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Skeena Resources Ltd (4)
Symbol SKE
Shares Issued 76,353,346
Close 2022-11-21 C$ 7.39
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Skeena drills 40.67 m of 2.15 g/t AuEq at Eskay Creek

2022-11-22 08:32 ET - News Release

Mr. Randy Reichert reports

SKEENA ANNOUNCES DISCOVERY OF NEW MINERALIZATION INTERSECTING 2.15 G/T AUEQ OVER 40.67 METRES

Skeena Resources Ltd. has discovered new rhyolite-hosted mineralization located east of the 22 zone as part of the recently completed 2022 regional and near-mine exploration drilling campaigns at the Eskay Creek gold-silver project in the Golden Triangle of British Columbia. Analytical results from recently completed drill holes are detailed in this release as well as on the company's website.

Discovery of new mineralization east of the 22 zone

Exploratory drill hole SK-22-1054 has discovered a new occurrence of rhyolite-hosted mineralization in an area with no historical drill testing and beyond the extent of Eskay Creek's currently defined, pit-constrained resources. Intersecting 1.79 grams per tonne gold and 32 g/t silver (2.15 g/t gold equivalent) over 40.67 metres, SK-22-1054 is situated 200 metres east of the 22 zone, starting at a vertical depth of only 23 metres below surface.

Hosted entirely within rhyolite breccias, this discovery has the style of mineralization, alteration and geochemical signature consistent with feeder-style mineralization encountered throughout the main Eskay Creek deposits. This new discovery remains open in all directions, and additional work will be required to determine the geometry of the mineralization.

Discussion on new mineralization

Supported by modern data and interpretation, this new intersection corroborates the thesis that additional bodies of mineralization can be present in the general proximity of known zones that previous operators deemed to be non-prospective. Rhyolite-hosted mineralization was not a focus of exploration historically due to the high precious metal grade required by previous operators. With the paucity of historical drilling, the area between the 21A West zone and the 22 zone, which measures 800 metres in strike length, provides additional exploration potential.

"Exploration drilling by Skeena in areas deemed non-prospective by previous operators continues to identify zones of mineralization with potential to add new, near-surface mineralization that could be incorporated into the near-term development plans for Eskay Creek. Additional drill testing is planned for next year to follow up on this success," commented Adrian Newton, Skeena's director of exploration.

Randy Reichert, Skeena's president and chief executive officer, commented, "This new discovery suggests that significant exploration potential still exists in areas proximal to synvolcanic feeder structures where there has been very limited historical drill testing and, in particular, between the feasibility study main pit and south pit."

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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