17:43:18 EDT Fri 02 Jun 2023
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Eskay Mining Corp
Symbol ESK
Shares Issued 183,283,723
Close 2023-05-17 C$ 0.53
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Eskay plans 2023 exploration at Consolidated Eskay

2023-05-18 12:50 ET - News Release

Mr. Mac Balkam reports


Eskay Mining Corp. has provided its exploration plans for 2023 at its Consolidated Eskay project in the Golden Triangle, British Columbia. As presented in a company news release dated March 13, 2023, multiple new compelling targets have been identified through proprietary processing of detailed magnetics data by Riaz Mirza and his team at Simcoe Geosciences. These targets provide Eskay Mining with a long list of high-quality drill targets to pursue this season.

"I believe we are on the right path to the discovery of Eskay Creek V2.0," stated Mac Balkam, CEO of Eskay Mining Corp. "Simcoe Geoscience's modelling results of detailed magnetics data clearly show that we have several targets across our property that bear strong resemblance to the distinct patterns evident at the Eskay Creek Mine ("ECM"). Eskay's geologists have developed plans to pursue these targets with early boots on the ground work followed closely by highly targeted drilling. We see this data as a potential 'Holy Grail' that points us toward targets with potential to deliver similar discoveries! The last three years of intensive exploration and data gathering has led to this critical point in our ability to define targets, some displaying strong similarities to the ECM. Primary new drill targets include Maroon Cliffs ("MC"), located a few kilometers due east of the ECM, and Hexagon Mercury ("HM"), located a few kilometers directly south of the ECM. Both MC and HM display remarkable geophysical likeness to the Eskay Creek deposit."

Balkam continued, "For the 2023 program, we intend to use our current cash reserves, cut infrastructure commitments, and seek non-dilutive sources of financing until the capital market environment changes appropriately. We are confident that we will be able to finance our planned 2023 exploration program."

"The same very distinct magnetic signatures observed at the Eskay Creek deposit are visible at numerous locations across the Consolidated Eskay Property", commented Riaz Mirza, founder of Simcoe Geosciences and geophysical advisor to the Company. "I believe the MC and HM targets along with others we have identified provide excellent discovery potential putting us on the right path toward finding Eskay Creek V2.0."

The 2023 exploration plan also includes further geological work and potential drilling at previously identified areas including the newly discovered VMS system at Scarlet Knob and Tarn Lake (Figures 1 and 2). The 2020-2022 program discovered the TV VMS system and follow up along trend of this system is planned along-strike to the south where additional geophysical and geochemical vectors support further potential for additional mineralization.

"Our team's systematic geological work, combined with Simcoe's geophysical models of Eskay Creek and the VMS showings on our Property will help us to vector towards our goal of finding precious metal-rich VMS deposits", commented Dr. John DeDecker, VP of Exploration for Eskay. "The Tarn Lake-Scarlet Knob VMS system is hosted by the Eskay rhyolite, the same host rock for the world class Eskay Creek Mine, and is associated with extremely intense hydrothermal alteration. Given the widespread occurrence of Au- and Ag-bearing rock chip samples at Tarn Lake and Scarlet Knob, as well as the extensive zone of replacement-style Au and Ag mineralization drilled at Tarn Lake in 2022, we are quite excited to return to these targets in 2023. Preparations were made in 2022 to begin exploring Hexagon-Mercury in 2023, and we are looking forward to testing the geophysical targets at Hexagon-Mercury identified by Simcoe. Likewise, the geophysical anomaly observed in the Maroon Cliffs target area may explain the encouraging BLEG and soil sample results from proximal domains, which Eskay's geological team will investigate to maximize targeting success. Lastly, continued work will be conducted throughout our extensive land package where geological, geochemical, and geophysical anomalies indicate great potential for drilling success.

Dr. Quinton Hennigh, P. Geo., 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 Corp (TSXV:ESK) is a TSX Venture Exchange listed company, headquartered in Toronto, Ontario. 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," 70km northwest of Stewart, BC. The Company currently holds mineral tenures in this area comprised of 177 claims (52,600 hectares).

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