Eskay Mining Corp. announced it has completed 29,500 m of diamond core drilling substantially fulfilling its planned meterage for the 2022 property wide exploration campaign. Over the past four months, drilling has been conducted at multiple volcanogenic massive sulfide (VMS) targets including Jeff, Jeff North, Scarlet Ridge, Scarlet Valley, and Tarn Lake.

Drilling has now been completed and the Company is currently demobilizing. Step-out drilling of the Upper Massive Sulfide Zone has confirmed that semi-massive and massive sulfide mineralization overlies the entire stockwork zone at TV thus significantly expanding the along-strike and down-dip extent of this important body of mineralization. Maiden drilling at Scarlet Valley and Tarn Lake yielded core displaying intense stockwork and replacement-style sulfide mineralization and hydrothermal alteration focused along east-west trending andesite dikes.

Replacement-style mineralization and hydrothermal alteration of volcaniclastic debris flow breccia at Scarlet Valley provide an encouraging sign that the VMS feeder structures may have fed laterally extensive replacement-style mineralization along favorable stratigraphic horizons. Drilling at TV, the last to be undertaken this season, focused on extensions of the Upper Massive Sulfide Zone discovered in 2021. Drill holes TV22-105, 107, 109, 110, 111, and 113 target areas east and up-section from the large stockwork zone defined by drilling in 2021.

All of these holes have intercepted semi-massive to massive sulfide over intervals ranging from 4-18 meters and tens of meters of additional footwall replacement-style and stockwork sulfide mineralization hosted by andesite and dacite breccia, and silicified mudstone. Extensions of the Upper Massive Sulfide Zone overlie intensely silicified mudstones in the stockwork zone, consistent with a near-seafloor position. Handheld XRF analyses of massive and semi-massive sulfides hosted by carbonaceous mudstone display strongly anomalous concentrations of pathfinder elements Ag, As, and Sb; stockwork ineralization displays strongly elevated levels of pathfinder elements As and Sb; and readings from massive sulfide display very high concentrations of pathfinder elements Ag, As, and Sb.

Handheld XRF cannot reliably measure Au concentrations. Drilling at Tarn Lake focused on a large gossanous outcrop associated with visible sulfide and sulfosalt mineralization hosted within Eskay rhyolite. Sulfide mineralization is focused around east-west trending andesitic dikes that are interpreted to have exploited the same syn-volcanic structure that fed VMS forming fluids.

Nine drill holes were completed at Tarn Lake. Hole TN22-10 intercepted approximately 10 m of semi-massive replacement style mineralization, and ubiquitous disseminated sulfide mineralization associated with sulfide stockwork. Early results show pervasive stockwork and disseminated sulfide mineralization in all drill holes completed at Tarn Lake.

Handheld XRF readings display very high concentrations of pathfinder elements Ag, As, and Sb within stockwork and semi-massive and massive sulfide mineralization. Handheld XRF cannot reliably measure Au concentrations. Rhyolite-hosted sulfide mineralization at Scarlet Knob, situated approximately 1 km to the northeast of Tarn Lake, is likely structurally offset from the Tarn Lake VMS system, displaced along a dextral shear zone.