Eskay Mining Receives Long High-Grade Assay Results from TV
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NEWS RELEASE
FOR IMMEDIATE RELEASE: January 19, 2022
Eskay Mining Receives Long High-Grade Assay Results from TV
- 10.34 gpt Au eq over 11.93m within 4.01 gpt Au eq over 117.32m within 2.35
gpt Au eq over 238.87m
- 14.44 gpt Au eq over 9.36m within 10.62 gpt Au eq over 14.58m within 2.96
gpt Au eq over 81.60m
Toronto, January 19, 2022 – Eskay Mining Corp. (“Eskay” or the “Company”) (TSX-V:ESK)
(OTCQX: ESKYF) (Frankfurt:KN7)(WKN:A0YDPM) is pleased to announce its third tranche of assay
results from its Summer, 2021 diamond drill campaign at its 100% controlled Consolidated Eskay precious
metal rich volcanogenic massive sulfide (“VMS”) project, British Columbia. Results discussed in this news
release include those from eight holes from the TV deposit and thirteen holes from the Jeff deposit
bringing the number of fully assayed holes announced by the Company to fifty-six out of a total of ninety-
eight drilled during this program.
“Most recent assays from diamond drill holes completed at the TV deposit include impressive grades and
lengths,” commented Dr. Quinton Hennigh, technical advisor and director of Eskay Mining. “Hole TV21-67
yielded a remarkable intercept of 10.34 gpt Au eq over 11.93m within 4.01 gpt Au eq over 117.32m
within 2.35 gpt Au eq over 238.87m and hole TV21-71, 10.62 gpt Au eq over 14.58m within 2.96 gpt
Au eq over 81.60m . Notably, bonanza grade intercepts have returned from the top of hole TV21-71
including 64.66 gpt Au eq (1.66 gpt Au and 5,040.00 gpt Ag) over 0.99m and 30.38 gpt Au eq (2.67
gpt Au and 2,216.72 gpt Ag) over 1.58m within 14.44 gpt Au eq (0.80 gpt Au and 1,090.80 gpt Ag)
over 9.36m. These very high-grade results come from stockwork feeder mineralization which bodes well
for discovery of high-grade VMS mineralization immediately above this position. We clearly have
indications we are approaching a potential high-grade VMS system and are hopeful that results soon to
return from other holes drilled here might give us further insight into this possibility. We clearly have a lot
more exploratory drilling to conduct to the south and down-dip from this very intriguing area.”
“The results of the 2021 program are showing that TV and Jeff are components of a larger VMS system
focused on TV,” commented Dr. John DeDecker, Eskay Mining's VP of Exploration. "At TV we have
identified and vectored towards multiple mineralized stratigraphic horizons, and shown that mineralization
is consistent over long drill intercepts demonstrating substantial true thickness and continuity along strike.
Most striking is that stockwork mineralization extends and improves in grade and continuity down-dip.
Currently, the stockwork zone remains open along strike to the north and south, down-dip to the east and
up stratigraphic section.”
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TV Drill Highlights:
- 10.34 gpt Au eq (3.12 gpt Au and 577.65 gpt Ag) over 11.93m within 4.01 gpt Au eq (2.39 gpt Au
and 129.85 gpt Ag) over 117.32m within 2.35 gpt Au eq (1.43 gpt Au and 73.60 gpt Ag) over
238.87m in hole TV21-67.
- 14.44 gpt Au eq (0.80 gpt Au and 1090.80 gpt Ag) over 9.36m within 10.62 gpt Au eq (0.59 gpt Au
and 802.07 gpt Ag) over 14.58m within 2.96 gpt Au eq (0.82 gpt Au and 171.34 gpt Ag) over
81.60m in hole TV21-71. Notably, this hole includes shorter bonanza grade intervals including
64.66 gpt Au eq (1.66 gpt Au and 5,040.00 gpt Ag) over 0.99m and 30.38 gpt Au eq (2.67 gpt Au
and 2,216.72 gpt Ag) over 1.58m.
- 3.67 gpt Au eq (3.29 gpt Au and 30.62 gpt Ag) over 27.49m in hole TV21-55.
- 4.76 gpt Au eq (3.21 gpt Au and 124.39 gpt Ag) over 15.60m within 2.64 gpt Au eq (1.41 gpt Au
and 98.75 gpt Ag) over 56.60m in hole TV21-66.
Summary:
All eight of these most recent holes report significant mineralized intercepts providing strengthening
evidence that the TV deposit, located approximately 13 km south of Skeena’s Eskay Creek mine, is a
highly significant precious metal-rich VMS system (results presented in the table below).
Mineralization remains open along strike to the north and south, down dip to the east and up
stratigraphic section (Figures 1, 2 and 3).
