“As the deepest hole ever drilled into this system [708.7 metres], hole 68 has significantly extended the gold mineralization at Blackjack, approximately 200 metres below any previous drilling,” Sitka CEO Cor Coe said in a release. “[It] demonstrates the potential for higher-grade mineralization to continue deeper in what appears to be a higher-grade component of this gold system.”
Shares in Sitka Gold jumped 10% early Monday before easing to 4% stronger by early afternoon in Toronto at C$0.52 apiece, valuing the company at C$160.3 million. They’ve traded in a 52-week range of C$0.13 to C$0.57.
Drill hole DDRCCC-24-067 returned 99.2 metres grading 1.01 grams gold from 448.5 metres depth, including 2.5 metres of 18.39 grams gold from 516.6 metres downhole. The result confirms the southern extension of mineralization intersected in holes 58 and 62 both laterally and at depth, the company said. Watch a 2023 Northern Miner…
