Skeena Intersects 1,131.91 g/t (36.39 oz/t) Gold Over 1.50 m in New Footwall Mineralization at Snip
Skeena Intersects 1,131.91 g/t (36.39 oz/t) Gold Over 1.50 m
in New Footwall Mineralization at Snip
Vancouver, BC (December 18, 2019) Skeena Resources Limited (TSX.V: SKE, OTCQX: SKREF)
(“Skeena” or the “Company”) is pleased to announce initial analytical results from the recently
completed Phase I surface exploration drilling program at the 100% owned Snip gold project (“Snip”)
located in the Golden Triangle of British Columbia. The 2019 surface program consisted of 10 surface
drill holes totaling 1,934 m which expanded exploration of the 200 Footwall Corridor . Reference
images are presented at the end of this release as well as on the Company’s website.
Phase I Snip Drilling Highlights
• 1,131.91 g/t Au over 1.50 m from 249.60 m depth (S19-044)
o Including: 3,390.00 g/t Au over 0.50 m
• 7.37 g/t Au over 6.65 m from 41.00 m depth (S19-040)
o Including: 23.40 g/t Au over 1.00 m
o And: 35.70 g/t Au over 0.50 m
Actual core lengths are reported due to a lack of supporting data to properly calculate true widths . Length weighted composites were constrained
by geological and grade considerations. Grade capping of individual assays has not been applied to the Au assays informing the length weighted
composites. Samples below detection limit were nulled to a value of zero.
New Mineralization Discovered in Snip Footwall
The 2019 Phase I drilling was d esigned to validate an isolated, historical and incompletely sampled
high-grade intersection in the 200 Footwall Corridor . The original target in the 200 Footwall was
identified by 1997 underground drill hole UG -2610 which intersected 2 6.83 g/t Au over 3.40 m in an
incompletely sampled zone. The recent intercept in drill hole S19-044 has discovered a new
occurrence of very high-grade mineralization averaging 1,131.91 g/t Au over 1.50 m including a
significant subinterval containing abundant visible gold grading 3,390.00 g/t Au over 0.50 m. Refer to
Table 1.
Table 1: Historical 1997 drill hole UG-2610 samples and length weighted composite:
The new 2019 mineralization occurs approximately 50 m deeper into the footwall than the
mineralization defined by UG -2610 and a further 75 m deeper than the interpreted 200 Footwall
Corridor projection. 2019 Phase I drill hole S19-044 was extended to test for additional mineralization
beyond the 1997 historical int ersection. Historical drill hole UG-2610 did not extend deep enough to
test the newly discovered high-grade occurrence. Refer to attached vertical section.
From (m) To (m) Core Length (m) Au Grade (g/t)
Sample 1 99.10 100.10 1.00 19.29
Sample 2 100.10 101.30 1.20 49.55
Sample 3 101.30 102.50 1.20 10.40
Composite 99.10 102.50 3.40 26.83
NR: 19-23
December 18, 2019
To date, only analytical results for the currently disclosed interval of S19-044 have been received. The
remaining samples are pending including the analyses in the vicinity of the of the originally targeted
1997 mineralization. The Company has also drilled a second exploratory hole on the same cross-
section targeting the occurrences approximately 100 m further downdip. Analytical results for this drill
hole are also pending and will be disclosed once available.
“We are quite excited about this new discovery and the confirmed exploration potential of this area .”
remarks Paul Geddes, the Company’s Vice President of Exploration and Resource Development.
“Previous operators were not focused on exploring the footwall portions of the former Snip Mine and
as such, there is a lack of drilling in these areas. Furthermore, historic drill holes often did not extend
to the necessary depths to test this target and historic sampling of the mineralization was selective
and incomplete. As we have demonstrated with the 2019 exploration program, considerable discovery
upside exists at Snip.”
About Skeena
Skeena Resources Limited is a junior Canadian mining exploration company focused on developing
prospective precious and base metal properties in the Golden Triangle of northwest British Columbia,
Canada. The Company’s primary activities are the exploration and development of the past-producing
Snip and Eskay Creek mines. In addition, the Company has completed a Preliminary Economic
Assessment on the GJ copper-gold porphyry project.
On behalf of the Board of Directors of Skeena Resources Limited,
Walter Coles Jr.
President & CEO
Qualified Persons
Exploration activities at the Snip 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 its exploration activities
on its exploration 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 enti re sample is crushed and a 1kg split 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 -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 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 expe ctations. 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 matters. While the Company
considers its assumptions to be reasonable as of the date hereof, f orward-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 underta ke to update any forward -
looking statements or information except as may be required by applicable securities laws.
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for
the adequacy or accuracy of this release.
Table 2: Snip Project 2019 Phase I length weighted drill hole gold composites:
HOLE-ID FROM (m) TO (m) CORE LENGTH (m) AU (g/t) ZONE
S19-035 34.90 41.70 6.80 4.96 130 VEIN
INCLUDING 35.50 36.00 0.50 20.00 130 VEIN
AND 40.70 41.20 0.50 25.60 130 VEIN
S19-035 64.00 64.50 0.50 13.25 130 VEIN
S19-036 56.45 57.30 0.85 5.33 130 VEIN
S19-037 ABANDONED
S19-038 145.00 146.50 1.50 8.98 200 FW
S19-039 ABANDONED
S19-040 41.00 47.65 6.65 7.37 130 VEIN
INCLUDING 41.00 42.00 1.00 23.40 130 VEIN
AND 47.15 47.65 0.50 35.70 130 VEIN
S19-040 54.50 56.00 1.50 5.51
S19-041 ASSAYS PENDING
S19-042 ASSAYS PENDING
S19-043 ASSAYS PENDING
S19-044 249.60 251.10 1.50 1,131.91 NEW
INCLUDING 249.60 250.10 0.50 2.52 NEW
AND 250.10 250.60 0.50 3,390.00 NEW
AND 250.60 251.10 0.50 3.21 NEW
Actual core lengths are reported due to a lack of supporting data to properly calculate true widths . Length weighted composites were constrained
by geological and grade considerations. Grade capping of individual assays has not been applied to the Au assays informing the length weighted
composites. Samples below detection limit were nulled to a value of zero.
Table 3: Phase I drill hole locations and orientations:
HOLE-ID EASTING NORTHING ELEVATION LENGTH (M) AZIMUTH DIP
S19-035 4517.8 2206.5 454.0 279.0 269.1 -69.9
S19-036 4517.8 2206.5 454.0 260.0 291.9 -80.6
S19-037 4517.8 2206.5 454.0 86.0 317.1 -75.9
S19-038 4517.8 2206.5 454.0 176.0 329.0 -58.5
S19-040 4517.8 2206.5 454.0 32.0 356.4 -64.1
S19-044 4217.0 1972.0 272.8 266.0 357.9 -48.0