Skeena Bolsters 21A West Zone Intersecting 18.18 g/t Au, 130.2 g/t Ag over 9.26 metres
Skeena Bolsters 21A West Zone Intersecting
18.18 g/t Au, 130.2 g/t Ag over 9.26 metres
Vancouver, BC ( February 22 , 202 3) Skeena Resources Limited (TSX: SKE, NYSE: SKE)
(“Skeena” or the “Company”) is pleased to announce drilling results from the 2022 regional and near
mine exploration and delineation campaigns at the Eskay Creek gold-silver Project (“Eskay Creek” or
the “Project”) in the Golden Triangle of British Columbia. This release completes the reporting for
remaining drill holes from the 2022 p rogram. Analytical results and reference images are detailed in
this release as well as on the Company’s website.
2022 Near Mine Exploration Drilling Highlights:
• 18.18 g/t Au, 130.2 g/t Ag over 9.26 m (SK-22-1132) - 21A West Zone
• 14.90 g/t Au, 2.5 g/t Ag over 5.70 m (SK-22-1177) - 21A West Zone
• 0.95 g/t Au, 1,003.3 g/t Ag over 6.42 m (SK-22-1187) - 23 Zone
• 1.11 g/t Au, 19.7 g/t Ag over 26.10 m (SK-22-1187) - 23 Zone
• 4.96 g/t Au, 14.6 g/t Ag over 25.98 m (SK-22-1171) - 21E Zone
• 3.39 g/t Au, 34.4 g/t Ag over 23.77 m (SK-22-1160) - 21E Zone
• 2.78 g/t Au, 59.0 g/t Ag over 20.49 m (SK-22-1173) - 21E Zone
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 composites. Samples below detection limit were nulled to a value of zero.
New Mineralization Expands 21A West Zone
Situated at a vertical depth of 25 metres below surface, drill hole SK-22-1132 has vertically extended
the 21A West Zone to near -surface with an intersection of 18.18 g/t Au, 130.2 g/t Ag over 9.26 m .
This new intercept occurs in a portion of the 21A Zone that is devoid of historical drilling and 75 metres
vertically up-dip of previously reported Skeena drill hole SK -22-1031, which intersected 2.21 g/t Au,
4.6 g/t Ag over 50.00 m.
An additional extension to the south end of the 21A West Zone just beyond the Feasibility Study pit
limits and only 10 metres below surface was completed by drill hole SK-22-1177, averaging 14.90 g/t
Au, 2.5 g/t Ag over 5.70 m . This new expansion occurs 100 m etres vertically up -dip of previously
reported drill hole SK-22-1028, which intersected 1.74 g/t Au, 1.7 g/t Ag over 46.77 m. The space
between the two drill holes remains untested.
The 21A West Zone has been defined by 2022 drilling over a 350 metre strike length from surface to
200 metres below surface. Horizontal widths of the zone vary and range from thickness es of 1 to 50
metres. The 21A West Zone remains open for expansion along strike as well as at depth.
23 Zone Continues to Develop
New rhyolite and dacite hosted mineralization analogous to that observed in the 23 Zone has been
discovered south of the 21E Zone. Drill hole SK-22-1187 intersected two noteworthy horizons, the first
NR: 23-05 | February 22, 2023
of which is argentiferous and occurs at surface grading 0.95 g/t Au, 1,003.3 g/t Ag over 6.42 m. The
second occurrence, averaging 1.11 g/t Au, 19.7 g/t Ag over 26.10 m, is situated 65 metres vertically
below surface in a previously untested northern extension of the 23 Zone.
To date, the mineralized horizons comprising the 23 Zone have been traced by variably spaced
exploratory drilling from the 21E Zone south for approximately 8 00 metres. Drilling has outli ned
mineralization from surface to more than 300 metres below surface and remains open for expansion.
21E Zone Exploration and Delineation
Exploration and delineation drilling within the area surrounding the 21E Zone was targeted at
mineralization analogous to that observed along strike in the 23 Zone. New dacite hosted
mineralization was encountered by SK-22-1170, averaging 1.01 g/t Au, 37.9 g/t Ag over 21.21 m ,
located 35 metres below the Feasibility Study pit shell.
Previously defined 21E Zone resources were corroborated by the 2022 drill holes in this area as they
tested mineralization below and along strike of the known resources. Highlights include 4.96 g/t Au,
14.6 g/t Ag over 25.98 m, 3.39 g/t Au, 34.4 g/t Ag over 23.77 m and 2.78 g/t Au, 59.0 g/t Ag over
20.49 m in drill holes SK-22-1171, SK-22-1160 and SK-22-1173, respectively.
