VANCOUVER, CANADA - Sitka Gold Corp. ('Sitka' or the 'Company') (TSXV:SIG) (FSE:1RF) (OTCQB:SITKF) is pleased to announce that drill hole DDRCCC-23-058 ('Hole 58'), has intersected strong gold results south of the current Blackjack Gold Deposit resource.

Hole 58 was the second of two holes completed during the 2024 winter diamond drilling program at the Company's 386 square kilometre, road accessible RC Gold Project ('RC Gold' or the 'Project') located in Yukon's Tombstone Gold Belt ('TGB'), approximately 100 kilometres east of Dawson City. Hole 58 intersected 154.0 metres of 1.47 g/t gold including 37.0 metres of 3.07 g/t gold and 8.0 metres of 4.61 g/t gold, confirming persistent gold mineralization continues 200 metres downdip of the gold mineralization encountered in DRCCC-23-047 ('Hole 47'), which returned the best drill hole results to date with 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 (see news release dated September 26, 2023). The results from Hole 58, when taken together with the results of Hole 47, and 57, have enabled the Company to generate a 3D model interpretation that shows this strong gold mineralization is associated with the Blackjack Fault, is open to the southeast and projects both to depth and to surface.

Assay highlights from drill hole DDRCCC-24-058: 351 m of 0.85 g/t Au from 157.0 m including 154 m of 1.47 g/t Au from 354.0 m 37.0 m of 3.07 m g/t Au from 449.0 m 8.0 m of 4.61 g/t from 470.0 m

'The strong gold results from Hole 58 continue to highlight the potential of this area to add significant higher-grade tonnage to our gold resource while further demonstrating the prospectivity of the multiple intrusion related gold deposit targets we have across our 100% owned, district-scale RC Gold Project', stated Cor Coe, Director and CEO of Sitka. 'The information from Hole 58 has also provided key insight into the three-dimensional continuity of the robust gold mineralization and associated structural controls in this recently discovered, higher-grade zone of the Saddle intrusion. The Blackjack Fault, which was previously unknown prior to our diamond drilling campaigns, appears to be an important control to the mineralization being discovered here with both this fault and the associated gold mineralization trending in the same direction to the south of our current extent of drilling. What has us really excited is that this mineralized corridor, which projects to surface and to depth, traces south of our resource, through a highly prospective area that has remained largely unexplored to date, and on towards additional intrusions that have similar geological characteristics to the Saddle intrusion. This updated geological model has highlighted an area of approximately 1 kilometre in length along strike to the south of our resource as a high-priority target that could extend the higher-grade gold zone discovered at Blackjack significantly. This area, along with the Saddle Zone target area, which remains largely untested by drilling and contains the largest and strongest gold-in-soil anomaly on the property, will be the primary focus of our exploration efforts this season.

'The higher-grade gold values being discovered near our Blackjack gold deposit are quite remarkable for a reduced intrusion related gold system and the results from Hole 58 further support our view that there is incredible potential for additional discoveries of similar calibre across our largely underexplored land package, where nine known intrusions with associated gold mineralization have been discovered to date. With the summer phase of drilling about to commence and the largest drilling campaign planned to date at RC Gold, with up to 15,000 metres diamond drilling proposed, we look forward to further unlocking this potential while we continue to expand our rapidly growing gold resource'.

The results of Holes 57 and 58, when taken together with the results of Hole 47, have significantly enhanced the Company's understanding of the structural controls of gold mineralization at the Blackjack deposit. The higher-grade gold intervals identified in these holes form a large volume of well mineralized rock that define a SSE trending corridor, now called the Blackjack Mineralized Corridor, that is coincident with the Blackjack Fault, a previously identified feature which is interpreted to have been important in the emplacement of the Saddle Stock and subsequent gold mineralizing episodes.

When placed in a district context, the results of the recent drilling further demonstrate the potential of significant gold mineralization in the Blackjack deposit to continue to the southeast. The area between the known southern extent of the Saddle Stock and the West Pukelman Stock is of particular interest as it is essentially unexplored.

Hole 58 was collared approximately 70 metres north of recently completed DDRCCC-24-057, which also intersected visible gold in sheeted veining within megacrystic quartz monzonite and returned 191.0 Metres of 1.16 g/t gold. Hole 58 was drilled to a depth of 534.9 metres at an azimuth of 60 degrees and dip of -60 degrees. It was drilled to test the down dip extension of the well mineralized quartz monzonite intrusion intersected in hole DDRCCC-23-047.

Hole 58 intersected 2 broad zones of feldspar megacrystic and vari-textured, quartz monzonite and feldspar porphyry within a large package of biotite schist, phyllite, and quartzite. A large lamprophyre dyke was intersected from 509.85-528.15 m at the footwall contact of mineralized quartz monzonite.

Both quartz monzonite intrusions were cut by abundant 1-2 cm sheeted quartz veins, quartz-arsenopyrite veins, and arsenopyrite veins. Visible gold was noted at several locations including 180.2 m, 240.5 m, 244.2 m, 276.3 m, 401.2 m, and 476.9 m, and several occurrences of bismuthinite were noted such as 476.8 m and 420.0 m.

A focus for drilling up to 15,000 m in 2024 will be to continue to define gold mineralization along the newly recognized Blackjack Mineralized Corridor to the SSE. In addition, soil and rock sampling and geologic mapping will also be conducted along the Blackjack Mineralized Corridor to further evaluate the mineralization within this unexplored portion of the property.

Further Objectives for 2024

In addition to extending Blackjack gold mineralization to the southeast, objectives for the Company's 2024 exploration season include further drilling of the Saddle East zone (84 m of 1.21 g/t Au in 2023), further drilling of the Eiger Deposit (Inferred Resource of 440,000 oz Au in 2023), further drilling of the Josephine Stock (visible gold discovered at surface in 2023) and further investigation of the nine known intrusions with associated gold mineralization that have been discovered to date on the Company's 386 square kilometre RC Project.

About the flagship RC Gold Project

The RC Gold Project consists of a 386 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. It is the largest consolidated land package strategically positioned mid-way between Victoria Gold's Eagle Gold Mine - Yukon's newest gold mine which reached commercial production in the summer of 2020 - and Victoria Gold's former 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. 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.

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, located adjacent to Sitka's RC Gold project, with a current Inferred Mineral Resource of 170.99 million tonnes grading 0.45 g/t (2.47 million ounces; Simpson 2021)(4) and the AurMac Project with an Inferred Mineral Resource of 347.49 million tonnes grading 0.63 gram per tonne gold (7.00 million ounces).

About Sitka Gold Corp.

Sitka Gold Corp. is a well-funded mineral exploration company headquartered in Canada. 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 exploring its flagship RC Gold Project within the Tombstone Gold Belt in the Yukon Territory with a 15,000 metre fully funded diamond drill program planned for 2024. 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.

Contact:

Donald Penner

President & Director

Tel: 778-212-1950

Email: dpenner@sitkagoldcorp.com

Cor Coe

CEO & Director

Tel: 604-817-4753

Email: ccoe@sitkagoldcorp.com

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', orvariations 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 with respect to, among other things, the use of the proceeds raised under the Offering and the Company's anticipated work programs.

In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the Company will complete its anticipated work programs and use the proceeds of the Offering as currently anticipated.

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, the results of the Company's anticipated work programs and that the Company will not use the proceeds of the Offering as currently anticipated.

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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