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TV, Jeff and C-10 Deliver High-grade Intercepts for Eskay Mining

Tuesday, March 15, 2022 7:30 AM
Eskay Mining Corp.
http://eskaymining.com/
  • 24.69 gpt Au eq over 1.99m and 29.02 gpt Au eq over 0.72m within 7.39 gpt Au eq over 13.38m within 2.64 gpt Au eq over 53.86m at TV
  • 34.23 gpt Au eq over 1.93m within 17.83 gpt Au eq over 3.88m and another interval of 5.26 gpt Au eq over 4.94m within 2.26 gpt Au eq over 26.42m at Jeff
  • Discovery of a new precious metal rich VMS system, 31.16 gpt Au eq over 1.95m, at the C-10 prospect

TORONTO, ON / ACCESSWIRE / March 15, 2022 / Eskay Mining Corp. ("Eskay" or the "Company") (TSXV:ESK)(OTCQX:ESKYF)(Frankfurt:KN7) (WKN:A0YDPM) is pleased to announce all remaining 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. A total of ninety-eight holes were drilled as part of this program. In addition to new strong results from the TV and Jeff deposits, Eskay has confirmed discovery of similar precious metal rich VMS mineralization at the C-10 prospect located approximately 8km south-southeast from TV.

"We are delighted with the long list of strong assay results from our 2021 drill program," commented Dr. Quinton Hennigh, technical advisor and director of Eskay Mining. "At TV, we see further high-grade assays including 24.69 gpt Au eq (2.96 gpt Au and 1,695 gpt Ag) over 1.99m and 29.02 gpt Au eq (1.20 gpt Au and 2,170 gpt Ag) over 0.72m within 7.39 gpt Au eq (0.77 gpt Au 516.30 gpt Ag) over 13.38m within 2.64 gpt Au eq (0.59 gpt Au and 160.26 gpt Ag) over 53.86m. Jeff also delivered high-grade including 17.83 gpt Au eq (17.56 gpt Au and 20.81 gpt Ag) over 3.88m and another interval of 5.26 gpt Au eq (4.94 gpt Au and 24.81 gpt Ag) over 4.94m within 2.26 gpt Au eq (1.91 gpt Au and 27.55 gpt Ag) over 26.42m. We are also pleased to announce discovery of high-grade VMS mineralization at C-10 with an intercept of 31.16 gpt Au eq (31.10 gpt Au and 4.97 gpt Ag) over 1.95m. With all 2021 drill data now in hand, we eagerly approach the 2022 drill season with the goal of expanding both TV and Jeff, following up on our new high-grade VMS discovery at C-10, and testing numerous new targets across our district scale land package. Drill planning is currently underway in preparation for our aggressive 35,000m program beginning in early June."

"The 2021 exploration program has shown that TV and Jeff are components of a larger precious metal endowed VMS system," commented Dr. John DeDecker, Eskay Mining's VP of Exploration. "Importantly mineralization at TV and Jeff is shallow or outcropping on the surface, and remains open along strike, down-dip, and up stratigraphic section. Drilling at C10 and Vermillion shows that VMS hydrothermal activity extended well to the south of Eskay Creek, and occurred much earlier in time than previously thought. This opens up the potential for discovering an entire Au-Ag VMS district on our property."

2021 TV Drill Highlights:

Impressively, of the 38 holes completed at TV in 2021, all but three holes returned mineralized intercepts (2021 TV drill results are presented in the table below). Notable intercepts from the 2021 TV drill campaign include:

  • 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
  • 6.8 gpt Au eq (1.9 gpt Au and 367.7 gpt Ag) over 26.0m within 5.2 gpt Au eq (1.3 gpt Au and 287.4 gpt Ag) over 47.77m within 2.6 gpt Au eq (0.9 gpt Au and 123.2 gpt Ag) over 140.28m in hole TV21-63
  • 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
  • 7.2 gpt Au eq (2.2 gpt Au and 374.0 gpt Ag) over 24.09m within 4.7 gpt Au eq (1.5 gpt Au and 236.0 gpt Ag) over 44.41m within 2.7 gpt Au eq (1.1 gpt Au and 124.0 gpt Ag) over 92.3m in hole TV21-54
  • 10.1 gpt Au eq (7.6 gpt Au and 201.6 gpt Ag) over 8.32m within 3.4 gpt Au eq (2.6 gpt Au and 65.5 gpt Ag) over 40.07m in hole TV21-56
  • 16.3 gpt Au eq (1.8 gpt Au and 1,138.0 gpt Ag) over 4.67m within 7.0 gpt Au eq (0.9 gpt Au and 483.0 gpt Ag) over 12.09m in hole TV21-78
  • 9.4 gpt Au eq (7.5 gpt Au and 151.8 gpt Ag) over 5.94m within 2.8 gpt Au eq (2.3 gpt Au and 42.2 gpt Ag) over 34.03m in hole TV21-53
  • 13.2 gpt Au eq (12.6 gpt Au and 50.8 gpt Ag) over 3.39m within 2.5 gpt Au eq (2.2 gpt Au and 28.2 gpt Ag) over 35.50m in hole TV21-49
  • 4.9 gpt Au eq (2.6 gpt Au and 182.5 gpt Ag) over 7.94m within 2.2 gpt Au eq (1.5 gpt Au and 57.6 gpt Ag) over 40.80m in hole TV21-57
  • 3.6 gpt Au eq (1.7 gpt Au and 143.8 gpt Ag) over 19.01m within 2.5 gpt Au eq (1.3 gpt Au and 101.2 gpt Ag) over 53.86m in hole TV21-51
  • 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
  • 24.69 gpt Au eq (2.96 gpt Au and 1,695 gpt Ag) over 1.99m and 29.02 gpt Au eq (1.20 gpt Au and 2,170 gpt Ag) over 0.72m within 7.39 gpt Au eq (0.77 gpt Au 516.30 gpt Ag) over 13.38m within 2.64 gpt Au eq (0.59 gpt Au and 160.26 gpt Ag) over 53.86m in hole TV21-70

