Eskay Mining Encounters Broad Intercepts of Precious Metal Rich Stockwork Feeder Mineralization at TV Including 47.8m Grading 5.2 GPT Au Eq within 140.3m Grading 2.6 GPT Au Eq and 44.4m Grading 4.7 GPT Au Eq within 92.3m Grading 2.7 GPT Au Eq
1
82 Richmond Street East
Toronto, ON M5C 1P1
T: 416 907 4020
W: eskaymining.com
NEWS RELEASE
FOR IMMEDIATE RELEASE: November 8, 2021
Eskay Mining Encounters Broad Intercepts of Precious Metal Rich
Stockwork Feeder Mineralization at TV Including 47.8m Grading 5.2
GPT Au Eq within 140.3m Grading 2.6 GPT Au Eq and 44.4m
Grading 4.7 GPT Au Eq within 92.3m Grading 2.7 GPT Au Eq
Toronto, November 8, 2021 – Eskay Mining Corp. (“Eskay” or the “Company”) (TSX-V:ESK)
(OTCQX: ESKYF) (Frankfurt:KN7)(WKN:A0YDPM) is pleased to announce the first assay results from
its 2021 diamond drill campaign at its 100% controlled Consolidated Eskay precious metal rich
volcanogenic massive sulfide (“VMS”) project, British Columbia.
Drill Highlights:
- 26.0m grading 1.9 gpt Au and 367.7 gpt Ag (6.8 gpt Au eq) within 47.77m grading 1.3 gpt
Au and 287.4 gpt Ag (5.2 gpt Au eq) within 140.28m grading 0.9 gpt Au and 123.2 gpt Ag
(2.6 gpt Au eq) in hole TV21-63.
- 24.09m grading 2.2 gpt Au and 374.0 gpt Ag (7.2 gpt Au eq) within 44.41m grading 1.5 gpt
Au and 236.0 gpt Ag (4.7 gpt Au eq) within 92.3m grading 1.1 gpt Au and 124.0 gpt Ag (2.7
gpt Au eq) in hole TV21-54.
- 14.17m grading 3.3 gpt Au and 37.2 gpt Ag (3.8 gpt Au eq) within 30.41m grading 2.1 gpt
Au and 25.9 gpt Ag (4.7 gpt Au eq) in hole TV21-47.
- 8.70m grading 3.4 gpt Au and 115.4 gpt Ag (5.0 gpt Au eq) in hole TV21-52.
Eskay Mining’s 2021 drill program picked up where diamond drill results from its 2020 program at
the TV deposit, located approximately 13 km south of Skeena’s Eskay Creek mine, left off. These
five holes (results presented in the table below), suggest the presence of an extensive VMS
feeder zone at TV. Mineralization remains open along strike to the north and south and down dip
to the east (Figures 1, 2 and 3).
Notably, these results are exclusively from stockwork feeder mineralization and do not include
intercepts through the upper and lower massive sulfide horizons discussed in a Company news
release dated October 13, 2021. As discussed in that release, Eskay Mining believes the TV
deposit is comprised of a stacked VMS system, and therefore, these intercepts are interpreted to
be from the stockwork feeder system that fed the upper massive sulfide deposit discovered in
drilling late in the season. Assays from massive sulfide mineralization are awaited.
Drill holes TV21-47, TV21-48, TV21-52, and TV21-54 all intercept stratigraphy approximately
perpendicular to bedding, so down hole thicknesses are approximately true. Hole TV21-63 drilled
2
82 Richmond Street East
Toronto, ON M5C 1P1
T: 416 907 4020
W: eskaymining.com
obliquely along strike of the stringer zone and successfully demonstrates continuity of Au and Ag
grades in an area of older wide-spaced drilling.
Rock hosting stockwork mineralization is dominantly dacite breccia overlain by carbonaceous
mudstone (Figures 4, 5 and 6). Both lithologies are intensely silicified, consistent with a
subseafloor position proximal to an overlying volcanogenic massive sulfide body that formed on
the seafloor.
Eskay Mining completed approximately 23,500 m of diamond drilling in 98 holes at its
Consolidated Eskay precious metal rich VMS project in 2021. Assay turn around is expected to
continue to be slow due to a very active drill season in the region as well as shortages of
personnel at the laboratory. Further assays will be released as they become available.
“We are thrilled with recent diamond drill results from the stockwork zone at the TV deposit,” commented
Dr. Quinton Hennigh, technical advisor and director of Eskay Mining. “These first five holes indicate there
is a large stockwork feeder under the upper massive sulfide deposit discovered in drilling late in the
season. The 92.3m intercept grading 2.7 gpt Au eq in hole TV21-54 is thought to represent the true
thickness of this large system, open along strike and down dip. We will be anxious to see return of further
assays from the TV stockwork, the upper and lower massive sulfide horizons, as well as the other VMS
systems drilled by Eskay this season. These results are a great start.”
