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Skeena Resources Ltd (4)
Symbol SKE
Shares Issued 75,769,228
Close 2022-11-07 C$ 6.56
Recent Sedar Documents

Skeena drills 24 m of 22.38 g/t AuEq at Eskay Creek

2022-11-08 08:21 ET - News Release

Mr. Walter Coles reports

SKEENA INTERSECTS HIGH-GRADE IN-PIT MINERALIZATION IN 21A WEST ZONE AVERAGING 22.38 G/T AUEQ OVER 24.00 METRES

Skeena Resources Ltd. has released additional drilling results from the 21A West zone delineation program as part of the recently completed 2022 regional and near-mine exploration campaigns at the Eskay Creek gold-silver project in the Golden Triangle of British Columbia. Analytical results from the recently completed drill holes are detailed in this release as well as on the company's website.

21A West zone continues to demonstrate high grades and continuity

Exploratory drill hole SK-22-1122 intersected high-tenor gold and silver mineralization in rhyolite facies rocks below the contact mudstone, averaging 20.43 grams per tonne gold and 175.2 g/t silver (22.38 g/t gold equivalent) over 24 m, with many notable high-grade subintervals, including 80.2 g/t gold and 2,790 g/t Ag (111.2 g/t AuEq) over 0.5 m as well as 65.8 g/t gold and 1.1 g/t Ag (65.81 g/t AuEq) over 0.93 m.

This drill hole has expanded and predictably validated the geometry of the evolving 21A West zone discovered in late 2021 and is situated 15 metres vertically below previously reported 2022 drill hole SK-22-1093, which intersected 47.5 g/t gold and 73.4 g/t Ag (48.48 g/t AuEq) over 12.12 m. The 21A West zone remains open for expansion both down dip and along strike. Occurring within the intended open pit at a vertical depth of only 60 metres below surface, this area of the resource was never populated by previous drilling and, as such, was previously modelled as barren waste rock.

New mineralization discovered below pit

New rhyolite-hosted mineralization has also been intersected by exploratory drill hole SK-22-1095, grading 5.39 g/t gold and 10.9 g/t Ag (5.51 g/t AuEq) over 20.6 m, including 26.8 g/t gold and 12.6 g/t Ag (26.94 g/t AuEq) over 0.74 m as well as 22.2 g/t gold and 8.1 g/t Ag (22.29 g/t AuEq) over 1.1 m. This new occurrence is situated 25 metres below the currently planned open pit and remains open for expansion. A total of 55,652 metres were drilled over 215 holes during the 2022 drilling program and will be incorporated into the second half 2023 resource update.

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.

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.

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