(some intervals above were originally reported in Company news releases dated November 8, 2021, December 8, 2021 and January 19, 2022)

Highlights of most recent TV drill results and interpretation:

  • 24.69 gpt Au eq (2.96 gpt Au and 1,695 gpt Ag) over 1.99m and 29.02 gpt Au eq (1.20 gpt Au and 2,170 gpt Ag) over 0.72m within 7.39 gpt Au eq (0.77 gpt Au 516.30 gpt Ag) over 13.38m within 2.64 gpt Au eq (0.59 gpt Au and 160.26 gpt Ag) over 53.86m in hole TV21-70
  • 3.19 gpt Au eq (1.86 gpt Au and 103.80 gpt Ag) over 5.00m within 1.76 gpt Au eq (1.06 gpt Au and 54.24 gpt Ag) over 28.50m in hole TV21-83
  • 9.22 gpt Au eq (0.86 gpt Au and 652.00 gpt Ag) over 2.00m within 3.14 gpt Au eq (0.84 gpt Au and 200.64 gpt Ag) over 9.12m in hole TV21-80
  • 2.91 gpt Au eq (0.36 gpt Au and 199.40 gpt Ag) over 3.57m within 1.33 gpt Au eq (0.61 gpt Au and 55.88 gpt Ag) over 48.23m in hole TV21-64
  • As of the end of the 2021 drill program, the TV deposit, including the upper and lower zones, has been drilled approximately 225m along strike from north to south and down dip to approximately 130m (Figures 1 and 2). The TV deposit remains open along strike to the north and south and down dip.
  • Given that TV is hosted by the Betty Creek Formation, situated low in the prospective stratigraphy of this region, Eskay thinks there is good potential for discovery of additional precious metal rich VMS deposit in prospective stratigraphic units above TV. Potential exists down deeper in the stratigraphy as well.
  • TV is notably elevated in silver with many reportable equivalent intercepts displaying predominant silver value contribution. Bonanza silver grades are seen in some intercepts at the top of the main stockwork zone.
  • Mineralization at TV appears to be closely associated with domes of dacite lava the extent of which is unknown but appears expansive.
  • Several SkyTEM conductive anomalies interpreted as potential sulfide deposits lie in close proximity to TV and will be drill tested during the 2022 drill season. Drilling was cut short in 2021 due to an early heavy snow event in September.
  • Locally, there exist late crosscutting gabbro intrusive dikes at TV, but volumetrically, these appear to be small with no significant displacement of adjacent mineralization.
  • One hole, TV21-81, collared approximately 350m northeast of TV, encountered considerable stockwork pyrite veining containing anomalous gold and silver values as well as very strong pathfinder elements including arsenic (100-1,100 ppm), antimony (20-113 ppm) and mercury (1-6 ppm) from 298-344m. Eskay's geologic team interprets this to be VMS stockwork mineralization peripheral to a precious metal rich feeder. Hole TV21-60 was terminated in a gabbro dike and hole TV21-76 did not encounter any significant mineralized intervals.
  • Now that all 2021 drill results have returned, geologic modeling of the TV system is being undertaken to plan Eskay's 2022 diamond drilling program. The Company will employ its in-house alteration index modeling, a geochemical technique utilized by the Colorado School of Mines, to vector in on promising extensions of the TV deposit. This year, Eskay expects to drill approximately 18,000 m more diamond drill core at TV to expand the deposit along strike and down dip as well as test stratigraphy above the current deposit.

Assays from 2021 diamond drill holes at TV:

Hole

From (m)

To (m)

Length (m)

Au (gpt)

Ag (gpt)

Au eq (gpt)

Ag eq (gpt)

