Mr. Walter Coles reports
SKEENA EXPANDS 23 ZONE TO SURFACE AT ESKAY CREEK INTERSECTING 1.20 G/T AUEQ OVER 96.02 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 from the recently completed drill holes are presented at the end of this release as well as on the company's website. Additional results will be reported once available.
New 2022 drilling highlights:
- 1.94 grams per tonne gold and 32.3 g/t silver (2.3 g/t gold equivalent) over 26.5 m (SK-22-1069);
- 2.59 g/t Au and 7.9 g/t Ag (2.68 g/t AuEq) over 21 m (SK-22-1069);
- 0.98 g/t Au and 6.4 g/t Ag (1.05 g/t AuEq) over 29.87 m (SK-22-1069);
- 1.97 g/t Au and 9.3 g/t Ag (2.07 g/t AuEq) over 13.56 m (SK-22-1069);
- 1.12 g/t Au and 4.7 g/t Ag (1.17 g/t AuEq) over 109.82 m (SK-22-1071);
- 1.13 g/t Au and 6.6 g/t Ag (1.2 g/t AuEq) over 96.02 m (SK-22-1090).
True widths and zone geometries cannot be definitively determined at this time. Grade capping of individual assays has not been applied to the Au and Ag assays informing the length-weighted AuEq composites. Metallurgical processing recoveries have not been applied to the AuEq calculation and are taken at 100 per cent. Samples below detection limit were nulled to a value of zero.
23 zone mineralization expands to surface
Infill drill hole SK-22-1090 successfully confirmed the continuity of gold-silver mineralization in the 23 zone and has expanded mineralization to surface, intersecting 1.13 g/t Au and 6.6 g/t Ag (1.2 g/t AuEq) over 96.02 m. This newly drilled mineralization demonstrates excellent down-hole continuity and, most importantly, has extended mineralization to surface, which will have a potentially positive impact on the future open-pit strip ratio once the updated resource and engineering studies are completed. Additional drill holes targeting the surficial mineralization will be planned for future drilling campaigns.
Multiple new intersections discovered in the 21A West zone
Highlighted by recently completed exploratory drill hole SK-22-1071, a very wide interval of continuous, dacite-hosted gold-silver mineralization was intersected, grading 1.12 g/t Au and 4.7 g/t Ag (1.17 g/t AuEq) over 109.82 m. This new occurrence of feeder-style mineralization occurs 150 metres vertically below surface and below the current engineered pit. Due to the wide spacings of exploratory holes drilled to date, it is currently unclear if this mineralization is an extension of the 21A West zone or if it represents a new dacite-hosted replacement discovery analogous to the 23 zone.
Situated 70 metres along strike to the southeast of SK-22-1071, numerous rhyolite- and dacite-hosted gold-silver intersections were encountered by SK-22-1069 over the length of the drill hole, including: 1.94 g/t Au and 32.3 g/t Ag (2.3 g/t AuEq) over 26.5 m; 2.59 g/t Au and 7.9 g/t Ag (2.68 g/t AuEq) over 21 m; and 0.98 g/t Au and 6.4 g/t Ag (1.05 g/t AuEq) over 29.87 m. Based on currently defined zone geometries, these occurrences are likely a combination of 21A West feeder-style mineralization and possibly the dacite-hosted mineralization uncovered in SK-22-1071.
Additional new mineralization was also discovered in the even-lower mudstone via SK-22-1069, which averaged 1.97 g/t Au and 9.3 g/t Ag (2.07 g/t AuEq) over 13.56 m, including the high-tenor subinterval grading 11.55 g/t Au and 25 g/t Ag (11.83 g/t AuEq) over 1.19 m.
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 feasibility study for Eskay Creek in September, 2022, which highlights an open-pit average grade of four 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 50 per cent, and a one-year payback at $1,700 (U.S.) per ounce gold and $19 (U.S.) per ounce silver. Skeena is currently continuing exploration drilling at Eskay Creek.
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.
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