Eskay Mining Corp. announced it has expanded the TV-Jeff precious metal-rich volcanogenic massive sulfide ("VMS") mineralized corridor with new discoveries north of the Jeff deposit and in proximity to the TV deposit. Recent data analysis also points to a link between the TV-Jeff system on the east side of the Eskay Anticline with the Eskay Creek-SIB-Lulu system on the west.

Assays from the Scarlet Ridge, Scarlet Valley, Scarlet Knob and Tarn Lake are awaited from the laboratory. Summary of Exploration along the TV-Jeff VMS Corridor: The company's 2022 diamond drilling program predominantly focused on exploring new areas deemed favorable for discovering precious metal-rich VMS deposits across its Consolidated Eskay property. Widely spaced fences of drill holes, approximately 300m apart, tested a corridor of prospective ground extending 1.3 km north of the Jeff deposit, and multiple holes tested prospective areas in proximity to the TV deposit.

In both areas, significant mineralization was encountered. The first assays from a series of drill holes completed in proximity to TV have yielded significant intercepts of Au-Ag mineralization including 3.36 gpt Au and 109.50 gpt Au (4.76 gpt Au eq) over 2.00m within 1.14 gpt Au and 30.58 gpt Ag (1.53 gpt Au eq) over 30.56m in hole TV22-97 and 1.03 gpt Au and 173.12 gpt Ag (3.25 gpt Au eq) over 5.65m within 1.28 gpt Au and 87.92 gpt Ag (2.41 gpt Au eq) over 14.95m in hole TV22-109. Hole TV22-97 intercepted stockwork sulfide mineralization 25 m north of hole TV21-54 drilled last year.

Assays are still pending for additional drill holes that encountered sulfide-bearing stockwork in areas further north from TV22-97. Multiple holes, most awaiting assaying, encountered the Upper Massive Sulfide Zone discovered at TV in late 2021 in an area up to 100m north from the discovery hole, TV21-78, thus confirming that massive sulfides cap most of the 180 m strike length of the stockwork feeder at TV. TV22-109 is currently the only hole with complete assays from this zone.

In an area approximately 800m north of Jeff, three widely spaced drill holes encountered significant Au and Ag values including 15.44 gpt Au and 28.20 gpt Ag (15.80 gpt Au eq) over 1.59m within 1.06 gpt Au and 2.24 gpt Ag (1.09 gpt Au eq) over 43.96m in hole J22-89, 8.50 gpt Au and 11.88 gpt Ag (8.65 gpt Au eq) over 1.75m in hole J22-97 and 10.75 gpt Au and 31.00 gpt Ag (11.15 gpt Au eq) over 0.60m within 1.03 gpt Au and 6.20 gpt Ag (1.11 gpt Au eq) over 7.85m in hole J22-98. Given the wide spaced nature of these drill holes, the Company sees significant potential to expand this new discovery along strike to the north, south and down dip. Several drill holes located immediately adjacent to Jeff and up to approximately 600m north display intervals of appreciable base metal-rich VMS mineralization (Figures 4 and 5).

Eskay geologists interpret this mineralization as a higher temperature part of overall VMS system based on the abundance of chalcopyrite and sphalerite. Results include 3.45% Zn, 0.25% Pb and 0.22% Cu over 2.20m in hole J22-112, 1.37% Cu over 4.16m in hole J22-118 and 2.43% Zn, 0.76% Pb and 0.34% Cu over 2.10m in hole J22-122. Such high base metal values are not common in the Eskay Creek district, and Eskay's geologic team is assessing the full significance of these results.

Connecting East and West Limbs of the Eskay Anticline: Drilling, geological mapping, and soil sampling along the eastern limb of the Eskay anticline suggests that precious metal-rich VMS mineralization along the TV-Jeff corridor may extend further to the north towards the Betty Creek Formation (Lower Hazelton Group)-hosted Hexagon-Mercury thus forming a connection with the western limb which hosts the Eskay Creek, SIB and Lulu deposits. This concept is supported by a trend of historic anomalous Au-bearing rock chip samples coincident with a zone of conductivity seen in SkyTEM data that projects from Jeff North towards Hexagon-Mercury. Historic drilling at Hexagon-Mercury intercepted Betty Creek Formation (Lower Hazelton Group)-hosted sulfide mineralization with grades up to 8.08 g/t Au over 2 m in drill hole 03-127 (Heritage Explorations Limited, Eskay Project Assessment Report 2002-2003 Volumes 1-4).

Upon reviewing numerous outcrops in this area in 2022, Eskay Mining's geologic team considers the ground between Jeff North and Hexagon-Mercury to be highly prospective for additional VMS mineralization and intends to conduct extensive field work in this under-explored area in 2023. In preparation, two helipads were constructed between Jeff North and Hexagon-Mercury during the latter part of the 2022 program to provide access to this rugged area. In addition to the potential connection between the east and west limbs of the Eskay Anticline at Hexigon-Mercury, analyses from soil sampling in 2022 now defines strong Ag- and Au-in-soil anomalism connecting the eastern and western limbs at Excelsior.

This geochemical anomalism was observed to be associated with Eskay Rhyolite breccia (Upper Hazelton Group) on the western limb of the Eskay Anticline making this occurrence similar to Lulu situated approximately 7 km further north. The company's geologic team feel confident that Excelsior and underexplored ground to the north and west could prove to be yet another VMS discovery and intends to drill in this area in 2023.