TV21-46

69.09

79.00

9.91

1.10

28.40

1.46

114.20

TV21-47

33.10

63.51

30.41

2.10

25.90

2.43

189.70

includes

35.30

49.47

14.17

3.30

37.20

3.78

294.60

includes

35.30

38.40

3.10

4.40

23.20

4.70

366.40

and

45.15

49.47

4.32

3.80

43.40

4.36

339.80

TV21-48

65.15

71.78

6.63

1.10

53.60

1.79

139.40

TV21-49

31.15

66.65

35.50

2.20

28.20

2.56

199.80

includes

32.17

35.56

3.39

12.60

50.80

13.25

1033.60

includes

33.15

34.97

1.82

17.50

66.40

18.35

1431.40

includes

56.99

58.98

1.99

4.30

91.60

5.47

427.00

TV21-50

67.31

73.00

5.69

0.86

72.96

1.80

140.04

TV21-51

42.06

95.92

53.86

1.30

101.20

2.60

202.60

includes

49.98

50.98

1.00

2.20

570.00

9.51

741.60

includes

61.99

81.00

19.01

1.70

143.80

3.54

276.40

includes

70.99

75.00

4.01

3.60

246.30

6.76

527.10

TV21-52

65.25

73.95

8.70

3.40

115.40

4.88

380.60

TV21-53

23.99

58.02

34.03

2.30

42.20

2.84

221.60

includes

44.28

50.22

5.94

7.50

151.80

9.45

736.80

includes

46.20

47.35

1.15

24.60

582.00

32.06

2500.80

TV21-54

211.42

303.71

92.29

1.10

124.00

2.69

209.80

includes

259.30

303.71

44.41

1.50

236.00

4.53

353.00

includes

279.00

303.09

24.09

2.20

374.00

6.99

545.60

TV21-55

27.79

55.28

27.49

3.29

30.62

3.68

287.24

includes

29.30

36.80

7.50

6.98

28.26

7.34

572.70

and

47.15

50.77

3.62

3.39

62.40

4.19

326.82

and

52.74

54.60

1.86

5.04

49.42

5.67

442.54

TV21-56

21.93

62.00

40.07

2.60

65.50

3.44

268.30

includes

21.93

27.19

5.26

3.80

23.90

4.11

320.30

includes

38.76

47.08

8.32

7.60

201.60

10.18

794.40

includes

40.58

47.08

6.50

8.90

203.90

11.51

898.10

TV21-57

110.25

151.05

40.80

1.50

57.60

2.24

174.60

includes

120.19

128.13

7.94

2.60

182.50

4.94

385.30

includes

120.19

122.13

1.94

3.70

285.90

7.37

574.50

includes

138.75

142.01

3.26

3.30

11.90

3.45

269.30

175.00

179.97

4.97

1.10

0.40

1.11

86.20

TV21-58

101.13

108.62

7.49

0.82

203.03

3.42

266.99

includes

104.27

106.25

1.98

2.22

574.80

9.59

747.96

114.50

117.58

3.08

1.00

6.36

1.08

84.36

139.11

146.84

7.73

0.98

23.11

1.28

99.55

TV21-59

223.00

249.25

26.25

0.90

26.50

1.24

96.70

TV21-61

96.64

99.49

2.85

2.99

156.13

5.00

389.74

163.50

165.00

1.50

0.39

101.00

1.68

131.42

TV21-62

100.47

109.30

8.83

0.26

77.93

1.26

97.97

includes

100.47

105.04

4.57

0.24

132.30

1.93

150.63

117.27

124.30

7.03

1.19

0.19

1.19

92.78

TV21-63

3.72

144.00

140.28

0.90

123.20

2.48

193.40

includes

3.72

51.49

47.77

1.30

287.40

4.98

388.80

includes

11.00

37.00

26.00

1.90

367.70

6.61

515.90

and

43.00

47.50

4.50

0.70

429.60

6.21

484.20

TV21-64

105.54

153.77

48.23

0.61

55.88

1.33

103.51

includes

112.97

116.54

3.57

0.36

199.40

2.91

227.17

TV21-65

87.31

95.26

7.95

0.94

58.16

1.68

131.26

includes

91.77

93.92

2.15

1.81

134.60

3.54

275.86

101.27

102.47

1.20

1.18

11.90

1.33

103.55

TV21-66

6.40

63.00

56.60

1.41

98.75

2.68

208.73

includes

6.40

22.00

15.60

3.21

124.39

4.80

374.77

and

37.00

42.00

5.00

0.36

331.80

4.61

359.88

and

60.75

63.00

2.25

6.06

26.90

6.40

499.58

144.00

186.00

42.00

1.46

32.73

1.88

146.61

includes

168.00

173.60

5.60

3.19

67.64

4.06

316.46

TV21-67

2.68

241.55

238.87

1.43

73.60

2.37

185.14

includes

2.68

120.00

117.32

2.39

129.85

4.05

316.27

includes

12.00

28.00

16.00

2.84

197.23

5.37

418.75

includes

37.00

55.90

18.90

2.54

431.94

8.08

630.06

includes

43.00

54.93

11.93

3.12

577.65

10.53

821.01

includes

78.68

108.54

29.86

5.00

30.62

5.39

420.62

TV21-68

122.49

126.50

4.01

0.40

39.80

0.91

71.00

148.51

162.87

14.36

0.70

38.90

1.20

93.50

includes

149.46

155.01

5.55

0.80

71.60

1.72

134.00

TV21-69

126.94

129.24

2.30

4.43

4.72

4.49

350.26

TV21-70

1.34

55.20

53.86

0.59

160.26

2.64

206.12

includes

1.34

14.72

13.38

0.77

516.30

7.39

576.44

includes

7.65

9.64

1.99

2.96

1695.00

24.69

1925.88

and

14.00

14.72

0.72

1.20

2170.00

29.02

2263.21

TV21-71

3.42

85.02

81.60

0.82

171.34

3.02

235.30

includes

3.42

18.00

14.58

0.59

802.07

10.87

848.09

includes

3.42

12.78

9.36

0.80

1090.80

14.78

1153.20

includes

3.42

5.00

1.58

2.67

2216.72

31.09

2424.98

and

11.79

12.78

0.99

1.66

5040.00

66.28

5169.48

includes

55.97

58.98

3.01

6.21

118.80

7.73

603.18

TV21-72

3.60

48.03

44.43

0.70

32.30

1.11

86.90

includes

31.00

35.00

4.00

1.70

