Eskay Mining Discovers More VMS Targets and Commences Drilling at Scarlet Ridge
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NEWS RELEASE
FOR IMMEDIATE RELEASE: July 27, 2022
Eskay Mining Discovers More VMS Targets and Commences Drilling
at Scarlet Ridge
Toronto, July 27, 2022 – Eskay Mining Corp. (“Eskay” or the “Company”) (TSX -V:ESK) (OTCQX:
ESKYF) (Frankfurt:KN7)(WKN: A0YDPM) is pleased to announce discovery of multiple new
volcanogenic massive sulfide (“VMS”) targets across the Scarlet Ridge region, part of its 100% controlled
Consolidated Eskay project, British Columbia. Diamond drilling recently commenced at the first of the
Scarlet Ridge targets. To date, the Company has completed 12,093m of diamond core drilling,
approximately 40% of the 30,000m planned to be completed in 2022. Drill production is currently on target
to reach this aggressive goal with four drills fully operational.
"Our team’s scientific approach to exploration and comprehensive understanding of VMS is really
unlocking the potential of the Consolidated Eskay property", commented D r. John DeDecker, Eskay
Mining's VP of Exploration. " In the vicinity of Scarlet Ridge situated at the northern end of the Eastern
Anticline, we are finding intensely mineralized VMS systems within sight of the Eskay Creek Mine located
approximately seven k m to the west . More and more sulfide mineralization turns up where predicted by
our geological models. Newly discovered VMS targets along the Scarlet Ridge-Tarn Lake trend lead us to
believe that this VMS district is much larger than previously envisioned."
Multiple New VMS Targets Discovered
Recent field investigations of the Scarlet Ridge vicinity have confirmed the presence of a trend of multiple
VMS systems extending a minimum of 5 km along strike (Figure 1). VMS mineralization occurs in four
distinct feeder zones , Scarlet Ridge North, Scarlet Ridge South, Scarlet Valley, and Scarlet Knob, each
spaced approximately 1 km apart.
These feeder zones are all hosted by highly prospective upper and lower Hazelton Group stratigraphy at
the north end of the Eastern Anticline approximately 7 km east of the Eskay Creek Mine which is situated
at the north end of the Eskay Anticline.
Preliminary investigations suggest this trend of VMS mineralization continues southwestwards to the Tarn
Lake target which, if confirmed, defines a 8.5 km trend of VMS systems.
Planned 2022 drilling in the Scarlet Ridge area targets feeder and sulfide replacement horizons at Scarlet
Ridge South, Scarlet Valley, and Scarlet Knob. Extensive ongoing geologic mapping and ro ck chip
sampling of sulfide mineralization is enabling evaluation of precious metal endowment of as yet undrilled
targets discovered during the 2022 program.
Maiden Drilling at Scarlet Ridge
Drilling has commenced at Scarlet Ridge South . D rill hole SR22 -1 targets the core of an intensely
mineralized and altered VMS feeder zone outcropping at the surface over an approximately 800x500 m
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area (Figures 2 and 3). Replacement-style sulfide mineralization occurs in at least two horizons extending
several hundred meters along strike from the feeder zone. Recent and historic rock chip samples and
handheld XRF investigations of sulfide minerals in outcrop show very strong pathfinder element support
for Au and Ag mineralization.
Scarlet Valley and Scarlet Knob VMS Discoveries
Two new VMS targets have been identified southwest of Scarlet Ridge. Scarlet Valley , situated
approximately one km southwest of Scarlet Ridge, is characterized by dacite and andesite breccia and
peperite displaying extensive sulfide stockwork and associated silicification (Figures 4 -9). The Scarlet
Valley VMS feeder zone is approximately 750 m wide at least one km long with numerous unexplored
gossans extending to the west as well as along strike thus defining laterally extensive subseafloor
replacement horizons. Recent and historic rock chip samples and handheld XRF investigations of sulfide
minerals in outcrop show very strong pathfinder element support for Au and Ag mineralization at Scarlet
Valley. A maiden drill program is planned for Scarlet Valley during 2022.
Scarlet Knob is 1 km further southwest of Scarlet Valley and displays similar size and attributes to Scarlet
Valley. Extensive geologic mapping and sampling is currently underway at Scarlet Knob and Tarn Lak e,
yet further south, to more fully explore this area . Eskay thinks it is possible that there is up to 8.5 km of
VMS mineralization along the full Scarlet Ridge trend.
To date, Eskay Mining has completed 12,093m of diamond core drilling, approximately 40% of the
30,000m planned for 2022 . Thus far, drilling has occurred around the area called Jeff North. The
Company has now commenced drilling at Scarlet Ridge and 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, 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 (TSX -V: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).
All material information on the Company may be found on its website at www.eskaymining.com and on
SEDAR at www.sedar.com.
For further information, please contact:
Mac Balkam T: 416 907 4020
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President & Chief Executive Officer E: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward-Looking Statements: This Press Release contains forward -looking statements that involve
risks and uncertainties, which may cause actual results to differ materially from the statements made.
When used in this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”,
“believe”, “estimate”, “expect” and similar expressions are intended to identify forward-looking statements.
Such statements reflect our current views with respect to future events and are subject to risks and
uncertainties. Many factors could cause our act ual results to differ materially from the statements made,
including those factors discussed in filings made by us with the Canadian securities regulatory authorities.
Should one or more of these risks and uncertainties, such as actual results of current e xploration
programs, the general risks associated with the mining industry, the price of gold and other metals,
currency and interest rate fluctuations, increased competition and general economic and market factors,
occur or should assumptions underlying t he forward looking statements prove incorrect, actual results
may vary materially from those described herein as intended, planned, anticipated, or expected. We do
not intend and do not assume an y obligation to update these forward -looking statements, except as
required by law. Shareholders are cautioned not to put undue reliance on such forward -looking
statements.
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(Figure 1: Property-wide SkyTEM and BLEG maps with locations of VMS showings.)
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(Figure 2: A map of Scarlet Ridge showing mineralized zones, and the surface traces of planned drill holes.)
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(Figure 3: SR22-1 20.5 m showing sulfide stockwork and pervasive replacement-style mineralization of an
intensely hydrothermally altered andesite breccia.)
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(Figure 4: Schematic map of Scarlet Valley showing areas that have field confirmed sulfide mineralization, and
the surface traces of planned drill holes. Gossans extend beyond these areas to the east and west, and are a
focus of continuing prospecting and geological mapping.)
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(Figure 5: A view of Scarlet Valley looking southwest showing the extent of the East-West trending VMS
feeder zone, as well as numerous occurrences of gossanous outcrops associated with semi-massive
replacement-style sulfide mineralization. The feeder zone cuts across stratigraphy, and extends at least 1 km
from east to west and 750 meters along strike. Handheld XRF analyses of sulfide mineralization in outcrop
shows widespread high pathfinder element values, consistent with precious metal-bearing historic rock chip
samples from the area. Eskay Creek mine is located 7 km due west of Scarlet Valley.)