Eskay Mining Drills VMS Mineralization at Four New Targets at Its Consolidated Eskay Project, Golden Triangle, BC

TORONTO, ON / ACCESSWIRE / August 31, 2023 / Eskay Mining Corp. ("Eskay" or the "Company") (TSXV:ESK)(OTCQX:ESKYF)(Frankfurt:KN7) (WKN:A0YDPM) is pleased to announce it has recently drilled significant intervals of stockwork and/or massive sulfide mineralization at four new targets as part of 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 focus of Eskay's exploration.

As of this news release, Eskay Mining has drilled approximately 4,300m of its planned 6,500m 2023 diamond drill campaign. In Company news releases dated May 18 and July 27, 2023, seven new targets were discussed as subjects of this year's exploration campaign: Tarn Lake, Maroon Cliffs, Hexagon-Mercury, Storie Creek, Cumberland, Scarlet Knob-Bruce Glacier and TV South (Figure 1). Drilling at Tarn Lake, Scarlet Knob-Bruce Glacier, Hexagon-Mercury and Cumberland have yielded significant intercepts of stockwork and/or massive sulfide mineralization. Results are summarized below:

Cumberland: This target is situated approximately five km south of the TV deposit, subject of substantial drilling over the past three seasons. No appreciable work has been conducted in this area for at least twenty years. A current total of five drill holes have been completed by Eskay Mining this season, each intercepting seafloor-proximal stockwork and massive sulfide mineralization (Figures 3 and 4) over core lengths of approximately 25 to 85 meters. Spot XRF analyses indicates these intercepts are highly elevated in silver, copper, lead, zinc, arsenic, antimony and tellurium. Gold analysis by XRF is unreliable. This VMS deposit appears to strike NNW and dips moderately steeply to the east. Its stratigraphic position is believed to be in the Upper Hazelton Group at a level similar to the Eskay Creek deposit located approximately 20 km north. Like TV, Cumberland is situated on the eastern limb of the Eskay Anticline. The Company has one additional hole planned at Cumberland to follow up on this exciting new discovery.

Scarlet Knob-Bruce Glacier: This target is situated along the eastern side of the toe of Bruce Glacier in an area where spot rock chip sampling returned several Au- and Ag-bearing assays, including one with 56 gpt Au last season. To date, four drill holes have probed the westward dipping succession of volcanic rocks in search of the paleo-sea floor exhalative position of the VMS system. All four holes have encountered significant intervals of 20-50m of intense stockwork mineralization followed by mudstone thought to represent the overlapping paleo-sea floor strata (Figure 5). Like Cumberland, spot XRF analyses indicates this stockwork mineralization is highly elevated in silver, copper, lead, zinc, arsenic, and antimony. Mineralization is believed to be hosted in the lower part of the Hazelton Formation. Further drilling will be conducted in an area approximately 200 m north of holes drilled to date near a newly discovered outcrop of base-metal-rich VMS mineralization (Figure 6). This exciting newly discovered massive sulfide mineralization is thought to be at or very close to the paleo-sea floor position.