80.70

2.73

213.30

includes

45.00

48.03

3.03

2.80

16.50

3.01

234.90

TV21-73

5.00

13.86

8.86

0.81

30.92

1.21

94.10

TV21-74

79.02

84.00

4.98

2.20

7.78

2.30

179.64

TV21-75

4.20

19.65

15.45

1.00

24.30

1.31

102.30

TV21-77

4.61

13.00

8.39

0.50

94.10

1.71

133.10

TV21-78

36.00

48.09

12.09

0.90

483.00

7.09

553.20

includes

42.85

47.52

4.67

1.80

1138.00

16.39

1278.40

TV21-79

106.98

108.09

1.11

1.14

16.40

1.35

104.93

226.80

231.13

4.33

1.08

38.05

1.56

121.97

TV21-80

67.88

77.00

9.12

0.84

200.64

3.41

266.28

includes

70.26

72.26

2.00

0.86

652.00

9.22

719.16

TV21-82

31.92

40.00

8.08

0.78

50.83

1.43

111.50

TV21-83

53.00

81.50

28.50

1.06

54.24

1.76

137.07

includes

56.00

61.00

5.00

1.86

103.80

3.19

249.04

Holes in italics previously announce in Company news releases dated November 8, 2021, December 8, 2021 and January 19, 2022.

Au eq and Ag eq values have all been adjusted to the silver-to-gold ratio of 78:1 for this news release.

Holes TV21-60, -76 and -81 do not have reportable Au and/or Ag values.

2021 Jeff Drill Highlights:

Of the 48 holes completed at Jeff in 2021, 31 holes returned mineralized intercepts (2021 Jeff drill results are presented in the table below). Notable intercepts from the 2021 Jeff drill campaign include:

  • 61.3 gpt Au eq (59.7 gpt Au and 127.0 gpt Ag) over 1.00m within 8.1 gpt Au eq (7.9 gpt Au and 17.1 gpt Ag) over 8.53m in hole J21-77
  • 18.3 gpt Au eq (17.8 gpt Au and 40.0 gpt Ag) over 1.08m within 7.1 gpt Au eq (6.9 gpt Au and 16.6 gpt Ag) over 3.67m in hole J21-46
  • 34.23 gpt Au eq (33.86 gpt Au and 28.74 gpt Ag) over 1.93m within 17.83 gpt Au eq (17.56 gpt Au and 20.81 gpt Ag) over 3.88m in hole J21-57
  • 5.26 gpt Au eq (4.94 gpt Au and 24.81 gpt Ag) over 4.94m within 2.26 gpt Au eq (1.91 gpt Au and 27.55 gpt Ag) over 26.42m in hole J21-64
  • 35.55 gpt Au eq (17.60 gpt Au and 1,400.00 gpt Ag) over 0.50m within 5.32 gpt Au eq (3.13 gpt Au and 171.11 gpt Ag) over 4.78m in hole J21-58
  • 6.58 gpt Au eq (6.36 gpt Au and 17.58 gpt Ag) over 3.00m within 1.83 gpt Au eq (1.65 gpt Au and 13.29 gpt Ag) over 16.63 m in hole J21-59
  • 4.3 gpt Au eq (4.2 gpt Au and 12.3 gpt Ag) over 4.12m within 2.3 gpt Au eq (2.2 gpt Au and 10.9 gpt Ag) over 12.43m in hole J21-53
  • 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

(some intervals above were originally reported in Company news releases dated December 8, 2021 and January 19, 2022)

Highlights of most recent Jeff drill results and interpretation:

  • 34.23 gpt Au eq (33.86 gpt Au and 28.74 gpt Ag) over 1.93m within 17.83 gpt Au eq (17.56 gpt Au and 20.81 gpt Ag) over 3.88m in hole J21-57
  • 5.26 gpt Au eq (4.94 gpt Au and 24.81 gpt Ag) over 4.94m within 2.26 gpt Au eq (1.91 gpt Au and 27.55 gpt Ag) over 26.42m in hole J21-64
  • 35.55 gpt Au eq (17.60 gpt Au and 1,400.00 gpt Ag) over 0.50m within 5.32 gpt Au eq (3.13 gpt Au and 171.11 gpt Ag) over 4.78m in hole J21-58
  • 6.58 gpt Au eq (6.36 gpt Au and 17.58 gpt Ag) over 3.00m within 1.83 gpt Au eq (1.65 gpt Au and 13.29 gpt Ag) over 16.63 m in hole J21-59
  • As of the end of the 2021 drill program, the Jeff deposit, including the upper and lower zones, has been drilled approximately 625 m along strike from north to south and down dip to approximately 190 m (Figures 3 and 4). The Jeff deposit remains open along strike to the north and south and down dip.
  • Jeff occurs lower in the Betty Creek Formation than the TV deposit. Therefore, Eskay thinks there is good potential for discovery of additional precious metal rich VMS deposit in prospective stratigraphic units above Jeff, especially at the same level at which TV occurs.
  • Like TV, mineralization at Jeff appears to be closely associated by domes of dacite lava, the extent of which is unknown but appears expansive.
  • Jeff locally displays bonanza gold grades, all occurring in stockwork feeder mineralization. Eskay thinks this bodes well for future discovery of gold-rich massive sulfide style mineralization in the area.
  • Multiple SkyTEM conductive anomalies interpreted as potential sulfide deposits lie to the north of Jeff as well as to the south between Jeff and TV. These will be drill tested during the 2022 drill season.
  • Like TV, geologic modeling of the Jeff system is being undertaken before planning Eskay's 2022 diamond drilling program. Use of alteration index modeling will be critical to vector in on promising extensions of the Jeff deposit. In 2022, Eskay anticipates drilling approximately 5000 m more diamond drill core at Jeff and surrounding targets.

