TV and Jeff Return Further Precious Metal Rich VMS Drill Intercepts for Eskay Mining

Including 10.1 gpt Au eq over 8.32m within 3.4 gpt Au eq over 40.07m, 16.3 gpt Au eq over 4.67m within 7.0 gpt Au eq over 12.09m, 3.6 gpt Au eq over 19.01m within 2.5 gpt Au eq over 53.86m and 61.3 gpt Au eq over 1.00m within 8.1 gpt Au eq over 8.53m

TORONTO, ON / ACCESSWIRE / December 8, 2021 / Eskay Mining Corp. ("Eskay" or the "Company") (TSXV:ESK)(OTCQX:ESKYF)(Frankfurt:KN7) (WKN:A0YDPM) is pleased to announce its second tranche of assay results from its 2021 diamond drill campaign at its 100% controlled Consolidated Eskay precious metal rich volcanogenic massive sulfide ("VMS") project, British Columbia. Results discussed in this news release include those from eighteen holes from the Jeff deposit and twelve holes from the TV deposit bringing the number of fully assayed holes announced by the Company to thirty-five out of a total of ninety-eight drilled this season.

"Impressive drill results from our 2021 diamond drill campaign at the Consolidated Eskay Precious Metal VMS Project are now steadily rolling in," commented Dr. Quinton Hennigh, technical advisor and director of Eskay Mining. "We now have 35 of 98 complete holes back, and remarkably, over 90% display significant reportable mineralized intercepts. Many holes from both TV and Jeff are displaying high-grades, a promising indication we are dealing with strong mineralizing systems. Our team's understanding of these deposits is growing rapidly as data returns, and we eagerly await return of data from the remaining 63 holes over the coming weeks."

"We are excited by results that continue to confirm our hypothesis that the TV and Jeff deposits are members of a larger VMS system that extends along strike and up and down stratigraphy" , commented Dr. John DeDecker, Eskay Mining's VP of Exploration. "Both systems show extensive hydrothermal alteration associated with mineralization. TV in particular has all the hallmarks of being located along a syn-volcanic feeder structure. As our stratigraphic model is refined with drilling, the trends of SkyTEM anomalies become more compelling, particularly given TV21-78, and TV21-81 intercepted massive sulfide and stockwork sulfide respectively. We look forward to continuing exploring these trends of anomalies in 2022." "

TV Drill Highlights:

• 10.1 gpt Au eq (7.6 gpt Au and 201.6 gpt Ag) over 8.32m within 3.4 gpt Au eq (2.6 gpt Au and 65.5 gpt Ag) over 40.07m in hole TV21-56.
• 16.3 gpt Au eq (1.8 gpt Au and 1,138.0 gpt Ag) over 4.67m within 7.0 gpt Au eq (0.9 gpt Au and 483.0 gpt Ag) over 12.09m in hole TV21-78.
• 9.4 gpt Au eq (7.5 gpt Au and 151.8 gpt Ag) over 5.94m within 2.8 gpt Au eq (2.3 gpt Au and 42.2 gpt Ag) over 34.03m in hole TV21-53.
• 13.2 gpt Au eq (12.6 gpt Au and 50.8 gpt Ag) over 3.39m within 2.5 gpt Au eq (2.2 gpt Au and 28.2 gpt Ag) over 35.50m in hole TV21-49.
• 4.9 gpt Au eq (2.6 gpt Au and 182.5 gpt Ag) over 7.94m within 2.2 gpt Au eq (1.5 gpt Au and 57.6 gpt Ag) over 40.80m in hole TV21-57.
• 3.6 gpt Au eq (1.7 gpt Au and 143.8 gpt Ag) over 19.01m within 2.5 gpt Au eq (1.3 gpt Au and 101.2 gpt Ag) over 53.86m in hole TV21-51.

