Eskay Mining Receives Long High-Grade Assay Results from TV

• 10.34 gpt Au eq over 11.93m within 4.01 gpt Au eq over 117.32m within 2.35 gpt Au eq over 238.87m
• 14.44 gpt Au eq over 9.36m within 10.62 gpt Au eq over 14.58m within 2.96 gpt Au eq over 81.60m

TORONTO, January 19, 2022 - Eskay Mining Corp. ("Eskay" or the "Company") (TSXV:ESK)(OTCQX:ESKYF)(Frankfurt:KN7)(WKN:A0YDPM) is pleased to announce its third tranche of assay results from its Summer, 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 eight holes from the TV deposit and thirteen holes from the Jeff deposit bringing the number of fully assayed holes announced by the Company to fifty-six out of a total of ninety-eight drilled during this program.

"Most recent assays from diamond drill holes completed at the TV deposit include impressive grades and lengths," commented Dr. Quinton Hennigh, technical advisor and director of Eskay Mining. "Hole TV21-67 yielded a remarkable intercept of 10.34 gpt Au eq over 11.93m within 4.01 gpt Au eq over 117.32m within 2.35 gpt Au eq over 238.87m and hole TV21-71, 10.62 gpt Au eq over 14.58m within 2.96 gpt Au eq over 81.60m. Notably, bonanza grade intercepts have returned from the top of hole TV21-71 including 64.66 gpt Au eq (1.66 gpt Au and 5,040.00 gpt Ag) over 0.99m and 30.38 gpt Au eq (2.67 gpt Au and 2,216.72 gpt Ag) over 1.58m within 14.44 gpt Au eq (0.80 gpt Au and 1,090.80 gpt Ag) over 9.36m. These very high-grade results come from stockwork feeder mineralization which bodes well for discovery of high-grade VMS mineralization immediately above this position. We clearly have indications we are approaching a potential high-grade VMS system and are hopeful that results soon to return from other holes drilled here might give us further insight into this possibility. We clearly have a lot more exploratory drilling to conduct to the south and down-dip from this very intriguing area."

"The results of the 2021 program are showing that TV and Jeff are components of a larger VMS system focused on TV," commented Dr. John DeDecker, Eskay Mining's VP of Exploration. "At TV we have identified and vectored towards multiple mineralized stratigraphic horizons, and shown that mineralization is consistent over long drill intercepts demonstrating substantial true thickness and continuity along strike. Most striking is that stockwork mineralization extends and improves in grade and continuity down-dip. Currently, the stockwork zone remains open along strike to the north and south, down-dip to the east and up stratigraphic section."

TV Drill Highlights:

• 10.34 gpt Au eq (3.12 gpt Au and 577.65 gpt Ag) over 11.93m within 4.01 gpt Au eq (2.39 gpt Au and 129.85 gpt Ag) over 117.32m within 2.35 gpt Au eq (1.43 gpt Au and 73.60 gpt Ag) over 238.87m in hole TV21-67.
• 14.44 gpt Au eq (0.80 gpt Au and 1090.80 gpt Ag) over 9.36m within 10.62 gpt Au eq (0.59 gpt Au and 802.07 gpt Ag) over 14.58m within 2.96 gpt Au eq (0.82 gpt Au and 171.34 gpt Ag) over 81.60m in hole TV21-71. Notably, this hole includes shorter bonanza grade intervals including 64.66 gpt Au eq (1.66 gpt Au and 5,040.00 gpt Ag) over 0.99m and 30.38 gpt Au eq (2.67 gpt Au and 2,216.72 gpt Ag) over 1.58m.
• 3.67 gpt Au eq (3.29 gpt Au and 30.62 gpt Ag) over 27.49m in hole TV21-55.
• 4.76 gpt Au eq (3.21 gpt Au and 124.39 gpt Ag) over 15.60m within 2.64 gpt Au eq (1.41 gpt Au and 98.75 gpt Ag) over 56.60m in hole TV21-66.