Several recent holes from TV have returned high grades such as 10.34 gpt Au eq (3.12 gpt Au and
577.65 gpt Ag) over 11.93m within 4.01 gpt Au eq (2.39 gpt Au and 129.85 gpt Ag) over 117.32m
in hole TV21-67 and 14.44 gpt Au eq (0.80 gpt Au and 1090.80 gpt Ag) over 9.36m within 10.62
gpt Au eq (0.59 gpt Au and 802.07 gpt Ag) over 14.58m within 2.96 gpt Au eq (0.82 gpt Au and
171.34 gpt Ag) over 81.60m in hole TV21-71. Eskay Mining considers these strong values a very
promising indication that the TV system is strengthening to the south and down dip.
Hole TV21-71 includes notable bonanza grade intervals at its top including 64.66 gpt Au eq (1.66
gpt Au and 5,040.00 gpt Ag) over 0.99m and 30.38 gpt Au eq (2.67 gpt Au and 2,216.72 gpt Ag)
over 1.58m. Given these high-grade results occur in stockwork mineralization, the Company thinks
there is good potential for discovery of high-grade VMS style mineralization at the top of this feeder
zone. This area will be a major focus of future exploration.
Given that the Betty Creek Formation has been determined to be the host for this deposit, Eskay
Mining considers stratigraphy above the currently drilled part of TV, through units of the Upper
Hazelton Group, to be highly prospective for further VMS discovery.
Most of the reported intercepts from these twelve holes are from stockwork and/or sub-seafloor
replacement style mineralization from both the Upper and Lower VMS systems at TV (Figures. 4, 5,
6, 7, and 8).
Silver grades remain notably strong throughout most of the TV deposit.
Twenty-five of thirty-eight holes completed at TV have returned thus far. Holes still outstanding
include numerous intercepts of stockwork, replacement and massive sulfide mineralization.
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Assays from eight diamond drill holes at TV:
Hole From (m) To (m) Length (m) Au (gpt) Ag (gpt) Au eq (gpt) Ag eq (gpt)
TV21-50 67.31 73.00 5.69 0.86 72.96 1.77 138.22
TV21-55 27.79 55.28 27.49 3.29 30.62 3.67 286.47
includes 29.30 36.80 7.50 6.98 28.26 7.33 571.99
and 47.15 50.77 3.62 3.39 62.40 4.17 325.26
and 52.74 54.60 1.86 5.04 49.42 5.66 441.30
TV21-58 101.13 108.62 7.49 0.82 203.03 3.36 261.91
includes 104.27 106.25 1.98 2.22 574.80 9.41 733.59
114.50 117.58 3.08 1.00 6.36 1.08 84.20
139.11 146.84 7.73 0.98 23.11 1.27 98.97
TV21-66 6.40 63.00 56.60 1.41 98.75 2.64 206.26
includes 6.40 22.00 15.60 3.21 124.39 4.76 371.66
and 37.00 42.00 5.00 0.36 331.80 4.51 351.59
and 60.75 63.00 2.25 6.06 26.90 6.40 498.91
144.00 186.00 42.00 1.46 32.73 1.87 145.79
includes 168.00 173.60 5.60 3.19 67.64 4.04 314.77
TV21-67 2.68 241.55 238.87 1.43 73.60 2.35 183.30
includes 2.68 120.00 117.32 2.39 129.85 4.01 313.02
includes 12.00 28.00 16.00 2.84 197.23 5.31 413.82
includes 37.00 55.90 18.90 2.54 431.94 7.94 619.26
includes 43.00 54.93 11.93 3.12 577.65 10.34 806.57
includes 78.68 108.54 29.86 5.00 30.62 5.38 419.85
TV21-69 126.94 129.24 2.30 4.43 4.72 4.49 350.14
TV21-71 3.42 85.02 81.60 0.82 171.34 2.96 231.01
includes 3.42 18.00 14.58 0.59 802.07 10.62 828.04
includes 3.42 12.78 9.36 0.80 1090.80 14.44 1125.93
includes 3.42 5.00 1.58 2.67 2216.72 30.38 2369.56
and 11.79 12.78 0.99 1.66 5040.00 64.66 5043.48
includes 55.97 58.98 3.01 6.21 118.80 7.70 600.21
TV21-73 5.00 13.86 8.86 0.81 30.92 1.20 93.33
Jeff Drill Highlights:
- 2.54 gpt Au eq (2.48 gpt Au and 4.96 gpt Ag) over 5.94m and 7.33 gpt Au eq (7.28 gpt Au
and 3.97 gpt Ag) over 1.49m within 2.56 gpt Au eq (1.28 gpt Au and 102.03 gpt Ag) over
6.51m in hole J21-48.
- 1.51 gpt Au eq (1.38 gpt Au and 10.05 gpt Ag) over 11.74m in hole J21-71.
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Summary:
Recent drill results continue to indicate mineralization remains open along strike to the north and
south and down dip to the east from Jeff (Figures 9 and 10).
