Numerous New Precious Metal-Rich VMS Targets Emerge Across Eskay Mining’s District Land Holdings
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NEWS RELEASE
FOR IMMEDIATE RELEASE: February 25, 2021
Numerous New Precious Metal-Rich VMS Targets Emerge Across
Eskay Mining’s District Land Holdings
Toronto, February 25, 2021 – Eskay Mining Corp. (“Eskay” or the “Company”) (TSX-V:ESK)
(OTCQB: ESKYF) (Frankfurt: KN7; WKN: A0YDPM) is pleased to announce that its stream sample
analytical results highlight many new high priority precious metal-rich volcanogenic massive sulphide
(“VMS”) targets across its 526 sq km land holdings immediately south and east of the Eskay Creek mine.
Stream sediment samples were collected as part of the Company’s 2020 exploration program and the fine
fraction was analyzed using bulk leach extractable gold (“BLEG”) methodology. Multi-element analyses
were also performed. The accompanying maps (Figures 1-5) show catchment results for gold (“Au”), silver
(“Ag”), arsenic (“As”), mercury (“Hg”) and antimony (“Sb”), respectively, and discussion points below
correspond to the numbers shown on these maps. Discussion below centers on
Reinterpretation of the Tectonic Architecture of the Eskay Mining District and Discussion of
Notable BLEG Anomalies:
- Eskay Mining Corp.’s exploration team recently synthesized a new model of the tectonic architecture
of the Eskay Mining District. A picture has now emerged of three anticlines, the central Eskay Anticline,
the Eastern Anticline and the Western Anticline, wholly or partially underlying Eskay’s property (Figure
6). Major ramp-type thrust faults are associated with each anticline.
- This new model suggests the flanks of each of these three anticlines are prospective for Eskay Creek
style VMS mineralization where favourable strata are exposed. Several newly recognized trends along
these flanks are evident in recent BLEG, and multi-element geochemical anomalism support this new
interpretation as discussed below (numbers below correspond to those seen in Figures 1-5):
1. Very strong BLEG Au values come from multiple catchments within an approximately 6 km long,
3 km wide northwest-oriented zone on Eskay Mining Corp.’s 100% owned Corey property. While
several known VMS prospects occur within this area, the size of this anomaly extends beyond
what is currently perceived. This anomaly is open in multiple directions, and occurs where the
east limb of the Eskay Anticline grows close to the west limb of the Eastern Anticline. This
anomaly is quite profound and the strongest yet discovered on the property. Arsenic is strongly
anomalous, Ag and Sb are moderately anomalous, and Hg is anomalous in the easternmost
catchments in this area. This multi-element signature supports the view that this large gold
anomaly is indeed driven by Eskay Creek style mineralization. Interestingly, the rocks in this area
show moderate levels of thermal metamorphism not seen further north at the TV-Jeff or SIB-Lulu
deposits. Eskay sees this area as a high priority for follow up exploration including SkyTEM and
drilling in the upcoming exploration season.
2. Strong to moderate BLEG Au values come from three catchments occurring along the western
flank of the Eskay Anticline in a position immediately south of a place where Bowser Lake
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Formation structurally covers or masks the prospective Hazelton Group rocks (zone of
anomalously low Au values in blue). Eskay interprets this anomaly to be the re-emergence of the
west flank-hosted SIB-Lulu trend. Modest Ag, As, Hg and Sb anomalism is associated with Au.
This area will be the focus of surface and SkyTEM exploration during the upcoming exploration
season. Eskay hopes to identify drill targets in this area from this work.
3. A very strong to strong multi-catchment BLEG Au anomaly emerged in an area at the north end
of the Eastern Anticline. Eskay Mining Corp. is particularly intrigued by this anomaly as it occurs
in a similar respective position as the Eskay Creek deposit at the north end of the Eskay
Anticline. Arsenic is strongly anomalous and Ag, Hg, and Sb are moderately anomalous in these
catchments - a sign this anomaly may be driven by undiscovered Eskay Creek style VMS
mineralization. The Company sees this as a high priority target and plans aggressive early field
exploration here including SkyTEM coverage with the aim of identifying drill targets to be included
in the 2021 drill schedule.
