Eskay Mining Encounters 1.51 gpt Au and 25.39 gpt Ag over 43.1m and 2.84
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NEWS RELEASE
FOR IMMEDIATE RELEASE: February 23, 2023
Eskay Mining Encounters 1.51 gpt Au and 25.39 gpt Ag over 43.1m and 2.84
gpt Au and 22.17 gpt Ag over 16.4m in Extensional Drilling at the TV Deposit,
Consolidated Eskay Project, Golden Triangle, BC
Toronto, February 23, 2023 – Eskay Mining Corp. (“Eskay” or the “Company”) (TSX-V:ESK)
(OTCQX: ESKYF) (Frankfurt:KN7)(WKN:A0YDPM) is pleased to announce further encouraging
diamond drill results from its 2022 exploration program at its 100% controlled Consolidated Eskay
Property in the Golden Triangle, British Columbia.
"Results from our 2022 exploration season demonstrate Eskay’s team has made considerable progress
toward unraveling the district-scale potential of VMS mineralization surrounding the Eskay Creek deposit,”
commented Dr. John DeDecker, VP of Exploration for Eskay Mining Corp. "Achievements of the 2022
exploration program include defining a new trend of VMS mineralization along the Scarlet-Tarn corridor
parallel to and approximately seven kilometers east of the Eskay anticline. Tarn Lake and Scarlet Knob
are situated along an east-west trending VMS feeder structure hosted by Eskay rhyolite like that seen in
the footwall of the Eskay Creek deposit. Mapping and prospecting define a westward stratigraphic
younging direction suggesting that stockwork and replacement-style mineralization at Tarn Lake may
represent feeders to seafloor-hosted mineralization up-section towards the important Contact Mudstone
horizon, host to high-grade mineralization at Eskay Creek. This recognition is a significant step towards
meeting our goal of discovering new Eskay Creek-like high-grade VMS systems. Drilling at TV now shows
that Au- and Ag-bearing massive sulfide extends 100 m along strike and overlies an even more extensive
zone of stockwork mineralization. We are eager to follow up on all of these encouraging results in 2023."
TV Extensional Drilling
Highlight results:
- 4.61 gpt Au and 22.17 gpt Ag (4.89 gpt Au Eq) over 6.28m within 2.84 gpt Au and 22.17 gpt Ag
(3.13 gpt Au Eq) over 16.36m in hole TV22-105
- 2.66 gpt Au and 30.45 gpt Ag (3.05 gpt Au Eq) over 10.56m within 1.51 gpt Au and 25.39 gpt Ag
(1.83 gpt Au Eq) over 43.09m in hole TV22-120
- 3.36 gpt Au and 109.50 gpt Ag (4.76 gpt Au Eq) over 2.00m within 1.14 gpt Au and 30.40 gpt Ag
(1.53 gpt Au Eq) over 30.56m in hole TV22-97
- 6.88 gpt Au and 21.00 gpt Ag (7.15 gpt Au Eq) over 1.10m within 1.28 gpt Au and 87.92 gpt Ag
(2.41 gpt Au Eq) over 14.95m in hole TV22-109
Drilling at TV in 2022 expanded the footprint of both the Upper Massive Sulfide Zone and Stockwork Zone
at TV (Figures 1, 2 and 3). Massive sulfide mineralization now extends approximately 100 m along strike,
ranges from 5 to 10 m in thickness, and is characterized by sulfide lenses hosted by intensely silicified
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carbonaceous mudstone associated with peperitic dacite (Figures 4 and 5). Massive and semi-massive
sulfide mineralization overlies an extensive stockwork feeder zone hosted by dacitic and andesitic breccia
and peperite. Stockwork mineralization now extends approximately 175 m along strike, 175 m down dip,
and ranges in thickness from 50 to 100 m. Significantly, drill holes testing the up-dip extent of the
stockwork zone (TV22-106, 108, and 112) intercepted strongly anomalous Au and Ag values with
interspersed values over 1 gpt Au equivalent. Rock chip samples collected from the vicinity of these drill
holes suggest that this up-dip zone may contain higher grade pockets of Au and Ag mineralization (Figure
2).
Significant mineralized intervals from 2022 drill holes completed in the vicinity of the TV deposit are
presented in the table below. A complete list of the coordinates of drill holes including holes without
significant mineralized intercepts is found at the bottom of this release.
