02:24:06 EST Wed 07 Dec 2022
Enter Symbol
or Name
USA
CA



Skeena Resources Ltd (4)
Symbol SKE
Shares Issued 69,791,946
Close 2022-09-02 C$ 6.16
Recent Sedar Documents

Skeena drills 12.12 m of 48.48 g/t AuEq at Eskay Creek

2022-09-06 08:49 ET - News Release

Mr. Walter Coles reports

SKEENA ANNOUNCES MULTIPLE 21A WEST ZONE EXPANSIONS AT ESKAY CREEK INCLUDING 48.48 G/T AUEQ OVER 12.12 METRES

Skeena Resources Ltd. has released the first drilling results from the 2022 regional and near-mine exploration programs at the Eskay Creek gold-silver project, located in the Golden Triangle of British Columbia. Analytical results from the recently completed drill holes are detailed in this release. Additional results will be reported once available.

New 2022 exploration program highlights:

  • 1.66 grams per tonne gold and 1.7 grams per tonne silver (1.68 grams per tonne gold equivalent) over 31.3 metres (SK-22-988, east flank);
  • 2.97 grams per tonne gold and three grams per tonne silver (3.01 grams per tonne gold equivalent) over 17.66 m (SK-22-990, east flank);
  • 2.27 grams per tonne gold and 2.3 grams per tonne silver (2.3 grams per tonne gold equivalent) over 21 m (SK-22-1006, 23 zone);
  • 1.31 grams per tonne gold and 1.3 grams per tonne silver (1.33 grams per tonne gold equivalent) over 47.5 m (SK-22-1008, 23 zone);
  • 1.85 grams per tonne gold and 1.8 grams per tonne silver (1.87 grams per tonne gold equivalent) over 27.68 m (SK-22-1018, east flank);
  • 1.52 grams per tonne gold and 1.5 grams per tonne silver (1.54 grams per tonne gold equivalent) over 31.6 m (SK-22-1023, east flank);
  • 1.74 grams per tonne gold and 1.7 grams per tonne silver (1.76 grams per tonne gold equivalent) over 46.77 m (SK-22-1028, 21AW);
  • 1.45 grams per tonne gold and 1.5 grams per tonne silver (1.47 grams per tonne gold equivalent) over 29.5 m (SK-22-1032, 21AW);
  • 47.5 grams per tonne gold and 73.4 grams per tonne silver (48.48 grams per tonne gold equivalent) over 12.12 m (SK-22-1093, 21AW).

New in-pit discovery enhances 21A West zone

Expanding upon the in-pit mineralization discovered in 2021 by drill hole SK-21-997, which intersected high-tenor gold mineralization averaging 8.78 grams per tonne gold and 13 grams per tonne silver (8.95 grams per tonne gold equivalent) over 34 m, 2022 drill hole SK-22-1093 has predictably lengthened the rhyolite-hosted 21A West zone with a new high-grade interval averaging 47.5 grams per tonne gold and 73.4 grams per tonne silver (48.48 grams per tonne gold equivalent) over 12.12 m. Occurring entirely within the intended open pit, 75 metres north of SK-21-997 at a vertical depth of only 50 metres below surface, this area of the resource was never populated by previous drilling and, as such, was modelled as barren waste rock. Analytical results for three other 2022 drill holes within this 75-metre gap are pending. The rhyolite-hosted mineralization within 21AW is not characterized by elevated concentrations of the epithermal suite of elements (mercury-arsenic-antimony), as is the case with the contact-mudstone-hosted mineralization. The limited drilling to date in 21AW indicates that precious metal grades typically increase vertically up stratigraphy with closer proximity to the contact mudstone.

Additional 21AW in-pit expansions have been delineated 50 metres below SK-21-997 with exploratory drill hole SK-22-1032, which intersected two zones averaging 1.73 grams per tonne gold and 1.7 grams per tonne silver (1.75 grams per tonne gold equivalent) over 11.02 m as well as 1.45 grams per tonne gold and 1.5 grams per tonne silver (1.47 grams per tonne gold equivalent) over 29.5 m.

"The new results from the rhyolite-hosted synvolcanic feeders clearly validate the predictability and robustness of our geological thesis," noted Paul Geddes, the company's senior vice-president of exploration and resource development. "Due to the high precious metal grade required by previous operators, the rhyolite-hosted mineralization was never a focus for our predecessors and hence lacked systematic exploration. We are very encouraged by the results to date and look forward to further enhancing the already robust mineral resource and economics of the project."