Assays from 2021 diamond drill holes at Jeff:

Hole

From (m)

To (m)

Length (m)

Au (gpt)

Ag (gpt)

Au eq (gpt)

Ag eq (gpt)

J21-41

98.43

100.71

2.28

0.70

20.60

0.96

75.20

J21-42

4.60

6.95

2.35

4.40

8.40

4.51

351.60

J21-43

4.40

20.79

16.39

1.30

29.70

1.68

131.10

includes

4.40

5.65

1.25

6.70

126.80

8.33

649.40

35.00

38.03

3.03

0.50

45.30

1.08

84.30

346.62

348.14

1.52

2.40

1.50

2.42

188.70

352.68

354.10

1.42

1.40

3.70

1.45

112.90

375.75

378.00

2.25

1.40

1.80

1.42

111.00

J21-44

6.90

9.47

2.57

1.20

63.20

2.01

156.80

18.20

33.02

14.82

1.40

42.90

1.95

152.10

J21-45

108.51

109.49

0.98

0.93

15.25

1.13

87.79

126.01

127.16

1.15

1.21

6.08

1.29

100.46

J21-46

7.99

14.55

6.56

2.10

29.10

2.47

192.90

includes

7.99

10.02

2.03

4.90

66.00

5.75

448.20

25.16

28.83

3.67

6.90

16.60

7.11

554.80

includes

26.80

27.88

1.08

17.80

40.00

18.31

1428.40

111.58

126.00

14.42

0.70

69.20

1.59

123.80

includes

117.66

119.00

1.34

0.90

351.00

5.40

421.20

J21-48

46.04

49.04

3.00

1.54

28.65

1.91

148.77

105.71

111.65

5.94

2.48

4.96

2.54

198.40

includes

107.20

108.69

1.49

7.28

3.97

7.33

571.81

172.54

179.05

6.51

1.28

102.03

2.59

201.87

includes

176.32

177.41

1.09

3.04

442.00

8.71

679.12

J21-50

10.08

16.20

6.12

1.60

13.70

1.78

138.50

21.22

26.00

4.78

1.40

9.90

1.53

119.10

54.22

58.93

4.71

0.90

22.40

1.19

92.60

J21-52

83.44

84.47

1.03

1.43

11.30

1.57

122.45

145.00

146.50

1.50

1.84

7.92

1.94

151.44

J21-53

5.48

17.91

12.43

2.20

10.90

2.34

182.50

includes

7.36

11.48

4.12

4.20

12.30

4.36

339.90

J21-54

163.05

163.90

0.85

1.27

2.55

1.30

101.22

J21-55

53.55

56.42

2.87

0.80

12.70

0.96

75.10

J21-57

76.17

80.05

3.88

17.56

20.81

17.83

1390.57

includes

78.12

80.05

1.93

33.86

28.74

34.23

2669.82

109.00

110.83

1.83

1.35

2.50

1.38

107.41

201.15

202.65

1.50

1.69

19.00

1.93

150.82

J21-58

21.52

26.30

4.78

3.13

171.11

5.32

415.22

includes

25.80

26.30

0.50

17.60

1400.00

35.55

2772.80

J21-59

7.37

24.00

16.63

1.65

13.29

1.83

142.36

includes

12.00

15.00

3.00

6.36

17.58

6.58

513.43

J21-62

165.85

167.86

2.01

1.40

0.50

1.41

109.70

J21-63

4.00

7.77

3.77

1.40

19.99

1.66

129.19

includes

6.87

7.77

0.90

4.72

49.00

5.35

417.16

15.00

16.12

1.12

0.99

14.80

1.18

92.02

43.69

45.00

1.31

1.50

12.80

1.66

129.80

J21-64

8.11

34.53

26.42

1.91

27.55

2.26

176.27

includes

12.08

13.91

1.83

4.50

12.10

4.66

363.33

and

29.44

33.56

4.12

4.94

24.81

5.26

410.29

60.00

67.99

7.99

1.21

9.36

1.33

103.40

133.85

138.87

5.02

0.92

56.35

1.64

128.11

159.99

161.51

1.52

3.33

223.00

6.19

482.74

J21-66

19.00

22.00

3.00

1.40

7.30

1.49

116.50

55.00

58.00

3.00

1.00

4.80

1.06

82.80

60.00

63.00

3.00

1.00

10.70

1.14

88.70

J21-67

111.08

114.00

2.92

1.10

2.70

1.13

88.50

J21-68

24.00

31.34

7.34

1.10

9.30

1.22

95.10

J21-71

51.29

63.03

11.74

1.38

10.05

1.51

117.69

J21-75

183.20

186.00

2.80

0.57

48.00

1.19

92.69

J21-76

52.35

65.78

13.43

1.10

42.40

1.64

128.20

includes

52.35

56.00

3.65

2.50

144.50

4.35

339.50

J21-77

32.79

35.16

2.37

1.40

12.40

1.56

121.60

61.00

65.00

4.00

0.90

9.90

1.03

80.10

112.99

121.52

8.53

7.90

17.10

8.12

633.30

J21-79

82.95

86.00

3.05

1.17

17.25

1.39

108.51

88.00

89.00

1.00

1.05

30.20

1.44

112.10

J21-80

146.05

147.98

1.93

0.70

47.70

1.31

102.30

162.00

165.00

3.00

0.40

54.50

1.10

85.70

171.33

172.70

1.37

1.80

48.00

2.42

188.40

J21-81

92.00

95.95

3.95

1.24

2.77

1.27

99.19

J21-82

216.00

218.24

2.24

0.47

41.30

1.00

77.96

J21-83

90.89

92.93

2.04

0.92

8.15

1.03

80.21

J21-86

274.58

277.91

3.33

0.93

33.52

1.36

105.92

Holes in italics previously announce in Company news releases dated December 8, 2021 and January 19, 2022.

