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Skeena Resources Ltd (4)
Symbol SKE
Shares Issued 75,769,228
Close 2022-11-16 C$ 7.09
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Skeena drills 17.2 m of 7.91 g/t AuEq at Eskay Creek

2022-11-17 09:18 ET - News Release

Mr. Walter Coles reports

SKEENA ANNOUNCES HIGH-GRADE IN-PIT EXTENSION OF 21A WEST ZONE INTERSECTING 7.91 G/T AUEQ OVER 17.20 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.

Assay results extend 21A West zone farther to the south

In an area previously modelled as barren waste rock, exploratory drill hole SK-22-1131 intersected high-tenor gold and silver mineralization in rhyolite facies rocks starting at 14 metres vertically below surface, averaging 7.73 grams per tonne gold and 16.8 g/t silver (7.91 g/t gold equivalent) over 17.2 m, with notable high-grade subintervals, including 9.47 g/t Au and 13.7 g/t Ag (9.62 g/t AuEq) over 4.02 m as well as 14.61 g/t Au and 31.3 g/t Ag (14.96 g/t AuEq) over 5.2 m. This drill hole is situated within the proposed open pit and 35 metres along trend to the south of previously reported 2022 drill hole SK-22-1031, which intersected 2.21 g/t Au and 4.6 g/t Ag (2.27 g/t AuEq) over 50 m.

Additional near-surface rhyolite mineralization has also been encountered by exploratory drill hole SK-22-1103, grading 3.08 g/t Au and 32.9 g/t Ag (3.45 g/t AuEq) over 21.8 m as well as 4.52 g/t Au and 84.7 g/t Ag (5.46 g/t AuEq) over 9.75 m, located within the proposed open pit and 35 metres to the south of SK-22-1131.

Due to a lack of historical drilling, this area of the 21A West zone was considered barren waste rock for both the 2022 resource estimate and feasibility study. The recently discovered, feeder-style mineralization that occurs within the feasibility study pit will be incorporated into the future resource and economic updates for Eskay Creek through incorporation of the 68,543 metres of exploration drilling completed since September, 2021. Drill holes SK-22-1103, SK-22-1104 and SK-22-1131 have successfully contributed to the continued expansion and validation of the 21A West zone discovered in late 2021. The 21A West zone remains open for expansion both down dip and along strike.

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, Mr. Newton 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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