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Eskay Mining Corp. (ESKYF) – Observations from the 2023 Diamond Drill Program

Natural Resources
0 min read


Friday, November 03, 2023

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Productive drill season. Eskay Mining had a productive 2023 diamond drill and exploration season at its 100% controlled Consolidated Eskay Gold Project. The roughly 6,000 meter drill program centered on seven targets: 1) Cumberland, 2) Scarlet Knob-Bruce Glacier, 3) Tarn Lake, 4) Hexagon-Mercury, 5) Maroon Cliffs, 6) Storie Creek, and 7) TV South. While the company confirmed new precious metal rich volcanogenic massive sulfide (VMS) discoveries, the most significant outcome, in our view, is that the program highlighted the significant exploration potential in the areas between the Cumberland target and the TV-Jeff complex. Tied for second are results from Scarlet Knob and Tarn Lake.

Encouraging results at Cumberland. Cumberland is ~6 kilometers south of the TV deposit and is similarly situated along the east side of the Eskay anticline. Nine holes were completed at the Cumberland target. Several returned promising assays, including Hole CBL23-28 which returned 3.02 grams of gold per tonne, 68.66 grams of silver per tonne, 0.24% copper, 0.74% lead, and 4.86% zinc, or 6.28 grams of gold equivalent, over 15 meters.


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