| 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. 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. 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 (Figur e 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 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 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: Mac@eskaymining.com |
