01:38:29 EST Mon 26 Feb 2024
Enter Symbol
or Name

Skeena Resources Ltd (4)
Symbol SKE
Shares Issued 76,353,346
Close 2022-11-28 C$ 6.95
Market Cap C$ 530,655,755
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Skeena drills 79.97 m of 1.05 g/t AuEq at Eskay Creek

2022-11-29 08:20 ET - News Release

Mr. Randy Reichert reports


Skeena Resources Ltd. has delineated additional rhyolite-hosted mineralization located in the 23 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.

New mineralization continues to expand the 23 zone

Infill drill holes SK-22-1092 and SK-22-1089 have successfully confirmed additional rhyolite-hosted gold-silver mineralization from surface, intersecting 0.92 gram per tonne gold and 12.5 g/t silver (1.05 g/t gold equivalent) over 79.97 m as well as 0.77 g/t Au and 7.9 g/t Ag (0.86 g/t AuEq) over 29.9 m, respectively. These drill holes were collared from the same pad as previously reported drill hole SK-22-1090, which intersected 1.13 g/t Au and 6.6 g/t Ag (1.2 g/t AuEq) over 96.02 m.

The results highlighted above confirm the excellent down-hole continuity of mineralization from the surface and have the potential to positively impact the future open-pit strip ratio once the updated resource and engineering studies are completed. Results from additional nearby infill drill holes are pending and expected in the near future.

"Exploration and infill drilling by Skeena continues to confirm and expand zones of mineralization in areas deemed non-prospective by previous operators. We are excited about the drill results we are seeing and expect a steady stream of new results in the coming weeks," commented Adrian Newton, Skeena's director of exploration.

Randy Reichert, Skeena's president and chief executive officer, commented: "We continue to be impressed by the discovery and definition of additional near-surface mineralization in close proximity to the feasibility study main pit. Targets such as the 23 zone are expected to provide positive benefits to the feasibility study update that we plan to release in H2 2023."

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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