“The TV deposit is showing all the signs of a textbook VMS system", commented Dr. John DeDecker,
Eskay Mining’s VP of Exploration. "Identifying the VMS feeder zone above the Lower Massive Sulfide
Zone indicated our stacked VMS deposit concept was on the right track. Through close examination of
the stratigraphy and hydrothermal alteration in the feeder zone, our team was able to predict the location
of the Upper Massive Sulfide Zone before it was drilled. It is encouraging that assays for the stockwork
mineralization show robust continuity of Au and Ag grades. I look forward to results from both massive
sulfide horizons.”
Assays from five diamond drill holes at TV:
Hole From (m) To (m)
Length
(m) Au (gpt) Ag (gpt)
Au eq
(gpt)
Ag eq
(gpt)
TV21-47 33.10 63.51 30.41 2.1 25.9 2.4 180.6
including 35.30 49.47 14.17 3.3 37.2 3.8 280.7
including 35.30 38.40 3.10 4.4 23.2 4.7 349.5
and including 45.15 49.47 4.32 3.8 43.4 4.4 326.8
TV21-48 65.15 71.78 6.63 1.1 53.6 1.9 138.0
TV21-52 65.25 73.95 8.70 3.4 115.4 5.0 366.7
TV21-54 211.42 303.71 92.29 1.1 124.0 2.7 203.2
including 259.30 303.71 44.41 1.5 236.0 4.7 346.3
3
82 Richmond Street East
Toronto, ON M5C 1P1
T: 416 907 4020
W: eskaymining.com
Hole From (m) To (m)
Length
(m) Au (gpt) Ag (gpt)
Au eq
(gpt)
Ag eq
(gpt)
including 279.00 303.09 24.09 2.2 374.0 7.2 536.1
TV21-63 3.72 144.00 140.28 0.9 123.2 2.6 193.1
including 3.72 51.49 47.77 1.3 287.4 5.2 386.0
including 11.00 37.00 26.00 1.9 367.7 6.8 506.9
and including 43.00 47.50 4.50 0.7 429.6 6.5 482.1
Mineralization at the TV deposit displays similar characteristics and mineralogy to the Eskay Creek deposit
and therefore for Au eq, and Au:Ag, a ratio of 74:1 is used 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.
Drill hole coordinates and orientations:
Hole ID UTM E UTM N Elevation Length Azimuth Dip
TV21-47 409554.393 6265847.92 781.088 158.15 316.23 -46.2
TV21-48 409595.338 6265804.8 802.325 175 277.13 -45.4
TV21-52 409595.338 6265804.8 802.325 150 272.93 -44.4
TV21-54 409727.414 6265841.26 848.684 456 293.33 -46.7
TV21-63 409522.156 6265781.61 821.435 477 2.53 -45.6
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.
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.
4
82 Richmond Street East
Toronto, ON M5C 1P1
T: 416 907 4020
W: eskaymining.com
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 (130,000 acres).
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]
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.
5
82 Richmond Street East
Toronto, ON M5C 1P1
T: 416 907 4020
W: eskaymining.com
(Figure 1: Plan view of the Consolidated Eskay property showing results from the 2021 SkyTEM survey
(left) and the 2020 BLEG survey (right). The locations of deposits and prospects, including TV are shown
on both maps.)
Scarlet RidgeScarlet Ridge
6
82 Richmond Street East
Toronto, ON M5C 1P1
T: 416 907 4020
W: eskaymining.com
(Figure 2: Plan view of TV deposit drill traces and assay results for drill holes reported in this release,
2020 drill holes (transparent), and the locations of the Upper and Lower Massive Sulfide Zones.)
7
82 Richmond Street East
Toronto, ON M5C 1P1
T: 416 907 4020
W: eskaymining.com
(Figure 3: Cross-section view looking north of TV deposit drill traces and assay results for drill holes reported
in this release, 2020 drill holes (transparent), and the locations of the Upper and Lower Massive Sulfide
Zones.)
8
82 Richmond Street East
Toronto, ON M5C 1P1
T: 416 907 4020
W: eskaymining.com
(Figure 4: Stringer style sulfide and sulfosalt mineralization at TV: TV21-47 39.72-48.58 m showing
mineralization within andesite breccia; and TV21-54 279.10-283.29 m showing
intense mineralization hosted by silicified mudstone.)