Eskay Mining Corp. announced discovery of multiple new volcanogenic massive sulfide ("VMS") targets across the Scarlet Ridge region, part of its 100% controlled Consolidated Eskay project, British Columbia. Diamond drilling recently commenced at the first of the Scarlet Ridge targets.

To date, the Company has completed 12,093m of diamond core drilling, approximately 40% of the 30,000m planned to be completed in 2022. Drill production is currently on target to reach this aggressive goal with four drills fully operational. Recent field investigations of the Scarlet Ridge vicinity have confirmed the presence of a trend of multiple VMS systems extending a minimum of 5 km along strike.

VMS mineralization occurs in four distinct feeder zones, Scarlet Ridge North, Scarlet Ridge South, Scarlet Valley, and Scarlet Knob, each spaced approximately 1 km apart. These feeder zones are all hosted by highly prospective upper and lower Hazelton Group stratigraphy at the north end of the Eastern Anticline approximately 7 km east of the Eskay Creek Mine which is situated at the north end of the Eskay Anticline. Preliminary investigations suggest this trend of VMS mineralization continues southwestwards to the Tarn Lake target which, if confirmed, defines a 8.5 km trend of VMS systems. Planned 2022 drilling in the Scarlet Ridge area targets feeder and sulfide replacement horizons at Scarlet Ridge South, Scarlet Valley, and Scarlet Knob.

Extensive ongoing geologic mapping and rock chip sampling of sulfide mineralization is enabling evaluation of precious metal endowment of as yet undrilled targets discovered during the 2022 program. Drilling has commenced at Scarlet Ridge South. Drill hole SR22-1 targets the core of an intensely mineralized and altered VMS feeder zone outcropping at the surface over an approximately 800x500 m area.

Replacement-style sulfide mineralization occurs in at least two horizons extending several hundred meters along strike from the feeder zone. Recent and historic rock chip samples and handheld XRF investigations of sulfide minerals in outcrop show very strong pathfinder element support for Au and Ag mineralization. Two new VMS targets have been identified southwest of Scarlet Ridge.

Scarlet Valley, situated approximately one km southwest of Scarlet Ridge, is characterized by dacite and andesite breccia and peperite displaying extensive sulfide stockwork and associated silicification. The Scarlet Valley VMS feeder zone is approximately 750 m wide at least one km long with numerous unexplored gossans extending to the west as well as along strike thus defining laterally extensive subseafloor replacement horizons. Recent and historic rock chip samples and handheld XRF investigations of sulfide minerals in outcrop show very strong pathfinder element support for Au and Ag mineralization at Scarlet Valley.

A maiden drill program is planned for Scarlet Valley during 2022.