Sitka Drills 119.0 Metres of 1.05 g/t Gold, Including 37.9 Metres of 2.05 g/t Gold and 11.5 Metres of 4.32 g/t Gold in Initial Diamond Drilling at the Rhosgobel Intrusion at Its Flagship RC Gold Project in Yukon

• DDRCRG-24-001 returned 164.8 metres of 0.82 g/t gold starting 9 metres from surface, including 119.0 metres of 1.05 g/t gold, 37.9 metres of 2.05 g/t gold and 11.5 metres of 4.32 g/t gold in the first ever diamond drill hole at Rhosgobel.
• Drilling confirms strong gold mineralization from surface to a depth of at least 300 metres.
• Gold mineralization discovered at Rhosgobel is hosted in feldspar megacrystic quartz monzonite similar to that seen at the Blackjack gold deposit located 5 km along trend to the north.
• Holes were drilled under a >300 ppb gold-in-soil anomaly that is part of a larger 1.5 km x 2 km gold-in-soil anomaly with values up to >500 ppb gold.
• Rhosgobel is the largest mapped intrusion target within the Clear Creek Intrusive Complex.
• Drill results underscore potential for Rhosgobel to host a significant multi-million ounce intrusion-related gold deposit.

Vancouver, British Columbia--(Newsfile Corp. - November 25, 2024) - Sitka Gold Corp. (TSXV: SIG) (FSE: 1RF) (OTCQB: SITKF) ("Sitka" or the "Company") is pleased to announce assay results from the first ever diamond drill holes completed at the Rhosgobel intrusion, located at the Company's road accessible, district-scale RC Gold Project in Yukon, Canada. Results from DDRCRG-24-001, which is the first diamond drill hole ever completed at Rhosgobel, returned 164.8 metres of 0.82 g/t gold starting 9 metres from surface, including 119.0 metres of 1.05 g/t gold, 37.9 metres of 2.05 g/t gold and 11.5 metres of 4.32 g/t gold. Initial diamond drilling at Rhosgobel intersected abundant sheeted veining and multiple occurrences of visible gold, with results confirming strong gold mineralization continues from surface to at least 300 metres. Results are currently pending for 6 additional diamond drill holes currently at the assay lab, including the first diamond drill holes ever completed at the Pukelman intrusion, located approximately 2 kilometres southeast of the Blackjack gold deposit (see Figure 4), where abundant sheeted veining has also been observed along with occurrences of visible gold in the drill core (see news release dated October 31, 2024).

Table 1: Highlights from the first two diamond drill holes ever completed at Rhosgobel

"The results of the first two diamond drill holes ever drilled at the Rhosgobel intrusion target have exceeded our expectations, with both holes returning significant intervals of over 1 g/t gold, including 2.05 g/t gold over 37.9 metres and 4.32 g/t gold over 11.5 metres in DDRCRG-24-001", stated Cor Coe, Director and CEO of Sitka Gold. "Rhosgobel is the largest intrusion target within the Clear Creek Intrusive Complex (see Figure 4) and these holes have confirmed that robust gold mineralization persists here to a vertical depth of at least 300 metres and is laterally open in all directions within a very large, 2 km x 1.5 km gold-in-soil anomaly with values ranging from >100 ppb to > 500 ppb (see Figure 1). This bodes very well for the discovery of a third significant gold deposit at RC Gold, where geochemical surface signatures have been shown to strongly coincide with underlying intrusion-related gold mineralization elsewhere on the property, similar to that seen at our growing Blackjack gold deposit. With $15 million in the treasury and no debt, the Company is well positioned to follow up on this exciting new discovery with a substantial diamond drilling program as we continue to advance several targets at our flagship RC Gold Project."

Figure 1 - Plan map of the 2024 drilling on the Rhosgobel intrusion showing the locations of DDRCRG-24-001 and 002, the first ever diamond drill holes completed at Rhosgobel, within the large 1.5 x 2.0 kilometre gold-in-soil anomaly and mapped intrusion. Geochemical surface signatures such as this have been shown to strongly coincide with underlying intrusion-related gold mineralization elsewhere on the property, similar to that seen at the Blackjack gold deposit located approximately 5 km north along trend (see Figure 4).

