The playbook — gold · October 14, 2026
Sitka turns waste rock to gold grade at Saddle, grows Eiger west
A single hole hit 236 metres of 1.15 g/t gold inside ground the company had been counting as waste. True widths are not disclosed.
Sitka Gold reported drill results from its RC Gold project in the Yukon, and one hole does the heavy lifting. At the Saddle Zone, hole 156 cut 236.0 metres grading 1.15 grams of gold per tonne — think a little over a gram in every tonne of rock. Inside that long run sat a much richer core: 71.0 metres at 2.79 g/t, and within that, 36.3 metres at 3.31 g/t and a separate 21.9 metres at 3.25 g/t. Grade kept going to 577 metres down the hole. Over at the Eiger deposit, step-out holes added more: 45.5 metres at 1.16 g/t (including a sharp 4.5 metres at 9.26 g/t, with 1.5 metres hitting 24.80), plus 18.1 metres at 2.36 g/t in a neighbouring hole.
Here is the mechanism that matters. Hole 156 landed in ground the company currently classifies as waste inside its Blackjack pit model. If the grade holds, waste becomes ore — rock they were going to move anyway now carries gold worth processing. In gram-metre terms (grade times thickness, the field’s rough measure of how much metal a hole found), that 236-metre envelope works out to roughly 271, with the high-grade 71-metre core near 198 — a strong result by any read. The Eiger holes push mineralization about 120 metres west of the current resource — with step-out intercepts beginning at 182.5 m and 287.0 m downhole (true vertical depths not disclosed) — within a 2-kilometre Blackjack-to-Eiger corridor the company says its drilling now traces. CEO Cor Coe, a professional geologist whose company biography credits him with a 2.0-million-ounce discovery, is running six rigs across six targets. Notably, the stock slipped 2.1% over three months while the junior gold index (GDXJ) jumped 9.1% and gold itself gained 1.0% — the tide lifted the sector, but a mid-period pop to about 1.13 fully reversed. The market faded this one.
Now the honest part. Every interval here is downhole core length, not true width — the release states no conversion factor, so the thickness behind that 1.15 g/t bulk grade is likely overstated. No cut-off grade or compositing interval is given for these intercepts. The geologist named for the resource estimate did not sign off on these drill results. And this is four holes out of 143 drilled, with 84 assays still pending — Saddle’s standout 156 is a single hole. The 200-metre gap between the Blackjack and Eiger pit limits remains unclosed; the corridor link is a model, not drilled-through rock. Watch for the remaining assays, the program’s finish, and an updated Blackjack resource folding in Saddle.