Hole From (m) To (m) Length (m) Au (gpt) Ag (gpt) Au Eq (gpt) Ag Eq (gpt)
TV22-88 133.30 135.00 1.70 1.22 1.22 1.24 96.38
TV22-97 95.44 126.00 30.56 1.14 30.40 1.53 119.68
includes 114.00 116.00 2.00 3.36 109.50 4.76 371.58
TV22-99 88.72 93.60 4.88 0.70 23.50 1.00 78.17
97.64 103.34 5.70 1.77 19.46 2.02 157.82
includes 102.55 103.34 0.79 8.85 23.00 9.14 713.30
TV22-105 86.72 103.08 16.36 2.84 22.17 3.13 243.78
includes 86.72 93.00 6.28 4.61 22.17 4.89 381.59
and 96.00 101.00 5.00 2.39 25.40 2.71 211.66
TV22-106 2.56 4.60 2.04 1.69 2.38 1.72 134.20
24.91 26.91 2.00 0.78 17.50 1.00 78.30
TV22-108 4.20 6.99 2.79 1.94 6.00 2.02 157.32
15.00 18.00 3.00 1.33 2.17 1.36 105.76
TV22-109 50.05 65.00 14.95 1.28 87.92 2.41 188.00
includes 50.05 51.15 1.10 6.88 21.00 7.15 557.64
and 57.58 63.23 5.65 1.03 173.12 3.25 253.38
TV22-110 72.27 88.95 16.68 1.44 19.62 1.69 131.55
TV22-111 51.56 58.78 7.22 0.45 92.99 1.64 127.96
includes 54.83 56.51 1.68 0.87 309.00 4.84 377.21
TV22-112 0.00 7.00 7.00 0.75 9.31 0.87 68.05
includes 4.00 5.00 1.00 3.57 8.18 3.67 286.64
TV22-120 127.79 170.88 43.09 1.51 25.39 1.83 142.83
includes 130.18 131.00 0.82 4.19 15.00 4.38 341.82
and 136.58 147.14 10.56 2.66 30.45 3.05 238.18
TV22-121 95.00 97.18 2.18 0.13 121.87 1.69 131.82
128.31 132.00 3.69 1.27 40.31 1.79 139.37
Au Eq and Ag Eq values have all been adjusted to the silver-to-gold ratio of 78:1 for this news release.
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Tarn Lake
Assay results from the maiden drill program at Tarn Lake have already defined an 80m-long open-ended
trend of Au mineralization that dips west-northwest (Figures. 1, 7 and 8). Rock chip sample results
suggest that Au mineralization extends up-dip from the drill holes to the surface. Mineralization remains
open down-dip.
Sulfide mineralization intercepted by drilling is dominantly replacement-style and stockwork-style (Figure
9), and is hosted by intensely altered Eskay rhyolite. This style of mineralization and intense hydrothermal
alteration are consistent with a position in the immediate sub-seafloor environment of a VMS feeder zone.
Geological mapping, drilling, and lithological facies analyses show extensive rhyolite-bearing
volcaniclastic debris flow beds, peperitic rhyolite, and flow-banded rhyolite defining a rhyolite dome
complex that formed at a paleoseafloor position proximal to a syn-volcanic VMS feeder structure,
supporting the interpretation based on mineralization and alteration. Based on this geology, Eskay’s
exploration team thinks there is considerable potential for the presence of seafloor-hosted VMS
mineralization at one or more horizons at Tarn Lake, as is seen along the parallel Eskay Creek-Sib-Lulu
trend to the west (Figure 10).
Eskay's geological mapping team has determined that the stratigraphic younging direction along the
Scarlet-Tarn trend is to the west, and that the contact between the Eskay rhyolite and the Willow Ridge
basalt lies to the west of Tarn Lake (Figure 10). The contact between these lithologies defines the Contact
mudstone horizon that hosts the world-class Au-Ag mineralization at Eskay Creek Mine. Given that recent
rock chip sampling indicates Au mineralization continues west of Tarn Lake, it is possible the Tarn VMS
system continues up-stratigraphy to the Contact mudstone horizon. These findings are a significant step
towards our goal of finding Eskay Creek-like VMS deposits on the Consolidated Eskay Property.
In addition to the potential for Au and Ag mineralization down-dip and up-section from 2022 drilling, there
is considerable potential for mineralization to extend beneath Bruce Glacier to Scarlet Knob along east-
west trending feeder structures (Figure 11). These feeder structures are delineated by andesite dikes
surrounded by sulfide mineralization and intense hydrothermal alteration of the host Eskay rhyolite.
Significant drill results from hole TN22-8 completed at Tarn Lake are presented in the table below.
Hole From (m) To (m) Length (m) Au (gpt) Ag (gpt) Au Eq (gpt) Ag Eq (gpt)
TN22-8 90.19 92.88 2.69 0.75 29.00 1.12 87.50
117.33 123.00 5.67 1.37 3.37 1.41 110.00
133.53 139.72 6.19 1.46 2.13 1.49 116.16
158.04 161.00 2.96 1.27 4.11 1.32 102.78
Au Eq and Ag Eq values have all been adjusted to the silver-to-gold ratio of 78:1 for this news release.
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2022 Exploration Program
The fundamental goal of the 2022 exploration program was to identify new precious metal-rich VMS
deposits across the Consolidated Eskay Project through early-stage work including mapping and
geochemical sampling, and more advanced work including widely spaced drilling. During the 2022
exploration season, Eskay Mining successfully completed 29,500m of diamond drilling along the TV-Jeff
corridor and along the Scarlet Ridge-Tarn Lake trend.