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Figure 2 - Cross section of DDRCRG-24-001 and 002, the first ever diamond drill holes completed at the Rhosgobel intrusion. These initial diamond drill holes intersected gold at significantly greater depths than the limits of historical shallow reverse-circulation drilling and confirm that strong gold mineralization persists from surface to a depth of at least 300 metres.

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Figure 3 - Shallow historical reverse-circulation drilling in the Rhosgobel intrusion in 1995 (labelled CCRC-95-XX on the map) produced numerous intersections of gold mineralization consisting of sheeted quartz veins within megacrystic quartz monzonite, confirming widespread gold mineralization within the Rhosgobel intrusion coincident with the larger 1.5 km x 2.0 km gold-in-soil anomaly (see Figure 1). Higher-grade gold mineralization is also modelled along intersections of structural corridors that form conduits for gold mineralization, such as those mapped at the Rhosgobel intrusion (red and green lines on plan map). The first ever diamond drill holes completed at Rhosgobel (DDRCRG-24-001 and 002) further highlight the potential for this gold system to continue to a depth of at least 300 metres.

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The Rhosgobel intrusion is the largest and southernmost exposed intrusion that forms a part of the Clear Creek Intrusive Complex (CCIC). Intrusions within the CCIC occupy an area of approximately 8 by 15 kilometres and likely have a common magmatic source at depth. The intrusions vary in composition and include quartz monzonite, granodiorite and diorite. Felsic and lamprophyre dykes also occur within the CCIC. All of the intrusions have associated gold mineralization, suggesting that the CCIC forms a large mineralized system with the potential to host several gold deposits. The Rhosgobel intrusion is a megacrystic quartz monzonite (MCQM) similar to the Saddle Intrusion that hosts the Blackjack Deposit 5 km to the north.

Previous shallow reverse circulation drilling by Kennecott in 1995 identified widespread gold mineralization within the Rhosgobel intrusion (see Figure 3). These initial diamond drill holes by Sitka have intersected gold at significantly greater depths, demonstrating the potential for a much larger mineralized system.

Mineralization at Rhosgobel consists of abundant 1-2 cm sheeted quartz veins, larger (10-40 cm) quartz tourmaline veins, and large zones of quartz tourmaline breccias and stockwork within a larger zone cutting the MCQM host intrusion. Coarse scheelite and sulphides, including pyrrhotite and pyrite with subordinate arsenopyrite, occur within the veins and breccias throughout the intrusion. Gold was observed within the quartz veins and breccias and was consistently associated with bismuthinite, scheelite, and occasionally molybdenite. Alteration was pervasive quartz-sericite and sericite-chlorite with more intense quartz-sericite-chlorite alteration selvages around the veins.

DDRCRG-24-001

Drill hole DDRCRG-24-001 was drilled to a length of 303.6 metres at a dip of -50 degrees and an azimuth of 010 degrees to test the down dip extension of the gold mineralization intersected in the historical RC drill holes CCRC-95-15 and CCRC-95-16. The hole remained in MCQM throughout its length including approximately 200 metres of altered, faulted, brecciated, and mineralized feldspar megacrystic quartz monzonite and approximately 100 metres of weakly altered MCQM cut by occasional 1-10 cm quartz-scheelite sheeted veins. Visible gold was observed at two locations within the hole.

DDRCRG-24-001 intersected significant gold mineralisation from near surface to about 180 metres with 164.8 metres returning 0.82 g/t gold from 9.1 metres. Higher grade intersections within this interval included 119.0 metres of 1.05 g/t gold from 30.0 metres and 37.9 metres of 2.05 g/t gold from 98.5 metres. A 1.8 metre interval from 102.0 metres returned 16.25 g/t gold, demonstrating the presence of significant high grade gold mineralization in the Rhosgobel system.

DDRCRG-24-002

Drill hole DDRCRG-24-002 was drilled to a length of 400.8 metres at a dip of -75 degrees and an azimuth of 010 degrees to test the down dip extension of the gold mineralization intersected in the historical RC drill holes CCRC-95-15 and CCRC-95-16, and the mineralized interval intersected in DDRCRG-24-001. DDRCRG-24-002 also remained in MCQM throughout its length. The hole intersected approximately 50 metres of oxidized, altered, faulted, and mineralized MCQM, then continued through sections of high vein density and very large, locally brecciated, quartz and quartz tourmaline veins with strong alteration envelopes. Mineralization in the veins included coarse scheelite, molybdenite and bismuthinite. Numerous instances of visible gold were noted throughout the hole.

