Mr. Randy Reichert reports

SKEENA INCREASES INDICATED RESOURCE AT SNIP TO 823,000 GOLD OUNCES REPRESENTING A 237% INCREASE

Skeena Resources Ltd. has released an updated mineral resource estimate (MRE) for the 100-per-cent-owned Snip gold project located in the Golden Triangle of British Columbia. Effective Sept. 5, 2023, the updated MRE incorporates an additional 307 drill holes totalling 46,268 metres, enhancements to the geological interpretation, resource estimation methods, long hole mining method parameters, and updated metallurgical process recoveries.

2023 Snip MRE highlights:

• Updated MRE of 823,000 ounces grading 9.35 grams per tonne gold in the indicated category and 114,000 ounces grading 7.10 g/t Au in the inferred category;
• An increase of 579,000 Au ounces in the indicated resource, representing a growth of 237 per cent since the 2020 MRE;
• 2021 and 2022 drilling programs heightened confidence of historical drilling data and improved certainty in continuity of the orebody;
• Metallurgical recovery increased to 96 per cent from 90 per cent.

Randy Reichert, Skeena's president and chief executive officer, commented: "With the successful conversion of over 570,000 gold ounces to the indicated category, we are very pleased with the updated mineral resource estimate for Snip. This resource will form the basis of a detailed engineering study with project economics, which we anticipate being released in H1 2024. The study will demonstrate the potential benefits of adding Snip mineralization to the Eskay Creek project as a satellite operation, likely including an increased mine life and improved concentrate payabilities at Eskay Creek. We look forward to continuing to unlock value for all stakeholders as we advance the project."

Resource discussion

Infill drilling programs were undertaken during 2021 and 2022 by Skeena and the company's former partner, Hochschild Mining, respectively. A total of 238 drill holes totalling 35,891 metres were completed by Skeena and 69 drill holes totalling 10,377 metres were completed by Hochschild. The 307 holes and 46,268 metres of infill drilling defined new zones of mineralization, expanded existing veins laterally, confirmed vein continuity interpretation and upgraded variogram range confidence. The drilling programs also drilled in areas previously untested by Skeena to validate historical assays and potentially upgrade classification in those areas.

Removal of 40-metre quality assurance/quality control buffer

In the 2020 MRE, a 40-metre omnidirectional 3-D buffer was created around the Skeena holes drilled during 2016 to 2019 as these recent holes contained QA/QC data, whereas the historical assays had no other preserved data to substantiate the results. The 2020 classification strategy forced all indicated resources that were qualified by adequate drill spacing outside of this 40-metre buffer to be downgraded to inferred resources.

During the 2021 and 2022 infill drilling programs, 28 twin drill holes totalling 3,318 metres were drilled to validate the historical drill intercepts. Comparative vein intervals and gold grades were captured in both the original and twin holes. Corresponding vein interval statistics demonstrated proper correlations between the historical fire assays and the twin hole fire assays. This has enabled the historical drill hole data to be used during the grade estimation process without additional constraints.

Specific gravity

In the 2020 MRE, two density values were applied to the model: a value of 2.78 grams/cubic centimetre for vein mineralization, and 2.86 grams/cubic centimetre for the biotite spotted unit (BSU). An additional 1,770 specific gravity measurements were incorporated into the 2023 model, which were reassessed within their appropriate lithology and vein units. The 2023 MRE utilized a value of 2.91 grams/cubic centimetre for vein mineralization, and 2.84 grams/cubic centimetre for the BSU.

Application of dynamic anisotropy

Veins were estimated in Skeena's 2020 MRE using the single-search ellipsoid of the variogram. In the 2023 update, dynamic anisotropy (DA) was used for the larger veins showing good continuity, whereby the search ellipse was adjusted on a block-by-block basis using a surface that defines the overall folded orientation of the veins. DA allows the estimator to select composite intervals that are in the most suitable orientation, thereby resulting in an estimate that is locally more accurate and more in line with the original vein model interpretation.

Expected economic study

The company expects to release a detailed engineering study with project economics on Snip in H1 2024. The study will highlight Snip as a potential satellite operation, providing feed to a centralized mill at Eskay Creek. Skeena expects the additional clean, high-grade mineralization from Snip to further bolster the mine life at Eskay Creek and likely reduce smelter penalties.

About Skeena Resources Ltd.

Skeena Resources is a Canadian mining exploration and development company focused on revitalizing the Eskay Creek and Snip projects, two past-producing mines located in Tahltan territory in the Golden Triangle of northwestern British Columbia, Canada. The company released a feasibility study for Eskay Creek in September, 2022, which highlights an after-tax net present value (5 per cent) of $1.4-billion, 50-per-cent internal rate of return, and a one-year payback at $1,700 (U.S.)/oz Au and $19 (U.S.)/oz Ag. Skeena is currently continuing exploration drilling and plans on releasing a definitive feasibility study for Eskay Creek in Q4 2023.

Qualified persons

The independent and qualified person for the Snip MRE is Sheila Ulansky, PGeo, of SRK Consulting (Canada) Inc. (Vancouver), who has reviewed, validated and approved the Snip MRE as well as the technical disclosure in this release. In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, Paul Geddes, PGeo, senior vice-president, exploration and resource development, is the qualified person for the company and has prepared, validated and approved the technical and scientific content of this news release. The company strictly adheres to Canadian Institute of Mining, Metallurgy and Petroleum best practices guidelines in conducting, documenting and reporting the exploration activities on its projects.

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