Au eq and Ag eq values have all been adjusted to the silver-to-gold ratio of 78:1 for this news release.

Holes J21-40, -47, -49, -51, -56, -60, -61, -65, -69, -70, -72, -73, -74, -78, -84, -85, -87 and -88 do not have reportable Au and/or Ag values.

Hole J21-60 was not drilled.

Highlights of C-10 drill results and interpretation:

  • 31.16 gpt Au eq (31.10 gpt Au and 4.97 gpt Ag) over 1.95m in hole C21-1
  • In 2021, Eskay completed seven diamond drill holes from three drill pads at the C-10 target (Fig. 9), located approximately 8km south of TV. This is the first drilling undertaken in this region in over fifteen years.
  • Hole C21-1 encountered 31.16 gpt Au eq (31.10 gpt Au and 4.97 gpt Ag) over 1.95m in what is interpreted by Eskay as metamorphosed VMS mineralization consisting of disseminated sulfides, chlorite, and silica in a meta-dacite breccia like that at TV.
  • Because this intercept occurs as a discrete horizon without an associated stockwork feeder, it is interpreted to be peripheral to a larger system, one that may be high-grade given the high gold value of this interval.
  • Notable low grade, but highly significant mineralized intercepts, some remarkably long, were encountered near the tops of holes C21-1 through -4. This mineralization is interpreted by Eskay to be related to a feeder system for a VMS deposit nearby the drill pad from which these holes were drilled. Notable anomalous mineralized intercepts include:
  • 46.5m grading 0.15 gpt Au and 1.94 gpt Ag (46.5m grading 0.17 gpt Au eq making this a 8 gpt-m intercept) and a lower interval of 4.1m grading 0.24 gpt Au and 1.09 gpt Ag in hole C21-1
  • 19.5m grading 0.18 gpt Au and 2.40 gpt Ag and a lower interval of 66.4m grading 0.23 gpt Au and 2.71 gpt Ag (66.4m grading 0.26 gpt Au eq making this a 17 gpt-m intercept) in hole C21-2
  • 144.0m grading 0.14 gpt Au and 1.48 gpt Ag (144.0m grading 0.16 gpt Au eq making this a 23 gpt-m intercept) in hole C21-3
  • 8.5m grading 0.24 gpt Au and 1.21 gpt Ag and a lower interval of 8.0m grading 0.23 gpt Au and 1.13 gpt Ag and an even lower interval of 6.0m grading 0.41 gpt Au and 1.01 gpt Ag in hole C21-4
  • Eskay Mining is very excited by the discovery of high-grade VMS and peripheral low grade stockwork mineralization at C-10 and plans follow up geologic mapping and sampling in the immediate area to further refine this drill target as soon as the snow melts.

Highlights of Vermillion drill results and interpretation:

  • 1.10 gpt Au eq (1.09 gpt Au and 0.51 gpt Ag) over 6.92m in hole V21-1
  • 4.03 gpt Au eq (3.80 gpt Au and 18.05 gpt Ag) over 0.9m in hole V21-3
  • Just four diamond drill holes from two drill pads were completed at the newly identified Vermillion target (Fig. 9), located approximately 2 km east of C-10, before early snow terminated the drilling program.
  • Highly significant mineralized intervals were encountered in holes V21-1, 1.10 gpt Au eq (1.09 gpt Au and 0.51 gpt Ag) over 6.92m, and V21-3, 4.03 gpt Au eq (3.80 gpt Au and 18.05 gpt Ag) over 0.9m. Like at C-10, multiple low grade but significant mineralized intercepts, some long, were encountered in holes V21-1 through -3, all drilled from the same pad, suggesting proximity to a nearby VMS system. Notable anomalous mineralized intercepts include:
  • 36.6m grading 0.09 gpt Au and 3.73 gpt Ag (36.6m grading 0.14 gpt Au eq making this a 5 gpt-m intercept) and a lower interval of 40.7m grading 0.24 gpt Au and 0.14 gpt Ag (40.7m grading 0.24 gpt Au eq making this a 10 gpt-m intercept) including 6.92m grading 1.09 gpt Au and 0.51 gpt Ag in hole V21-1
  • 3.6m grading 0.20 gpt Au and 0.84 gpt Ag and a lower interval of 20.7m grading 0.10 gpt Au and 0.48 gpt Ag in hole V21-2
  • 9.4m grading 0.16 gpt Au and 2.35 gpt Ag and a lower interval of 0.9m grading 3.80 gpt Au and 18.05 gpt Ag in hole V21-3
  • 1.1m grading 1.46 gpt Au and 15.00 gpt Ag and a lower interval of 16.2m grading 0.18 gpt Au and 0.17 gpt Ag in hole V21-4
  • Although no potentially economic intercepts were encountered in these first four holes at Vermillion, Eskay considers them important, because they provide clear evidence of VMS mineralization being present in this new target area. Further geologic mapping and sampling will be undertaken to better refine drill targets at Vermillion prior to follow up drilling.

Au eq and Ag eq Calculations and True Width:

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 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.

