Skeena Drills Thick Intersection of 3.80 g/t AuEq over 42.80 metres in 22 Zone Infill Drilling at Eskay Creek
Skeena Drills Thick Intersection of 3.80 g/t AuEq over 42.80 metres
in 22 Zone Infill Drilling at Eskay Creek
Vancouver, BC ( December 8, 2020) Skeena Resources Limited (TSX: SKE, OTCQX: SKREF)
(“Skeena” or the “Company”) is pleased to report additional diamond drill core results from the Phase
1 combined campaign of definition and exploration drilling at the Eskay Creek Project (“Eskay Creek”
or the “Project”) located in the Golden Triangle of British Columbia. The Phase 2 infill program, focused
upon resource category conversions for the Pre-Feasibility Study (“PFS”) on open -pit constrained
resources, is on -going with twelve drill rigs currently active. Reference images are presented at the
end of this release as well as on the Company’s website.
Eskay Creek 22 Zone Phase 1 Infill Drilling Highlights
• 1.73 g/t Au, 155 g/t Ag (3.80 g/t AuEq) over 42.80 m (SK-20-424)
• 3.02 g/t Au, 11 g/t Ag (3.16 g/t AuEq) over 31.50 m (SK-20-444)
• 1.37 g/t Au, 80 g/t Ag (2.44 g/t AuEq) over 48.00 m (SK-20-448)
• 1.53 g/t Au, 68 g/t Ag (2.43 g/t AuEq) over 47.50 m (SK-20-452)
• 20.68 g/t Au, 5 g/t Ag (20.75 g/t AuEq) over 11.78 m (SK-20-456)
Gold Equivalent (AuEq) calculated via the formula: Au (g/t) + [Ag (g/t) / 75]. Apparent widths are reported for the 22 Zone d ue to the geometry of the
mineralization and the orientation of the drill holes. Length weighted AuEq composites are constra ined by geological considerations. 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.
22 Zone Phase 1 Infill Intersects Predicted Mineralization
The 2020 Phase 1 infill program at Eskay Creek continues to verify the expected grades, thickness
and continuity of mineralization modelled in the 22 Zone as demonstrated by 1.73 g/t Au, 155 g/t Ag
(3.80 g/t AuEq) over 42.80 m (SK-20-424). This intercept correlates well with two intervals of 3.36 g/t
AuEq over 22.50 m and 3.33 g/t AuEq over 59.50 m (SK-20-423) positioned 15 m down-dip.
An additional, near surface zone of high-grade mineralization analogous to the 22 Zone lies 200 m to
the northeast. This zone is parallel to the 22 Zone and averaged 20.68 g/t Au, 5 g/t Ag (20.75 g/t AuEq)
over 11.78 m (SK -20-456) and 6.18 g/t Au, 5 g/t Ag (6.24 g/t AuEq) over 7.56 m (SK -20-468). This
area has potential for expansion with further drilling.
About Skeena
Skeena Resources Limited is a junior mining company focused on developing 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 201 9
and is currently focused on infill and exploration drilling at Eskay Creek to advance the project to
Prefeasibility. Skeena is also exploring the past-producing Snip gold mine.
NR: 20-37 | December 8, 2020
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 Adrian Newton, P.Geo. In accordance with
National Instrument 43-101 Standards of Disclosure for Mineral Projects, Pa ul 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 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. 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 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 At omic 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 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 informat ion are
based on facts currently available to the Company and there is no assurance that actual results will meet management’s expect ations.
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 reali zation 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 matters. While the
Company considers its assumptions to be reasonable as of the date hereof, forward -looking statements and information are 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 2020 Length Weighted Drill Hole Gold and Silver Composites:
Hole-ID From (m) To (m) Core Length (m) Au (g/t) Ag (g/t) AuEq (g/t) Zone
SK-20-424 2.12 22.00 19.88 2.00 6 2.08 22
