Dr. Quinton Hennigh reports

ESKAY MINING IDENTIFIES NEW TARGETS AND COMMENCES DRILLING AT ITS CONSOLIDATED ESKAY PROJECT, GOLDEN TRIANGLE, BC

Eskay Mining Corp. has identified new high-priority drill targets and has commenced its 2023 diamond drill campaign at its 100-per-cent-controlled Consolidated Eskay gold project in the Golden Triangle of British Columbia. Precious metal-rich volcanogenic massive sulphide (VMS) deposits are the main focus of Eskay's exploration.

2023 drill targets

In a company news release dated May 18, 2023, Eskay Mining announced recognition of two new drill targets identified by Simcoe Geoscience, the Maroon Cliffs and Hexigon-Mercury geophysical anomalies, both of which display strong geophysical similarities to the nearby Eskay Creek deposit. Since commencing its field program in late June, preparations have been made to drill both of these targets.

Recent fieldwork conducted at site in mid-July has yielded four additional high-value drill targets, all of which display geophysical expressions similar to Maroon Cliffs and Hexigon-Mercury. These include:

• Storie Creek: This target is an as yet undrilled area situated just 3.5 kilometres (km) south-southeast of the Eskay Creek mine. Recent geologic interpretation by Eskay Mining's team indicates that uppermost Hazelton formation strata, including the Contact Mudstone subcrops underneath the northeast-trending Storie Creek drainage and dips gently northwestward underneath a veneer of post-mineral Bowser Lake formation sedimentary rocks. Extensive gossanous outcrops of Upper Hazelton formation rocks were discovered along the eastern side of Storie Creek over a strike length of at least four km. Gossan forms from weathering of sulphides that may be associated with mineralization. Upon review of historic soil data dating back to the early 1990s, Eskay's geologic team has identified two areas where high silver-in-soil values occur, an indication that the Storie Creek gossanous outcrops are likely associated with mineralization. Two drill holes are planned at Storie Creek beginning in late August or early September.
• Cumberland: Situated approximately six km south of the TV deposit, the Cumberland target appears to be a very robust zone of alteration and mineralization that has seen limited historic drilling dating back plus-20 years ago. Limited mining occurred near this site in the early 1900s. Eskay Mining's team conducted field examination of the site in recent days yielding compelling geologic data. Given its promising geophysical expression, previous promising drill results and its position along strike from the TV deposit, Cumberland is deemed a high-value target justifying two drill holes to be completed in August.
• Bruce Glacier: Situated directly between Tarn Lake and Scarlet Knob, Eskay Mining's team has identified a target in potentially VMS-hosting sea floor strata belonging to Lower Hazelton formation. This area is under the toe of Bruce Glacier. Given the extensive alteration and mineralization at both Tarn Lake and Scarlet Knob, it is readily apparent there is a likely connection between these two zones under the ice. This target will be tested by two holes to be drilled in August, one from the Tarn Lake side and the other from the Scarlet Knob side.
• TV South: The TV deposit, subject of much of Eskay Mining's drilling over the last three seasons, terminates against a gabbro dike on its south side. Eskay's team thinks the system continues on the other side of this dike. Geophysics indicates this is a likely scenario. Eskay Mining in planning one drill hole to be drilled in August to test this possibility.

2023 drill program

Diamond drilling commenced at the Tarn Lake target a few days ago. A second drill is currently being mobilized to site. Eskay Mining is aiming to complete up to 6,500 metres (m) of core drilling in 2023. Targets to be tested include Maroon Cliffs, Hexigon-Mercury, Tarn Lake, Scarlet Knob, Bruce Glacier, Storie Creek, Cumberland and TV South. Eskay Mining has decided sharp-shooting multiple high-quality targets is the best approach to make one or more new discoveries in 2023. Closing of the sale of five mining claims to Skeena Resources along with Eskay's existing treasury provides financing for this program.

Dr. Quinton Hennigh, PGeo, a director of the company and its technical adviser, a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical contents of this news release.

About Eskay Mining Corp.

Eskay Mining is a TSX Venture Exchange-listed company, headquartered in Toronto, Ont. Eskay is an exploration company focused on the exploration and development of precious and base metals along the Eskay rift in a highly prolific region of Northwestern British Columbia known as the Golden Triangle, 70 km northwest of Stewart, B.C. The company currently holds mineral tenures in this area comprising 177 claims (52,600 hectares).

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