Eskay Mining drills 6.28 g/t AuEq over 15 metres at Consolidated Eskay project, British Columbia

Eskay Mining Corp. [TSXV-ESK; OTCQX-ESKYF; FSE-KN7] reported encouraging assay results from its 2023 diamond drill and exploration campaign at its 100%-controlled Consolidated Eskay gold project in the Golden Triangle of northwest British Columbia. Precious-metal-rich volcanogenic massive sulphide (VMS) deposits are the focus of Eskay’s exploration.

Cumberland VMS discovery: Nine short diamond core holes were completed at the Cumberland showing in 2023, several of which encountered very promising precious and base metal-rich stockwork and massive mineralization.

Notable results include: 3.02 g/t gold, 68.66 g/t silver, 0.24% copper, 0.73% lead and 4.86% zinc (6.28 g/t gold equivalent) over 15 metres, including 8.48 g/t Au, 103.27 g/t Ag, 0.23% Cu, 1.08% Pb and 4.16% Zn (12.02 g/t AuEq) over 3.41 metres in hole CBL23-28; 1.21 g/t Au, 29.22 g/t Ag, 0.12% Cu, 0.32% Pb and 2.94% Zn (2.96 g/t AuEq) over 22.52 mteres, including 3.45 g/t Au, 108.21 g/t Ag, 0.65% Cu, 0.54% Pb and 19.40% Zn (13.24 g/t AuEq) over 1.75 metres in hole CBL23-29.

Also, 0.68 g/t Au, 15.72 g/t Ag, 0.07% Cu, 0.27% Pb and 0.90% Zn (1.39 g/t AuEq) over 45.67 metres in hole CBL23-30 as well as 0.95 g/t Au, 29.04 g/t Ag, 0.07% Cu, 0.29% Pb and 1.31% Zn (two g/t AuEq) over 61.23 metres, including 1.57 g/t Au, 58.80 g/t Ag, 0.16% Cu, 0.60% Pb and 3.13% Zn (3.91 g/t AuEq) over 20.08 metres in hole CBL23-31.

Cumberland lies approximately 6km due south of the TV deposit and is similarly situated along the east side of the Eskay anticline. Eskay’s geologic team thinks this discovery opens up considerable exploration potential in areas between Cumberland and the TV-Jeff VMS complex.

Based upon data from this limited first phase drill program, the Cumberland VMS deposit is interpreted to be tabular with a north-south orientation and a near vertical dip, perhaps slightly overturned. It remains open along strike and at depth.

While prospecting late in the season, a notable area of outcropping sulphide mineralization was observed approximately 2.5 km to the northeast of Cumberland and is potentially part of the same VMS system. This area has been named Mahogany Ridge. Historic rock chip sample data from the broader Cumberland trend includes samples grading 25.0, and 27.9 g/t gold.

Given the strong drill and rock chip sample results from the Cumberland-Mahogany Ridge area, Eskay Mining views this discovery as a high priority exploration target. Compelling evidence is emerging that the corridor starting at TV-Jeff in the north through Mahogany Ridge and Cumberland and continuing a further 1.5km south of Cumberland is highly prospective for further precious metal-rich VMS discoveries. Eskay Mining thinks this corridor requires urgent follow up work including drilling in 2024.

“Cumberland is shaping up to be a very compelling and unique target,” commented John DeDecker, VP of Exploration. “Intense polymetallic sulphide mineralization ranges from stockwork-style, to massive seafloor-hosted mineralization. The seafloor-hosted mineralization is associated with barite breccia, and is capped by a non-mineralized and highly magnetic pillow basalt. Drilling and field investigations have defined the orientation of the mineralized seafloor horizon and have shown that Ag anomalies in historic soil samples, and a pronounced magnetic anomaly evident in the 2021 EM survey lie along the trend of mineralization extending at least 300 m south of Cumberland. Our team looks forward to investigating this area further in 2024. The confirmation of another mineralized seafloor horizon at Scarlet Knob, and extensive disseminated Au mineralization at Tarn Lake opens these areas up to targeted exploration in 2024.”

Scarlet Knob-Bruce Glacier discovery: Near the end of the exploration season at a time of maximum snowmelt, Eskay Mining’s exploration team found outcrops of metal-rich VMS mineralization immediately adjacent to the eastern margin of Bruce Glacier. This area is called Scarlet Knob and is located in the northeastern part of the Consolidated Eskay Gold Project approximately 7km southeast of the Eskay Creek mine. Four rock chip samples collected from a 100 m long, 5 m wide sulphide replacement body returned very strong precious and base metal values, including 11.71 g/t gold, 199.03 g/t silver, 7.77% lead, 8.16% zinc for 20.34 g/t AuEq as well as other good assays.

Early in the drill season, four core holes were drilled in an area approximately 200 metres south of this high-grade discovery. Two of these holes encountered highly elevated precious and base metal values, including 0.24 g/t gold, 46.90 g/ty silver, 1.93% lead and 1.19% zinc.

Combined with the latter surface discovery of high-grade precious and base metal mineralization discussed above, this lends further strong evidence for a larger VMS system in this area. Eskay Mining’s geologic team takes the view that more exploration including core drilling is warranted at Scarlet Knob in 2024.

Four diamond drill holes were completed at Tarn Lake during the 2023 drill campaign to follow up on encouraging drill results from this area in 2022. While all four holes encountered short to moderate length intervals of mineralization, two holes, TN23-14 and TN23-16 encountered short high-grade intervals, 4.84 g/t Au and 8.14 g/t Ag (4.94 g/t AuEq) over 2 metres in TN23-14 and 7.83 g/t Au and 6.96 g/t Ag (7.92 g/t AuEq) over 2.45 metres in TN23-16.

More field work and follow up drilling will be needed to ascertain if the better part of this system is present in the Tarn Lake area.

Targeting at Hexagon-Mercury, situated on the western flank of the Eskay Anticline approximately 9 km south of Eskay Creek mine, was driven by geophysical anomalies interpreted by Riaz Mirza of Simcoe Geoscience. One of two drill holes completed at the target yielded an intercept of over 100 metres of appreciable stockwork sulphide mineralization. Further work is needed in this location to refine future targets.

Two holes tested the Maroon Cliffs target situated in the far northeast corner of the Consolidated Eskay Gold Project.

One hole was completed at Storie Creek, a target situated just 3.5 km SSE of the Eskay Creek mine. Any prospective Hazelton Group rocks will only lie to the east of Storie Creek. Consideration is being given to what further exploration might be done in the area.

Mineralization at the TV and Jeff deposits displays similar characteristics and mineralogy to the Eskay Creek deposit and therefore for AuEq, and Au:Ag, a ratio of 78:1 is used and AuEq and AgEq values are deemed to be reasonable based on assumed gold recovery (84.2%) and silver recovery (87.3%).

True widths of reported intercepts are not fully understood at this time. Eskay Mining holds mineral tenures in this area comprised of 177 claims (52,600 hectares).