Skeena Announces Discovery of New Mineralization Intersecting 2.15 g/t AuEq over 40.67 metres
Skeena Announces Discovery of New Mineralization
Intersecting 2.15 g/t AuEq over 40.67 metres
Vancouver, BC (November 22, 2022) Skeena Resources Limited (TSX: SKE, NYSE: SKE)
(“Skeena” or the “Company”) is pleased to announce the discovery of 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 (“Eskay Cr eek” or the
“Project”) in the Golden Triangle of British Columbia. Analytical results and reference images from
recently completed drill holes are detailed in this release as well as on the Company’s website.
Discovery of New Mineralization East of 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 extents of Eskay Creek's currently defined pit-
constrained resources. Intersecting 1.79 g/t Au, 32.0 g/t Ag (2.15 g/t AuEq) over 40.67 m, 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 a dditional 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 2 1A 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 CEO, goes on to comment “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.”
NR: 22-29 | November 22, 2022
About Skeena
Skeena Resources Limited 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 4.00 g/t AuEq, an after -tax
NPV5% of C$1.4B, 50% IRR, and a 1-year payback at US$1,700/oz Au and US$19/oz Ag. Skeena is
currently continuing exploration drilling at Eskay Creek.
On behalf of the Board of Directors of Skeena Resources Limited,
Walter Coles Jr. Randy Reichert
Executive Chairman President & CEO
Contact Information
Investor Inquiries: [email protected]
Office Phone: +1 604 684 8725
Company Website: www.skeenaresources.com
Gold Equivalent (AuEq) calculated via the formula: Au (g/t) + [Ag (g/t) / 90]. True widths and zone
geometries cannot be definitively determined at this time. Grade-capping of individual assays has not
been applied to the Au and Ag assays informing the length-weighted AuEq composites. Metallurgical
processing recoveries have not been applied to the AuEq calculation and are taken at 100%. Samples
below detection limit were nulled to a value of zero.
Qualified Persons
Exploration activities at the Eskay Creek Project are administered on site by the Company’s
Exploration Manager, Raegan Markel, P.Geo. and Director of Exploration, Adrian Newton P.Geo. In
accordance with National Instrument 43 -101 Standards of Dis closure for Mineral Projects, Adrian
Newton, P.Geo. Director of Exploration, 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 CIM Best Practices 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 lab shipments for chain of custody requirements. The Company inserts quality control (QC)
samples at regular intervals in the sample stream, including bl anks and reference materials with all
sample shipments to monitor laboratory performance. The QAQC program was designed and
approved by Lynda Bloom, P.Geo. of Analytical Solutions Ltd., and is overseen by the Company’s
Qualified Person, Paul Geddes, P.Geo, Senior Vice President Exploration and Resource
Development.
Drill core samples are submitted to ALS Geochemistry’s analytical facility in North Vancouver, British
Columbia 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 1 kg is pulverized. Analysis for
gold is by 50 g fire assay fusion with atomic absorption (AAS) finish with a lower limit of 0.01 ppm and
upper limit of 100 ppm. Samples with gold assays greater than 100 ppm are re-analyzed 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 5ppm and upper limit of 10,000 ppm. Samples with silver assays greater
than 10,000 ppm are re -analyzed using a gravimetric silver concentrate method. A selected number
of samples are also analyzed using a 48 mult i-element geochemical package by a 4 -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 digest with
Inductively Co upled Plasma Atomic Emission Spectroscopy (ICP -AES) finish. Samples with sulfur
reporting greater than 10% from the multi -element analysis are re -analyzed for total sulfur by Leco
furnace and infrared spectroscopy.
Cautionary note regarding forward-looking statements
Certain statements and information contained or incorporated by reference in this news release constitute “forward-looking
information” and “forward -looking statements” within the meaning of applicable Canadian and United States securities
legislation (collectively, “forward-looking statements”). These statements relate to future events or our future performance.
The use of words such as “anticipates”, “believes”, “proposes”, “contemplates”, “generates”, “targets”, “is projected”, “is
planned”, “considers”, “estimates”, “expects”, “is expected”, “potential” and similar expressions, or statements that certain
actions, events or results “may”, “might”, “will”, “could”, or “would” be taken, achieved, or occur, may identify forward -
looking statements. All statements other than statements of historical fact are forward-looking statements. Specific forward-
looking statements contained herein include, but are not limited to, statements regarding the results of the Feasibility
Study, processing capacity of the mine, anticipated mine life, probable reserves, estimated project capital and operating
costs, sustaining costs, results of test work and studies, planned environmental assessments, the future price of metals,
metal concentrate, and future explora tion and development. Such forward -looking statements are based on material
factors and/or assumptions which include, but are not limited to, the estimation of mineral resources and reserves, the
realization of resource and reserve estimates, metal prices, taxation, the estimation, timing and amount of future
exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals,
environmental risks, title disputes and the assumptions set forth herein an d in the Company’s MD&A for the year ended
December 31, 2021, its most recently filed interim MD&A, and the Company’s Annual Information Form (“AIF”) dated
March 31, 2022. Such forward -looking statements represent the Company’s management expectations, est imates and
projections regarding future events or circumstances on the date the statements are made, and are necessarily based on
several estimates and assumptions that, while considered reasonable by the Company as of the date hereof, are not
guarantees of future performance. Actual events and results may differ materially from those described herein, and are
subject to significant operational, business, economic, and regulatory risks and uncertainties. The risks and uncertainties
that may affect the forwa rd-looking statements in this news release include, among others: the inherent risks involved in
exploration and development of mineral properties, including permitting and other government approvals; changes in
economic conditions, including changes in th e price of gold and other key variables; changes in mine plans and other
factors, including accidents, equipment breakdown, bad weather and other project execution delays, many of which are
beyond the control of the Company; environmental risks and unantic ipated reclamation expenses; and other risk factors
identified in the Company’s MD&A for the year ended December 31, 2021, its most recently filed interim MD&A, the AIF
dated March 31, 2022, the base shelf prospectus dated November 11, 2020, the prospectus supplement to the Company’s
base shelf prospectus dated September 20, 2022 and in the Company’s other periodic filings with securities and regulatory
authorities in Canada and the United States that are available on SEDAR at www.sedar.com or on EDGAR at
www.sec.gov.
