Sitka Gold Completes 60,000 Metre Diamond Drill Program at Its RC Gold Project in Yukon; Appoints Termuende as Chairman of the Board

Sitka Gold completes 60,000m Yukon drill program, pending major assay results.

What the company is saying

Sitka Gold Corp. (TSXV:SIG, FSE:1RF, OTCQX:SITKF) announces the completion of its 60,000 metre diamond drilling campaign at its 100% owned RC Gold Project in Yukon, emphasizing this as one of the largest drill programs ever completed in the territory. The company highlights 59,531 metres drilled across 149 holes, with 59 holes reported and 90 holes (30,242 metres) pending assays. Management frames recent results as among the best to date, citing DDRCCC-26-156 with 236.0 metres of 1.15 g/t gold, including high-grade sub-intervals, and a new visible gold vein at 150.26 metres in DDRCCC-26-190 at the Pukelman intrusion. The narrative stresses the scale and continuity of mineralization across multiple zones and the linkage between deposits within the Clear Creek Intrusive Complex. The company also announces Tim Termuende as Chairman, a geologist with over 50 years’ experience and a track record of building public mining companies. The release positions the pending assays and upcoming resource updates as key near-term catalysts.

What the data suggests

The company completed 59,531 metres of diamond drilling in 2026, nearly doubling previous drilling at RC Gold, with 149 holes drilled and 59 holes reported to date. DDRCCC-26-156 returned 236.0 metres at 1.15 g/t gold, including 71.0 metres at 2.79 g/t and 36.3 metres at 3.31 g/t from the Saddle Zone. A visible gold vein was discovered at 150.26 metres in DDRCCC-26-190 at the Pukelman intrusion. The RC Gold Project hosts an indicated mineral resource estimate of 1,291,000 ounces of gold and an inferred estimate of 3,829,000 ounces, all at surface and potentially open-pit minable. Resource models use gold prices of US$2000/oz (Blackjack) and US$3000/oz (Rhosgobel, Eiger), with assumed recoveries of 85%, mining costs of US$2.00–2.50/t, processing costs of US$10.00–14.00/t, and G&A of US$4.00/t. Metallurgical testing shows gold recoveries of 77.6% to 96% across deposits, with Rhosgobel averaging 94.3% by cyanidation. Results from 90 holes (30,242 metres) are still pending, representing a significant volume of unreported data. The company plans to update resource estimates and evaluate initial resources at new targets using this data.

Analysis

The announcement provides substantial technical detail on the completion of a major 60,000 metre drill program, including specific drill intervals, resource estimates, and metallurgical recoveries. These are realised, measurable achievements and are well-supported by the disclosed data. However, the narrative inflates the signal by emphasizing the scale of the program ('one of the largest drill programs ever completed in the Yukon') and by projecting future benefits such as resource estimate upgrades and potential new resources, for which no timeline or quantitative evidence is provided. The majority of the forward-looking statements concern updates to resource estimates and the evaluation of new targets, which are inherently long-term and contingent on pending assay results. The capital intensity is high, as implied by the scale of drilling, but there is no immediate earnings or cash flow impact disclosed. The gap between narrative and evidence is moderate: while the technical progress is real, the implied near-term value creation is not yet substantiated.

Risk flags

• ●Pending assay results from 90 drill holes (30,242 metres) represent a major uncertainty; if grades or widths disappoint, the anticipated resource growth and project value could be materially lower than implied.
• ●Resource models rely on high gold price assumptions (US$2000–3000/oz) and optimistic recoveries (up to 96%), which may not reflect long-term market conditions or actual plant performance, potentially overstating economic viability.
• ●The project remains at the exploration and resource delineation stage, with no disclosed timeline or commitments for economic studies, permitting, or development, leaving a long and uncertain path to production.
• ●The appointment of Tim Termuende as Chairman adds technical and industry credibility, but his personal involvement does not guarantee institutional investment or project success.
• ●Capital intensity is high, as evidenced by the scale of the drill program, but there is no disclosure of current cash position, funding requirements, or cost control, raising questions about future financing needs.

