more news
Sitka Gold completes geophysical survey at RC
2022-02-03 12:12 ET - News Release
Mr. Donald Penner reports
SITKA COMPLETES HIGH RESOLUTION AIRBORNE GEOPHYSICAL SURVEY AT ITS RC GOLD PROJECT IN YUKON
Sitka Gold Corp. has completed a high-resolution, helicopter-borne, geophysical survey at its district-scale, 376-square-kilometre RC gold project in Yukon. The magnetic survey was completed by Precision GeoSurveys Inc. and totalled over 1,200 line kilometres across three target areas at RC gold, including the Saddle Eiger zone where the company is currently mobilizing a diamond drill program.
"We are very pleased that Precision GeoSurveys was able to complete this high-resolution, helicopter-borne geophysical survey at our RC gold project last month. Airborne magnetic surveys provide an excellent data capture and we anticipate that the quality data generated from this survey will further assist us in refining drill targets on the property. Part of the survey was flown over the Saddle Eiger zone where a large 500-metre-by-2,000-metre intrusion-related gold system has been identified and where the company's 2020 and 2021 drill programs have been focused. Results from this zone have returned several significant gold intercepts, including the last drill hole completed in 2021, DDRCCC-21-021, that intersected 220.1 metres of 1.17 grams per tonne gold from surface (see news release dated Dec. 13, 2021). We will be utilizing the data from this survey immediately as we prepare to commence our winter drill program which is designed to follow up on the exceptional results of hole 21," stated Cor Coe, PGeo, chief executive officer and director of Sitka.
The data generated from the high-resolution airborne magnetic survey will be used as an aid to mapping the exploration essentials of structure, alteration and lithology of the target zones in conjunction with the existing results from lidar, geochemical soil sampling, existing mapping, sampling, drilling and historical data present on the district-scale property.
Sitka's winter drill program is expected to begin in the coming days and, including the proposed summer program, will consist of up to 10,000 metres of diamond drilling. The drilling will initially be focused on stepout drilling from drill hole DDRCCC-21-021 (hole 21).
About the RC gold project
The RC gold project consists of 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 of the Tombstone gold belt. It is the largest consolidated land package strategically positioned midway between Victoria Gold's Eagle gold mine -- Yukon's newest gold mine, which reached commercial production in the summer of 2020 -- and Golden Predator's Brewery Creek gold mine. The RC gold project land package comprises five underlying properties, namely, the RC, Bee Bop, Mahtin, Clear Creek and Barney Ridge properties. The company recently identified a large 500 m by 2,000 m intrusion-related gold system on the property at the Saddle Eiger zone and to date has drilled 19 diamond drill holes into this system. This has been the main focus of the company's drill programs at RC gold in 2020 and 2021, which have returned several significant gold intercepts, including the last drill hole from the 2021 drill program, DDRCCC-21-021 that intersected 220.1 metres of 1.17 g/t gold from surface. Hole 21, located in the Saddle West zone, was drilled under a greater-than-500-part-per-billion gold-in-soil anomaly that was previously identified on surface and is part of the larger two-kilometre-by-500-metre gold-in-soil anomaly that stretches from the Saddle West zone to the Eiger zone. This drill hole was collared 200 metres south of any previous drilling conducted and intersected a newly recognized controlling structure to mineralization known as the Blackjack fault (see news release dated Dec. 13, 2021).
Sitka Gold inherited a wealth of historical and current data from these properties from work spanning the last 40 years. Recent exploration work and the compilation of historical data have 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 Florin Resources' Florin gold property at its northern boundary.
Deposit model
Exploration on the property has mainly 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 proven and probable reserves of 230 million tonnes at 0.3 g/t Au (2.471 million ounces; Sims 2018); Eagle gold mine with current proven and probable reserves of 155 million tonnes at a diluted grade of 0.65 g/t Au at the Eagle and Olive deposits (3.261 million ounces; Goodwin et al. 2019); the Brewery Creek epizonal deposit with current indicated mineral resource of 22.2 million tonnes at a gold grade of 1.11 g/t (0.789 million ounces; Hulse et al. 2020); and the Florin gold deposit, located adjacent to Sitka's RC gold project, with a current inferred mineral resource of 170.99 million tonnes grading 0.45 g/t (2.47 million ounces; Simpson 2021).