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Sitka Gold to Acquire 100% Ownership of Barney Ridge Property Adjacent to Blackjack and Eiger Gold Deposits at RC Gold Project, Yukon
VANCOUVER, CANADA – TheNewswire - April 23, 2024: Sitka Gold Corp. (“Sitka” or the “Company”) (TSXV:SIG) (FSE:1RF) (OTCQB:SITKF) is pleased to announce that it
About this update from Sitka Gold Corp.
[{"type":"text","content":"VANCOUVER, CANADA – TheNewswire - April 23, 2024: Sitka Gold Corp. (“Sitka” or the “Company”) (TSXV:SIG) (FSE:1RF) (OTCQB:SITKF) is pleased to announce that it has entered into an amending agreement (the \"Amendment\") dated April 12, 2024 to acquire a 100% ownership in the Barney Ridge Property (“Barney Ridge” or the “Property”), one of the underlying properties that comprise the Company’s road accessible, 386 square kilometre RC Gold Project (“RC Gold” or the “Project”) located in Yukon’s Tombstone Gold Belt. The Barney Ridge Property is adjacent to the Clear Creek property which hosts the Blackjack and Eiger gold deposits (see Figure 1). The Company has completed all the exploration requirements and has made all property cash and share payments pursuant to the Barney Ridge Property option agreement (see news release dated June 26, 2020) subject to the Amendment whereby the balance of future exploration expenditures will be waived and the Company will make a final payment of $60,000 cash and issue 550,000 shares (the “Consideration Shares”) to acquire a 100% interest in the Property on or before May 15, 2024. The Amendment and the issuance of the Consideration Shares remain subject to the approval of the TSX Venture Exchange. Barney Ridge is a 17.8 square kilometre contiguous claim group that contains the Barney Stock, a mid Cretaceous intrusion that has a signature of approximately 2 km by 1 km (see Figure 1 and 3). The intrusion related gold mineralization identified to date at Barney Ridge has a similar composition to the intrusive bodies that comprise the proximal Clear Creek Intrusive Complex where the Company has recently defined a mineral resource estimate (the “MRE”) of 1.34 million ounces of gold (1) within and around the Saddle and Eiger intrusive stocks (see Figure 2). The Saddle and Eiger stocks are associated with the Blackjack and Eiger intrusion related gold deposits which comprise the MRE, remain open in all directions and contain 900,000 ounces of gold at a grade of 0.83 g/t and 440,000 ounces of gold at a grade of 0.50 g/t respectively(1). The intrusion related gold deposit targets at Barney Ridge have never been drilled, are road accessible and exhibit gold mineralization that is analogous to the gold mineralization present...