Eskay Mining (TSXV:ESK,OTCQX:ESKYF) has wrapped up its summer exploration program, laying the foundation for a drill program in 2025 after opting to postpone drilling activities due to market conditions.
“Because of the recent depressed market for mineral exploration companies, we decided to be financially prudent and hold off on undertaking a drill program this season,’ said President and CEO Mac Balkam.
Led by experienced geologist Ken McNaughton, Eskay focused on advancing its understanding of key areas in BC’s Golden Triangle region. The company’s work, which concentrated on assessing geological potential, involved ground investigations across several regions, including Storie Creek, Scarlett Knob, Tarn Lake and others.
Over the summer, Eskay gathered and submitted 363 rock samples for laboratory analysis. The company anticipates receiving results by September; they will help define future drilling targets next year.
McNaughton’s team believes Eskay can explore and drill aggressively in 2025 once capital markets have improved.
“Our keen financial management has left us in the strong position of having over C$2.5 million in cash, cashable instruments and government resource credits at a time when the exploration industry is generally cash starved,” Balkam explained in a Monday (August 26) press release.
The company’s exploration strategy is aimed at further unlocking the potential of its 100 percent owned TV, Jeff and SIB/Lulu deposits. Once its database update is finished, Eskay plans to complete a resource estimate for these deposits.
In June, the company agreed to merge with P2 Gold (TSXV:PGLD,OTCQB:PGLDF) in a deal that would have resulted in a new entity focused on both gold and copper exploration, with projects located in BC and Nevada.
However, the companies agreed to terminate the letter of intent in late June due to market conditions.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.