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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 "Compan...
About this update from Eskay Mining Corp
[{"type":"text","content":"Eskay Mining Announces SSR Mining’s Plan to Terminate SIB Property Exploration AgreementTORONTO,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 fu...