Sitka Gold (TSX‑V:SIG) will pay C$6 million ($6.09 million) in cash to accelerate its acquisition of the Clear Creek property from Victoria Gold’s receiver.
The arrangement with court-appointed receiver PricewaterhouseCoopers would give Sitka’s 100% ownership of the contiguous 447km² RC Gold Project in Yukon, Canada.
The payment represents the final deferred amount under a June 2024 purchase agreement. Sitka will pay cash rather than shares, as permitted under the original agreement. Previous deferred payments were satisfied through share issuances in August 2025 and June 2026.
At closing, Sitka will also grant a 5% net smelter return royalty over Clear Creek. The company can reduce the royalty to 2% through a one-time C$10 million payment and holds a right of first refusal over any proposed sale of the royalty.
Clear Creek hosts the Rhosgobel deposit, which has an inferred mineral resource of 100.68 million tonnes @ 0.70 grams per tonne gold (Au) for 2.25 million ounces.
Drilling at the Pukelman-Contact zone previously returned 93.3m @ 0.50g/t Au, including 23.6m @ 1g/t Au, in hole DDRCCC-25-118. Hole DDRCCC-25-113 intersected 119m @ 1.10g/t Au from surface, while drilling at the Bear Paw Breccia zone returned 21m @ 1.05g/t Au.
“The exceptional potential of the Clear Creek property has already been demonstrated through Sitka’s initial discovery of the Rhosgobel deposit and the strong initial drill results returned from the Pukelman-Contact and Bear Paw breccia targets in 2025,” CEO Cor Coe says.
Sitka says it has allocated 45,000m of its current 60,000m drilling program to Clear Creek, comprising 30,000m at Rhosgobel, 10,000m at Pukelman-Contact, and 5,000m at Bear Paw. Six rigs are operating, with approximately 30,000m across 59 holes completed to date.
Closing remains conditional on an approval and vesting order from the Ontario Superior Court of Justice.
Write to France Pinzon at Mining.com.au
Images: Sitka Gold
