Skeena Intersects 22.59 g/t AuEq over 14.33 metres at Eskay Creek
Skeena Intersects 22.59 g/t AuEq over 14.33 metres at Eskay Creek
Vancouver, BC (February 26, 2020) Skeena Resources Limited (TSX.V: SKE, OTCQX: SKREF)
(“Skeena” or the “Company”) is pleased to announce the final gold-silver assays from the 2019 Phase
I surface drilling program at the Eskay Creek Project (“Eskay Creek”) located in the Golden Triangle
of British Columbia. Four ground-based surface drill rigs were utilized for the 2019 Phase I program in
the 21A, 21 E and HW Zones to infill and upgrade areas of Inferred resources to the Indicated
classification. A total of 14,266 metres over 209 holes were drilled. Drill hole results reported in this
release are from the 21E and HW Zones. Reference images are presented at the end of this release
as well as on the Company’s website.
Phase I Eskay Creek Drilling Highlights:
• 13.24 g/t Au, 701 g/t Ag (22.59 g/t AuEq) over 14.33 m (SK-19-246) – HW Zone
o Including: 5.18 g/t Au, 5,860 g/t Ag (83.31 g/t AuEq) over 0.90 m
o And: 1.75 g/t Au, 1,235 g/t Ag (18.22 g/t AuEq) over 1.05 m
o And: 1.23 g/t Au, 1,895 g/t Ag (26.50 g/t AuEq) over 0.85 m
o And: 176.00 g/t Au, 1,530 g/t Ag (196.40 g/t AuEq) over 0.90 m
• 2.58 g/t Au, 51 g/t Ag (3.26 g/t AuEq) over 25.00 m (SK-19-222A) – 21E Zone
• 3.36 g/t Au, 40 g/t Ag (3.89 g/t AuEq) over 14.00 m (SK-19-217) – 21E Zone
• 1.94 g/t Au, 166 g/t Ag (4.16 g/t AuEq) over 13.50 m (SK-19-237) – 21E Zone
Gold Equivalent (AuE q) 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. Grade capping of individual assays has not been applied to the
Au and Ag assays informing the length weighted AuEq composites. Processing recoveries have not been applied to the AuEq calculation and are
disclosed at 100%. Samples below detection limit are nulled to a value of zero.
2019 Drilling Demonstrates Continuity and Exceptional Silver Grades
The 2019 Phase I infill program at Eskay Creek continues to demonstrate the excellent continuity of
the current resource model which is derived largely from historical drilling. Phase I infill drilling within
the 21E Zone, which is located on the eastern flank of the Eskay deposits, has correlated extremely
well with the historical drilling with respect to grades, widths and spatial distribution of mineralization.
Initial drilling within the HW (Hanging-Wall) Zone has not only corroborated the current resource model
but has located additional mineralization of equivalent tenor as confirmed by drill hole SK-19-245
which intersected 1.63 g/t Au, 62 g/t Ag (2.45 g/t AuEq) over 16.21 metres.
Situated 20 metres east of this expanded mineralization, drill hole SK-19-246 intersected extremely
high-grade silver mineralization of 13.24 g/t Au, 701 g/t Ag (22.59 g/t AuEq) over 14.33 metres
including 5.18 g/t Au, 5,860 g/t Ag (83.31 g/t AuEq) over 0.90 metres. This intercept was predicted by
the resource model. Drill intercepts in the HW Zone are located less than 20 metres below surface.
NR: 20-06
February 26, 2020
Current Status - Eskay Creek Drilling
Four ground-based drill rigs are now operational at the Eskay Creek Project continuing the
Phase I infill program. Exploratory drilling is scheduled to commence in the coming weeks.
