Eskay Mining Encounters Extensive Stockwork Feeder Mineralization at the Jeff Target; Extensive New Targets Identified by New SkyTEM Data; Webinar Details

TORONTO, ON / ACCESSWIRE / July 13, 2021 / Eskay Mining Corp. ("Eskay" or the "Company") (TSXV:ESK)(OTCQB:ESKYF)(Frankfurt:KN7) (WKN:A0YDPM) is pleased to announce that recent diamond core drilling at the Jeff target, one of multiple targets across its 100% owned Consolidated Eskay precious metal-rich volcanogenic massive sulphide ("VMS") project in the Golden Triangle, British Columbia, has encountered multiple intercepts of stockwork feeder mineralization similar to that encountered in drilling in 2020. In addition, recently collected SkyTEM data has revealed several extensive VMS new targets.

Drilling Summary:

• Four diamond drills are currently operating at site and will be throughout the remainder of the 2021 exploration season. Eskay anticipates drilling at least 30,000 m this year.
• Eskay's first 2021 drill holes target extensions of the upper and lower Jeff stockwork feeder zones where drilling in 2020 yielded significant mineralized intercepts including 35.5 m grading 9.50 gpt Au and 70.0 gpt Ag in hole J20-33, 5.08 m grading 31.23 gpt Au and 138.1 gpt Ag in hole J20-34, and 14.12 m grading 2.87 gpt Au and 84.5 gpt Ag in hole J20-39.
• Multiple drill holes completed since start of drilling in late June have encountered significant intervals of stockwork feeder mineralization, some displaying significant amounts of pyrargyrite, a bright red silver sulfosalt mineral (Figure 1). Handheld XRF analyses from these intervals of core confirm significant silver and pathfinder element values are present. Gold is not reliably detectable by handheld XRF devices.
• Hole J21-41 encountered approximately 46 m of mineralization in an extension of the upper Jeff zone approximately 50 m east and down-dip of holes completed last year. This mineralization includes 22 meters of replacement-style mineralization, and 24 m of intensely silicified stockwork sulphide mineralization with tetrahedrite, a silver sulfosalt mineral, occuring in a hydrothermal breccia. Similarly, hole J21-46, positioned approximately 100 m north along strike from holes J21-41 and J20-39 (completed last season), encountered approximately 80 m of robust semi-massive replacement-style and stockwork feeder mineralization with pyrargyrite disseminated throughout mineralization. Based on these visual indications, Eskay's team is optimistic the upper Jeff zone is expanding and intensifying in areas downdip to the east, northeast, and along strike to the north.
• Sulfide mineralization was encountered in hole J21-47 drilled at a new target approximately 500 m northeast of Jeff. This intercept occurs in a stratigraphic position comparable to that hosting mineralization at Jeff.
• Systematic drilling around the TV target will commence shortly. Significant drill intercepts from 2020 drilling at TV includes 10.10 m grading 4.17 gpt Au and 40.2 gpt Ag in hole TV20-36, 17.46 m grading 2.58 gpt Au and 48.7 gpt Ag in hole TV20-37, and 29.92 m grading 3.18 gpt Au and 25.7 gpt Ag in hole TV20-40.

SkyTEM Summary:

• Eskay Mining's 2021 SkyTEM data collection is nearing completion. Areas of high altitude in the southern portion of the project have experienced adverse weather thus delaying data collection there. At present, data from the northern region has returned and is available for interpretation.
• SkyTEM data is proving to provide a remarkably detailed picture of the geologic architecture of the property. Precious metal-rich VMS mineralization occurs within the Jurassic Hazelton Group volcanic rocks which are generally resistive to electrical current. The highly conductive sedimentary rocks of the slightly younger Bowser Lake Group rest semi-conformably atop the Hazelton Group rocks. Therefore, the contact between resistive and highly conductive rocks is interpreted by Eskay Mining's geologic team to be the paleo-sea floor unconformity, the critical position at which, and somewhat below, one would expect to find VMS deposits (Figure 2).
• SkyTEM results from the northern part of the project clearly shows geologic continuity of the paleo-sea floor unconformity from the Eskay Creek mine area down the eastern limb of the Eskay anticline through the TV and Jeff area and beyond. This implies that this entire trend is highly prospective for Eskay Creek style mineralization and that the TV and Jeff discoveries are highly likely contemporaneous and genetically linked to the Eskay Creek deposit. Further support for this notion comes from elevated stream sediment Au anomalies ("BLEG") down the length of this zone. The Company has aggressive plans to drill test multiple areas along this zone this season to test this hypothesis.
• A pronounced conductive SkyTEM anomaly occurs at the northern end of the Eastern anticline in a position that mimmicks that of the Eskay Creek deposit at the northern end of the Eskay Creek anticline. This anomaly coincides with a highly robust BLEG Au anomaly identified by Eskay Mining earlier this year. Given the very high BLEG Au values in several drainages in this area, the Company considers this conductive target to be of very high importance and is currently making plans to drill test this target later this season, contingent on permitting (Figure 3).
• SkyTEM data from the western limb of the Eskay anticline provides a complete picture of the Bowser Lake Group-Hazelton Group contact. This contact is believed to be structural through most of this area with Bowser Lake Group rocks thrust faulted over Hazelton Group rocks. This said, strong Au BLEG anomalies are present where this contact trends southward. It is possible that the relation of these two units again becomes unconformable in this area making it prospective for precious metal-rich VMS deposits. Complete SkyTEM data from the southern region is needed to make further interpretations about this area.

Details for Eskay Mining's July 15 Webinar:

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," approximately 70km northwest of Stewart, BC. The Company currently holds mineral tenures in this area comprised of 177 claims (130,000 acres).

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:

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such as actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.

(Figure 1: Examples of sulfide stockwork feeder mineralization encountered in recent drilling at Jeff target. Gold colors are pyrite. Fine grains of tetrahedrite, a silver sulfosalt mineral, occurs interstitial to pyrite in the upper photo. Bright red spots in the lower photos are pyrargyrite, also a silver sulfosalt mineral.)

(Figure 2: SkyTEM data from the northern part of Eskay's project area. Cool colors are resistive rocks. Warm colors are conductive rocks. The contact between highly conductive Bowser Lake Group sedimentary rocks and the more resistive Hazelton Group volcanic rocks is readily apparent, in orange (solid where mapped and dashed where inferred; thick with teeth denotes thrust faulting). It is along this contact and areas of Hazelton Group rocks below that Eskay Mining considers prospective for precious metal-rich VMS mineralization. Thus, the eastern side of the Eskay anticline is considered highly prospective from Jeff to the Eskay Creek mine.)

(Figure 3: SkyTEM data from a select area in the far northeast part of the project area where a well-defined conductive feature is coincidental with very high Au BLEG stream sediment anomalies shown in transparent overlay. See Figure 2 for reference. Eskay Mining considers the area defined by the oval to be a very high new priority target and is making plans to drill here later this year.)

SOURCE: Eskay Mining Corp.