Eskay Mining Identifies New Targets and Commences Drilling at its Consolidated Eskay Project, Golden Triangle, BC
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NEWS RELEASE
FOR IMMEDIATE RELEASE: July 27, 2023
Eskay Mining Identifies New Targets and Commences Drilling at its
Consolidated Eskay Project, Golden Triangle, BC
Toronto, July 27, 2023 – Eskay Mining Corp. (“Eskay” or the “Company”) (TSX-V:ESK) (OTCQX:
ESKYF) (Frankfurt:KN7)(WKN:A0YDPM) is pleased to announce it has identified new high priority drill
targets and has commenced its 2023 diamond drill campaign at its 100% controlled Consolidated Eskay
Gold Project in the Golden Triangle of British Columbia. Precious metal-rich volcanogenic massive sulfide
(”VMS”) deposits are the main focus of Eskay’s exploration.
2023 Drill Targets
In a Company news release dated May 18, 2023, Eskay Mining announced recognition of two new drill
targets identified by Simcoe Geoscience, the Maroon Cliffs and Hexigon-Mercury geophysical anomalies,
both of which display strong geophysical similarities to the nearby Eskay Creek deposit. Since
commencing its field program in late June, preparations have been made to drill both of these targets.
Recent field work conducted at site in mid-July has yielded four additional high value drill targets, all of
which display geophysical expressions similar to Maroon Cliffs and Hexigon-Mercury. These include:
Storie Creek: This target is an as yet undrilled area situated just 3.5 km SSE of the Eskay Creek mine.
Recent geologic interpretation by Eskay Mining’s team indicates that uppermost Hazelton Formation
strata including the Contact Mudstone subcrops underneath the NE-trending Storie Creek drainage and
dips gently northwestward underneath a veneer of post-mineral Bowser Lake Formation sedimentary
rocks (Figures 1 and 2). Extensive gossanous outcrops of Upper Hazelton Formation rocks were
discovered along the eastern side of Storie Creek over a strike length of at least 4 km. Gossan forms from
weathering of sulfides that may be associated with mineralization. Upon review of historic soil data dating
back to the early 1990’s, Eskay’s geologic team has identified two areas where high silver-in-soil values
occur, an indication that the Storie Creek gossanous outcrops are likely associated with mineralization.
Two drill holes are planned at Storie Creek beginning in late August or early September.
Cumberland: Situated approximately 6 km south of the TV deposit, the Cumberland target appears to be
a very robust zone of alteration and mineralization that has seen limited historic drilling dating back +20
years ago. Limited mining occurred near this site in the early 1900’s. Eskay Mining’s team conducted field
examination of the site in recent days yielding compelling geologic data. Given its promising geophysical
expression, previous promising drill results, and its position along strike from the TV deposit, Cumberland
is deemed a high value target justifying two drill holes to be completed in August.
Bruce Glacier: Situated directly between Tarn Lake and Scarlet Knob, Eskay Mining’s team has
identified a target in potentially VMS-hosting sea floor strata belonging to Lower Hazelton Formation
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82 Richmond Street East
Toronto, ON M5C 1P1
T: 416 907 4020
W: eskaymining.com
(Figure 1). This area is under the toe of Bruce Glacier. Given the extensive alteration and mineralization
at both Tarn Lake and Scarlet Knob, it is readily apparent there is a likely connection between these two
zones under the ice. This target will be tested by two holes to be drilled in August, one from the Tarn Lake
side and the other from the Scarlet Knob side.
TV South: The TV deposit, subject of much of Eskay Mining’s drilling over the past three seasons,
terminates against a gabbro dike on its south side. Eskay’s team thinks the system continues on the other
side of this dike. Geophysics indicates this is a likely scenario. Eskay Mining in planning one drill hole to
be drilled in August to test this possibility.
2023 Drill Program
Diamond drilling commenced at the Tarn Lake target a few days ago. A second drill is currently being
mobilized to site. Eskay Mining is aiming to complete up to 6,500 m of core drilling in 2023. Targets to be
tested include: Maroon Cliffs, Hexigon-Mercury, Tarn Lake, Scarlet Knob, Bruce Glacier, Storie Creek,
Cumberland, and TV South. Eskay Mining has decided “sharp-shooting” multiple high quality targets is
the best approach to make one or more new discoveries in 2023. Closing of the sale of five mining claims
to Skeena Resources along with Eskay’s existing treasury provides funding for this program.
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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82 Richmond Street East
Toronto, ON M5C 1P1
T: 416 907 4020
W: eskaymining.com
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.
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82 Richmond Street East
Toronto, ON M5C 1P1
T: 416 907 4020
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(Figure 1. Plan view of Eskay Mining’s land holdings at Consolidate Eskay Gold Project. The blue line
indicates the position of the cross section in Figure 2.)
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82 Richmond Street East
Toronto, ON M5C 1P1
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(Figure 2. Cross-sectional interpretation of the geology of the corridor extending from Eskay Creek mine in the
northwest to Scarlet Knob in the southeast. See Figure 1 for location. View is to the northeast and field of view
is approximately 8 km. At Eskay Creek, mineralization occurs in and around three horizons, all at one time sea
floor positions, the Contact Mudstone, Lower Mudstone and Even Lower Mudstone, belonging to the Hazelton
Formation. Storie Creek and the region extending approximately 2 km to the northwest has strong potential to
host these same three stratigraphic horizons making this a uniquely prospective target. At Tarn Lake, Bruce
Glacier and Scarlet Knob, the lowest sea floor position is the focus of exploration.)