True widths of reported intercepts are not fully understood at this time, but given the moderately dipping tabular nature of these deposits and the steep angle of drilling, Eskay geologists estimate true widths represent approximately 70-90% of the reported drill intercept lengths.

Drill hole coordinates and orientations:

Prospect

Hole

UTM East

UTM North

UTM Elevation

Length m

Azimuth

Dip

TV

TV21-46

409595.3

6265804.8

802.33

193.00

282

-45

TV

TV21-47

409554.4

6265847.9

781.09

158.15

282

-45

TV

TV21-48

409595.3

6265804.8

802.33

175.00

270

-45

TV

TV21-49

409554.4

6265847.9

781.09

245.35

315

-45

TV

TV21-50

409595.3

6265804.8

802.33

179.00

260

-55

TV

TV21-51

409554.4

6265847.9

781.09

208.15

-

-90

TV

TV21-52

409595.3

6265804.8

802.33

150.00

260

-45

TV

TV21-53

409554.4

6265847.9

781.09

185.35

282

-45

TV

TV21-54

409727.4

6265841.3

848.68

456.00

293

-45

TV

TV21-55

409554.4

6265847.9

781.09

194.15

270

-65

TV

TV21-56

409554.4

6265847.9

781.09

126.85

250

-45

TV

TV21-57

409390.0

6265971.4

712.33

311.25

90

-60

TV

TV21-58

409390.0

6265971.4

712.33

334.15

90

-70

TV

TV21-59

409727.4

6265841.3

848.68

429.20

293

-50

TV

TV21-60

409390.0

6265971.4

712.33

106.30

90

-90

TV

TV21-61

409390.0

6265971.4

712.33

328.50

110

-65

TV

TV21-62

409390.0

6265971.4

712.33

354.30

110

-55

TV

TV21-63

409522.2

6265781.6

821.44

477.00

0

-45

TV

TV21-64

409390.0

6265971.4

712.33

300.80

75

-65

TV

TV21-65

409390.0

6265971.4

712.33

253.00

73

-75

TV

TV21-66

409522.2

6265781.6

821.44

282.00

15

-45

TV

TV21-67

409522.2

6265781.6

821.44

336.00

20

-50

TV

TV21-68

409390.0

6265971.4

712.33

300.30

63

-62

TV

TV21-69

409390.0

6265971.4

712.33

136.20

290

-70

TV

TV21-70

409522.2

6265781.6

821.44

106.20

-

-90

TV

TV21-71

409522.2

6265781.6

821.44

150.00

315

-45

TV

TV21-72

409522.2

6265781.6

821.44

126.00

282

-45

TV

TV21-73

409522.2

6265781.6

821.44

189.00

240

-45

TV

TV21-74

409538.0

6265927.0

743.95

276.00

325

-70

TV

TV21-75

409522.2

6265781.6

821.44

195.00

180

-45

TV

TV21-76

409538.0

6265927.0

743.95

312.00

325

55

TV

TV21-77

409522.2

6265781.6

821.44

151.00

90

-53

TV

TV21-78

409585.5

6265762.6

820.29

115.78

270

-45

TV

TV21-79

409538.0

6265927.0

743.95

282.00

310

-76

TV

TV21-80

409585.5

6265762.6

820.29

151.00

270

-65

TV

TV21-81

410050.0

6266191.8

847.80

440.00

249

-45

TV

TV21-82

409585.5

6265762.6

820.29

111.00

260

-45

TV

TV21-83

409585.5

6265762.6

820.29

175.00

300

-45

Jeff

J21-40

409830.0

6267829.0

452.00

199.00

105

55

Jeff

J21-41

409830.0

6267829.0

452.00

140.00

105

70

Jeff

J21-42

409830.0

6267829.0

452.00

144.95

305

-45

Jeff

J21-43

409830.0

6267829.0

452.00

447.40

300

-45

Jeff

J21-44

409830.0

6267829.0

452.00

115.25

235

-45

Jeff

J21-45

409897.5

6267760.0

475.21

201.25

282

-50

Jeff

J21-46

409897.3

6267892.0

464.80

195.00

282

-45

Jeff

J21-47

409935.2

6268261.0

447.17

253.00

282

45

Jeff

J21-48

409557.0

6267944.0

387.17

209.20

330

-60

Jeff

J21-49

409897.5

6267760.0

475.21

151.25

282

75

Jeff

J21-50

409897.0

6267891.0

464.00

163.00

282

-65

Jeff

J21-51

410003.7

6268399.4

467.01

410.60

270

-50

Jeff

J21-52

409646.5

6267962.2

389.79

250.65

270

-45

Jeff

J21-53

409897.3

6267892.0

464.80

178.00

310

-55

Jeff

J21-54

409647.5

6267962.2

389.79

225.60

270

-75

Jeff

J21-55

409557.0

6267944.0

387.17

197.20

310

-75

Jeff

J21-56

410003.7

6268399.4

467.01

450.00

292

-50

Jeff

J21-57

409646.5

6267962.2

389.79

228.75

270

-90

Jeff

J21-58

409557.0

6267944.0

387.17

152.30

170

-50

Jeff

J21-59

409897.3

6267892.0

464.00

138.00

295

-45

Jeff

J21-60

410003.7

6268399.4

467.00

232.00

-

-90

Jeff

J21-61

409646.5

6267962.2

389.00

207.60

290

-65

Jeff

J21-62

409557.0

6267944.0

387.17

195.81

120

-45

Jeff

J21-63

409897.3

6267892.0

464.80

210.00

270

-45

Jeff

J21-64

409897.3

6267892.0

464.80

200.00

270

-55

Jeff

J21-65

409595.9

6267920.6

383.37

201.70

270

-45

Jeff

J21-66

409897.3

6267892.0

464.80

177.00

270

-75

Jeff

J21-67

409595.9

6267920.6

