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Enter Symbol
or Name
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Eskay Mining Corp
Symbol ESK
Shares Issued 109,924,864
Close 2018-01-19 C$ 0.265
Market Cap C$ 29,130,089
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Eskay Mining optionee SSR to proceed with SIB option

2018-01-22 09:33 ET - News Release

Also News Release (C-SSRM) SSR Mining Inc

Mr. Mac Balkam of Eskay reports

ESKAY ANNOUNCES THAT SSR MINING INC. WILL PROCEED WITH SECOND YEAR OF SIB OPTION AGREEMENT; PLANNING UNDERWAY FOR 2018 EXPLORATION DRILLING PROGRAM

SSR Mining Inc. has elected to proceed with the second year of a three-year option agreement with Eskay Mining Corp. on the SIB property. SSR Mining may earn an undivided 51-per-cent interest by spending an aggregate of $11.7-million in exploration expenditures over the term of the agreement. SSR Mining may earn a further 9-per-cent undivided interest for an aggregate 60-per-cent undivided interest by delivering either a preliminary economic assessment or completing an aggregate of 23,000 metres of diamond drilling (see April 26, 2017, news release). Eskay is also pleased to release the final assay results from the 2017 diamond drill program at the SIB property.

The 2017 drill program at the SIB property was designed to test for precious-metal-enriched massive sulphide mineralization and prospective stratigraphy beneath the Coulter Creek thrust fault (CCTF). The SIB property lies immediately south-southwest along strike from Barrick Gold Corp.'s past-producing Eskay Creek mine. Ten of the 12 drill holes completed in 2017 targeted the footwall of the CCTF. All holes intersected favourable Salmon River formation rocks, which closely resemble host rocks at the mine.

With footwall alteration in a volcanogenic massive sulphide (VMS) setting (variably intense chlorite-sericite alteration), local sulphide-bearing veins were also intersected in a number of holes. Assays from the 2017 drilling are suggestive of the presence of two styles of mineralization: (1) disseminated sulphides hosting anomalous pathfinder elements within carbonaceous mudstone; and (2) polymetallic sulphide veins, locally up to 10 centimetres thick, consisting of pyrite, pyrrhotite, sphalerite, galena, plus or minus chalcopyrite and arsenopyrite. The former style occurs in mudstone stratigraphically overlying rocks correlative with the Eskay Creek mine footwall rhyolite, and it has a similar geochemical signature to mineralization observed along the fringes of stratiform orebodies at the mine. The polymetallic veins are hosted within the Eskay-type footwall rhyolite. A list of drill hole highlights from the 2017 drill program is given in the attached table.

In addition to intersecting encouraging mineralization and extensive alteration, the 2017 drill program greatly improved the company's geologic understanding of the CCTF and its footwall. The surface location of the fault and its subsurface geometry are now constrained, and the drilling confirmed that the footwall stratigraphy bears strong similarities with rocks hosting the Eskay Creek deposits. There also appears to be an extensive area of altered Coulter Creek footwall rocks west and south of the area drilled in 2017 that are reachable with the drill. Therefore, there remains potential for Eskay-style discoveries at the SIB property, and target generation for the 2018 summer drill program at the property is currently under way. It will systematically test the extensive and favourable Eskay stratigraphy to the west and south of the 2017 drill area for precious-metal-enriched VMS mineralization.

                            2017 DRILL HOLE HIGHLIGHTS
  
Hole         From      To   Length      Au     Ag     Zn    Pb     As      Sb      Hg 
               (m)     (m)      (m)   (g/t)  (g/t)    (%)   (%)  (ppm)   (ppm)   (ppm)

EK17-142   891.30  894.30     3.00    0.47    0.5      -     -      61     13       -       
EK17-145   622.00  623.00     1.00    0.03    1.0      -     -   1,980    241    3.58    
EK17-146   221.00  223.00     2.00    0.30    1.5   0.02     -     352     57       -       
EK17-147   337.63  339.19     1.56    0.02    0.3   0.04  0.01     972     89       -       
EK17-148   132.30  135.30     3.00    0.02    5.2   0.04     -   3,040     61       -       
EK17-149   321.30  324.30     3.00    0.01    2.8   0.08     -     581    171     1.2     
EK17-149   390.38  396.38     6.00    0.01    3.7   0.20  0.04     202      5     N/A     
Including  395.38  396.38     1.00    0.03   11.6   0.44  0.11     667      7     N/A     

N/A refers to "not analyzed."

Charles J. Greig, PGeo, a member of the company's advisory team, is a qualified person under the definition of National Instrument 43-101. Mr. Greig has reviewed and approved the technical information in this press release.

For further information regarding the SIB property, see the company's press releases of Oct. 17, 2016, Aug. 8, 2016, May 9, 2016, and Jan. 23, 2013.

About Eskay Mining Corp.

Eskay Mining is an exploration company focused on the exploration and development of precious metals and base metals in British Columbia in a highly prolific, polymetallic area known as the Eskay Rift belt, located in the Golden Triangle, 70 kilometres northwest of Stewart, B.C. The company currently holds mineral tenures in this area comprising 177 claims (130,000 acres).

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