Summary:

• All eight of these most recent holes report significant mineralized intercepts providing strengthening evidence that the TV deposit, located approximately 13 km south of Skeena's Eskay Creek mine, is a highly significant precious metal-rich VMS system (results presented in the table below).
• Mineralization remains open along strike to the north and south, down dip to the east and up stratigraphic section (Figures 1, 2 and 3).
• Several recent holes from TV have returned high grades such as 10.34 gpt Au eq (3.12 gpt Au and 577.65 gpt Ag) over 11.93m within 4.01 gpt Au eq (2.39 gpt Au and 129.85 gpt Ag) over 117.32m in hole TV21-67 and 14.44 gpt Au eq (0.80 gpt Au and 1090.80 gpt Ag) over 9.36m within 10.62 gpt Au eq (0.59 gpt Au and 802.07 gpt Ag) over 14.58m within 2.96 gpt Au eq (0.82 gpt Au and 171.34 gpt Ag) over 81.60m in hole TV21-71. Eskay Mining considers these strong values a very promising indication that the TV system is strengthening to the south and down dip.
• Hole TV21-71 includes notable bonanza grade intervals at its top including 64.66 gpt Au eq (1.66 gpt Au and 5,040.00 gpt Ag) over 0.99m and 30.38 gpt Au eq (2.67 gpt Au and 2,216.72 gpt Ag) over 1.58m. Given these high-grade results occur in stockwork mineralization, the Company thinks there is good potential for discovery of high-grade VMS style mineralization at the top of this feeder zone. This area will be a major focus of future exploration.
• Given that the Betty Creek Formation has been determined to be the host for this deposit, Eskay Mining considers stratigraphy above the currently drilled part of TV, through units of the Upper Hazelton Group, to be highly prospective for further VMS discovery.
• Most of the reported intercepts from these twelve holes are from stockwork and/or sub-seafloor replacement style mineralization from both the Upper and Lower VMS systems at TV (Figures. 4, 5, 6, 7, and 8).
• Silver grades remain notably strong throughout most of the TV deposit.
• Twenty-five 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 eight diamond drill holes at TV:

Jeff Drill Highlights:

• 2.54 gpt Au eq (2.48 gpt Au and 4.96 gpt Ag) over 5.94m and 7.33 gpt Au eq (7.28 gpt Au and 3.97 gpt Ag) over 1.49m within 2.56 gpt Au eq (1.28 gpt Au and 102.03 gpt Ag) over 6.51m in hole J21-48.
• 1.51 gpt Au eq (1.38 gpt Au and 10.05 gpt Ag) over 11.74m in hole J21-71.

Summary:

• Recent drill results continue to indicate mineralization remains open along strike to the north and south and down dip to the east from Jeff (Figures 9 and 10).
• Six of the recently returned thirteen holes, J21-45, -48, -63, -71, -79 and -82, report significant mineralized intercepts (results presented in the table below). Holes J21-47, -49, -70, -72, -73, -74, -84 and -85 all encountered intercepts of anomalous mineralization deemed peripheral to the greater Jeff VMS system.
• As discussed in a Company news release dated December 8, 2021, Eskay Mining's geologic team has conclusively determined that currently drilled mineralization at Jeff lies stratigraphically beneath mineralization at TV implying that excellent potential remains for further discovery in areas stratigraphically above Jeff (Figure 11). In fact, recent high-grade mineralization encountered in several holes at Jeff may actually represent feeder mineralization to a deposit situated stratigraphically above Jeff, a very intriguing exploration opportunity.
• Thirty-one of forty-nine holes completed at Jeff have returned thus far. Holes still outstanding include numerous intercepts of stockwork and replacement mineralization.

Assays from six diamond drill holes at Jeff:

Au eq and Ag eq Calculations:

Note on use of Au eq (Au eq=Au+Ag/78) and Ag eq (Ag eq=Au*78+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 78:1 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. Mineralization remains open along strike and down-dip after the 2021 drill program.)