DDRCRG-24-002 returned 350.1 metres 0.40 g/t gold from 5.5 metres, demonstrating the continuation of widespread gold mineralization intersected in DDRCRG-24-001 to depth. Higher grade intervals from this broad intersection included 173.3 metres of 0.60 g/t gold from 97.0 metres, 28.4 metres of 1.40 g/t gold from 105.0 metres, 12.4 metres of 2.40 g/t gold from 121.0 metres, 0.9 metres of 5.50 g/t gold from 228.8 metres and 1.1 metres of 9.00 g/t gold from 269.2 metres.

Figure 4 - Map showing multiple priority target areas across the recently consolidated Clear Creek Intrusive Complex along with the location of 2024 diamond drilling completed at the Rhosgobel intrusion approximately 5 km south of the Blackjack and Eiger deposits. The Rhosgobel intrusion is approximately 3 km long and 2 km wide. Higher-grade gold mineralization is modelled along intersections of structural corridors that form conduits for gold mineralization. A large mineralized system highlighted by the numerous gold-bearing intrusions and intersecting structural corridors similar to that being defined at the Blackjack Deposit exist at many other target areas within the Clear Creek Intrusive Complex.

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Figure 5 - Examples of several instances of visible gold observed throughout DDRCRG-24-001 (a - b) and DDRCRG-24-002 (c - f). Visible gold is often associated with bismuthinite, scheelite, and arsenopyrite.

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Figure 6 - Drill core from DDRCRG-24-001 showing the 37.9 m interval from 98.5 m to 136.4 m grading 2.05 g/t Au, including 1.7 m of 16.25 g/t Au from 102.0 m

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Figure 7 - Drill core from DDRCRG-24-002 showing the 28.4 m interval from 105.0 m to 133.4 m grading 1.37 g/t Au

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Table 2: Summary of significant drill hole results from this release

*Intervals are drilled core length as insufficient drilling has been completed at this time to calculate true widths. Totals may not sum precisely due to rounding.

Metallurgical Testing

The Company has initiated additional metallurgical studies on the Blackjack Deposit by ALS Canada Ltd. Metallurgy Services to further investigate the gold recoveries of different types and grades of mineralization. Extraction gold recoveries from previous bottle roll testing by ALS in 2022 averaged 85% and were as high as 94% (See Company press release dated July 13, 2022) .

Three 20 kg composite samples of megacrystic quartz monzonite material grading 0.406 g/t Au, 1.08 g/t Au and 1.99 g/t Au and one 20 kg composite sample of metasedimentary material grading 0.605 g/t Au have been selected for this round of testing. The samples were composited from coarse reject material from 2023 drilling. The objective of the testing is to investigate the recovery potential of gravity concentration and sulphide flotation, and to further investigate cyanide leach recoveries.

Quality Assurance/Quality Control

On receipt from the drill site, the HTW/NTW-sized drill core was systematically logged for geological attributes, photographed and sampled at Sitka's core logging facility. Sample lengths as small as 0.3 m were used to isolate features of interest, otherwise a default 2 m downhole sample length was used. Each sample is identified by a unique sample tag number which is placed in the bag containing the core to be assayed. Core was cut in half lengthwise along a predetermined line, with one-half (the same half, consistently) collected for analysis and one-half stored as a record. Standard reference materials, blanks and duplicate samples were inserted by Sitka personnel at regular intervals into the sample stream. Bagged samples were placed in secure bins to ensure integrity during transport. They were delivered by Sitka personnel or a contract expeditor to ALS Laboratories' preparatory facility in Whitehorse, Yukon, with analyses completed in North Vancouver.

ALS is accredited to ISO 17025:2005 UKAS ref. 4028 for its laboratory analysis. Samples were crushed by ALS to over 70 per cent passing below two millimetres and split using a riffle splitter. One-thousand-gram splits were pulverized to over 85 per cent passing below 75 microns. Gold determinations are by fire assay with an inductively coupled plasma mass spectroscopy (ICP-MS) finish on 50 g subsamples of the prepared pulp (ALS code: Au-ICP-22). Any sample returning over 10 g/t Au was re-analyzed by fire assay with a gravimetric finish on a 50 g subsample (ALS code: Au-GRA21). In addition, a 51-element analysis was performed on a 0.5 g subsample of the prepared pulps by an aqua regia digestion followed by an inductively coupled plasma mass spectroscopy (ICP-MS) finish (ALS code: ME-MS41).

