Skeena Discovers Additional High Grade Mineralization in Former Eskay Creek Waste Facility Including 13.09 g/t AuEq over 13.68 metres
Skeena Discovers Additional High Grade Mineralization in Former Eskay Creek
Waste Facility Including 13.09 g/t AuEq over 13.68 metres
Vancouver, BC ( May 31, 2021) Skeena Resources Limited (TSX: SKE, OTCQX: SKREF)
(“Skeena” or the “Company”) is pleased to report final drilling results from the 2021 Albino Waste
Facility (“AWF” or “Albino”) investigation at the Eskay Creek Project (“Eskay Creek” or the “Project”)
located in the Golden Triangle of Brit ish Columbia. This initial examination, totaling 190 m , was
completed utilizing an air rotary drill rig from the ice surface of the permitted AWF in March 2021 .
Analytical results from the last four of eight drill holes are presented in this release. Reference images
are presented at the end of this release as well as on the Company’s website.
Eskay Creek AWF 2021 Highlights:
• 3.97 g/t Au 130 g/t Ag (5.70 g/t AuEq) over 15.20 m (SK-21-845)
• 8.68 g/t Au 330 g/t Ag (13.09 g/t AuEq) over 13.68 m (SK-21-846)
• 3.19 g/t Au 115 g/t Ag (4.73 g/t AuEq) over 14.19 m (SK-21-847)
• 2.62 g/t Au 82 g/t Ag (3.71 g/t AuEq) over 19.76 m (SK-21-848)
Gold Equivalent (AuEq) calculated via the formula: Au (g/t) + [Ag (g/t) / 75]. True widths equate to 100% of reported sample lengths. Grade -
capping of individual assays has not been applied to the Au and Ag assays informing the length -weighted AuEq composites. Metallu rgical
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.
Historical Waste Facility Continues to Demonstrate Significant Grade and Potential
The remaining four drill holes for the 2021 AWF investigation have all demonstrated substantial grades
and true widths, highlighted by SK-21-846 which intersected 8.68 g/t Au, 330 g/t Ag (13.09 g/t AuEq)
over 13.68 m , including two very high-grade subintervals of 36.70 g/t Au 1,575 g/t Ag (57.70 g/t
AuEq) over 1.52 m and 17.05 g/t Au , 637 g/t Ag (25.54 g/t AuEq) over 1.52 m . This drill hole is a
re-drill of SK -21-845 which was abandoned due to technical difficulties. However, SK -21-845
intersected 3.97 g/t Au, 130 g/t Ag (5.70 g/t AuEq) over 15.20 m before being abandoned. All drill
holes from the 2021 investigation intersected substantial Au-Ag mineralization over an area measuring
6,223 m2. The total area of the AWF measures 128,900 m2 and areas not yet drilled remain open for
expansion. Length weighted composite grades (uncut) for all eight drill holes averages 4.12 g/t Au,
163 g/t Ag (6.30 g/t AuEq) over an average length of 16.70 m.
Albino Waste Facility Discussion
Situated west of the Eskay Creek mine site, the AWF was utilized by former operators as a
subaqueous repository for mine waste management and included both mine waste rock as well as mill
tailings.
During historical operations, the underground mine development was largely tunneled in the often -
mineralized footwall Rhyolite sequences below the mined Contact Mudstone. Although these rocks
possessed variable Au -Ag grades, former operators considered the Rhyoli te-hosted mineralization
uneconomic due to the high cutoff grades required at the time. Hence, this development rock was
transferred to the AWF for subaqueous deposition.
NR: 21-24 | May 31, 2021
Via the initial drill-based investigation in Q1 2021 , the Company has now empirically demonstrated
that significant Au-Ag mineralization was in fact deposited at Albino. Only 5% of the entire AWF has
been investigated to date. This first phase of drilling was performed on staggered 50 m centers from
the frozen ice surface. Analytical results for the eight drill holes indicate excellent downhole as well as
hole to hole Au-Ag grade continuity.
Next Steps – 2021 Program Extension
The Company is currently planning an extension to this drilling program which will be completed in the
second half of 2021 based on the positive results from the preliminary investigation.
About Skeena
Skeena Resources Limited is a Canadian mining exploration 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 robust Preliminary Economic
Assessment in late 2019 and is currently focused on infill and exploration drilling to advance Eskay
Creek to full Feasibility by Q1 2022. Additionally, Skeena continues exploration programs at the past-
producing Snip gold mine.
On behalf of the Board of Directors of Skeena Resources Limited,
Walter Coles Jr.
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, Raegan Markel, P.Geo. and John Tyler. In accordance with National
Instrument 43-101 Standards of Disclosure for Mineral Projects, Paul Geddes, P.Geo. 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 received from t he 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. of Analytical Solutions Ltd., and is overseen by the Company’s
Qualified Person, Paul Geddes, P.Geo, 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 co ncentrate 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 L eco
furnace and infrared spectroscopy.
Cautionary note regarding forward-looking statements
Certain statements made and information contained herein may constitute “forward looking information” and “forward looking
statements” within the meaning of applicable Canadian and United States securities legislation. These statements and information are
based on facts currently available to the Company and there is no assurance that actual results will meet management’s expectations.
