Eskay Mining Announces SSR Mining's Plan to Terminate SIB Property Exploration Agreement
TORONTO,ONTARIO / ACCESSWIRE / November 9, 2018 / Eskay Mining Corp. (“Eskay” or the “Company”) (TSX-V:ESK)(OTC-PK: ESKYF) (Frankfurt: KN7; WKN: A0YDPM) wishes to announce that SSRMining Inc. (NASDAQ: SSRM) (TSX: SSRM) (“SSRMining”) has advised the Company that it intends to terminate the optionagreement originally announced in the Company’s press release dated April 26,2017 and return the SIB property to the Company by year-end 2018. The Companyis currently analyzing the final results of the 2018 exploration program completedby SSR Mining, referred to in the Company’s press release of October 19, 2018.
On review of the data, there is strong evidencefor a very active and as-yet untested volcanic environment in the Coulter Creekfootwall, within identical host lithologies to the nearby world class EskayCreek deposit. Geophysical and geological modelling indicates that thefavourable and untested stratigraphy extends to the south of the area drilled, andthe SIB programs have demonstrated that it is well within reach.
Mac Balkam, President and CEO of Eskay Mining,stated: “While we understand that SSR Mining is intending to terminate theagreement, we thank them, and our field crew, for their substantial commitmentto exploration at SIB (SSR Mining invested $7.7 million on the property).We are also very excited by the prospect of continuingto explore the large and undrilled tract of Eskay-like stratigraphy thatunderlies relatively thin cover rocks across most of the SIB property, and perhapsacross much of the Company’s immediately adjacent Corey property to the south.The well-executed SSRM programs have clearly shown that this area includes rockswhich are similar to those hosting the nearby Eskay Creek Mine deposits, andthat they have only begun to be drill-tested. With exploration once again veryactive at the nearby Mine property we remain positive about the prospects atSIB.”
Additionally, drilling of the Coulter Creek hangingwall revealed numerous broad intercepts of polymetallic sulfide veining withinsilicified volcanic and volcaniclastic rocks, consistent with VMS feeder stylemineralization at encouraging stratigraphic positions within our geologicalmodel.The Company is currently reviewingall of the data in detail and formulating future exploration plans for this andother areas at SIB. All assay results have now been received and are beingprepared and interpreted for formal reporting to SSRM. They will also besummarized and reported in a forthcoming news release.
The property under option to SSR Miningrepresents approximately 9% of the Company’s land package in the GoldenTriangle of northwest British Columbia.
For further information regarding theSIB property, see the Company’s Press Releases of October 17, 2016, August8, 2016, May 9, 2016 and January 22, 2018. For further information regardingEskay Mining Corp.’s prospects and showings at the Corey property, see theCompany’s corporate presentation entitled “April 2018 Property Review andTargeting”.
Charles J. Greig, P. Geo., a member of theCompany’s Advisory Team, is a Qualified Person under the definition of NationalInstrument 43-101. Mr. Greig has reviewed and approved the technicalinformation in this press 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 anddevelopment of precious and base metals in British Columbia in a highlyprolific, poly metallic area known as the Eskay Rift Belt located in the “GoldenTriangle”, 70km northwest of Stewart, BC.The Company currently holdsmineral tenures in this area comprised of 177 claims (130,000 acres).
All material information onthe Company may be found on its website at www.eskaymining.com and on SEDAR atwww.sedar.com.
For further information,please contact:
T: 416 907 4020
Neither the TSXVenture Exchange nor its Regulation Services Provider (as that term is definedin the policies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
Forward-Looking Statements: This Press Release containsforward-looking statements that involve risks and uncertainties, which maycause actual results to differ materially from the statements made. When usedin this document, the words “may”, “would”, “could”, “will”, “intend”, “plan”,”anticipate”, “believe”, “estimate”, “expect” and similar expressions areintended to identify forward-looking statements. Such statements reflect ourcurrent views with respect to future events and are subject to risks anduncertainties. Many factors could cause our actual results to differ materiallyfrom the statements made, including those factors discussed in filings made byus with the Canadian securities regulatory authorities. Should one or more ofthese risks and uncertainties, such as actual results of current explorationprograms, the general risks associated with the mining industry, the price ofgold and other metals, currency and interest rate fluctuations, increasedcompetition and general economic and market factors, occur or shouldassumptions underlying the forward looking statements prove incorrect, actualresults may vary materially from those described herein as intended, planned,anticipated, or expected. We do not intend and do not assume any obligation toupdate these forward-looking statements, except as required by law.Shareholders are cautioned not to put undue reliance on such forward-lookingstatements.
SOURCE: Eskay Mining Corp.