Sitka shares rise on visible gold hits at Rhosgobel in Yukon
Sitka Gold (CSE: SIG) reported several hits of visible gold Wednesday in the first two diamond drill holes completed at Rhosgobel, an intrusion-related target at its RC project in western Yukon. Its shares rose 9.2%.
Drilling this year at Rhosgobel, located about 5 km south of the Blackjack deposit within RC, indicates gold mineralization extends at least 250 metres beyond the depth of previous reverse circulation drilling, which had stopped in mineralization at 70 meters, Sitka said. Assay results for the holes are still pending.
“The visual results from the first two diamond drill holes ever completed at the Rhosgobel gold target have exceeded our expectations, with multiple occurrences of visible gold observed,” Cor Coe, Sitka Gold CEO, said in a release.
Sitka’s results occur in the busy Tombstone gold belt area, where other early-stage properties include those 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 high of C$0.43 that it touched in the morning. The company has a market capitalization of C$130.4 million.
Sitka currently has two drills operating at the RC Gold property and is awaiting results from several drill holes, including one where more than 40 instances of visible gold were recorded from near-surface (4 metres depth) down to 680 metres.
Its RC project, located 100 km east of Dawson City, spans 376 sq. km and hosts 61.1 million inferred tonnes grading 0.7 gram per tonne for 1.3 million oz. gold, according to a resource estimate from January 2023.