About Skeena
Skeena Resources Limited is a junior Canadian mining exploration company focused on developing
prospective precious 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 Eskay
Creek mine, which contains a combined Indicated and Inferred 4Moz, 4.4 g/t gold-equivalent open-pit
resource. The Company recently completed a Preliminary Economic Assessment (PEA) on Eskay
Creek which highlights an after-tax NPV5% of C$638M, 51% IRR and a 1.2-year payback. 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, documenti ng, 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 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 gravimetr ic 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 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 tot al 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 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 develo pment, 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 updat e 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 1: Eskay Creek Project 2019 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-19-215 10.20 13.00 2.80 0.66 112 2.15 21E
SK-19-215 20.50 28.50 8.00 1.01 15 1.20 21E
SK-19-216 4.90 8.80 3.90 1.89 39 2.40 21E
SK-19-216 11.30 15.00 3.70 0.45 77 1.48 21E
SK-19-216 18.00 29.00 11.00 1.03 186 3.50 21E
SK-19-216 49.10 57.50 8.40 1.72 178 4.09 21E
INCLUDING 51.90 53.21 1.31 4.09 661 12.90 21E
AND 53.21 53.71 0.50 4.85 565 12.38 21E
SK-19-217 4.60 9.53 4.93 1.45 43 2.03 21E
SK-19-217 15.00 28.00 13.00 0.65 109 2.10 21E
INCLUDING 21.75 22.25 0.50 2.57 793 13.14 21E
SK-19-217 52.00 54.75 2.75 0.64 10 0.77 21E
SK-19-217 57.00 71.00 14.00 3.36 40 3.89 21E
SK-19-218 5.00 10.00 5.00 1.12 30 1.52 21E
SK-19-218A 5.00 9.00 4.00 1.04 27 1.40 21E
SK-19-218A 18.50 28.50 10.00 1.20 102 2.55 21E
SK-19-218A 52.50 62.00 9.50 1.12 55 1.85 21E
SK-19-218A 65.00 71.00 6.00 5.28 25 5.62 21E
INCLUDING 68.82 70.00 1.18 11.80 53 12.51 21E
SK-19-219 5.50 12.34 6.84 1.84 29 2.23 21E
SK-19-219 20.50 33.77 13.27 1.00 94 2.25 21E
SK-19-220 1.60 14.00 12.40 0.68 42 1.24 21E
SK-19-220 26.50 30.00 3.50 1.71 17 1.93 21E
HOLE-ID FROM (m) TO (m) CORE LENGTH (m) AU (g/t) AG (g/t) AUEQ (g/t) ZONE
SK-19-221 1.17 11.00 9.83 1.06 122 2.68 21E
INCLUDING 10.00 11.00 1.00 3.85 612 12.01 21E
SK-19-221 30.50 39.00 8.50 1.28 38 1.79 21E
SK-19-221 55.85 59.00 3.15 1.07 7 1.15 21E
SK-19-222 2.00 10.25 8.25 0.54 51 1.21 21E
SK-19-222 14.70 24.00 9.30 2.86 33 3.31 21E
SK-19-222A 2.00 10.33 8.33 0.49 38 0.99 21E