Expected Timing of Mineral Resource Estimate
The 21A West Zone and 23 Zones were discovered by Skeena in 2021 and represent rhyolite-dacite
hosted synvolcanic feeder style mineralization that has not yet been included in any Mineral Resource
Estimates (“MRE”) or economic analyses. With all analytical results now received from the 2022 drilling
program, the Company will be incorporating all drilling data from after September 2021 into an updated
MRE scheduled for completion in H1 2023.
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 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.
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
Qualified Persons
Exploration activities at the Eskay Creek Project are administered on site by the Company’s
Exploration Managers, John Tyler, P.Geo., Raegan Markel, P.Geo. and Vice President of Exploration,
Adrian Newton, P.Geo. In accordance with National Instrument 43 -101 Standards of Disclosure for
Mineral Projects, Paul Geddes, P.Geo. 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 CIM Best Practices Guidelines
in conducting, documenting and reporting the exploration activities on its projects.
Quality Assurance – Quality Control
Once rec eived 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 blanks and reference materials with all
sample shipments to monitor laboratory performance. The QAQC program was designed and
approved by Lynda Bloom, P.Geo. o f Analytical Solutions Ltd., and is overseen by the Company’s
Qualified Person, Paul Geddes, P.Geo, Senior Vice President Exploration and Res ource
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 analytica l 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 o f 5 ppm 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 multi -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 Coupled 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, prob able 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 exploration 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 amou nt 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 and 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, estimates 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 re sults 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 forward -looking statements in this news release include, among others: the inherent risks involved in
exploration and deve lopment of mineral properties, including permitting and other government approvals; changes in
economic conditions, including changes in the price of gold and other key variables; c hanges in mine plans and other
factors, including accidents, equipment brea kdown, bad weather and other project execution delays, many of which are
beyond the control of the Company; environmental risks and unanticipated reclamation expenses; and other ris k 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 Company’s short form base shelf prospectus dated January 31, 2023, 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 re serve”, “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, Metall urgy and Petroleum (“CIM”) “CIM Definition Standards – For Mineral
Resources and Mineral Reserves” adopted by the CIM Council (as amended, the “CIM Definition Standards”). These
standards differ significantly from the mineral property disclosure requiremen ts of t he 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 informa tion ma y 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 Skee na’s mineral resources constitute or will be
converted into reserves. These terms have a great amount of uncertainty as to their economic and legal feasibility.
Accordingly, investors are cautioned not to assume that any “measured”, “indicated”, or “inferr ed” 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 rare
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 Length-Weighted Drill Hole Composites:
Hole-ID From (m) To (m) Sample Length (m) Au (g/t) Ag (g/t)
SK-22-1073 13.00 14.50 1.50 1.75 5.8
