Eskay Mining Corp. announced its third tranche of assay results from its Summer, 2021 diamond drill campaign at its 100% controlled Consolidated Eskay precious metal rich volcanogenic massive sulfide project, British Columbia. Results discussed in this news release include those from eight holes from the TV deposit and thirteen holes from the Jeff deposit bringing the number of fully assayed holes announced by the Company to fifty-six out of a total of ninety-eight drilled during this program.

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. Mineralization remains open along strike to the north and south, down dip to the east and up stratigraphic section. 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.

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.

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. 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. 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.