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Sitka Gold has announced a non-brokered private placement

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The company is looking to raise gross proceeds of up to $1,650,000 from the placement of up to 15 million units, priced at $0.11 per unit. Each unit consists of 1 share and one-half a warrant with each warrant exercisable at $0.16 for 24 months.

Additional Information:

Company: Sitka Gold
Website: http://www.sitkagoldcorp.com
Stock Symbol: CSE: SIG
Date Published: Apr 9, 2019
Transcript: Available

Video Transcript:

I’m Megan Edwards for Investmentpitch Media

Sitka Gold has announced a non-brokered private placement.

The company is looking to raise gross proceeds of up to $1,650,000 from the placement of up to 15 million units, priced at $0.11 per unit.

Each unit consists of 1 share and one-half a warrant with each warrant exercisable at $0.16 for 24 months.

The company intends to use the proceeds to conduct drill programs at the Burro Creek Gold and Alpha Gold properties and for general working capital.

The Burro Creek Property is located 1.6 kilometres off State Highway 93 in Mohave County, Arizona, approximately 265 kilometres southeast of Las Vegas, Nevada and 200 kilometres north of Phoenix, Arizona.

The 750 acre property is road accessible and in an active mining region that includes Freeport McMoran Copper & Gold Inc.’s neighbouring Bagdad Mine and Northern Vertex Mining Corp.’s newly operational Moss Gold-Silver Mine.

The gold and silver mineralization has been traced for over 1.7 kilometers with vein widths of up to 45 meters and remains open for expansion along strike near surface and at depth.

Results from a Mobile Metal Ion soil survey returned an anomalous gold and silver trace across the basalt cover that is interpreted to be the buried portion of the Burro Vein over a strike length of approximately 1.0 kilometers.

This anomaly provides immediate drill targets to test the continuity of the Burro Vein and potential to expand the known Historical Mineral Resource Estimate.

The Alpha Gold property is located in Nevada’s prolific Carlin district and is situated where the Garden Valley Anticline intersects with the projection of the 50-Million-Ounce Cortez-Gold trend.

Of primary importance at the Alpha Gold location is that the rocks have been downdropped significantly by late extensional faulting.

This is an ideal scenario for producing and preserving a Carlin-type gold deposit and is exactly what happened at the Pipeline, Cortez Hills, and Goldrush deposits along the Cortez trend.

Furthermore, anomalous gold has previously been identified within the late Devonian carbonates of the Garden Valley Anticline.

McEwen Mining Inc.’s nearby Gold Bar gold mine, located on a parallel anticlinal trend, recently went into production.

Sitka currently has an option to acquire a 100% interest in the Adobe Gold property in Nevada, an option to acquire a 100% interest in the Burro Creek Gold property in Arizona and owns a 100% interest in its Coppermine River project in Nunavut and the Alpha Gold property in Nevada.

The shares are currently trading at $0.11.

For more information, please visit the company’s website at www.sitkagoldcorp.com, contact Cor Coe, CEO, 604-817-4753, or email ccoe@sitkagoldcorp.com. I’m Megan Edwards for Investmentpitch Media