Vancouver, British Columbia--(Newsfile Corp. - June 22, 2018) - Sitka Gold (CSE: SIG) has completed the second drill hole on its Adobe Gold Project, which is located 40 kilometres north of Elko, Nevada, covering approximately 1,000 acres.
The company is exploring for Carlin-type gold mineralization in an area of the Adobe Range Mountains that has the necessary structural/stratigraphic features and geochemical signature for such potential mineralization to occur at depth on a district scale.
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The company plans to drill up to 3,000 metres in 6 holes, with anticipated depths expected to be approximately 300 metres to 500 metres, using a reverse circulation drill rig. This will be carried out in stages to allow sufficient time for assays to be received and assessed.
The results from drill hole A18-01 show that the intersected portion of the Chainman-Tripon Pass Formation has consistently elevated background levels of gold, as is the case in productive Carlin-type gold districts. Large volumes of gold-bearing carbonaceous shale are considered by many as an important source of gold that is concentrated in Carlin-type gold deposits. Drill hole A18-02 was drilled to a total depth of 596 metres and was successful in cutting a thick section of the targeted Tripon Pass Formation.
Sitka Gold has further evaluated its target priorities based on the depths determined by its first two holes in target areas A and B. With depth now a primary factor in targeting, additional claims have been staked and permitting has been initiated and should soon be approved for hole A18-03 on the northern anticline, within an area of Tripon Pass Formation exposed at surface.
This hole will have an 800 - 1000 foot depth advantage relative to the first two holes towards reaching the Tripon Pass — Guilmette stratigraphic target zone. This target area has a gold-antimony-thallium surface geochemical anomaly, as opposed to the gold-mercury anomaly in target areas A and B.
Cor Coe, CEO, stated: "We are pleased with the progress made to date at Adobe. Stratigraphy intersected by A18-01 has returned anomalous gold values over a continuous 360 metre section persisting to the bottom of the hole. Structural interpretation of the first two drill holes has assisted in identifying an area at the Adobe property where the lower Tripon Pass stratigraphy and contact with the prospectively more fertile Guilmette formation can be intercepted at a much shallower depth and is the location of proposed Hole A03-18. We are looking forward to additional results as the project advances."
The company is currently raising up to $600,000 through the private placement of up to 2.4 million units priced at $0.25 per unit, with each unit consists of 1 share and 1 warrant with each warrant exercisable at $0.40 for 24 months.
The company starting trading on the CSE on January 31st, after raising gross proceeds of $1.2 million, and the shares are currently trading at $0.20.
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