01:45:53 EDT Tue 14 May 2024
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Eskay Mining Corp
Symbol ESK
Shares Issued 183,283,723
Close 2023-08-31 C$ 0.94
Market Cap C$ 172,286,700
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Eskay completes 4,300 m drilling at Consolidated Eskay

2023-08-31 10:28 ET - News Release

Mr. Mac Balkam reports

ESKAY MINING DRILLS VMS MINERALIZATION AT FOUR NEW TARGETS AT ITS CONSOLIDATED ESKAY PROJECT, GOLDEN TRIANGLE, BC

Eskay Mining Corp. has recently drilled significant intervals of stockwork and/or massive sulphide mineralization at four new targets as part of 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 focus of Eskay's exploration.

As of this news release, Eskay Mining has drilled approximately 4,300 metres of its planned 6,500 m 2023 diamond drill campaign. In company news releases dated May 18 and July 27, 2023, seven new targets were discussed as subjects of this year's exploration campaign: Tarn Lake, Maroon Cliffs, Hexagon-Mercury, Storie Creek, Cumberland, Scarlet Knob-Bruce Glacier and TV South. Drilling at Tarn Lake, Scarlet Knob-Bruce Glacier, Hexagon-Mercury and Cumberland have yielded significant intercepts of stockwork and/or massive sulphide mineralization. Results are summarized below.

Cumberland: This target is situated approximately five kilometres south of the TV deposit, subject of substantial drilling over the past three seasons. No appreciable work has been conducted in this area for at least 20 years. A current total of five drill holes have been completed by Eskay Mining this season, each intercepting seafloor-proximal stockwork and massive sulphide mineralization over core lengths of approximately 25 m to 85 m. Spot XRF (X-ray fluorescence) analyses indicates these intercepts are highly elevated in silver, copper, lead, zinc, arsenic, antimony and tellurium. Gold analysis by XRF is unreliable. This VMS (volcanogenic massive sulphide) deposit appears to strike north-northwest and dips moderately steeply to the east. Its stratigraphic position is believed to be in the Upper Hazelton group at a level similar to the Eskay Creek deposit located approximately 20 km north. Like TV, Cumberland is situated on the eastern limb of the Eskay anticline. The company has one additional hole planned at Cumberland to follow up on this exciting new discovery.

Scarlet Knob-Bruce glacier: This target is situated along the eastern side of the toe of Bruce glacier in an area where spot rock chip sampling returned several Au- and silver (Ag)-bearing assays, including one with 56 g/t Au last season. To date, four drill holes have probed the westward-dipping succession of volcanic rocks in search of the paleo-seafloor exhalative position of the VMS system. All four holes have encountered significant intervals of 20 m to 50 m of intense stockwork mineralization followed by mudstone thought to represent the overlapping paleo-seafloor strata. Like Cumberland, spot XRF analyses indicates this stockwork mineralization is highly elevated in silver, copper, lead, zinc, arsenic and antimony. Mineralization is believed to be hosted in the lower part of the Hazelton formation. Further drilling will be conducted in an area approximately 200 m north of holes drilled to date, near a newly discovered outcrop of base-metal-rich VMS mineralization. This exciting newly discovered massive sulphide mineralization is thought to be at or very close to the paleo-seafloor position.

Tarn Lake: The Tarn-Lake target is situated on the west side of Bruce glacier and saw limited drilling in 2022 that yielded encouraging precious metal results. Three holes completed to date have encountered sulphide stockwork mineralization ranging from 30 m to 130 m in length, much longer than recorded in drilling in 2022. Spot XRF analyses indicates this stockwork mineralization is highly elevated in silver, copper, lead, zinc, arsenic and antimony. Mineralization is thought to be hosted by rocks in the lower part of the Hazelton formation near a paleo-seafloor position much like Scarlet-Knob-Bruce glacier to the east. One additional hole is being drilled at this exciting discovery this year.

Hexagon-Mercury: Targeting at Hexagon-Mercury, situated on the western flank of the Eskay anticline approximately nine km south of Eskay Creek mine, has been driven by geophysical anomalies interpreted by Riaz Mirza of Simcoe Geoscience. The first of two drill holes completed to date yielded an intercept of over 100 m of appreciable stockwork sulphide mineralization hosted by volcanic rock thought to be part of the lower Hazelton group. Spot XRF analyses indicate this stockwork is moderately to strongly anomalous in arsenic and other pathfinder elements. Eskay Mining is contemplating following up this discovery with further drilling this season.

The last target to be drill tested this season is Storie Creek, an as-yet-undrilled area situated just 3.5 km south-southeast of the Eskay Creek mine. Recent geologic interpretation by Eskay Mining's team discussed in a company news release dated July 27, 2023, indicates that uppermost Hazelton group strata, including the Contact mudstone subcrops underneath the northeast-trending Storie Creek drainage and dips gently northwestward underneath a veneer of postmineral 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 a few days.

One hole completed at TV South failed to encounter significant mineralization, however favourable volcanic host-rocks and VMS-related alteration were observed in drill core. Subsequent field discoveries of sulphide-rich outcrops in areas nearby suggest this hole was drilled in an unfavourable orientation and that further exploration work is warranted at TV South. Two drill holes completed at the Maroon Cliffs target failed to encounter appreciable mineralization.

Drilling at the Consolidated Eskay project is expected to finish by mid-September. Assays from the first holes of the 2023 program are expected back late September.

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 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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