Sitka Gold signs diamond drilling contract for RC Gold Project, Yukon
Sitka Gold Corp. [TSXV: SIG; FSE: 1RF; OTCQB: SITKF] has signed an agreement with Kluane Drilling Corp. to complete up to 30,000 metres of diamond drilling in 2025 at its road accessible RC Gold Project located in the prolific Tombstone Gold Belt in the Yukon Territory.
This will be the largest drilling campaign ever conducted at RC Gold and is anticipated to focus primarily on follow up drilling at the Rhosgobel and Pukelman intrusion targets along with further expansion drilling at the Blackjack gold deposit and drill testing other high-priority targets identified elsewhere on the district-scale, 431 km2 property.
Kluane Drilling, a well-established, highly experienced drilling company based in Whitehorse, Yukon with over 30 years of experience diamond drilling in the Yukon and around the world, has been contracted to complete up to 30,000 metres of drilling at the company’s flagship RC Gold Project.
“We are very pleased to have secured the services of Kluane Drilling Ltd. for what will be our largest ever diamond drilling program planned for our RC Gold Project in 2025,” said Cor Coe, Director and CEO of Sitka. “Kluane provided Sitka with exceptional drilling services throughout our winter and summer drilling programs at RC Gold in both 2023 and 2024 and we look forward to continuing to develop the project with them in the coming year as we substantially increase the scale and scope of drilling. The 2024 drilling campaign at RC Gold returned excellent assay results from both the Blackjack gold deposit area and the first ever diamond drill holes at the Rhosgobel intrusion and has identified visible gold in its first two diamond drill holes at the Pukelman intrusion where assay results are still pending.
“We are eagerly looking forward to following up on the success we had this past year and, with over $15 million in cash and no debt, the company is fully funded to complete the planned work program at RC Gold in 2025. We also look forward to receiving the results from the last six diamond drill holes of the 2024 season totalling 2,774 metres that are still pending from RC Gold, with two holes from Pukelman and 4 holes from Blackjack.”
Sitka Gold has also granted an aggregate of 5,500,000 incentive stock options to officers, directors and consultants of the company. The options are exercisable at $0.37 per share for three years from the date of grant and are subject to the policies of the TSX Venture Exchange.
Sitka Gold has over $15 million in its treasury and no debt. Sitka is currently advancing its 100%-owned, flagship RC Gold Project, Yukon Territory. The company is also advancing the Alpha Gold Project in Nevada and currently has drill permits for its Burro Creek Gold and Silver Project in Arizona and the Coppermine River Project in Nunavut.
In January 2023, the Company announced an NI 43-101 compliant initial inferred Mineral Resource Estimate of 1,340,000 ounces of gold beginning at surface and grading 0.68 g/t at its RC Gold Project, Yukon.