Bottom line

Sitka Gold has completed a major 60,000 metre drill program at its RC Gold Project in Yukon, with 59,531 metres drilled and results from 59 of 149 holes released so far. The most recent assays include long intervals of potentially economic gold mineralization, and a new visible gold vein has been discovered at depth in the Pukelman intrusion. The project boasts a large indicated and inferred gold resource, but these estimates depend on high gold prices and strong recoveries. With 90 holes (30,242 metres) still awaiting assay results, the next months will be critical for confirming resource growth and project scale. The appointment of an experienced industry figure as Chairman adds credibility but does not remove the fundamental risks of exploration-stage mining. Investors should focus on the quality and impact of the pending assays and any subsequent resource updates, as these will determine whether the project advances toward development or faces setbacks.

Announcement summary

(TSXV:SIG) (FSE:1RF) (OTCQX:SITKF) Sitka Gold Corp. has completed its planned 60,000 metre diamond drilling program at its 100% owned, road accessible RC Gold Project in Yukon. The company completed a total of 59,531 metres of diamond drilling in 149 diamond drill holes, with results from 59 holes received and announced to date. The most recent results, announced October 14, 2026, included diamond drill hole DDRCCC-26-156, which returned 236.0 metres of 1.15 g/t gold, including 71.0 metres of 2.79 g/t gold and 36.3 metres of 3.31 g/t gold from the Saddle Zone. Results from the remaining 90 drill holes, totaling approximately 30,242 metres, are pending. The 2026 drilling program intersected broad zones of reduced intrusion-related gold mineralization in all target zones: Rhosgobel, Blackjack, Saddle, Eiger, Pukelman/Contact, and Bear Paw. A notable gold vein was discovered in hole DDRCCC-26-190 within a mineralized lamprophyre at the Pukelman intrusion, with visible gold observed at 150.26 metres. The company reports that visible gold has been observed in the majority of holes completed across the Clear Creek Intrusive Complex this year. Drilling from the 60,000 metre program will be used to update and upgrade existing mineral resource estimates at the Blackjack (including Saddle Zone), Eiger, and Rhosgobel gold deposits, and to evaluate the potential for an initial resource estimate at the Pukelman/Contact and Bear Paw Breccia targets. Sitka Gold has appointed Tim Termuende as Chairman of the Board of Directors; Mr. Termuende is a professional geologist with over 50 years' experience and is currently Executive Chairman of Eagle Plains Resources Ltd. and Chairman of Trident Resources Corp. The RC Gold Project consists of a 447 square kilometre contiguous district-scale land package in Yukon’s Tombstone Gold Belt, approximately 100 kilometres east of Dawson City. The project hosts an indicated mineral resource estimate (MRE) of 1,291,000 ounces of gold and an inferred MRE of 3,829,000 ounces of gold, hosted within three at-surface, road-accessible pit-constrained deposits. The Blackjack resource estimate uses an optimized pit shell with assumptions including a US$2000/oz gold price, 45° pit slope, 85% metallurgical recovery, mining costs of US$2.00 per tonne, processing costs of US$10.00 per tonne, and G&A of US$4.00/t. The Rhosgobel and Eiger resource estimates use a US$3000/oz gold price, 45° pit slope, 85% metallurgical recovery, mining costs of US$2.50 per tonne, processing costs of US$14.00 per tonne, and G&A of US$4.00/t, with a base case cut-off of 0.3 g/t Au based on a gold price of US$2500/oz. Initial bottle roll metallurgical testing confirmed non-refractory characteristics and gold extraction rates averaging around 85% for Blackjack and Eiger. Further metallurgical testwork in 2024 for Blackjack and Eiger returned recoveries ranging from 77.6% to 93% for gravity followed by cyanidation. Initial bottle roll testing for Rhosgobel returned gold recoveries of 89% and 96%. Additional metallurgical testing at Rhosgobel returned an average gold recovery of 94.3% using conventional whole ore cyanidation leaching and an initial recovery of 84.7% tungsten in rougher concentrate using conventional flotation. Sitka Gold will be attending the Yukon Geoscience Forum (November 16-19, 2026), 121 Mining Investment Conference in London (November 23-24, 2026), Vancouver Resource Investment Conference (January 24-25, 2027), and AME RoundUp in Vancouver (January 25-28, 2027). The scientific and technical content of the news release was reviewed and approved by Gilles Dessureau, P.Geo., V.P. Exploration and Qualified Person as defined by NI 43-101.

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