4. Moderate BLEG Au anomalism occurs in two catchments midway along the east flank of the
Eastern Anticline. This area is elevated and has considerable ice cover, but its position on the
east flank suggests there may be VMS potential here. Ag is moderately anomalous in one
drainage and Sb is moderately anomalous in both. In 2021, the Company plans to examine this
area and the intervening ground down to target 1 to further evaluate the potential of the Eastern
Anticline.
5. A drainage along the western flank of the Eastern Anticline displays very strong As, Hg and Sb
anomalism as well as moderate Ag anomalism. Although gold is not anomalous, this strong
pathfinder response suggests the potential for Eskay Creek style VMS mineralization in this area.
Given the close proximity to TV-Jeff to the south and the presence of SkyTEM anomalies in this
area, the Company plans aggressive field examination to discover what is driving this notable
anomaly.
6. Strong BLEG Au and moderate Ag anomalism occurs in two catchments along the southern part
of the east flank of the Eastern Anticline. Moderate As and Sb are associated with precious
metals. Like Target 4 discussed above, the Company plans to examine this area and the
intervening ground to Target 1 further to the northwest to better evaluate the potential of the
Eastern Anticline.
7. A single catchment strong BLEG Au anomaly occurs between the west flank of the Eskay
anticline and the east flank of the Western Anticline. Ag, As, Sb and Hg are all moderately
anomalous as well. The Company plans field examination here in 2021 and is hopeful this will
prove to be confirmation of the presence of precious metal-rich VMS along the Western Anticline.
Upcoming SkyTEM surveys will cover this area. To the north from this location, barren Bowser
Lake Formation rocks cover prospective Hazelton Group rocks for much of the length of this
anticline.
8. A single-catchment moderate BLEG Au anomaly occurs within the North Mitchell claimblock.
While this anomaly does not share the same geochemical signature of the Eskay Creek type
deposits, it occurs in close proximity to Tudor Gold’s Treaty Creek discovery as well as Sea
Bridge Gold’s KSM deposits. The Company therefore thinks there may be potential for
intrusion/porphyry related gold mineralization on this strategic landholding. Follow up examination
is planned during the 2021 field campaign.
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“Our 2020 BLEG sampling program paid off in spades,” commented Dr. Quinton Hennigh, director and
technical advisor to Eskay Mining. “Numerous new targets have emerged across our large land holding.
Most notably, we see a very large open gold anomaly on our 100% owned Corey ground, one that
displays geochemistry commensurate with Eskay Creek style mineralization. We also see a very robust
Eskay Creek type anomaly at the north end of the Eastern Anticline, perhaps telling us there is potential
for significant discovery in this unexplored area. We also see gold anomalism in numerous locations along
the flanks of the three anticlines that underlie our project. In short, we see district scale potential across
our property and are very excited to get into the field to follow up on these very promising BLEG results.”
QA/QC, Methodology Statement:
BLEG catchments and sample locations were chosen to avoid contamination by material from outside the
desired catchment. Fine material was collected from streams and stream banks by shovel and 30 mesh
sieve and placed in a clean 5-gallon bucket with stream water. Aluminum sulfate flocculent was added to
the water to settle the fines out of suspension before water was decanted from the bucket. Samples were
placed in millipore bags, allowed to dry, and submitted to ALS Geochemistry in North Vancouver, British
Columbia for clay separation and analysis. As part of QA/QC protocol, gold standard material was mixed
with powdered montmorillonite clay to predetermined gold concentrations, similar to values expected for
BLEG analysis. Three standard samples, and two blank samples were included with each batch of 50
BLEG samples. Field duplicate samples were taken at pre-determined locations.
Clay fraction from the samples were analyzed for gold by cyanide extraction with ICP-MS finish. Multi-
element ICP-MS analysis was performed on bulk sample material.
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,” approximately 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]
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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.
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(Figure 1: Plan view of BLEG Au catchment results across Eskay Mining’s land holdings.)
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(Figure 2: Plan view of BLEG Ag catchment results across Eskay Mining’s land holdings.)
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(Figure 3: Plan view of BLEG As catchment results across Eskay Mining’s land holdings.)
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(Figure 4: Plan view of BLEG Hg catchment results across Eskay Mining’s land holdings.)