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Eskay Mining Corp. (Eskay) is a TSX Venture Exchange listed company that focuses on exploring and developing precious and base metals in the Golden Triangle of British Columbia. With 177 claims totaling 52,600 hectares, Eskay aims to make significant resource discoveries. Recent achievements include identifying new high-priority drill targets and significant mineralization at various sites like Tarn Lake, Cumberland, Scarlet Knob-Bruce Glacier, and more. Eskay has entered into a non-binding letter of intent with P2 Gold Inc. to acquire P2 in a business combination transaction, which is expected to enhance exploration capabilities in the Golden Triangle and Nevada.
Eskay Mining Corp. (TSXV:ESK)(OTCQX:ESKYF) has announced results from its 2024 prospecting campaign on its 100% controlled Consolidated Eskay property. The campaign focused on newly identified high-grade gold veins in the southern portions of the property. Key highlights include:
1. Discovery of numerous high-grade quartz-carbonate-sulfide veins and stockwork veining in shear zones at C10-Vermillion and Ted Morris Glacier (TM Zone).
2. Notable high-grade samples from C10-Vermillion include up to 205 gpt Au, 371 gpt Ag, and 10.3% Cu.
3. TM Zone samples yielded up to 136 gpt Au and 278 gpt Ag.
4. Additional high-grade samples were collected from Scarlet Knob-Tarn Lake, Cumberland, TV Extension, and SIB-Lulu prospects.
The company plans to conduct further exploration and drilling in these areas in 2025.
Eskay Mining Corp. (TSX-V:ESK)(OTCQX:ESKYF) has completed its summer exploration program, led by geologist Ken McNaughton. The team explored various areas, collecting 363 rock samples for analysis, with results expected by early September. These findings will help identify future drilling targets. The company plans to engage an independent resource modeler for a maiden resource estimate of its TV, Jeff, and SIB/Lulu deposits.
CEO Mac Balkam cited depressed market conditions for mineral exploration companies as the reason for postponing this season's drill program. However, the company is positioned to pursue an aggressive exploration and drilling program in 2025, pending improved capital markets. Eskay Mining currently holds over $2.5 million in cash, cashable instruments, and government resource credits.
Eskay Mining and P2 Gold announced the termination of their previously agreed-upon business combination due to current market conditions. Initially, Eskay intended to acquire P2 Gold under a non-binding letter of intent dated June 4, 2024. Despite the cancellation, both companies will continue their collaboration through an exploration services agreement. This agreement involves P2 Gold planning and executing an exploration program on Eskay's Corey Property for the 2024 exploration season, with teams mobilizing to the site this week.
P2 Gold Inc. and Eskay Mining Corp. are mobilizing exploration crews to the Eskay-Corey Property in the Golden Triangle of northwest British Columbia. The exploration program, supervised by P2's Chief Exploration Officer Ken McNaughton, aims to ground-truth geological and geophysical data and develop drill targets. This mobilization follows a business combination agreement between Eskay and P2 signed on June 4, 2024. Phase One will focus on validating existing data, with Phase Two expected to begin later this year.
Eskay Mining and P2 Gold have agreed to merge, focusing on gold and copper exploration in the Golden Triangle and Nevada. Announced on June 4, 2024, the transaction will see Eskay acquire P2, with P2 shareholders receiving 0.2778 Eskay shares per P2 share. Upon completion, Eskay shareholders will own 80% and P2 shareholders 20% of the combined company. The merger aims to leverage P2's expertise, especially in the Eskay-Corey Property and Gabbs Project. The transaction requires multiple approvals, including from shareholders and regulatory bodies, and is expected to close by October 31, 2024.
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