Eskay Mining Corp.
Momentum Builds Ahead of Drill Program: Prime Location, High Grades
Published: Feb 28, 2026
Author: FRC Analysts
Disclosure: Eskay Mining Corp. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions.
Company Details
Sector – Basic Materials
Industry – Other Industrial Metals & Mining
Trading Information
Trading information – ESK.V : TSXV
Report Highlights
- ESK is up 108% YTD, highlighting strong momentum as the company prepares to launch its next drill campaign.
- The company’s Eskay project in B.C.’s Golden Triangle is located in one of the world’s richest (high-grade) mining regions. It surrounds the past-producing, ultra-high-grade Eskay Creek gold–silver mine, and borders Seabridge Gold’s (TSX: SEA) KSM gold–copper project, and Newmont’s (NYSE: NEM) Brucejack gold mine.
- Past exploration has identified several targets, including flagship zones such as C10, Vermillion, and TM. The project currently does not have an independently verified (NI 43-101) resource estimate. We are maintaining our speculative estimate of 2.11 Moz AuEq (gold equivalent) on the Vermillion and TM zones, while no estimates are assigned to other targets due to their early-stage status.
- Since our previous report in October 2025, the company has reported encouraging results from a sampling program aimed at refining priority drill targets. The program returned high-grade gold values, and identified additional gold-bearing zones beyond previously defined mineralization along the C10–Vermillion–TM trend, suggesting gold resources may be larger than previously estimated. However, we will await further drilling confirmation before upgrading our estimate.
- Management plans to complete a maiden resource estimate after fully testing all main targets. The upcoming drill program will target four main areas: Vermillion, TM, Big Red, and the new Sultan zone. The goal is to find more high-grade gold and silver, and discover new mineralized areas.
- ESK is targeting polymetallic mineralization, with gold as the dominant metal. Gold has retreated from historic highs but remains up 79% YoY, sustaining unprecedented levels. While short-term volatility can be severe, we expect prices to stay well above historical averages, supported by safe-haven demand amid geopolitical uncertainty.
- Upcoming catalysts include drilling, and market recognition of the project’s potential, particularly once investors digest our speculative estimate for the two key targets.
Price and Volume (1-year)
* Qualified Person: Clinton Smyth, P. Geo., Chief Geologist of Eskay Mining Corp
* Eskay Mining Corp. has paid FRC a fee for research coverage and distribution of reports. See last page for other important disclosures, rating, and risk definitions. All figures in C$ unless otherwise specified.
Located 70 km northwest of Stewart, B.C., in one of the world’s richest precious metal regions
Eskay Project (100% interest)
The 52,600-hectare project is located within the Golden Triangle, one of the world’s richest areas for precious metals. The project is near the Eskay Creek mine, now owned by Skeena Resources ( TSX: SKE ) . From 1994 to 2008, Eskay Creek produced 3.3 Moz of gold , and 161 Moz of silver, at exceptional grades (45 g/t Au, 2,224 g/t Ag) , with unusually low cash costs of just US$60/oz. These results highlight the potential of projects in the area, and proximity to major mines makes a successful discovery an attractive acquisition target.
Project Location and Targets Map
Source: Company
Close to several well-known projects
Just 13 km south of the old Eskay Creek mine, which Skeena Resources is turning into a new open-pit mine
The project is prospective for both VMS and porphyry copper/gold deposits, which are related and often occur in clusters; multiple deposits together can form an entire mining district or camp
Main Prospects
Source: FRC / Company
Several early-stage targets have been identified, but no independent (NI 43-101) resources have been defined yet
Targets highlighted in orange represent near-term priorities
Last year, ESK completed a satellite survey , and collected 310 rock chip and 55 channel samples to identify drill targets. The program was promising, as it returned high-grade gold, and discovered new gold areas outside previously known zones along the C10-Vermillion-TM trend.
Sample Location Map & Assay Highlights
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