Skeena Intersects 11.03 g/t AuEq over 39.66 metres in 21A Zone Infill Drilling at Eskay Creek
Skeena Intersects 11.03 g/t AuEq over 39.66 metres
in 21A Zone Infill Drilling at Eskay Creek
Vancouver, BC (September 9, 2020) Skeena Resources Limited (TSX: SKE, OTCQX: SKREF)
(“Skeena” or the “Company”) is pleased to announce new gold-silver assay results from the 2020
Phase I surface drilling program at the Eskay Creek Project (“Eskay Creek”) located in the Golden
Triangle of British Columbia. Six helicopter supported drill rigs are currently active for the 2020 Phase
I program in the 21A, 21B and 21C Zones for P re-Feasibility Study (“PFS”) resource category
conversions. The Company is also drilling in the near-mine environment testing the Water Tower Zone
(“WTZ”) and the largely underexplored Lower Mudstone sequences which lie beneath the Contact
Mudstone that was historically mined . Reference images are presented at the end of this release as
well as on the Company’s website.
Phase I Eskay Creek 21A and 21C Zones Infill Drilling Highlights:
• 5.05 g/t Au and 449 g/t Ag (11.03 g/t AuEq) over 39.66 m (SK-20-292) – 21A Zone
• 5.47 g/t Au and 9 g/t Ag (5.59 g/t AuEq) over 12.25 m (SK-20-307) – 21C Zone
• 3.59 g/t Au and 14 g/t Ag (3.77 g/t AuEq) over 16.50 m (SK-20-321) – 21C Zone
Gold Equivalent (AuEq) calculated via the formula: Au ( g/t) + [Ag ( g/t) / 7 5]. Reported core lengths represent 80 -100% of true widths and are
supported by well -defined mineralization geometries derived from historical drilling. Length weighted AuE q composites we re constrained by
geological considerations. Grade capping of individual assays has not been applied to the Au and Ag assays informing the length weighted AuE q
composites. Processing recoveries have not been applied to the AuEq calculation and are disclosed at 100%. Samples below detection limit were
nulled to a value of zero.
21A Zone Infill Drilling Intersects High-grade Silver Mineralization
The infill component of the Phase I program continues to confirm and increase the continuity and
grade of the modelled mineralization in the 21A Zone as demonstrated by an intersection of 5.05 g/t
Au and 449 g/t Ag (11.03 g/t AuEq) over 39.66 m (SK-20-292), as was expected by the geological
concept model. Differing from the surrounding drill holes, which inform the current Mineral Resource
Estimate (“MRE”), this drill hole intercepted a slightly thicker interval with a substantial increase in
silver grades including 21.20 g/t Au and 7,190 g/t Ag (117.07 g/t AuEq) over 1.50 m and 11.35 g/t
Au and 2,910 g/t Ag (50.15 g/t AuEq) over 1.30 m. For comparison, a previous intercept of 6.34 g/t
Au, 42 g/t Ag (6.91 g/t AuEq) over 34.00 m (SK-19-167) was located only 15 m to the south of this
new Phase I drill hole. This unexpected, extremely hi gh-tenor silver mineralization is hosted entirely
within intensely sericitized rhyolite breccias in the footwall to the Contact Mudstone.
Skeena continues to test the mudstone intervals which lie below the Contact Mudstone by extending
SK-20-292 to a depth of 500 m into the Lower and Even Lower Mudstone sequences; however, only
thin, weakly anomalous gold -silver mineralization was found . The key to locating higher -grade
mineralization in these lower mudstone layers will be to use stratigraphic and geochemical information
to vector into areas crosscut by the synvolcanic faults responsible for the Eskay Creek orebodies.
NR: 20-25 | September 9, 2020
21C Zone Infill Drilling Continues to Confirm Modelled Mineralization
Current infill drilling within the 21C Zone is corroborating the modelled mineralization reported in the
2019 MRE, confirming grades and spatial distributions of the modelled zones. Gold and silver
mineralization in this area is dominantly hosted within th e footwall rhyolite sequence and is
characterized by slightly lower grade and occurs within the deeper portions of the 2019 Preliminary
Economic Assessment contemplated mining sequence.
“The Phase I portion of our 2020 infill drill program is now more th an 50% complete and our team is
eager to accelerate the upcoming Phase II program with additional drill rigs , providing results which
are designed to add confidence to the currently tightly constrained resource base”, notes Skeena
Exploration Manager Adrian Newton, P.Geo.
Paul Geddes, P.Geo., the Company’s Vice President Exploration & Resource Development adds, “In
my experience, it is a rarity for a delineation drilling campaign on a precious metal deposit to
consistently intersect the predicted mineral ization defined by widely -spaced exploration drill holes.
This success is not only a function of the Eskay Creek mineralization style, but also a result of the
conservatively estimated MRE. Given the unanticipated occurrences of increased grades and
thicknesses witnessed during the Phase I program, we are excited for the potential results of the
Phase II campaign”.
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 2019
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.
On behalf of the Board of Directors of Skeena Resources Limited,
Walter Coles Jr.