SK-20-424 24.20 67.00 42.80 1.73 155 3.80 22
INCLUDING 38.00 39.50 1.50 6.99 516 13.87 22
AND 40.04 41.50 1.46 7.43 326 11.78 22
AND 41.50 43.00 1.50 5.42 630 13.82 22
SK-20-435 38.00 47.00 9.00 3.77 5 3.84 22
SK-20-436 50.00 61.00 11.00 2.85 6 2.94 22
SK-20-437 6.50 27.50 21.00 1.49 71 2.45 22
SK-20-437 40.55 48.00 7.45 0.81 17 1.03 22
SK-20-437 52.50 58.00 5.50 0.85 22 1.14 22
SK-20-438 3.50 16.50 13.00 1.58 118 3.16 22
SK-20-438 78.50 82.50 4.00 1.25 <5 1.25 22
SK-20-439 6.50 30.00 23.50 1.12 63 1.97 22
SK-20-439 110.31 115.00 4.69 1.17 10 1.30 22
SK-20-440 5.50 14.50 9.00 2.45 83 3.55 22
SK-20-440 17.50 33.00 15.50 1.61 30 2.01 22
SK-20-441 NSA 22
SK-20-442 50.00 63.50 13.50 1.56 5 1.63 22
SK-20-444 5.00 36.50 31.50 3.02 11 3.16 22
SK-20-444 54.50 62.00 7.50 1.54 5 1.61 22
SK-20-445 13.00 29.00 16.00 1.22 6 1.30 22
SK-20-445 39.50 41.82 2.32 1.03 5 1.10 22
SK-20-447 52.00 61.00 9.00 0.72 22 1.01 22
SK-20-447 77.50 101.50 24.00 1.65 29 2.04 22
SK-20-448 32.81 38.50 5.69 1.47 6 1.54 22
SK-20-448 46.00 94.00 48.00 1.37 80 2.44 22
SK-20-448 107.50 113.50 6.00 1.43 8 1.54 22
SK-20-450 1.02 8.00 6.98 0.86 14 1.05 22
SK-20-450 17.00 20.93 3.93 1.30 15 1.50 22
SK-20-452 47.00 53.00 6.00 0.76 105 2.15 22
SK-20-452 57.50 105.00 47.50 1.53 68 2.43 22
INCLUDING 98.00 99.50 1.50 12.40 120 14.00 22
SK-20-454 11.00 13.07 2.07 1.95 48 2.58 22
SK-20-454 16.00 23.00 7.00 2.76 34 3.22 22
SK-20-454 30.50 46.71 16.21 1.12 107 2.55 22
SK-20-454 77.14 99.00 21.86 0.82 140 2.68 22
SK-20-454 102.50 110.00 7.50 1.37 5 1.43 22
Hole-ID From (m) To (m) Core Length (m) Au (g/t) Ag (g/t) AuEq (g/t) Zone
SK-20-455 ABANDONED 22
SK-20-456 1.72 13.50 11.78 20.68 5 20.75 22
INCLUDING 1.72 3.00 1.28 66.90 8 67.01 22
AND 3.00 4.50 1.50 27.00 <5 27.00 22
AND 7.50 9.00 1.50 11.65 <5 11.65 22
AND 9.00 10.50 1.50 52.20 <5 52.20 22
SK-20-468 0.44 8.00 7.56 6.18 5 6.24 22
INCLUDING 0.44 1.50 1.06 20.40 <5 20.40 22
SK-20-476 27.91 34.83 6.92 1.16 14 1.35 22
SK-20-476 88.26 90.71 2.45 3.90 22 4.20 22
SK-20-479 11.00 14.00 3.00 0.54 10 0.67 22
SK-20-479 88.92 98.00 9.08 2.75 57 3.51 22
INCLUDING 90.44 91.41 0.97 7.47 234 10.59 22
SK-20-479 101.00 104.00 3.00 1.20 7 1.29 22
Gold Equivalent (AuEq) calculated via the formula: Au (g/t) + [Ag (g/t) / 75]. True widths range from 70-100% of reported core lengths for the 21C Zones.
Apparent widths are reported for the 22 Zone due to the geometry of the mineralization and the orientation of the drill hol es. Length weighted AuEq
composites are constrained by geological considerations. 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 be en applied to the AuEq calculation and are taken at 100%.
Samples below detection limit were nulled to a value of zero. NSA – No Significant Assays
Table 2: Mine Grid Drill Hole Locations and Orientations:
Hole-ID Easting (m) Northing (m) Elevation (m) Length (m) Azimuth (°) Dip (°)
SK-20-424 9,558.0 8,909.0 1,137.0 105.2 213.2 - 68.9
SK-20-435 9,555.0 8,931.0 1,137.2 80.0 195.1 - 89.8
SK-20-436 9,555.0 8,931.0 1,137.0 79.0 270.0 - 69.9
SK-20-437 9,633.0 8,769.0 1,085.2 95.0 238.1 - 73.3
SK-20-438 9,633.0 8,769.0 1,085.7 95.0 234.8 - 54.9
SK-20-439 9,633.0 8,769.0 1,086.0 115.0 193.1 - 66.0
SK-20-440 9,633.0 8,769.0 1,086.0 110.0 211.9 - 56.0
SK-20-441 9,633.0 8,769.0 1,086.0 110.0 211.9 - 56.0
SK-20-442 9,571.0 8,918.0 1,137.8 100.0 165.4 - 75.0
SK-20-444 9,530.0 8,961.0 1,144.1 80.0 247.1 - 50.1
SK-20-445 9,530.0 8,961.0 1,143.9 80.0 254.9 - 70.0
SK-20-447 9,583.0 8,902.0 1,136.5 120.0 109.1 - 70.8
SK-20-448 9,583.0 8,902.0 1,134.4 113.5 215.1 - 66.0
SK-20-450 9,649.0 8,744.0 1,080.6 105.0 214.9 - 60.2
SK-20-452 9,634.0 8,850.0 1,102.4 105.0 260.0 - 55.1
SK-20-454 9,636.0 8,835.0 1,100.9 110.0 229.7 - 44.8
SK-20-456 9,594.0 9,099.0 1,129.6 35.0 285.0 - 50.1
SK-20-468 9,594.0 9,099.0 1,129.9 35.0 50.3 - 70.0
SK-20-476 9,648.6 8,743.5 1,082.2 107.3 35.0 - 79.2
SK-20-479 9,648.6 8,743.5 1,081.7 115.0 214.9 - 82.9