Eskay Mining optionee SSR Mining drops SIB property
SSR MINING Inc. has advised Eskay Mining Corp. that it intends to terminate the option agreement originally announced in Eskay’s press release dated April 26, 2017, and return the SIB property to Eskay by year-end 2018. The company is currently analyzing the final results of the 2018 exploration program completed by SSR Mining, referred to in the company’ s press release of Oct. 19, 2018. On review of the data, there is strong evidence for a very active and as-yet-untested volcanic environment in the Coulter Creek footwall, within identical host lithologies to the nearby world-class Eskay Creek deposit. Geophysical and geological modelling indicates that the favourable and untested stratigraphy extends to the south of the area drilled, and the SIB programs have demonstrated that it is well within reach.
Mac Balkam, president and chief executive officer of Eskay Mining, stated: “While we understand that SSR Mining is intending to terminate the agreement, we thank them and our field crew for their substantial commitment to exploration at SIB (SSR Mining invested $7.7-million on the property). We are also very excited by the prospect of continuing to explore the large and undrilled tract of Eskay-like stratigraphy that underlies relatively thin cover rocks across most of the SIB property, and perhaps across much of the company’s immediately adjacent Corey property to the south. The well-executed SSRM programs have clearly shown that this area includes rocks which are similar to those hosting the nearby Eskay Creek mine deposits, and that they have only begun to be drill tested. With exploration once again very active at the nearby Mine property, we remain positive about the prospects at SIB.” Additionally, drilling of the Coulter Creek hangingwall revealed numerous broad intercepts of polymetallic sulfide veining within silicified volcanic and volcaniclastic rocks, consistent with VMS (volcanogenic massive sulphide) feeder-style mineralization at encouraging stratigraphic positions within the company’s geological model. The company is currently reviewing all of the data in detail and formulating future exploration plans for this and other areas at SIB. All assay results have now been received and are being prepared and interpreted for formal reporting to SSRM. They will also be summarized and reported in a forthcoming news release.
The property under option to SSR Mining represents approximately 9 per cent of the company’s land package in the Golden Triangle of northwest British Columbia. For further information regarding the SIB property, see the company’s press releases of Oct. 17, 2016, Aug. 8, 2016, May 9, 2016, and Jan. 22, 2018. For further information regarding Eskay Mining’s prospects and showings at the Corey property, see the company’s corporate presentation.
Charles J. Greig, PGeo, a member of the company’s advisory team, is a qualified person under the definition of National Instrument 43-101. Mr. Greig has reviewed and approved the technical information in this press release.
About Eskay Mining Corp. Eskay is an exploration company focused on the exploration and development of precious metals and base metals in British Columbia in a highly prolific, polymetallic area known as the Eskay Rift belt located in the Golden Triangle, 70 kilometres northwest of Stewart, B.C. The company currently holds mineral tenures in this area comprising 177 claims (130,000 acres).
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Hugh McLellan Balkam, John Gordon McMehen, Michael Robert Myhill
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