383.37

200.20

270

-75

Jeff

J21-68

409897.3

6267892.0

464.80

177.00

-

-90

Jeff

J21-69

409595.9

6267920.6

383.37

110.00

-

-90

Jeff

J21-70

409595.9

6267920.6

383.37

161.00

220

-60

Jeff

J21-71

409897.3

6267892.0

464.80

178.00

225

-50

Jeff

J21-72

409596.0

6267944.0

380.30

212.00

45

-70

Jeff

J21-73

409897.3

6267892.0

464.80

189.00

225

-45

Jeff

J21-74

409596.0

6267944.0

380.30

232.00

0

-70

Jeff

J21-75

409897.3

6267892.0

464.80

207.90

200

-55

Jeff

J21-76

409596.0

6267944.0

380.30

115.96

90

-70

Jeff

J21-77

409596.0

6267944.0

380.30

175.00

212

55

Jeff

J21-78

409897.3

6267892.0

464.80

189.00

212

-55

Jeff

J21-79

409500.4

6267992.0

369.51

181.00

5

-60

Jeff

J21-80

409897.3

6267892.0

464.80

189.00

199

-45

Jeff

J21-81

409500.4

6267992.0

369.51

178.00

20

-65

Jeff

J21-82

410023.9

6267808.6

508.32

286.00

264

-45

Jeff

J21-83

409500.4

6267992.0

369.51

138.80

85

-70

Jeff

J21-84

410023.9

6267808.6

508.32

253.00

275

-45

Jeff

J21-85

410023.9

6267808.6

508.32

310.00

282

-45

Jeff

J21-86

410023.9

6267808.6

508.32

287.04

295

-45

Jeff

J21-87

410023.9

6267808.6

508.32

295.00

255

-45

Jeff

J21-88

410213.0

6267589.0

523.00

455.00

290

-45

C10

C21-1

411755.0

6257895.0

1198.00

200.50

225

-65

C10

C21-2

411755.0

6257895.0

1198.00

211.00

245

-65

C10

C21-3

411755.0

6257895.0

1198.00

226.30

195

-80

C10

C21-4

411755.0

6257895.0

1198.00

300.70

190

-55

C10

C21-5

412226.0

6257659.0

1045.00

455.30

230

-45

C10

C21-6

412104.0

6257865.0

1060.00

650.00

250

-45

C10

C21-7

412104.0

6257865.0

1060.00

500.00

225

-45

Vermillion

V21-1

413905.0

6257658.0

1708.00

303.20

250

-75

Vermillion

V21-2

413905.0

6257658.0

1708.00

320.20

290

-53

Vermillion

V21-3

413905.0

6257658.0

1708.00

302.00

230

-55

Vermillion

V21-4

412982.0

6257397.0

1265.00

509.20

50

-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 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 BalkamT: 416 907 4020
President & Chief Executive OfficerE: [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.

Eskay Mining Corp., Tuesday, March 15, 2022, Press release picture

(Figure 1: Map view of TV, showing Au equivalent values for all 2021 drill holes. Cross-section A-A' cuts through the middle of the stockwork zone, and is shown in Figure 2.)

Eskay Mining Corp., Tuesday, March 15, 2022, Press release picture

(Figure 2: Cross-section A-A' through the stockwork zone at TV, showing the true thickness and open mineralization extending down-dip. Black shows where gabbro dikes were intercepted.)

Eskay Mining Corp., Tuesday, March 15, 2022, Press release picture

(Figure 3: Map view of Jeff, showing Au equivalent values for all 2021 drill holes. Cross-section B-B' cuts through the upper and lower stockwork zones, and is shown in Figure 3.)

Eskay Mining Corp., Tuesday, March 15, 2022, Press release picture

(Figure 4: Cross-section B-B' through the upper and lower stockwork zones at Jeff, showing the true thickness and open mineralization extending down-dip.)

Eskay Mining Corp., Tuesday, March 15, 2022, Press release picture

(Figure 5: TV21-64 showing semi-massive sulfide hosted by intensely silicified mudstone from the Lower Massive Sulfide Zone at TV.)

Eskay Mining Corp., Tuesday, March 15, 2022, Press release picture

(Figure 6: TV21-70 showing stockwork mineralization hosted by intensely silicified mudstone from the Stockwork Zone at TV.)

Eskay Mining Corp., Tuesday, March 15, 2022, Press release picture

(Figure 7: TV21-83 showing sulfide stockwork hosted by intensely silicified mudstone from the Stockwork Zone at TV. TV21-83 intercepted stockwork mineralization ~30 m down-dip from that intercepted in TV21-70, and shows that mineralization continues to be open down-dip.)

Eskay Mining Corp., Tuesday, March 15, 2022, Press release picture

(Figure 8: J21-57 showing sulfide stockwork hosted by basalt breccia from the Lower Stockwork Zone at Jeff.)

Eskay Mining Corp., Tuesday, March 15, 2022, Press release picture

(Figure 9: Map view of C10 and Vermillion showing Au equivalent values for all 2021 drill holes.)

SOURCE: Eskay Mining Corp.

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