“The visible outcomes from the primary two diamond drill holes ever accomplished on the Rhosgobel gold goal have exceeded our expectations, with a number of occurrences of seen gold noticed,” Cor Coe, Sitka Gold CEO, mentioned in a launch.
Sitka’s outcomes happen within the busy Tombstone gold belt space, the place different early-stage properties embrace these by Snowline Gold (TSXV: SGD), Banyan Gold (TSXV: BYN), Sabre Gold Mines (TSX: SGLD) and St. James Gold (TSXV: LORD).
Sitka’s shares traded for C$0.42 apiece on Wednesday afternoon, down from its new 52-week excessive of C$0.43 that it touched within the morning. The corporate has a market capitalization of C$130.4 million.
Sitka at the moment has two drills working on the RC Gold property and is awaiting outcomes from a number of drill holes, together with one the place greater than 40 situations of seen gold have been recorded from near-surface (4 metres depth) all the way down to 680 metres.
Its RC challenge, situated 100 km east of Dawson Metropolis, spans 376 sq. km and hosts 61.1 million inferred tonnes grading 0.7 gram per tonne for 1.3 million oz. gold, in line with a useful resource estimate from January 2023.