Six of the recently returned thirteen holes, J21-45, -48, -63, -71, -79 and -82, report significant
mineralized intercepts (results presented in the table below). Holes J21-47, -49, -70, -72, -73, -74, -
84 and -85 all encountered intercepts of anomalous mineralization deemed peripheral to the greater
Jeff VMS system.
As discussed in a Company news release dated December 8, 2021, Eskay Mining’s geologic team
has conclusively determined that currently drilled mineralization at Jeff lies stratigraphically beneath
mineralization at TV implying that excellent potential remains for further discovery in areas
stratigraphically above Jeff (Figure 11). In fact, recent high-grade mineralization encountered in
several holes at Jeff may actually represent feeder mineralization to a deposit situated
stratigraphically above Jeff, a very intriguing exploration opportunity.
Thirty-one of forty-nine holes completed at Jeff have returned thus far. Holes still outstanding include
numerous intercepts of stockwork and replacement mineralization.
Assays from six diamond drill holes at Jeff:
Hole From (m) To (m) Length (m) Au (gpt) Ag (gpt) Au eq (gpt) Ag eq (gpt)
J21-45 108.51 109.49 0.98 0.93 15.25 1.12 87.41
126.01 127.16 1.15 1.21 6.08 1.29 100.31
J21-48 46.04 49.04 3.00 1.54 28.65 1.90 148.05
105.71 111.65 5.94 2.48 4.96 2.54 198.28
includes 107.20 108.69 1.49 7.28 3.97 7.33 571.71
172.54 179.05 6.51 1.28 102.03 2.56 199.32
includes 176.32 177.41 1.09 3.04 442.00 8.57 668.07
J21-63 4.00 7.77 3.77 1.40 19.99 1.65 128.69
includes 6.87 7.77 0.90 4.72 49.00 5.33 415.94
15.00 16.12 1.12 0.99 14.80 1.18 91.65
43.69 45.00 1.31 1.50 12.80 1.66 129.48
J21-71 51.29 63.03 11.74 1.38 10.05 1.51 117.44
J21-79 82.95 86.00 3.05 1.17 17.25 1.39 108.08
88.00 89.00 1.00 1.05 30.20 1.43 111.35
J21-82 216.00 218.24 2.24 0.47 41.30 0.99 76.93
Au eq and Ag eq Calculations:
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
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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.
Drill hole coordinates and orientations:
Prospect Hole UTM_East UTM_North UTM_Elevation Length_m Azimuth Dip
Jeff J21-45 409897.487 6267760.02 475.207 201.25 282 -50
Jeff J21-47 409935.173 6268261.03 447.165 253 282 45
Jeff J21-48 409557 6267944 387.1688 209.2 330 -60
Jeff J21-49 409897.487 6267760.02 475.207 151.25 282 75
Jeff J21-63 409897.338 6267891.98 464.801 210 270 -45
Jeff J21-70 409595.924 6267920.59 383.366 161 220 -60
Jeff J21-71 409897.338 6267891.98 464.801 178 225 -50
Jeff J21-72 409596 6267944 380.295 212 45 -70
Jeff J21-73 409897.338 6267891.98 464.801 189 225 -45
Jeff J21-74 409596 6267944 380.295 232 0 -70
Jeff J21-79 409500.415 6267991.98 369.514 181 5 -60
Jeff J21-82 410023.854 6267808.55 508.324 286 264 -45
Jeff J21-84 410023.854 6267808.55 508.324 253 275 -45
Jeff J21-85 410023.854 6267808.55 508.324 310 282 -45
TV TV21-50 409595.338 6265804.804 802.325 179 260 -55
TV TV21-55 409554.393 6265847.918 781.088 194.15 270 -65
TV TV21-58 409390.001 6265971.361 712.333 334.15 90 -70
TV TV21-66 409522.156 6265781.61 821.435 282 15 -45
TV TV21-67 409522.156 6265781.61 821.435 336 20 -50
TV TV21-69 409390.001 6265971.36 712.33 136.2 290 -70
TV TV21-71 409522.156 6265781.61 821.435 150 315 -45
TV TV21-73 409522.156 6265781.61 821.435 189 240 -45
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
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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.
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
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required by law. Shareholders are cautioned not to put undue reliance on such forward-looking
statements.
(Figure 1: Map view of reported 2021 drill hole assays at TV. Results are given in Au equivalent, with
2020 drill holes shown in transparency. Mineralization remains open along strike and down-dip after
the 2021 drill program.)
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(Figure 2: Cross-section looking north of reported 2021 drill hole assays at TV. Results are given in Au
equivalent, with 2020 drill holes shown in transparency. Gold and silver mineralization intercepts the
surface and continues down-dip where it improves in grade and continuity. Mineralization
remains open along strike and down-dip after the 2021 drill program.)