Summary:

• These twelve holes provide further evidence that the TV deposit, located approximately 13 km south of Skeena's Eskay Creek mine, is shaping up to be an extensive precious metal rich VMS system (results presented in the table below).
• Mineralization remains open along strike to the north and south and down dip to the east (Figures 1, 2 and 3).
• Given that the Betty Creek Formation has been determined to be the host for this deposit, Eskay Mining considers stratigraphy above TV, through units of the Upper Hazelton Group, to also be highly prospective for further VMS discovery.
• Several recent holes from TV have returned high grades such as 16.3 gpt Au eq (1.8 gpt Au and 1,138.0 gpt Ag) over 4.67m in hole TV21-78, 13.2 gpt Au eq (12.6 gpt Au and 50.8 gpt Ag) over 3.39m in hole TV21-49, 10.1 gpt Au eq (7.6 gpt Au and 201.6 gpt Ag) over 8.32m in hole TV21-56 and 9.4 gpt Au eq (7.5 gpt Au and 151.8 gpt Ag) over 5.94m in hole TV21-53, a very promising indication of the strength of this system.
• Most of the reported intercepts from these twelve holes are from stockwork and/or sub-sea floor replacement style mineralization from both the Upper and Lower VMS systems at TV (Fig. 4).
• Silver grades are notably strong throughout most of the TV deposit.
• The high-grade interval of 16.3 gpt Au eq (1.8 gpt Au and 1,138.0 gpt Ag) over 4.67m in hole TV21-78 is the first assayed interval of the newly discovered Upper massive sulfide layer (Fig. 5) and is believed to represent near true width. Because there is no stockwork feeder mineralization immediately beneath this intercept in hole TV21-78, Eskay Mining believes the position of this intercept is somewhat distal from the core of the system. Nonetheless, this is a very encouraging first result.
• Sub-intervals reported from hole TV21-57 including 4.9 gpt Au eq (2.6 gpt Au and 182.5 gpt Ag) over 7.94m and 3.5 gpt Au eq (3.3 gpt Au and 11.9 gpt Ag) over 3.26m are of Lower massive sulfide mineralization and are consistent with previous intercepts through this layer including results reported from last year's drilling (Fig. 6).
• Seventeen of thirty-eight holes completed at TV have returned thus far. Holes still outstanding include numerous intercepts of stockwork, replacement and massive sulfide mineralization.

Assays from twelve diamond drill holes at TV:

Jeff Drill Highlights:

• 61.3 gpt Au eq (59.7 gpt Au and 127.0 gpt Ag) over 1.00m within 8.1 gpt Au eq (7.9 gpt Au and 17.1 gpt Ag) over 8.53m in hole J21-77.
• 18.3 gpt Au eq (17.8 gpt Au and 40.0 gpt Ag) over 1.08m within 7.1 gpt Au eq (6.9 gpt Au and 16.6 gpt Ag) over 3.67m in hole J21-46.
• 4.3 gpt Au eq (4.2 gpt Au and 12.3 gpt Ag) over 4.12m within 2.3 gpt Au eq (2.2 gpt Au and 10.9 gpt Ag) over 12.43m in hole J21-53.

Summary:

• Like TV, drill intercepts from Jeff include notable high grade including 61.3 gpt Au eq (59.7 gpt Au and 127.0 gpt Ag) over 1.00m within 8.1 gpt Au eq (7.9 gpt Au and 17.1 gpt Ag) over 8.53m in hole J21-77 and 18.3 gpt Au eq (17.8 gpt Au and 40.0 gpt Ag) over 1.08m within 7.1 gpt Au eq (6.9 gpt Au and 16.6 gpt Ag) over 3.67m in hole J21-46, a positive indication this system displays strength.
• Mineralization remains open along strike to the north and south and down dip to the east (Figures 7, 8 and 9).
• The Company's geologic team has conclusively determined that currently drilled mineralization at Jeff lies stratigraphically beneath mineralization at TV (Figure 10 and 11.) This implies that excellent potential remains for further discovery in areas stratigraphically above Jeff. In fact, high-grade mineralization encountered in several holes at Jeff (Figs. 12, and 13) may actually represent feeder mineralization to a deposit situated stratigraphically above Jeff, a very intriguing exploration opportunity.
• Eskay Mining geologists note that many recently assayed drill holes from Jeff display intervals of reportable mineralization (see table below) occurring within broad halos of lower grade mineralization, unreported, grading 0.1-0.5 gpt Au eq. One interpretation for this is that Jeff is a satellite to a larger system, perhaps the TV system located approximately 2 km to the south. SkyTEM data indicates the presence of numerous anomalies thought to be associated with sulfides occurring within a belt stretching north-south over approximately 6 km and encompassing both the Jeff and TV deposits (Fig. 13).
• Eighteen of forty-nine holes completed at Jeff have returned thus far. Holes still outstanding include numerous intercepts of stockwork and replacement mineralization.

