produced an historical gold & silver mineral resource estimate (3)
- Located in mining friendly Arizona; easily accessed via dirt road from HWY 93.
- Highway and power lines within 1.6 km of deposit and accessible water rights secured
"The commencement of drilling at Burro Creek marks the start of our much anticipated drill program designed to upgrade and expand the Burro Deposit. The newly identified 1.3 km long Burro Vein strike length interpretation provides Sitka with an opportunity to potentially add significant ounces to the historical resource and we look forward to the ongoing results as this drill program proceeds", said CEO and Director, Cor Coe, PGeo.
The Burro Creek Property is located 1.6 km off of State Highway 93 in Mohave County, Arizona, approximately 265 km southeast of Las Vegas, Nevada and 200 km north of Phoenix, Arizona. The 750 acre property is accessible via dirt road and consists of four patented mineral claims (situated on private land) and 35 surrounding lode mineral claims. The Property is situated in an active mining belt that includes Freeport McMoran Copper & Gold Inc.'s neighbouring Bagdad Mine (www.fcx.com). Northwest Arizona also hosts other gold & silver development properties such as Northern Vertex Mining Corp.'s Moss Mine (www.northernvertex.com).
The Property covers a low-sulphidation epithermal vein system (the "Burro Vein") that hosts gold and silver Indicated and Inferred Historical Mineral Resource estimates. The Burro Vein has been traced for over 1.7 km with reported widths of up to 45 meters and remains open for expansion along strike near surface and at depth. Results from a Mobile Metal Ion (MMI) soil survey conducted in 2013 by the previous operators on the Property returned an anomalous gold and silver trace across the basalt cover that is interpreted to be the buried portion of the Burro Vein, creating an additional strike length of approximately 1.3 km This anomaly provides immediate drill targets to test the continuity of the Burro Vein and potentially expand the historical resource and bring it back up to current reporting standards. Parallel high-tension power lines lie within 1.6 km of the Burro Deposit and water rights on the Property have been secured, providing the project with excellent infrastructure for future development.
Footnotes:
(1)Northern Freegold Resources Ltd. news release dated May 20, 2008
(2)Sitka Gold Corp. news release dated November 12, 2019
(3)Northern Freegold Resources Ltd. news release dated February 28, 2011
This news release has been reviewed and approved by Donald Penner, P. Geo., President of Sitka Gold Corp., a "Qualified Person" under National Instrument 43-101 Standard for Disclosure for Mineral Projects.
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 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 28% of the outstanding shares of Sitka Gold, a solid indication of their alignment with shareholders' interests.
ON BEHALF OF THE BOARD OF DIRECTORS OF
For more information contact:
President & Director
778-212-1950
or
CEO & Director
604-817-4753
or
Peter MacLean
Director
604-781-8513
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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