Forward-looking statements and information may be identified by such terms as “anticipates”, “believes”, “targets”, “estimates”, “plans”,
“expects”, “may”, “will”, “could” or “would”. Forward-looking statements and information contained herein are based on certain factors
and assumptions regarding, among other things, 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 other matter s. While the
Company considers its assumptions to be reasonable as of the date hereof, forward -looking statements and information a re not
guarantees of future performance and readers should not place undue importance on such statements as actual events and results may
differ materially from those described herein. The Company does not undertake to update any forward-looking statements or information
except as may be required by applicable securities laws.
Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
Table 1: Eskay Creek Project 2021 Albino 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) Hg (ppm) As (ppm) Sb (ppm)
SK-21-845 2.94 5.98 3.04 2.00 59 2.78 14 136 245
SK-21-845 5.98 7.50 1.52 2.26 76 3.27 12 157 262
SK-21-845 7.50 9.02 1.52 2.30 71 3.24 11 206 270
SK-21-845 9.02 10.54 1.52 2.93 133 4.70 19 231 462
SK-21-845 10.54 12.06 1.52 2.06 69 2.98 11 177 245
SK-21-845 12.06 13.58 1.52 9.02 254 12.41 46 626 1,870
SK-21-845 13.58 15.10 1.52 4.56 75 5.56 26 271 471
SK-21-845 15.10 16.62 1.52 6.41 209 9.20 54 274 986
SK-21-845 16.62 18.14 1.52 6.16 295 10.09 87 237 1,695
Composite 2.94 18.14 15.20 3.97 130 5.70 29 245 675
SK-21-846 5.96 7.48 1.52 2.00 42 2.56 11 146 345
SK-21-846 7.48 9.00 1.52 2.22 55 2.95 11 169 242
SK-21-846 9.00 10.52 1.52 4.93 202 7.62 32 235 679
SK-21-846 10.52 13.56 3.04 2.52 84 3.64 10 222 259
SK-21-846 13.56 15.08 1.52 4.60 130 6.33 20 506 429
SK-21-846 15.08 16.60 1.52 36.70 1,575 57.70 94 652 2,740
SK-21-846 16.60 18.12 1.52 5.62 164 7.81 56 206 926
Hole-ID From (m) To (m) Sample Length (m) Au (g/t) Ag (g/t) AuEq (g/t) Hg (ppm) As (ppm) Sb (ppm)
SK-21-846 18.12 19.64 1.52 17.05 637 25.54 181 292 3,130
Composite 5.96 19.64 13.68 8.68 330 13.09 47 294 1,001
SK-21-847 2.67 7.23 4.56 1.71 51 2.39 16 367 337
SK-21-847 7.23 8.75 1.52 3.37 110 4.84 38 344 646
SK-21-847 8.75 10.27 1.52 5.81 239 9.00 79 379 1,175
SK-21-847 10.27 11.79 1.52 2.46 73 3.44 21 245 364
SK-21-847 11.79 13.31 1.52 2.65 70 3.58 17 341 308
SK-21-847 13.31 14.83 1.52 5.51 241 8.72 46 471 881
SK-21-847 14.83 16.86 2.03 3.62 144 5.54 39 246 509
Composite 2.67 16.86 14.19 3.19 115 4.73 32 344 543
SK-21-848 2.10 5.14 3.04 3.76 54 4.47 13 239 298
SK-21-848 5.14 6.66 1.52 2.02 57 2.79 11 172 303
SK-21-848 6.66 8.18 1.52 1.39 38 1.90 11 162 199
SK-21-848 8.18 9.70 1.52 3.65 97 4.94 26 206 708
SK-21-848 9.70 11.22 1.52 1.87 45 2.47 14 188 308
SK-21-848 11.22 12.74 1.52 2.92 103 4.29 34 157 767
SK-21-848 12.74 14.26 1.52 1.63 98 2.94 22 235 439
SK-21-848 14.26 15.78 1.52 2.86 130 4.59 29 312 657
SK-21-848 15.78 17.30 1.52 2.49 94 3.74 29 311 827
SK-21-848 17.30 18.82 1.52 1.49 41 2.04 12 216 334
SK-21-848 18.82 20.34 1.52 2.96 92 4.18 29 296 682
SK-21-848 20.34 21.86 1.52 3.21 165 5.41 34 183 1,140
Composite 2.10 21.86 19.76 2.62 82 3.71 21 224 535
Gold Equivalent (AuEq) calculated via the formula: Au (g/t) + [Ag (g/t) / 75]. True widths equate to 100% of reported sample l engths.
Grade-capping of individual assays has not been applied to the Au and Ag assays informing the length -weighted AuEq composit es.
Metallurgical processing recoveries have not been applied to the AuEq calculation and are taken at 100%. Samples below detect ion
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-21-845 6689.0 9531.0 1049.0 18.1 0.0 -90.0
SK-21-846 6688.6 9531.0 1049.8 25.7 0.0 -90.0
SK-21-847 6643.0 9510.5 1049.8 22.4 0.0 -90.0
SK-21-848 6690.9 9586.9 1049.8 21.9 0.0 -90.0