TORONTO, ON / ACCESSWIRE / October 16, 2020 / Eskay Mining Corp. (“Eskay” or the “Company”) (TSXV:ESK)(OTCQB:ESKYF)(Frankfurt:KN7)(WKN: A0YDPM) is pleased to announce that it has completed a highly successful diamond drill campaign encompassing 4,335.55 m in 20 holes at its TV-Jeff precious metal-bearing volcanogenic massive sulphide (“VMS”) target on joint venture ground held with Kirkland Lake Gold Ltd. (80% Eskay/20% Kirkland Lake Gold). Nearly all drill holes encountered VMS styles of mineralization including bedded massive sulphide, stockwork feeder and/or sub-seafloor sulphide replacement. Importantly, some holes encountered silver-bearing sulphide minerals such as pyrargyrite and a natural gold-silver alloy called electrum, a promising indication of potential for appreciable precious metals in some mineralized intercepts.

Core logging, cutting and sampling of recently completed holes will be finished shortly at which point all samples will be delivered to the assay laboratory. Due to chronic assay backlogs, Eskay Mining has selected priority samples from many holes to be assayed first.

Highlights:

  • The 2020 drill program encompassed 4,335.55 m in 20 holes, 11 at TV and 9 at Jeff. The TV and Jeff targets, situated approximately 1.5 km apart, have traditionally been viewed as independent VMS systems, but data from recent Skytem, magnetotelluric and induced polarization geophysical surveys conducted by the Company show very strong evidence these prospects are likely part of a single larger VMS system, one with a footprint extending for perhaps 3-4 km from north to south. If so, this means this is potentially a much larger VMS system when compared to others in the region.
  • Nearly all drill holes at both TV and Jeff encountered VMS styles of mineralization including bedded massive sulphide, stockwork feeder and/or sub-seafloor sulphide replacement (Figures 1-3). Historic drilling at these targets dates to nearly 25 years ago and did not adequately test the style and orientation of the VMS system as now interpreted. Eskay Mining’s recently completed drill holes were oriented to generate much more appropriate geologic and geometric data.
  • Sulphide mineralization in all holes is hosted by a sequence of mudstones and volcaniclastic rocks. Eskay Mining speculates that this sequence of host rocks is similar to those reported by Skeena Resources in recent deep drill holes under their Eskay Creek VMS system. Skeena Resources has discovered multiple levels of mudstone and mineralization at depth at Eskay Creek.
  • Late in this season’s drill program, Eskay Mining began to offset early mineralized intercepts at Jeff. Subsequent holes encountered mineralization displaying silver-bearing sulphide minerals such as pyrargyrite and a natural gold-silver alloy called electrum, a promising indication of potential for appreciable precious metals in some mineralized intercepts (Figures 4 and 5). Forthcoming assays will help evaluate this potential further.
  • Interestingly, mineralized intercepts with precious metal mineralogy were encountered in holes testing the highest stratigraphic position within the mineralized sequence that was tested during this program. This suggests further mineralization may be discovered yet higher within the stratigraphy than previously thought. Therefore, Eskay Mining views the TV-Jeff system as being open along strike to the north and south, down dip to the east and up section higher in the stratigraphy. TV-Jeff is a very large VMS system with robust potential for growth.
  • In addition to promising drilling at TV-Jeff, Eskay has now reviewed airborne and ground-based geophysical data that was generated over broad parts of its 526 sq km property during the summer field program. At least seven other potential VMS systems are evident in this data and will be the subject of follow up exploration during the 2021 field season.

“We are very happy with our overall meterage and numerous VMS intercepts encountered in our 2020 diamond drill program at TV-Jeff,” commented Dr. Quinton Hennigh, director and technical advisor to Eskay Mining. “To pull off this much drilling this late in the season is a testament to the very strong team we have in place here at Eskay Mining. We see a very large VMS system at TV-Jeff, and the presence of visible pyrargyrite and electrum in some of our latest holes is a very promising indication the system may bear appreciable precious metals. We can now readily see many immediate areas where we need to expand drilling next season. Our geophysics indicates TV-Jeff is much bigger than previously thought, and importantly, there are at least seven other high priority VMS targets emerging across the property. We have all the reason in the world to expect a very busy follow up season next year. In the meantime, we eagerly await assays from the 2020 drill program.”

Dr. Quinton Hennigh, P. Geo., a director of the Company and its technical adviser, and a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical contents of this news release.

CLICK HERE to read the full news release.

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