Mr. Randy Reichert reports

SKEENA PROVIDES REGIONAL EXPLORATION UPDATE ON 100% OWNED KSP PROPERTY

Skeena Resources Ltd. has provided an update on the grassroots regional assessment of its 100-per-cent-owned KSP property, located 24 kilometres southwest of Eskay Creek in the Golden Triangle of British Columbia, Canada. KSP was acquired by Skeena on June 1, 2022, following the acquisition of QuestEx Gold & Copper Ltd. This acquisition added a total of 64,000 hectares of largely unexplored, highly prospective regions to the company's already significant land package.

The first pass of exploration on the KSP property this year was focused on completing property-scale stream sediment sampling to identify geochemical anomalies. Based on the results of these efforts and historical data, the team completed geological mapping, sampling and prospecting with the objective of identifying the source, style and scale of mineralization present. Select rock sample results from KSP that Skeena has received to date are detailed below.

2023 KSP rock grab sample highlights:

• Tami target:
  • 14.20 grams per tonne gold, 11.4 g/t silver, 1.09 per cent copper, 0.05 per cent zinc (K063909);
  • 9.26 g/t Au, 6.9 g/t Ag, 0.71 per cent Cu, 0.02 per cent Zn (K063916);
  • 2.39 g/t Au, 5.9 g/t Ag, 0.72 per cent Cu, 0.13 per cent Zn (K063913);
• Khyber Gap:
  • 6.52 g/t Au, 27.40 g/t Ag, 0.14 per cent Cu, 3.82 per cent Zn (K063903);
• Pins target:
  • 0.06 g/t Au, 1.2 g/t Ag, 0.01 per cent Cu, 31.34 per cent Zn (K063904).

Paul Geddes, Skeena's senior vice-president of exploration and resource development, commented: "Despite the high prospectivity of KSP, the scarceness of historical exploration work is astonishing. By leveraging our team's extensive proficiency and knowledge of the area, we plan to execute undivided and pragmatic exploration programs as the company continues to explore our regional land package of over 100,000 hectares."

The sections below provide a regional geological overview as well as detailed descriptions of the targets identified at KSP.

Gold-copper mineralization confirmed at KSP property

Fieldwork this season at KSP has successfully identified a continuum of mineralization styles including deeper Au-Cu porphyry-style mineralization, peripheral skarn and replacement styles of mineralization, as well as high-level epithermal veins along a 17-kilometre-long section of the prospective Bronson corridor. The Tami, Pins and Khyber Gap targets are all located on the Bronson corridor.

The Bronson corridor is a 25-kilometre-long mineralized belt of receptive Upper Triassic Stuhini group volcanic and sedimentary units and Lower Jurassic Hazelton group volcanic and volcano-sedimentary units intruded by Early Jurassic plutons, stocks and dikes of the Lehto batholith. It extends southeast from Skeena's past-producing Snip mine and is characterized by extensive quartz-sericite-pyrite alteration zones and precious and base-metal-rich veins and stockworks spatially associated with the intrusive suite. The Bronson corridor is bound to the southwest by the regional-scale Sky fault system, a set of basin-bounding normal faults that were reactivated as postmineral reverse faults and likely localized the emplacement of Early Jurassic intrusions and related Au-Cu porphyry mineralization.

Skeena considers KSP early stage given the historically fragmented ownership, former depressed commodity prices and lack of sufficient financing to systematically explore the district. Excluding the Inel prospect, only 12,514 metres of widely spaced, shallow historical drilling have been completed on the property. With the company's focus this season being property-scale, early-stage data compilation that will assist in methodically evaluating the mineral potential and help define more focused targets moving forward, the technical team was very encouraged with the results and identification of three exciting targets: Tami, Khyber Gap and Pins.

Tami target

The Tami target is identifiable by a six-kilometre-by-2.5-kilometre package of strongly quartz-sericite-pyrite altered andesitic volcanic rocks that comprise an elongated northeast-trending ridge in the central part of the property. High-tenor Au-Cu mineralization has been confirmed in rock grab samples from select areas within the andesitic cover rocks and also from propylitic to potassic altered intrusive dikes cut by multigenerational porphyry-style veins:

• 14.20 g/t Au, 11.4 g/t Ag, 1.09 per cent Cu, 0.05 per cent Zn (K063909);
• 9.26 g/t Au, 6.9 g/t Ag, 0.71 per cent Cu, 0.02 per cent Zn (K063916);
• 2.39 g/t Au, 5.9 g/t Ag, 0.72 per cent Cu, 0.13 per cent Zn (K063913).

Limited historical drilling of 6,261 metres over 40 holes focused on the near-surface environment with the average hole length only measuring approximately 150 metres. The interpreted deeper intrusive body underlying the andesite cover rocks has yet to be drill tested.

New Khyber Gap occurrence

In the northwest part of the KSP property, receding glaciers have exposed new Au-Ag-Cu-Zn sediment-hosted, replacement-style mineralization at the Khyber Gap target. Grading 6.52 g/t Au, 27.40 g/t Ag, 0.14 per cent Cu and 3.82 per cent Zn, this new exposure is located near the Sky fault in an area two kilometres south-southwest of the Inel prospect. Based on historical descriptions from Inel, mineralization at Khyber Gap appears to be similar in nature and suggests potential to expand this style of mineralization into new areas. There is no historical drilling recorded in this locale.

New Pins target

Immediately adjacent to the Sky fault system in the southeast corner of the property, the pins target is a three km by 1.5 km quartz-sericite-pyrite alteration zone. It is characterized by multiphase intrusive units containing anomalous Au-Cu mineralization capped by andesitic volcanics in the footwall of the fault. Approximately 650 metres in elevation higher and within the hangingwall block of the fault, a new occurrence of Zn-rich epithermal veins up to 1.5 metres wide cutting andesitic volcanic units was discovered by field crews this season highlighted by a surface grab sample that graded 0.06 g/t Au, 1.2 g/t Ag, 0.01 per cent Cu and 31.34 per cent Zn. These veins potentially represent a high-level manifestation of a much deeper hydrothermal system, or possibly a porphyry center. Only one hole totalling 201 metres was completed at this target in 2018.

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, a 50-per-cent internal rate of return, and a one-year payback at $1,700 (U.S.)/ounce 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 person

In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, Mr. 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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