13:04:51 EST Fri 27 Jan 2023
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or Name
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Skeena Resources Ltd (4)
Symbol SKE
Shares Issued 75,497,888
Close 2022-10-18 C$ 5.96
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Skeena Resources drills 50 m of 2.27 g/t AuEq at Eskay

2022-10-18 10:17 ET - News Release

Mr. Walter Coles reports

SKEENA ESTABLISHES 21A WEST ZONE CONTINUITY AT ESKAY CREEK WITH 2.27 G/T AUEQ OVER 50.00 METRES

Skeena Resources Ltd. has released drilling results from the 2022 regional and near-mine exploration programs at the Eskay Creek gold-silver project in the Golden Triangle of British Columbia. Analytical results and reference images from the recently completed drill holes are presented on the company's website. Additional results will be reported once available.

21A West zone continuity develops

Building 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, 13 g/t silver (8.95 g/t gold equivalent) over 34 metres and recently expanded by 2022 drill hole SK-22-1093 intersecting 47.50 g/t Au, 73.4 g/t Ag (48.48 g/t AuEq) over 12.12 m, drill hole SK-22-1031 has intersected 2.21 g/t Au, 4.6 g/t Ag (2.27 g/t AuEq) over 50 m. Due to the lack of historical drilling in this portion of the 21A zone, the area was considered as barren waste rock for both the 2022 resource estimate and feasibility study. This recently discovered feeder-style mineralization occurs within the footwall rhyolite sequence immediately below the contact mudstone and will be incorporated into the future resource and economic updates for the Eskay Creek project. The limited drilling to date in the 21A West zone indicates that precious metal tenor typically increases vertically up stratigraphy with closer proximity to the contact mudstone.

The continuing 2022 exploration program has not yet fully defined the extents of the 21A West zone. As is the case with similar feeder-style mineralization in other portions of the Eskay Creek deposit, zone geometry is well established and hole-to-hole continuity of mineralization is very predictable to date. The new intersection in hole SK-22-1031 highlighting 2.27 g/t AuEq over 50 m is 75 metres south along strike of the previously reported 48.48 g/t AuEq over 12.12 m in hole SK-22-1093.

23 zone expanded to south

Situated 500 metres south of the currently defined mineralization in the 23 zone, recently competed exploratory drill hole SK-22-1040 has intersected 0.78 g/t Au, 0.8 g/t Ag (0.79 g/t AuEq) over 95.75 m hosted entirely within the dacite package and even lower mudstone, which is consistent with the 23 zone mineralization. This new discovery begins only 25 metres below surface and is open for expansion.

Exploration status update

The company is currently performing expansion and infill drilling with six helicopter-supported drill rigs at the Eskay Creek project. The focus is to expedite not only the organic growth of open pittable resources in the 23, 21A West and 22 zones, but to infill these new zones for ultimate conversion to probable reserves.

About Skeena Resources Ltd.

Skeena 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 feasibility study for Eskay Creek in September, 2022, which highlights an open-pit average grade of four g/t AuEq, an after-tax net present value (5 per cent) of $1.4-billion, 50-per-cent internal rate of return and a one-year payback at $1,700 (U.S.) per ounce Au and $19 (U.S.) per oz Ag. Skeena is currently continuing exploration drilling at Eskay Creek.

Qualified persons

Exploration activities at the Eskay Creek project are administered on site by the company's 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, exploration and resource development, is the qualified person for the company and has prepared, validated and approved the technical and scientific content of this news release. The company strictly adheres to CIM best practices 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 lab shipments for chain-of-custody requirements. The company inserts quality control (QC) samples at regular intervals in the sample stream, including blanks and reference materials with all sample shipments to monitor laboratory performance. The QA/QC program was designed and approved by Lynda Bloom, PGeo, of Analytical Solutions Ltd., and is overseen by the company's qualified person, Mr. Geddes, PGeo, vice-president, 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-gram fire assay fusion with atomic absorption spectroscopy (AAS) finish with a lower limit of 0.01 part per million and upper limit of 100 ppm. Samples with gold assays greater than 100 ppm are reanalyzed using a 50-gram 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 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-multielement 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 digest with ICP-AES 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.

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