About the flagship RC Gold Project

The RC Gold Project consists of a 431 square kilometre contiguous district-scale land package located in the heart of Yukon's Tombstone Gold Belt. The project is located approximately 100 kilometres east of Dawson City, which has a 5,000 foot paved runway, and is accessed via a secondary gravel road from the Klondike Highway which is usable year-round and is an approximate 2 hour drive from Dawson City. It is the largest consolidated land package strategically positioned mid-way between the Eagle Gold Mine and the past producing Brewery Creek Gold Mine.

On January 19, 2023 Sitka Gold announced an Initial Mineral Resource Estimate prepared in accordance with National Instrument 43-101 ("NI 43-101") guidelines for the RC Gold Property of 1,340,000 ounces of gold⁽¹⁾. The road accessible, pit constrained Mineral Resource is classified as inferred and is contained in two zones: The Blackjack and Eiger deposits with 900,000 ounces of gold grading 0.83 g/t and 440,000 ounces of gold grading 0.68 g/t respectively. Both of these deposits are at/near surface, are potentially open pit minable and amenable to heap leaching, with initial bottle roll tests indicating that the gold is not refractory and has high gold recoveries of up to 94% with minimal NaCN consumption (see News Release July 13, 2022). The Mineral Resource estimate is presented in the following table at a base case cut-off grade of 0.25 g/t Au:

RC Gold Inferred Mineral Resource Estimate

Notes

1. Mineral resource estimate prepared by Ronald G. Simpson of GeoSim Services Inc. with an effective date of January 19, 2023. Mineral Resources are classified using the 2014 CIM Definition Standards.
2. The cut-off grade of 0.25 g/t Au is believed to provide a reasonable margin over operating and sustaining costs for open-pit mining and processing
3. Mineral resources are constrained by an optimised pit shell using the following assumptions: US$1800/oz Au price; a 45° pit slope; assumed metallurgical recovery of 85%; mining costs of US$2.00 per tonne; processing costs of US$8.00 per tonne; G&A of US$1.50/t.
4. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
5. Totals may not sum due to rounding.

To date, 72 diamond drill holes have been drilled into this system by the Company for a total of approximately 25,136 metres. The initial resource was based on 11,630 m of drilling in 34 holes with 22 holes totaling 7,492 m in the Blackjack deposit. Drilling since the initial resource release has focused on expanding the Blackjack resource with an additional 12-holes totaling 5,212 drilled in 2023 and 15-holes totaling 7162 m to date in 2024. Other targets drilled to date include the Saddle zone, Josephine zone and the Rhosgobel zone. The resource expansion drilling in 2023 at Blackjack produced results of up to 219.0 m of 1.34 g/t gold including 124.8 m of 2.01 g/t gold and 55.0 m of 3.11 g/t gold in drill hole DDRCCC-23-047 (see news release dated September 26, 2023) and in 2024 results of up to 678.1 metres of 1.04 g/t gold starting from surface, including 409.5 metres of 1.36 g/t gold, 93.0 metres of 2.57 g/t gold and 5.5 metres of 17.59 g/t gold

(see news release dated October 21, 2024).

(1) Simpson, R. January 19, 2023. Clear Creek Property, RC Gold Project, NI 43-101 Technical Report, Dawson Mining District, Yukon Territory

