Eskay Mining (ESK.V): Numerous New Precious Metal-Rich VMS Targets Emerge Across Eskay Mining’s District Land Holdings

TORONTO, ON / ACCESSWIRE / February 25, 2021 / Eskay Mining Corp. (“Eskay” or the “Company”)(TSXV:ESK)(OTCQB:ESKYF)(FRA: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 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.

“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.”

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