President & CEO
Qualified Persons
Exploration activities at the Eskay Creek Project are administered on site by the Company’s
Exploration Managers, Colin Russell, P.Geo. and Adrian Newton, P.Geo. 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 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. Th e 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 1kg is pulverized. Analysis for
gold is by 50g 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 100ppm are re -analyzed using a 50g
fire assay fusion with gravimetric finish. Analysis for silver is by 50g fire assay fusion with gravimetric
finish with a lower limit of 5ppm and upper limit of 10,000ppm. Samples with silver assays greater than
10,000ppm are re -analyzed using a gravimetric silver concentrate method. A selected number of
samples are also analyzed using a 48 multi -elemental geochemical package by a 4 -acid digestion,
followed by Inductively Coupled Plasm a 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 made and information contained herein may constitute “forw ard 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 t hat 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 matt ers. While the
Company considers its assumption s 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 Canad a accepts responsibility for the
adequacy or accuracy of this release.
Table 1: Eskay Creek Project 2020 Phase I 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-20-292 80.84 120.50 39.66 5.05 449 11.03 21A
INCLUDING 82.95 83.45 0.50 9.83 26 10.18 21A
AND 83.45 84.27 0.82 9.75 312 13.91 21A
AND 85.16 86.50 1.34 6.34 1,285 23.47 21A
AND 86.50 88.00 1.50 9.62 319 13.87 21A
AND 92.20 93.50 1.30 11.35 2,910 50.15 21A
AND 93.50 95.00 1.50 21.20 7,190 117.07 21A
AND 98.00 99.50 1.50 12.55 47 13.18 21A
AND 99.50 101.00 1.50 14.10 68 15.01 21A
SK-20-292 132.10 138.00 5.90 0.68 30 1.09 21A
SK-20-292 140.58 149.50 8.92 0.83 6 0.90 21A
HOLE-ID FROM (m) TO (m) CORE LENGTH (m) AU (g/t) AG (g/t) AUEQ (g/t) ZONE
SK-20-292 153.00 159.26 6.26 2.17 5 2.24 21A
SK-20-292 201.50 211.55 10.05 1.46 6 1.54 21A
SK-20-292 221.00 227.00 6.00 1.52 6 1.61 21A
SK-20-292 279.50 284.00 4.50 0.69 12 0.86 21A
SK-20-292 410.50 415.00 4.50 1.01 5 1.08 21A
SK-20-296 197.50 201.25 3.75 3.40 7 3.49 21C
SK-20-297 174.16 177.50 3.34 1.65 5 1.72 21C
SK-20-297 182.00 214.00 32.00 2.10 9 2.22 21C
SK-20-298 145.18 151.20 6.02 1.21 16 1.42 21C
SK-20-298 172.89 195.50 22.61 1.96 39 2.47 21C
SK-20-298 198.50 216.50 18.00 1.32 6 1.40 21C
SK-20-307 198.25 210.50 12.25 5.47 9 5.59 21C
INCLUDING 207.00 208.50 1.50 16.55 24 16.87 21C
AND 208.50 209.50 1.00 24.10 7 24.19 21C
SK-20-312 142.10 156.00 13.90 0.83 190 3.37 21C
INCLUDING 142.10 143.50 1.40 1.86 951 14.54 21C
AND 143.50 144.00 0.50 1.03 985 14.16 21C
SK-20-312 180.00 215.40 35.40 1.77 21 2.04 21C
SK-20-321 92.00 108.50 16.50 3.59 14 3.77 21C
SK-20-322 135.68 139.50 3.82 1.13 17 1.36 21C
Gold Equivalent (AuEq) calculated via the formula: Au ( g/t) + [Ag ( g/t) / 7 5]. Reported core lengths represent 80 -100% of true widths and are
supported by well -defined mineralization geometries derived from historical drilling. Length weighted AuE q composites we re constrained by
geological considerations. Grade capping of individual assays has not been applied to the Au and Ag assays informing the length weighted AuE q
composites. Processing recoveries have not been applied to the AuEQ calculation and are disclosed at 100%. Samples below detection limit were
nulled to a value of zero.
Table 2: Mine grid Phase I drill hole locations and orientations:
HOLE-ID EASTING NORTHING ELEVATION LENGTH AZIMUTH DIP
SK-20-292 9,815.3 10,030.5 1,046.9 500.0 89.1 - 75.0
SK-20-296 9,700.0 10,422.9 958.3 225.0 105.0 - 80.0
SK-20-297 9,700.0 10,423.0 958.0 225.0 104.4 - 71.0
SK-20-298 9,699.0 10,422.0 958.0 225.0 103.2 - 67.9
SK-20-307 9,700.0 10,422.9 959.0 226.0 98.2 - 73.7
SK-20-312 9,686.9 10,377.3 958.3 230.0 90.0 - 71.0
SK-20-321 9,712.5 10,627.4 909.2 155.0 105.0 - 83.0
SK-20-322 9,713.0 10,627.0 909.0 158.0 104.0 - 66.0