"These exploration drill results demonstrate the potential for adding new, open-pit mineralization in the near term to Eskay Creek," commented Skeena's president, Randy Reichert. "These new and evolving zones are contained within or near the proposed Eskay Creek open pit. A mineral resource update will be completed following the 2022 drill program, with the aim of upgrading at least a portion of the mineralization discovered in the 23 and 21A West zones to the indicated category for use in an updated mine plan."

Southern expansion drilling extends 21A West zone beyond resource limits

Situated 250 metres along strike to the south of the new in-pit discoveries, 2022 drill hole SK-22-1028 intersected 1.74 grams per tonne gold and 1.7 grams per tonne silver (1.76 grams per tonne gold equivalent) over 46.77 m in the same rhyolite-hosted synvolcanic structure that hosts 21AW mineralization. This discovery occurs 100 metres vertically below surface and beyond the limits of the currently defined Eskay Creek resource. Additional drilling is planned for this area to potentially expand the mineralization up dip to surface. Analytical results are pending for three other drill holes that were drilled in this 250-metre untested gap of 21AW.

Conference call for release of 2022 Eskay Creek feasibility study

The company will host a conference call at 8 a.m. PT (11 a.m. ET) on Thursday, Sept. 8, 2022, after the release of the Eskay Creek feasibility study. A presentation by management will be followed by a question-and-answer session.

Participant telephone numbers

Canada/United States:  1-800-319-4610

International toll:  1-604-638-5340

If you would like to ask a question, please dial in. All callers should dial in five to 10 minutes prior to the schedule start time and simply ask to join the call.

About Skeena Resources Ltd.

Skeena Resources is a Canadian mining exploration and development company focused on revitalizing the past-producing Eskay Creek gold-silver mine, located in Tahltan territory in the Golden Triangle of northwest British Columbia, Canada. The company released a prefeasibility study for Eskay Creek in July, 2021, which highlights an open-pit average grade of 4.57 grams per tonne gold equivalent, an after-tax net present value at a 5-per-cent discount of $1.4-billion, an internal rate of return of 56 per cent and a 1.4-year payback period at $1,550 (U.S.) per gold ounce. Skeena is currently completing both infill and exploration drilling to advance Eskay Creek to a full feasibility study, which will be released on Thursday, Sept. 8, 2022.

Qualified person

Exploration activities at the Eskay Creek project are administered on site by exploration manager Raegan Markel, PGeo, and director of exploration Adrian Newton, PGeo. In accordance with National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, Paul Geddes, PGeo, senior vice-president of exploration and resource development, is the qualified person for the company and has prepared, validated and approved the technical/scientific content of this news release. The company strictly adheres to CIM (Canadian Institute of Mining, Metallurgy and Petroleum) best practice guidelines in conducting, documenting and reporting the exploration activities on its projects.

Quality assurance/quality control

Once received from the drill and processed, all drill core samples are sawn in half, labelled and bagged. The remaining drill core is subsequently securely stored on site. Numbered security tags are applied to laboratory shipments for chain-of-custody requirements. The company inserts quality control samples at regular intervals in the sample stream, including blanks and reference materials with all sample shipments to monitor laboratory performance. The quality assurance/quality control program was designed and approved by Lynda Bloom, PGeo, of Analytical Solutions Ltd., and it is overseen by the company's qualified person, Paul Geddes, PGeo, vice-president of exploration and resource development.

Drill core samples are submitted to ALS Geochemistry's analytical facility in North Vancouver, B.C., for preparation and analysis. The ALS facility is accredited to the ISO/IEC 17025 standard for gold assays, and all analytical methods include quality control materials at set frequencies with established data acceptance criteria. The entire sample is crushed, and one kilogram is pulverized. Analysis for gold is by 50 g fire assay fusion with atomic absorption finish, with a lower limit of 0.01 part per million and an upper limit of 100 ppm. Samples with gold assays greater than 100 ppm are reanalyzed using a 50 g fire assay fusion with gravimetric finish. Analysis for silver is by 50 g fire assay fusion with gravimetric finish, with a lower limit of five ppm and an upper limit of 10,000 ppm. Samples with silver assays greater than 10,000 ppm are reanalyzed using a gravimetric silver concentrate method. A selected number of samples are also analyzed using a 48-element geochemical package by a four-acid digestion, followed by inductively coupled plasma atomic emission spectroscopy (ICP-AES) and inductively coupled plasma mass spectroscopy (ICP-MS), and also for mercury using an aqua regia digestion with inductively coupled plasma atomic emission spectroscopy finish. Samples with sulphur reporting greater than 10 per cent from the multielement analysis are reanalyzed for total sulphur by Leco furnace and infrared spectroscopy.

We seek Safe Harbor.

© 2022 Canjex Publishing Ltd. All rights reserved.