Assays from eighteen diamond drill holes at Jeff:

Au eq and Ag eq calculations

Note on use of Au eq (Au eq=Au+Ag/79) and Ag eq (Ag eq=Au*79+Ag): Mineralization at the TV and Jeff deposits displays similar characteristics and mineralogy to the Eskay Creek deposit and therefore for Au eq, and Au:Ag, a ratio of 79:1 is used and Au eq and Ag eq values are deemed to be reasonable based on assumed gold recovery (84.2%) and silver recovery (87.3%) as reported in the Eskay Creek Project NI 43-101 Technical Report and Prefeasibility Study, British Columbia, Canada, Effective Date: 22 July, 2021, Prepared for: Skeena Resources Ltd., Prepared by: Absence Engineering Canada Inc.

Drill hole coordinates and orientations:

QA/QC, Methodology Statement:

Halved HQ drill core samples are submitted to ALS Geochemistry in Terrace, British Columbia for preparation and analysis. ALS is accredited to the ISO/IEC 17025 standard for gold assays. All analytical methods include quality control standards inserted at set frequencies. The entire sample interval is crushed and homogenized, 250 g of the homogenized sample is pulped. All samples were analyzed for gold, silver, mercury, and a suite of 48 major and trace elements. Analysis for gold is by fire assay fusion followed by Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES) on 30 g of pulp. Analysis for silver is by fire assay and gravimetric analysis on 30 g of pulp. Mercury is analyzed using the trace Hg Inductively Coupled Plasma Mass Spectroscopy (ICP-MS) method. All other major and trace elements are analyzed by four-acid digestion followed by ICP-MS.

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," 70km northwest of Stewart, BC. The Company currently holds mineral tenures in this area comprised of 177 claims (52,600 hectares).

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: Map view of reported 2021 drill hole assays at TV. Results are given in Au equivalent, with 2020 drill holes shown in transparency.)

(Figure 2: Cross-section looking south of reported 2021 drill hole assays at TV. Results are given in Au equivalent, with 2020 drill holes shown in transparency.)

(Figure 3: A long section view looking down-dip on the TV VMS system. This view intersects stratigraphy perpendicular to bedding, showing true stratigraphic thickness along strike.)

(Figure 4: TV21-51 67.08-75.88 m, showing stockwork mineralization hosted by an intensely silicified mudstone. The upper part of the stockwork zone at TV is intensely silicified along strike and dip.)

(Figure 5: TV21-57 138.75-148.03 m, showing massive and semi-massive sulfide mineralization hosted by intensely silicified mudstone. Intense silicification indicates a position immediately below or at the seafloor in VMS systems.)

(Figure 6: TV21-78 intercepted the Upper Massive Sulfide Horizon immediately above the stockwork mineralization intercepted by TV21-63. Pyrite occurs as sand- to gravel-sized clasts with replacement-style sphalerite, chalcopyrite, and pyrargyrite.)

(Figure 7: Map view of reported 2021 drill hole assays at Jeff. Results are given in Au equivalent, with 2020 drill holes shown in transparency.)

(Figure 8: Cross-section view looking south of reported 2021 drill hole assays at Jeff. Results are given in Au equivalent, with 2020 drill holes shown in transparency.)

(Figure 9: A long section view looking down-dip on the Jeff VMS system. This view intersects stratigraphy perpendicular to bedding, showing true stratigraphic thickness along strike.)

(Figure 10: Schematic stratigraphic correlation between mineralized zones at TV and Jeff. Drill holes that intercepted a given strata are noted.)

(Figure 11: Map of the TV and Jeff area showing results from the 2021 SkyTEM survey, traces of reported 2021 drill holes, and stratigraphic horizons. Solid lines indicate contacts defined by drilling, with dashed lines indicating inferred horizons.)

(Figure 12: J21-77 110.86-117.50 m, showing Lower Stockwork Zone mineralization within andesite breccia)

(Figure 13: J21-46 116.01-130.67, showing replacement style mineralization atop the Upper Stockwork Zone. Irregular and resorbed margins of dacite clasts indicate replacement-style mineralization.)

SOURCE: Eskay Mining Corp.