- Sitka Gold (TSXV:SIG) has agreed to acquire a 100 per cent interest in the Barney Ridge Property in the Yukon
- Barney Ridge is one of the underlying properties that make up the company’s RC Gold Ridge Project
- Barney Ridge is a 17.8-square-kilometre contiguous claim group that includes the Barney Stock, a mid-cretaceous intrusion
- Shares of Sitka Gold are up 4.55 per cent to C$0.23 as of 11:56 am ET
Sitka Gold (TSXV:SIG) has agreed to acquire a 100 per cent interest in the Barney Ridge Property in the Yukon.
In a news release, the Vancouver-based company stated that the Barney Ridge Property is one of the underlying properties of its RC Gold Project within the Yukon’s Tombstone Gold Belt.
Barney Ridge is a 17.8-square-kilometre contiguous claim group that includes the Barney Stock, which is a mid-cretaceous intrusion.
“We are very pleased to have reached an agreement whereby Sitka will obtain 100 per cent ownership of the Barney Ridge Property,” Cor Coe, CEO of Sitka Gold, said in a statement. “The Barney intrusive stock has a very large surface footprint and exhibits many of the same mineral characteristics as the nearby intrusions present at our expanding Blackjack and Eiger gold deposits.”
Coe explained the Barney Ridge Property has never been drilled and was a key factor in the consolidated RC Gold Project. Moving forward, Sitka Gold will expand its exploration efforts as it looks to grow the initial mineral resource estimate.
As part of the acquisition process, Sitka Gold has completed all exploration requirements and made cash and share payments pursuant to the option agreement.
Roughly 56 diamond drill holes have been drilled at the property for a total of 19,962 metres, including 16 drill holes totalling 6,515 metres done in 2023.
Drilling from 2023 produced results of up to 219 metres of 1.34 grams per ton (g/t) gold, including 124.8 metres of 2.01 g/t gold and 55 metres of 3.11 g/t gold.
Sitka Gold stated it has also recently completed two drill holes totalling 1,085 metres during the winter phase of a 15,000-metre diamond drill program. Samples have been sent to the lab for testing with assay results pending.
Sitka Gold is focused on mineral deposits with an emphasis on gold, silver and copper mineral properties.
Shares of Sitka Gold Corp. (TSXV:SIG) are up 4.55 per cent to C$0.23 as of 11:56 am ET.
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