Eskay Mining Reaches Drilling Goal as the 2022 Exploration Campaign Nears Completion
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NEWS RELEASE
FOR IMMEDIATE RELEASE: October 7, 2022
Eskay Mining Reaches Drilling Goal as the 2022 Exploration
Campaign Nears Completion
Toronto, October 7, 2022 – Eskay Mining Corp. (“Eskay” or the “Company”) (TSX-V:ESK) (OTCQX:
ESKYF) (Frankfurt:KN7)(WKN:A0YDPM) is pleased to announce it has completed 29,500 m of diamond
core drilling substantially fulfilling its planned meterage for the 2022 property wide exploration campaign.
Over the past four months, drilling has been conducted at multiple volcanogenic massive sulfide (“VMS”)
targets including Jeff, Jeff North, Scarlet Ridge, Scarlet Valley, and Tarn Lake. Drilling has now been
completed and the Company is currently demobilizing.
"As the 2022 exploration season is drawing to a close, we have met all of our primary objectives,"
commented Dr. John DeDecker, Eskay Mining's VP of Exploration. "We have now drill tested the full
extent of the TV-Jeff trend, conducted systematic mapping and extensive rock chip sampling of the
Scarlet Ridge-Tarn Lake trend, and conducted exploratory drilling at three highly prospective and
previously undrilled targets, Scarlet Ridge, Scarlet Valley and Tarn Lake. Our prospecting and mapping
teams have also conducted reconnaissance level work at Spearhead, Vermillion, Tet, SIB-Lulu, Excelsior,
and Harrymel Valley, laying the groundwork for an expansive push to drill test numerous additional
targets in 2023. "
Step-out drilling of the Upper Massive Sulfide Zone has confirmed that semi-massive and massive sulfide
mineralization overlies the entire stockwork zone at TV thus significantly expanding the along-strike and
down-dip extent of this important body of mineralization.
Maiden drilling at Scarlet Valley and Tarn Lake yielded core displaying intense stockwork and
replacement-style sulfide mineralization and hydrothermal alteration focused along east-west trending
andesite dikes. Replacement-style mineralization and hydrothermal alteration of volcaniclastic debris flow
breccia at Scarlet Valley provide an encouraging sign that the VMS feeder structures may have fed
laterally extensive replacement-style mineralization along favorable stratigraphic horizons.
Highlights from TV Drilling:
• Drilling at TV, the last to be undertaken this season, focused on extensions of the Upper Massive
Sulfide Zone discovered in 2021. Drill holes TV22-105, 107, 109, 110, 111, and 113 target areas east and
up-section from the large stockwork zone defined by drilling in 2021 (Figure 1). All of these holes have
intercepted semi-massive to massive sulfide over intervals ranging from 4-18 meters and tens of meters
of additional footwall replacement-style and stockwork sulfide mineralization hosted by andesite and
dacite breccia, and silicified mudstone (Figures 2-4).
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• Extensions of the Upper Massive Sulfide Zone overlie intensely silicified mudstones in the stockwork
zone, consistent with a near-seafloor position.
• Handheld XRF analyses of massive and semi-massive sulfides hosted by carbonaceous mudstone
display strongly anomalous concentrations of pathfinder elements Ag, As, and Sb; stockwork
mineralization displays strongly elevated levels of pathfinder elements As and Sb; and readings from
massive sulfide display very high concentrations of pathfinder elements Ag, As, and Sb. Handheld XRF
cannot reliably measure Au concentrations.
Highlights from Tarn Lake Drilling:
• Drilling at Tarn Lake focused on a large gossanous outcrop associated with visible sulfide and sulfosalt
mineralization hosted within Eskay rhyolite (Figure 5). Sulfide mineralization is focused around east-west
trending andesitic dikes that are interpreted to have exploited the same syn-volcanic structure that fed
VMS forming fluids. Nine drill holes were completed at Tarn Lake.
• Hole TN22-10 intercepted approximately 10 m of semi-massive replacement style mineralization
(Figures 6 and 7), and ubiquitous disseminated sulfide mineralization associated with sulfide stockwork
(Figure 7).
• Early results show pervasive stockwork and disseminated sulfide mineralization in all drill holes
completed at Tarn Lake. Handheld XRF readings display very high concentrations of pathfinder elements
Ag, As, and Sb within stockwork and semi-massive and massive sulfide mineralization. Handheld XRF
cannot reliably measure Au concentrations.
• Rhyolite-hosted sulfide mineralization at Scarlet Knob, situated approximately 1 km to the northeast of
Tarn Lake, is likely structurally offset from the Tarn Lake VMS system, displaced along a dextral shear
zone.
Highlights from Scarlet Valley Drilling:
• Drilling at Scarlet Valley (Figure 8) targeted a large east-west trending gossan associated with intense
stockwork sulfide mineralization. Mineralization is focused along east-west trending andesite dikes that
crosscut volcaniclastic debris flow breccia. Debris flow breccia in the western part of Scarlet Valley
contains rhyolite clasts, while debris flow breccia to the east is dominated by andesite clasts. Both
andesite and the debris flow breccia exhibit replacement-style sulfide mineralization (Figures 9-13), in
some cases, sulfide replacement being intense.
• Core from hole SV22-05 displays intense silicification and sulfide replacement of volcaniclastic debris
flows, a promising sign that permeable sedimentary horizons may host lateral extensions of replacement-
style mineralization.
• Handheld XRF analyses of sulfide minerals in drill core display high concentrations of pathfinder
elements Ag, As, and Sb. Handheld XRF cannot reliably measure Au concentrations.
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.
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82 Richmond Street East
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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]
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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(Figure 1: Section of TV showing locations of 2022 drill holes. Drilling focused on targeting along-strike,
up-dip, and down-dip extensions of the stockwork zone and massive sulfide horizons discovered in 2020-
2021.
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(Figure 2: TV22-109 56.84-63.80 m showing an intercept of ~6 m of massive sulfide underlain by a fault
hosted by carbonaceous mudstone. Most massive sulfide at TV is fault bounded on the bottom, with a few
meters of mixed and broken massive sulfide and carbonaceous mudstone before the stockwork zone is
intercepted. Handheld XRF analyses of the massive sulfide show very high concentrations of the Au
pathfinder elements Ag, As, and Sb. Handheld XRF cannot reliably measure Au concentrations.TV22-109
101.12-110.87 shows a typical intercept of the replacement-style mineralization hosted by andesite
breccia.)
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(Figure 3: TV22-111 52.0-61.13 m showing a mudstone-hosted massive sulfide intercept. Sulfide
mineralization begins ~10 m above the massive sulfide horizon, and is characterized by ~20% pyrite
hosted within sheared peperitic andesite and dacite. The massive sulfide is underlain by faulted mudstone
and andesite breccia, both of which contain appreciable sulfide mineralization. Handheld XRF analyses of
the massive sulfide show very high concentrations of the Au pathfinder elements Ag, As, and Sb.
Handheld XRF cannot reliably measure Au concentrations.)
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(Figure 4: TV22-110 78.04-87.91 showing stockwork sulfide mineralization hosted by intensely silicified
mudstone. Handheld XRF analyses of sulfides hosted by silicified mudstone invariably show very high
concentrations of the Au pathfinders Ag, Sb, and As. Handheld XRF cannot reliably measure Au
concentrations. TV22-110 123.79-131.20 showing a sheared andesite breccia hosting replacement-style
sulfide mineralization.)
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(Figure 5: Map showing the drill traces for Tarn Lake shown with drone imagery of gossanous rhyolite
focused around east-west trending andesite dikes.)