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Eskay Mining Corp Announces Closing of $3.4 Million Non-Brokered Private Placement and Commencement of Drilling
TORONTO, ON / ACCESSWIRE / August 21, 2020 / Eskay Mining Corp. ("Eskay" or the "Company") (T...
About this update from Eskay Mining Corp
[{"type":"text","content":"Eskay Mining Corp Announces Closing of $3.4 Million Non-Brokered Private Placement and Commencement of DrillingTORONTO, ON / ACCESSWIRE / August 21, 2020 / Eskay Mining Corp. (\"Eskay\" or the \"Company\") (TSXV:ESK)(OTCQB:ESKYF)(Frankfurt:KN7) (WKN: A0YDPM) is pleased to announce that, further to its Press Release of July 28, 2020, it has closed its non-brokered private placement (the \"Offering\") with the sale of 3,500,000 flow-through units (the \"FT Units\") at a price of $0.645 per FT Unit for $2,257,500 and 2,559,444 working capital units (\"WC Unit\") at a price of $0.45 per WC Unit for $1,151,750. The Company raised an aggregate of $3,409,250 pursuant to the Offering.Proceeds from the Offering will be used to fund the Company's 2020 exploration program and for general working capital.Exploration Update and 2020 Drill Plans: Eskay's recently completed Skytem survey detected multiple discrete high-conductivity anomalies in the vicinity of the TV and Jeff volcanogenic massive sulfide (\"VMS\") prospects. Eskay believes these anomalies, many of which have not been previously drill tested, may be generated by buried sulfide mineralization.Recent reinterpretation of historic diamond drill core dating to 1995-1996 from TV and Jeff indicates the presence of stacked east-dipping VMS lenses occurring within carbonaceous mudstone and rhyolite breccia. The best historic drill intercept at TV is from drill hole TV95_15 that encountered 1.8 g/t Au over 34.46 m between 40.11-74.57 m including 29.9 g/t Au over 1.00 m from 61.0-62.0 m. At Jeff, the best historic drill intercept is from drill hole J91_7 that encountered 3.7 g/t Au over 43.55 m between 61.05-104.6 m including 22.5 g/t Au over 4.00 m from 63.1-67.1 m.Recent field examination of the Spearhead VMS prospect has defined a zone of carbonaceous mudstone and massive sulfide mineralization striking northwest, steeply overturned and outcropping over at least 150 m on the surface. Eskay Mining's team found evidence of two historic drill holes in the area, but both holes appear to have tested the footwall stringer part of the system and drilled away from the overturned massive sulfide horizon.Weather dependent, Eskay Mining is planning a minimum of 3,000 m of diamond drilling which began August 19, 2020. Most planned holes will test the TV and Jeff VMS prospects. At least two holes a...