SK-19-222A 14.17 28.65 14.48 3.02 28 3.40 21E
SK-19-222A 33.43 42.50 9.07 0.95 18 1.18 21E
SK-19-222A 63.50 88.50 25.00 2.58 51 3.26 21E
SK-19-222A 105.50 111.00 5.50 1.54 8 1.64 21E
SK-19-223 3.23 9.88 6.65 1.03 49 1.69 21E
SK-19-223 14.62 23.42 8.80 3.51 26 3.86 21E
SK-19-223 27.08 37.00 9.92 0.93 54 1.65 21E
SK-19-224 0.43 14.00 13.57 1.33 20 1.59 21E
SK-19-224 22.50 30.50 8.00 2.43 6 2.50 21E
SK-19-225 2.19 8.00 5.81 1.39 36 1.87 21E
SK-19-225 17.50 26.25 8.75 1.15 15 1.35 21E
SK-19-225 30.50 38.00 7.50 3.49 15 3.69 21E
SK-19-226 1.00 6.24 5.24 1.14 34 1.60 21E
SK-19-226 12.05 25.50 13.45 0.81 81 1.89 21E
SK-19-226 40.78 43.50 2.72 1.54 5 1.61 21E
SK-19-226 46.96 52.50 5.54 3.51 32 3.94 21E
SK-19-227 2.13 9.15 7.02 0.75 48 1.40 21E
SK-19-227 29.63 33.63 4.00 0.79 12 0.94 21E
SK-19-228 3.20 29.00 25.80 0.68 37 1.17 21E
SK-19-228 31.30 37.63 6.33 1.11 19 1.36 21E
SK-19-229 5.00 9.00 4.00 0.45 82 1.54 21E
SK-19-229 40.00 42.50 2.50 2.68 5 2.74 21E
SK-19-230 2.73 12.50 9.77 0.50 133 2.28 21E
SK-19-231 5.00 9.50 4.50 0.80 289 4.65 21E
INCLUDING 8.35 9.50 1.15 0.75 938 13.26 21E
SK-19-232 1.93 17.79 15.86 2.16 24 2.47 21E
SK-19-232 22.22 35.50 13.28 0.88 18 1.12 21E
SK-19-232 51.00 58.00 7.00 0.87 5 0.94 21E
SK-19-232 83.50 88.00 4.50 3.66 11 3.81 21E
SK-19-232 94.27 97.50 3.23 0.47 128 2.18 21E
SK-19-233 5.30 16.77 11.47 1.43 29 1.82 21E
SK-19-233 20.98 26.98 6.00 1.23 19 1.48 21E
SK-19-234 6.44 16.60 10.16 1.13 31 1.54 21E
SK-19-234 25.72 33.00 7.28 1.18 20 1.45 21E
INCLUDING 11.00 12.00 1.00 1.70 1,195 17.63 21E
SK-19-235 21.00 26.50 5.50 0.73 12 0.90 21E
SK-19-236 13.50 31.50 18.00 0.75 65 1.62 21E
INCLUDING 14.50 15.00 0.50 1.46 921 13.74 21E
SK-19-236 36.80 40.00 3.20 0.50 90 1.70 21E
SK-19-237 14.00 18.33 4.33 1.90 85 3.04 21E
SK-19-237 25.50 39.00 13.50 1.94 166 4.16 21E
INCLUDING 28.05 28.90 0.85 4.71 1,360 22.84 21E
SK-19-238 7.95 21.00 13.05 1.16 67 2.05 21E
SK-19-239 16.87 22.00 5.13 1.28 16 1.50 21E
SK-19-239 26.50 29.50 3.00 0.68 9 0.80 21E
SK-19-240 22.54 23.47 0.93 2.00 12 2.16 21E
SK-19-241 16.90 23.50 6.60 1.17 12 1.33 21E
SK-19-242 6.10 12.50 6.40 0.83 12 0.99 21E
HOLE-ID FROM (m) TO (m) CORE LENGTH (m) AU (g/t) AG (g/t) AUEQ (g/t) ZONE
SK-19-242 81.50 98.00 16.50 1.12 19 1.37 21E
SK-19-242 101.00 105.00 4.00 1.02 9 1.14 21E
SK-19-243 16.42 37.50 21.08 1.33 33 1.77 21E
SK-19-244 19.40 26.85 7.45 0.64 32 1.07 21E
SK-19-244 31.40 35.00 3.60 0.91 16 1.12 21E
SK-19-245 11.50 27.71 16.21 1.63 62 2.45 HW
SK-19-245 34.05 38.00 3.95 2.25 20 2.52 HW