RC Gold Deposit Model

Exploration on the Property has mainly focused on identifying an intrusion-related gold system ("IRGS"). The property is within the Tombstone Gold Belt which is the prominent host to IRGS deposits within the Tintina Gold Province in Yukon and Alaska. Notable deposits from the belt include: Fort Knox Mine in Alaska with current Proven and Probable Reserves of 230 million tonnes at 0.3 g/t Au (2.471 million ounces; Sims 2018)⁽¹⁾; Eagle Gold Mine with current Measured and Indicated Resources of 233 million tonnes at a grade of 0.57 g/t Au at the Eagle Main Zone (4.303 million ounces; Harvey et al, 2022)⁽²⁾; the Brewery Creek deposit with current Indicated Mineral Resource of 22.2 million tonnes at a gold grade of 1.11 g/t (0.789 million ounces; Hulse et al. 2020)⁽³⁾; the Florin Gold deposit with a current Inferred Mineral Resource of 170.99 million tonnes grading 0.45 g/t (2.47 million ounces; Simpson 2021)⁽⁴⁾; the AurMac Project with an Inferred Mineral Resource of 347.49 million tonnes grading 0.63 gram per tonne gold (7.00 million ounces)⁽⁵⁾ and the Valley Deposit, with a current Indicated Mineral Resource of 4.05 million oz gold at 1.66 g/t and an additional Inferred Mineral Resource of 3.26 million oz at 1.25 g/t gold⁽⁶⁾.

(1) Sims J. Fort Knox Mine Fairbanks North Star Borough, Alaska, USA National Instrument 43-101 Technical Report. June 11, 2018. https://s2.q4cdn.com/496390694/files/doc_downloads/2018/Fort-Knox-June-2018-Technical-Report.pdf

(2) Harvey N., Gray P., Winterton J., Jutras M., Levy M.,Technical Report for the Eagle Gold Mine, Yukon Territory, Canada. Victoria Gold Corp. December 31, 2022. https://vgcx.com/site/assets/files/6534/vgcx_-_2023_eagle_mine_technical_report_final.pdf

(3) Hulse D, Emanuel C, Cook C. NI 43-101 Technical Report on Mineral Resources. Gustavson Associates. May 31, 2020. https://minedocs.com/22/Brewery-Creek-PEA-01182022.pdf

(4) Simpson R. Florin Gold Project NI 43-101 Technical Report. Geosim Services Inc. April 21, 2021. https://sedar.com/GetFile.do?lang=EN&docClass=24&issuerNo=00005795&issuerType=03&projectNo=03236138&docI d=4984158

(5) Thornton T., Jutras M., Malhotra D. Technical Report Aurmac Property Mayo Mining District, Yukon Territory, Canada. JDS Energy and Mining Inc. February 6, 2024. https://banyangold.com/site/assets/files/5251/banyan_gold_ni_43-101_technical_report_2024_03_18.pdf

(6) Burrell H., Redmond D.J., Haggarty P., Rogue Gold Project: NI43-101 Technical Report and Mineral Resource Estimate, Yukon Territory, Canada. Snowline Gold Corp. May 15, 2024. https://snowlinegold.com

Upcoming Events

Sitka Gold will be attending and/or presenting at the following events*:

• American Exploration and Mining Association Conference, Reno, NV: December 1 - 6, 2024
• Metal Investors Forum, Vancouver, BC: January 17-18, 2025
• VRIC, Vancouver, BC: January 19 - 20, 2025
• RoundUp, Vancouver, BC: January 20-23, 2025

*All events are subject to change.

About Sitka Gold Corp.

Sitka Gold Corp. is a well-funded mineral exploration company headquartered in Canada with over $15 million in its treasury and no debt. The Company is managed by a team of experienced industry professionals and is focused on exploring for economically viable mineral deposits with its primary emphasis on gold, silver and copper mineral properties of merit. Sitka is currently advancing its 100% owned, 431 square kilometre flagship RC Gold Project located within the Tombstone Gold Belt in the Yukon Territory. The Company is also advancing the Alpha Gold Project in Nevada and currently has drill permits for its Burro Creek Gold and Silver Project in Arizona and the Coppermine River Project in Nunavut.

The Company recently announced an NI 43-101 compliant initial inferred Mineral Resource Estimate of 1,340,000 ounces of gold⁽¹⁾ beginning at surface and grading 0.68 g/t at its RC Gold Project in Yukon (see news release dated January 19, 2023).

(1) Simpson, R. January 19, 2023. Clear Creek Property, RC Gold Project, NI 43-101 Technical Report, Dawson Mining District, Yukon Territory

*For more detailed information on the Company's properties please visit our website at www.sitkagoldcorp.com

The scientific and technical content of this news release has been reviewed and approved by Cor Coe, P.Geo., Director and CEO of the Company, and a Qualified Person (QP) as defined by National Instrument 43-101.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary and Forward-Looking Statements

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions and the Company's anticipated work programs.

These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, market uncertainty and the results of the Company's anticipated work programs.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

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