Readers should not place undue reliance on such forward-looking statements. Any forward-looking statement speaks only
as of the date on which it is made and the Company does not undertake any obligations to update and/or revise any
forward- looking statements except as required by applicable securities laws.
Cautionary note to U.S. Investors concerning estimates of mineral reserves and mineral resources
Skeena’s mineral reserves and mineral resources included or incorporated by reference herein have been estimated in
accordance with National Instrument 43 -101 – Standards of Disclosure for Mineral Projects (“NI 43 -101”) as required by
Canadian securities regulatory authorities, which differ from the requirements of U.S. securities laws. The terms “mineral
reserve”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”, “measured mineral resource”,
“indicated mineral resource” and “inferred mineral resource” are Canadian mining terms as defined in accordance with NI
43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) “CIM Definition Standards – For Mineral
Resources and Mineral Reserves” adopted by the CIM Council (as amen ded, the “CIM Definition Standards”). These
standards differ significantly from the mineral property disclosure requirements of the U.S. Securities and Exchange
Commission in Regulation S-K Subpart 1300 (the “SEC Modernization Rules”). Skeena is not currently subject to the SEC
Modernization Rules. Accordingly, Skeena’s disclosure of mineralization and other technical information may differ
significantly from the information that would be disclosed had Skeena prepared the information under the standards
adopted under the SEC Modernization Rules.
In addition, investors are cautioned not to assume that any part or all of Skeena’s mineral resources constitute or will be
converted into reserves. These terms have a great amount of uncertainty as to their economi c and legal feasibility.
Accordingly, investors are cautioned not to assume that any “measured”, “indicated”, or “inferred” mineral resources that
Skeena reports are or will be economically or legally mineable. Further, “inferred mineral resources” have a great amount
of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed
that all or any part of an “inferred mineral resource” will ever be upgraded to a higher category. Under Canadian securities
laws, estimates of “inferred mineral resources” may not form the basis of feasibility or prefeasibility studies, except in ra re
cases where permitted under NI 43-101.For these reasons, the mineral reserve and mineral resource estimates and related
information presented herein may not be comparable to similar information made public by U.S. companies subject to the
reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder.
Table 1: Eskay Creek Project 2022 Exploratory Drilling Campaign Length-Weighted Drill Hole
Composites:
Hole-ID From (m) To (m) Sample Length (m) Au (g/t) Ag (g/t) AuEq (g/t)
SK-22-1044 345.50 352.00 6.50 2.48 32.1 2.84
SK-22-1045 250.00 263.00 13.00 1.65 66.9 2.39
SK-22-1045 286.40 292.55 6.15 1.95 7.8 2.03
SK-22-1046 NSA
SK-22-1049 364.50 376.50 12.00 1.53 8.9 1.63
SK-22-1049 421.35 425.50 4.15 3.84 11.3 3.96
SK-22-1054 99.00 139.67 40.67 1.79 32.0 2.15
SK-22-1055 70.50 72.00 1.50 0.66 125.0 2.05
SK-22-1055 198.15 198.68 0.53 1.26 14.6 1.42
SK-22-1055 229.57 231.10 1.53 5.94 4.1 5.98
SK-22-1055 276.75 278.25 1.50 4.07 31.6 4.42
SK-22-1055 282.50 288.50 6.00 1.14 24.4 1.41
SK-22-1055 295.00 296.50 1.50 20.00 50.7 20.56
SK-22-1088 ABANDONED
Gold Equivalent (AuEq) calculated via the formula: Au (g/t) + [Ag (g/t) / 90]. True widths and zone geometries cannot be definitively
determined at this time. Grade-capping of individual assays has not been applied to the Au and Ag assays informing the length-
weighted AuEq composites. Metallurgical processing recoveries have not been applied to the AuEq calculation and are taken at
100%. Samples below detection limit were nulled to a value of zero.
Table 2: Mine Grid Drill Hole Locations and Orientations:
Hole-ID Easting (m) Northing (m) Elevation (m) Length (m) Azimuth (°) Dip (°)
SK-22-1044 9457.2 8692.3 1081.2 449.0 37.3 -75.0
SK-22-1045 9456.6 8692.1 1081.2 388.9 42.1 -64.9
SK-22-1046 9456.8 8691.5 1081.2 572.0 57.5 -84.9
SK-22-1049 9454.7 8690.4 1081.3 452.0 77.0 -75.0
SK-22-1054 9699.6 8956.4 1106.4 258.0 102.3 -50.2
SK-22-1055 9699.4 8956.6 1106.5 300.6 78.0 -50.0
SK-22-1088 9965.0 9094.1 965.9 31.5 122.0 -50.0