Mr. Mac Balkam reports

ESKAY MINING DISCOVERS A NEW VMS CENTER AT JEFF NORTH AND INTERCEPTS POLYMETALLIC VMS MINERALIZATION IN TWO AREAS ALONG TV-JEFF CORRIDOR

Eskay Mining Corp. has discovered a new volcanogenic massive sulphide (VMS) centre at Jeff North as well as recent drill intercepts of polymetallic mineralization in two areas along the TV-Jeff corridor, part of its 100-per-cent-controlled Consolidated Eskay project, British Columbia. As of this release, over 13,000 metres of diamond drilling has been undertaken in numerous drill holes along 3.7 kilometres of strike at TV-Jeff. Diamond drilling also continues at the Scarlet Ridge area, subject of a company news release dated July 27, 2022. To date, the company has completed approximately 15,600 m of diamond core drilling, approximately 52 per cent of the 30,000 m planned to be completed in 2022. Drill production remains on target to reach this aggressive goal with four drills fully operational.

"As with the Scarlet Ridge-Tarn Lake VMS corridor, the TV-Jeff VMS corridor is proving itself to be another large VMS complex with sulphide mineralization focused along multiple syn-volcanic fault structures each closely associated with intense hydrothermal alteration of volcanic rocks," commented Dr. John DeDecker, Eskay Mining's vice-president of exploration. "The discovery of Jeff North now extends the strike length of the known TV-Jeff VMS corridor to 3.7 km. Importantly, recent drill holes completed in two areas have yielded intercepts of polymetallic sulphide mineralization with abundant chalcopyrite and sphalerite. Spot XRF readings taken from core indicates promising pathfinder element support, including silver from this style of mineralization. Also encouraging, anomalous geochemical results recently received from soil samples collected at the very start of the 2022 exploration season indicate mineralization potentially extends another two km further north from Jeff North. We are optimistic that multiple other VMS targets we have recently identified along the TV-Jeff trend will prove mineralized, and we continue to grow confident about the potential for the Consolidated Eskay project to host an entire VMS district."

Jeff North

Drilling at Jeff North targeted a large conductive SkyTEM anomaly coincident with a ridge of silicified peperitic basalt displaying strong Ag-in-soil anomalies from samples collected during the 2021 program. Strong VMS stockwork mineralization encountered in recent drilling at Jeff North lies 600 m north of Jeff and extends at least 700 m northward along strike, remaining open to the north. Some stockwork intervals are distinctly polymetallic, displaying abundant sphalerite and chalcopyrite in addition to the ubiquitous pyrite. This mineralogy coupled with the presence of strong pathfinder elements including silver, arsenic, antimony, copper, zinc and lead as detected by hand-held XRF provide encouragement for presence of Au and Ag, both of which must be assayed for accurate measurement. Core is being logged, split and sampled in preparation for submittal for assaying.

Jeff North drilling highlights:

• At present, drilling at Jeff North has ceased and the focus has moved onto TV, the area between TV and Jeff, and Scarlet Ridge. This said, Eskay is prepared to follow up with drilling at Jeff North late season should assays confirm this to be a significant new discovery.
• Jeff North represents a new VMS discovery beginning 600 m north of Jeff and extending at least 700 m northward. Sulphide mineralization is hosted by intensely silicified peperitic basalt and andesite flows. Mineralization remains open to the north as well as down dip.
• J22-118 intercepted a 12.7 m interval of polymetallic sulphide mineralization hosted within a silica-rich hydrothermal breccia and surrounding silicified mudstone. Sulphide mineralization includes abundant chalcopyrite and sphalerite. The presence of chalcopyrite with intense silicification suggests the proximity to a higher-temperature VMS feeder zone than those encountered at TV and Jeff.
• Hand-held X-ray fluorescence analyses of sulphide mineralization in several drill holes from Jeff North show high concentrations of the pathfinder elements Ag, As, Sb, Cu, Zn and Pb.
• Early results from the 2022 soil sampling program show Ag and Hg anomalism extends two km farther north than hole J22-99, the northernmost drill hole completed at Jeff North. Given that the Jeff North target was recognized as a SkyTEM conductivity high with an accompanying soil geochemical anomaly, Eskay's exploration team is optimistic that the Jeff North VMS system extends farther northward. Soil sampling over a large SkyTEM conductive high approximately 1.8 km north of Jeff North is currently under way.
• J22-122 intercepted a nine m interval of polymetallic sulphide mineralization hosted by intensely silicified andesitic peperite and associated mudstone. Polymetallic mineralization in both J22-118 and J22-122 occur at an equivalent horizon to the lower stockwork zone at Jeff 125 m south of J22-122.

Commencement of drilling at TV:

• Drilling has commenced at TV focusing on expanding upon the core body of mineralization identified in 2021 drilling. Planned drill holes will test extensions of TV mineralization farther down dip, along strike to the north and south, and up stratigraphic section.
• Testing of nearby induced polarization-resistivity and SkyTEM targets is also scheduled. Based on past success of targeting VMS mineralization using SkyTEM and soil data at Jeff North, Jeff and TV, the Eskay team is optimistic that a cluster of SkyTEM conductivity highs surrounding TV will lead to discovery of additional VMS mineralization.
• The first 2022 drill hole at TV, TV22-84, intercepted approximately 4 0m of stockwork sulphide mineralization 65 m down dip from TV21-54, a very promising indication the system remains open in this direction.

To date, Eskay Mining has completed approximately 15,600 m of diamond core drilling, approximately 52 per cent of the planned for 2022. Thus far, drilling has occurred around the area called Jeff North, Scarlet Ridge and now at TV. At present, four drills are fully operational and drill production is on track to reach Eskay's aggressive goal of 30,000 m.

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 northwest 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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