(Figure 2: Cross-section looking north of reported 2021 drill hole assays at TV. Results are given in Au equivalent, with 2020 drill holes shown in transparency. Gold and silver mineralization intercepts the surface and continues down-dip where it improves in grade and continuity. Mineralization remains open along strike and down-dip after the 2021 drill program.)

(Figure 3: A long section view looking down-dip on the TV VMS system. This view intersects stratigraphy perpendicular to bedding and shows the true thickness of Au and Ag mineralization. Mineralization remains open along strike and down-dip after the 2021 drill program.)

(Figure 4: TV21-67 17.28-29.74 m, showing a hydrothermally brecciated and silicified mudstone with stockwork sulfide and sulfosalt minerals. Silicification with stockwork mineralization indicates close proximity to the intersection of a VMS feeder structure with the paleo-seafloor.)

(Figure 5: TV21-67 82.45-94.86 m, showing silicified mudstone and dacite breccia with stockwork sulfide mineralization. The intercept of mineralized dacite in TV21-67 and other drill holes shows that this mineralized horizon extends from the surface, improving in grade and opening up down-dip.)

(Figure 6: TV21-66 155.12-167.25 m, showing silicified mudstone and dacite breccia with stockwork sulfide mineralization. The intercept of this key mineralized horizon by several holes in the 2020 and 2021 drill programs shows the continuity of stockwork mineralization, favorable host-stratigraphy, and hydrothermal alteration along ~150 m of strike. Stockwork mineralization and intense hydrothermal alteration are open to the north and south following the 2021 drill program.)

(Figure 7: TV21-71 3.42-15.42 m, showing intensely silicified mudstone with stockwork and replacement-style sulfide and sulfosalt mineralization. A key aspect of TV is that Au and Ag mineralization intercepts the surface and continues down-dip and along strike. The presence of replacement-style and semi-massive sulfides and intense silicification indicates a very close proximity to the paleo-seafloor horizon.)

(Figure 8: TV21-71 54..62-67.09 m, showing intensely silicified, variably bleached, and brecciated andesite with stockwork sulfide mineralization. TV21-71 shows that alteration and Au-Ag mineralization have a true thickness of over 50 m, similar to the thickness of mineralization intercepted by TV21-51 and TV21-54 ~70 m and ~140 m to the north respectively.)

(Figure 9: Map view of reported 2021 drill hole assays from Jeff. Results are given in Au equivalent, with 2020 drill holes shown in transparency. Drilling at Jeff shows a mineralization style characterized by high-grade pods surrounded by broad halos of 0.1-0.7 g/t Au equivalent, both are hosted within sulfide stockwork. Drilling to the north of Jeff (J21-47 and J21-51) shows that the TV-Jeff VMS hydrothermal system occurred at least as far north as J21-51, where the two Jeff horizons are weakly mineralized and strongly altered.)

(Figure 10: Cross-section view looking north of reported 2021 drill hole assays for Jeff (J21-47, and J21-51 are out of section). Results are given in Au equivalent, with 2020 drill holes shown in transparency. The broad zones of mineralization are open down-dip. There is the potential for additional mineralized horizons up-section in rocks that correlate with mineralized zones at TV.)

(Figure 11: A long section of the TV-Jeff VMS system looking down dip. Careful investigations have correlated the stratigraphy between TV and Jeff, showing that the two stockwork zones at Jeff are stratigraphically below the Lower Massive Sulfide Horizon at TV. This opens up the possibility for additional stockwork mineralization below the Lower Massive Sulfide Horizon at TV, it is possible that Au values reported herein for the bottom of TV21-69 represent such stockwork mineralization. It is also possible that additional VMS mineralization occurs up-section from Jeff, at a position that correlates with the mineralized horizons at TV.)

SOURCE: Eskay Mining Corp.