SK-22-1077 50.00 51.00 1.00 4.93 4.4
SK-22-1077 60.00 64.50 4.50 1.03 1.8
SK-22-1077 103.50 105.00 1.50 0.79 4.5
SK-22-1098 51.15 57.46 6.31 1.32 1.2
SK-22-1098 71.77 73.95 2.18 0.97 10.7
SK-22-1098 81.00 103.00 22.00 1.24 2.3
SK-22-1098 160.00 161.00 1.00 0.38 64.0
SK-22-1099 105.00 109.00 4.00 16.27 0.5
Including 105.00 106.00 1.00 10.55 <0.50
and 106.00 107.50 1.50 26.50 <0.50
SK-22-1099 115.00 116.54 1.54 1.18 1.5
SK-22-1099 192.50 200.50 8.00 1.32 1.0
SK-22-1099 209.50 214.00 4.50 1.01 1.0
SK-22-1100 182.00 182.53 0.53 0.70 33.1
SK-22-1101 97.75 100.50 2.75 1.67 3.1
SK-22-1101 134.50 136.00 1.50 0.65 3.6
SK-22-1101 143.50 145.00 1.50 0.60 10.6
SK-22-1101 152.50 190.00 37.50 0.88 13.4
SK-22-1101 207.00 208.50 1.50 1.10 5.8
SK-22-1102 114.79 116.29 1.50 0.70 3.4
SK-22-1102 159.50 161.00 1.50 1.16 11.8
SK-22-1102 193.50 195.00 1.50 0.64 33.1
SK-22-1105 NSA
SK-22-1106 133.00 134.50 1.50 1.88 2.0
SK-22-1106 172.50 173.50 1.00 0.73 17.2
SK-22-1106 178.34 178.92 0.58 0.14 114.0
SK-22-1106 183.70 191.40 7.70 1.00 9.0
SK-22-1106 210.48 232.00 21.52 1.25 9.2
SK-22-1106 237.75 239.06 1.31 1.01 5.8
SK-22-1106 252.50 263.90 11.40 1.03 9.1
SK-22-1106 270.00 272.00 2.00 0.69 6.0
SK-22-1106 300.00 301.70 1.70 0.59 3.2
SK-22-1107 273.50 278.00 4.50 0.49 11.2
SK-22-1107 288.50 303.00 14.50 2.29 6.1
SK-22-1107 335.92 337.25 1.33 0.19 119.3
SK-22-1107 345.50 350.00 4.50 0.78 14.8
SK-22-1107 389.58 390.50 0.92 0.74 0.7
SK-22-1108 102.00 106.00 4.00 2.68 1.0
SK-22-1108 115.00 118.00 3.00 1.30 1.8
SK-22-1108 192.58 193.90 1.32 0.59 0.9
SK-22-1108 246.50 252.50 6.00 0.64 8.2
SK-22-1108 268.58 274.50 5.92 1.36 5.2
SK-22-1108 298.00 299.50 1.50 0.82 0.5
SK-22-1109 80.50 83.50 3.00 1.32 48.8
SK-22-1109 168.76 173.50 4.74 1.47 52.2
SK-22-1110 137.00 141.50 4.50 2.02 8.3
SK-22-1110 188.00 196.50 8.50 0.67 2.2
SK-22-1111 36.50 37.50 1.00 0.64 7.4
SK-22-1111 52.50 54.00 1.50 1.30 24.1
SK-22-1111 70.50 74.00 3.50 1.32 34.7
Hole-ID From (m) To (m) Sample Length (m) Au (g/t) Ag (g/t)
SK-22-1111 78.00 80.00 2.00 0.34 192.2
SK-22-1111 110.00 112.50 2.50 1.11 11.7
SK-22-1111 117.00 118.12 1.12 0.75 2.6
SK-22-1111 130.00 131.50 1.50 0.85 0.7
SK-22-1114 25.50 29.20 3.70 2.29 113.4
SK-22-1114 80.50 86.00 5.50 0.50 8.3
SK-22-1114 185.00 186.00 1.00 0.73 7.5
SK-22-1114 205.50 218.00 12.50 0.83 7.4
SK-22-1114 271.19 272.50 1.31 0.67 2.5
SK-22-1115 16.50 21.00 4.50 1.11 65.7
SK-22-1115 39.00 42.00 3.00 1.32 12.6
SK-22-1115 49.10 51.50 2.40 0.72 12.7
SK-22-1115 64.50 66.00 1.50 0.39 21.2
SK-22-1115 162.60 163.20 0.60 0.76 43.0
SK-22-1115 171.00 175.05 4.05 0.59 4.8
SK-22-1115 203.50 205.00 1.50 0.52 7.4
SK-22-1116 NSA
SK-22-1117 49.96 72.27 22.31 0.68 3.6
SK-22-1117 97.00 97.95 0.95 0.79 1.4
SK-22-1117 140.00 153.50 13.50 0.57 14.7
SK-22-1117 161.00 162.50 1.50 0.55 14.0
SK-22-1117 173.00 174.50 1.50 1.68 2.6
SK-22-1117 188.00 194.00 6.00 2.55 1.8
SK-22-1117 198.50 200.00 1.50 0.76 1.1
SK-22-1118 259.50 266.50 7.00 6.46 12.5
Including 263.65 265.12 1.47 14.50 17.5
and 265.12 266.50 1.38 11.70 4.0
SK-22-1118 280.83 285.00 4.17 0.85 9.9
SK-22-1118 314.55 319.00 4.45 0.74 25.6
SK-22-1119 43.02 48.50 5.48 0.84 93.0
SK-22-1120 42.50 47.00 4.50 0.80 39.1
SK-22-1120 52.90 64.90 12.00 0.28 62.9
SK-22-1120 120.00 130.50 10.50 3.14 40.6
SK-22-1120 135.65 136.15 0.50 0.90 5.5
SK-22-1121 NSA
SK-22-1123 81.00 91.71 10.71 0.83 2.8
SK-22-1123 124.50 126.00 1.50 1.45 2.8
SK-22-1123 168.30 184.00 15.70 0.82 34.6
SK-22-1123 203.00 206.00 3.00 0.63 5.0
SK-22-1124 71.50 73.00 1.50 0.98 6.2
SK-22-1124 87.50 89.00 1.50 1.44 13.6
SK-22-1124 143.00 172.00 29.00 1.09 4.5
SK-22-1125 NSA
SK-22-1126 NSA
SK-22-1127 NSA
SK-22-1128 113.00 117.00 4.00 0.57 19.0
SK-22-1129 72.50 74.00 1.50 0.81 45.0
SK-22-1130 NSA
SK-22-1132 46.35 55.61 9.26 18.18 130.2
Including 48.25 49.16 0.91 20.30 665.0
and 49.16 50.50 1.34 25.60 60.3
and 50.50 51.80 1.30 27.20 45.8
and 53.12 54.40 1.28 44.80 58.3
SK-22-1133 123.50 126.50 3.00 1.01 2.7
SK-22-1133 140.00 155.50 15.50 0.87 8.4