Drill results discussed in this news release come from holes drilled in the vicinity of the TV deposit and the
newly discovered Tarn Lake mineralizing system. As of this news release, all assays have returned from
the 2022 drill program.
Au Eq and Ag Eq Calculations and True Width:
Note on use of Au eq (Au eq=Au+Ag/78) and Ag eq (Ag eq=Au*78+Ag): Mineralization at the TV and Jeff
deposits displays similar characteristics and mineralogy to the Eskay Creek deposit and therefore for Au
eq, and Au:Ag, a ratio of 78:1 is used and Au eq and Ag eq values are deemed to be reasonable based
on assumed gold recovery (84.2%) and silver recovery (87.3%) as reported in the Eskay Creek Project NI
43-101 Technical Report and Prefeasibility Study, British Columbia, Canada, Effective Date: 22 July,
2021, Prepared for: Skeena Resources Ltd., Prepared by: Absence Engineering Canada Inc.
True widths of reported intercepts are not fully understood at this time but given the moderately dipping
tabular nature of these deposits and the steep angle of drilling, Eskay geologists estimate true widths
represent approximately 70-90% of the reported drill intercept lengths.
QA/QC, Methodology Statement:
Halved HQ drill core samples are submitted to ALS Geochemistry in Terrace, British Columbia for
preparation and analysis. ALS is accredited to the ISO/IEC 17025 standard for gold assays. All analytical
methods include quality control standards inserted at set frequencies. The entire sample interval is
crushed and homogenized, 250 g of the homogenized sample is pulped. All samples were analyzed for
gold, silver, mercury, and a suite of 48 major and trace elements. Analysis for gold is by fire assay fusion
followed by Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES) on 30 g of pulp.
Analysis for silver is by fire assay and gravimetric analysis on 30 g of pulp. Mercury is analyzed using the
trace Hg Inductively Coupled Plasma Mass Spectroscopy (ICP-MS) method. All other major and trace
elements are analyzed by four-acid digestion followed by ICP-MS.
Historical rock chip sample data is sourced from Assessment Report AR19675 by Granges dated
February 7, 1990. Eskay Mining is unable to fully verify this data, and it should be treated as such by the
reader.
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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
President & Chief Executive Officer E: [email protected]
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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 actual 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 exploration
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 the 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 any 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.
Table of locations and orientations of drill holes reported in this release
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Hole ID Easting (m) Northing (m) Elevation (m) Azimuth Dip Total Depth (m)
J22-123 410077 6267479 530 270 52 485
J22-124 410051 6267243 543 270 55 489
J22-125 409816 6268745 416 250 50 264
TV22-88 409501 6266788 439 282 45 384
TV22-91 409675 6266449 621 282 45 469
TV22-92 409627 6266109 695 282 45 201
TV22-93 409686 6266197 711 282 45 349
TV22-94 409675 6266449 621 102 78 103
TV22-95 409590 6265980 727 282 55 406
TV22-96 409590 6265980 727 - 90 172
TV22-97 409590 6265980 727 217 45 234
TV22-98 409343 6265980 678 282 70 328
TV22-99 409590 6265980 727 190 45 186
TV22-100 409619 6266027 712 282 60 250
TV22-101 409343 6265980 678 - 90 161
TV22-102 409619 6266027 712 210 45 75
TV22-103 409590 6265929 750 300 75 150
TV22-105 409590 6265851 792 300 80 150
TV22-106 409354 6265847 736 282 70 103
TV22-108 409459 6265841 773 282 60 444
TV22-109 409590 6265851 792 240 55 189
TV22-110 409590 6265851 792 240 75 253
TV22-111 409590 6265851 792 215 55 202
TV22-112 409459 6265841 773 - 90 121
TV22-113 409590 6265851 792 215 75 250
TV22-114 409324 6265755 762 282 45 135
TV22-115 409590 6265851 792 180 55 239
TV22-116 409541 6265719 844 282 55 212
TV22-117 409590 6265851 792 90 70 230
TV22-118 409902 6265721 987 290 49 525
TV22-119 409585 6265763 820 10 55 275
TV22-120 409585 6265763 820 350 55 308
TV22-121 409585 6265763 820 340 65 182
TV22-122 409585 6265763 820 - 90 203
TV22-123 409585 6265763 820 200 45 202
TN22-04 415102 6273575 1470 100 55 123
TN22-05 415165 6273652 1444 87 55 113
TN22-07 415165 6273652 1444 50 55 155
TN22-08 415102 6273575 1470 125 70 163
TN22-09 415165 6273652 1444 80 70 208
TN22-11 415165 6273652 1444 - 90 127
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(Figure 1: Geologic map showing a new interpretation for the distribution of mineralized stratigraphy of the
Eskay Creek area with gold in surface samples. Map displays correlative domains where upper Hazelton
Group Eskay rhyolite is host to VMS mineralization along the Scarlet-Tarn trend. Also labeled are VMS
showings along extensions of the Eskay Anticline to the south at SIB-Lulu, Hexagon-Mercury, TV-Jeff,
and Excelsior.)