SK-19-246 10.00 24.33 14.33 13.24 701 22.59 HW
INCLUDING 11.95 12.85 0.90 5.18 5,860 83.31 HW
AND 12.85 13.90 1.05 1.75 1,235 18.22 HW
AND 13.90 14.75 0.85 1.23 1,895 26.50 HW
AND 19.00 19.90 0.90 176.00 1,530 196.40 HW
SK-19-246 27.30 34.00 6.70 1.10 10 1.23 HW
SK-19-247 12.55 23.47 10.92 1.32 8 1.42 HW
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 were constrained by
geological considerations. Grade capping of individual assays has not been applied to the Au and Ag assays informing t he length weighted AuEq
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 (m) AZIMUTH DIP
SK-19-100 9973.0 10139.0 972.6 41.4 73.2 -59.8
SK-19-128 10086.0 10527.0 941.0 36.0 161.6 -60.3
SK-19-130 10086.0 10527.0 941.0 40.0 210.7 -55.1
SK-19-215 10124.5 10272.3 979.7 32.0 327.1 -82.2
SK-19-216 10106.2 10308.4 980.2 71.0 160.1 -57.3
SK-19-217 10106.0 10308.3 980.7 71.0 164.1 -68.6
SK-19-218 10106.4 10308.4 979.4 17.0 205.0 -84.0
SK-19-218A 10106.4 10308.4 979.4 71.0 199.1 -84.1
SK-19-219 10106.4 10308.3 979.7 47.0 189.7 -60.2
SK-19-220 10130.6 10264.2 979.5 50.0 181.9 -67.2
SK-19-221 10130.5 10266.5 980.3 59.0 228.9 -87.0
SK-19-222 10120.1 10383.8 976.3 24.0 277.0 -85.2
SK-19-222A 10120.3 10384.6 975.0 122.0 270.3 -86.6
SK-19-223 10120.0 10367.4 975.3 45.0 3.4 -89.1
SK-19-224 10138.5 10322.9 981.5 66.0 44.1 -56.8
SK-19-225 10138.1 10321.0 981.8 62.0 43.8 -72.1
SK-19-226 10138.3 10320.4 981.9 54.0 220.5 -89.9
SK-19-227 10132.3 10389.1 977.2 44.0 28.9 -70.1
SK-19-228 10132.1 10389.2 975.3 41.0 285.5 -78.3
SK-19-229 10137.8 10293.3 980.8 65.0 142.6 -74.8
SK-19-230 10135.5 10293.3 980.9 62.0 43.5 -86.7
SK-19-231 10136.9 10292.7 981.0 53.0 86.0 -71.5
SK-19-232 10128.3 10363.6 975.6 102.0 63.1 -89.1
SK-19-233 10114.2 10344.7 976.8 41.0 92.2 -78.5
SK-19-234 10113.4 10343.8 977.0 45.0 239.0 -72.0
SK-19-235 10110.2 10277.7 976.3 32.0 114.4 -60.5
SK-19-236 10108.4 10276.0 975.6 47.0 194.4 -67.6
SK-19-237 10109.1 10317.4 977.2 47.0 267.0 -69.2
SK-19-238 10109.3 10317.8 977.5 35.0 86.3 -68.5
SK-19-239 10137.0 10382.0 977.2 41.0 141.0 -62.2
SK-19-240 10137.6 10382.9 977.0 41.0 48.5 -69.5
SK-19-241 10137.6 10381.9 977.4 42.0 103.1 -44.7
HOLE-ID EASTING NORTHING ELEVATION LENGTH (m) AZIMUTH DIP
SK-19-242 10138.9 10357.6 979.2 106.0 21.3 -85.1
SK-19-243 10128.6 10407.0 974.5 38.0 283.2 -60.4
SK-19-244 10129.1 10405.8 973.9 35.0 203.1 -68.5
SK-19-245 9862.2 10891.7 860.3 38.0 130.8 -64.3
SK-19-246 9882.9 10892.3 863.1 34.0 162.0 -67.2
SK-19-247 9884.5 10894.6 863.4 30.0 100.9 -44.6