Sitka Receives NI 43-101 Report on Burro Creek Property
Vancouver, October 31, 2018 - Sitka Gold Corp. (CSE: SIG) ("Sitka" or the "Company") is pleased to announce that it has filed with the British Columbia Securities Commission, an updated NI 43-101 Technical Report on its recently acquired Burro Creek Property in Arizona. The Report was prepared by Ms. Jean Pautler, P.Geo., an independent registered professional geologist with Engineers and Geoscientists British Columbia. The report can be found on SEDAR and on the Company's website.
The report presents a two-phase exploration to expand the size of the currently known deposit. Phase 1 will consist of geophysical surveys, trenching and geochemical surveys in advance of further drilling. During this time the existing Historical Mineral Resource Estimate on the property will be updated to bring it in line with present-day NI 43-101 reporting standards. Phase 2 calls for 4,000m of drilling in approximately 50 holes. The total cost of Phase 1 & 2 will be approximately $1.3 million CAD.
Additionally, the Company has recently staked 27 lode claims on highly prospective ground adjacent to the 4 patented mineral claims where much of the exploration will take place going forward. This adds to the existing 8 lode claims and patented claims to bring the total area for the project to approximately 750 acres.
About the Burro Creek Property
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 Gold-Silver project (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 last 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 over a strike length of approximately 1.0 km. This anomaly provides immediate drill targets to test the continuity of the Burro Vein and potentially expand the known Historical Mineral Resource Estimate. 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 (see previous news release NR18-18, dated September 21, 2018).
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 and copper mineral properties of merit. Sitka currently has an option to acquire a 100% interest in the Adobe Gold property in Nevada, an option to earn a 100% interest in the Burro Creek Property in Arizona and owns a 100% interest in its Coppermine River project in Nunavut and the Alpha Gold property in Nevada.
ON BEHALF OF THE BOARD OF DIRECTORS OF
Sitka Gold Corp.
"Donald Penner"
President and Director
For more information contact:
Donald Penner
President & Director
dpenner@sitkagoldcorp.com
or
Cor Coe
CEO & Director
604-817-4753
ccoe@sitkagoldcorp.com
or
Peter MacLean
Director
604-781-8513
petergmaclean@hotmail.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward Looking Information
Certain statements included herein may constitute "forward-looking statements". All statements included in this press release that address future events, conditions or results, including in connection with exploration activity, future acquisitions and any financing, are forward-looking statements. These forward-looking statements can be identified by the use of words such as "may", "must", "plan", "believe", "expect", "estimate", "think", "continue", "should", "will", "could", "intend", "anticipate" or "future" or the negative forms thereof or similar variations. These forward-looking statements are based on certain assumptions and analyses made by management in light of their experiences and their perception of historical trends, current conditions and expected future developments, as well as other factors they believe are appropriate in the circumstances. These statements are subject to risks, uncertainties and assumptions, including those mentioned in the Company's continuous disclosure documents, which can be found under its profile on SEDAR (www.sedar.com). Many of such risks and uncertainties are outside the control of the Company and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In making such forward-looking statements, management has relied upon a number of material factors and assumptions, on the basis of currently available information, for which there is no insurance that such information, will prove accurate. All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.