Skeena Intersects 23.22 g/t AuEq (7.36 g/t Au, 1,189 g/t Ag) over 14.55 metres at Eskay Creek
Skeena Intersects 23.22 g/t AuEq (7.36 g/t Au, 1,189 g/t Ag)
over 14.55 metres at Eskay Creek
Vancouver, BC (December 5, 2018) Skeena Resources Limited (TSX.V: SKE, OTCQX: SKREF)
(“Skeena” or the “Company”) is pleased to announce additional Au-Ag drill results for eight holes from
the recently completed Phase I surface drilling program at the Eskay Creek Project (“Eskay Creek”)
located in the Golden Triangle of British Columbia. The multifaceted Phase I program was performed
in the 21A, 21C and 22 Zones . Assays reported in this r elease are from the 21C Zone ; assays from
the remaining 21A and 22 Zones will be released when available. Reference images are presented at
the end of this release as well as on the Company’s website.
Eskay Creek 21C Zone Phase I Drilling – Current Highlights
• 3.00 g/t Au, 233 g/t Ag (6.10 g/t AuEq) over 10.84 m (SK-18-026)
• 4.02 g/t Au, 83 g/t Ag (5.12 g/t AuEq) over 11.25 m (SK-18-027)
• 9.86 g/t Au, 92 g/t Ag (11.10 g/t AuEq) over 14.34 m (SK-18-029)
• 7.36 g/t Au, 1,189 g/t Ag (23.22 g/t AuEq) over 14.55 m (SK-18-031)
• 6.39 g/t Au, 157 g/t Ag (8.48 g/t AuEq) over 27.50 m (SK-18-031)
• 4.23 g/t Au, 314 g/t Ag (8.42 g/t AuEq) over 14.50 m (SK-18-032)
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. 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 were nulled to a value of zero.
21C Zone Phase I Drilling – Discussion
The 2018 Phase I program in the 21C Zone was principally directed at collecting new material for an
upcoming metallurgical optimization study. Historical drilling in this zone is tightly-spaced and sufficient
for reporting dominantly indicated resources (see Resource Estimate for Eskay Creek
reported September 17 2018 ). Reported core lengths represent 80- 100% of true widths and are
supported by well -defined mineralization g eometries derived in conjunction with historical drilling
intercepts.
A total of eight drillholes were fanned from a single collar location and totaled 2,012.6 m. Modelled
mineralization and geology were predictably intersected and demonstrated excellent reconciliation of
historically drilled grades and widths.
The 21C Zone displays two styles of mineralization, which is consistent with the other mineralized
zones that comprise the Eskay Creek deposits. High-grade mineralization with an epithermal signature
is spatially associated with clastic mudstones that occur at the contact between the hangingwall
basalts and footwall rhyolites. Syngenetic, feeder-style mineralization is present in s trongly-altered
rhyolites below the contact mudstones.
NR: 18-30
December 5, 2018
Samples collected from this program will be utilized to generate spatially distributed master composites
that will inform the metallurgical optimization studies in H1 2019.
About Eskay Creek
In December 2017, Skeena secured an option to acquire 100% interest in the Eskay Creek property.
Discovered in the Golden Triangle in 1988, the former Eskay Creek mine produced approximately
3.3 million ounces of gold and 160 million ounces of silver at average grades of 45 g/t gold and
2,224 g/t silver. Eskay Creek was once the world’s highest -grade gold mine and fifth- largest silver
mine by volume.
A precious and base metal -rich volcanogenic massive sulphide (VMS) deposit, Eskay -style
mineralization has been the focus of considerable exploration activity in the Golden Triangle dating
back to 1932. Exploration programs in 1988 led to the discovery of the 21A and 21B zones, followed
by underground development of the 21B zone starting in 1990 with the official opening of the Eskay
Creek mine in 1994. Over the 14- year life of the mi ne, approximately 2.2 million tonnes of ore were
mined with cut-off grades ranging from 12 to 15 g/t AuEq for mill ore and 30 g/t AuEq for direct shipping
smelter ore.
Eskay is endowed with excellent infrastructure including all-weather road access and proximity to the
new 287-kilovolt Northwest Transmission Line. The Property consists of 8 mineral leases, 2 surface
leases and several unpatented mining claims totaling 6,151 hectares.
About Skeena
Skeena Resources Limited is a junior Canadian mining explor ation 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 mine and the recently optioned Eskay Creek mine , both acquired from Barrick . 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 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 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 fac ility is accredited to the ISO/IEC 17025 standard
for gold assays and all analytical methods include quality control materials at set fr equencies 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 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 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 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 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 Phase I 21C Zone 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)
SK-18-025 178.00 184.00 6.00 4.17 163 6.33
INCLUDING 178.00 179.50 1.50 6.77 362 11.60
AND 182.70 184.00 1.30 6.31 192 8.87
SK-18-026 171.00 181.84 10.84 3.00 233 6.10
INCLUDING 180.50 181.84 1.34 8.74 696 18.02
SK-18-027 161.00 162.00 1.00 25.40 117 26.96
SK-18-027 173.75 185.00 11.25 4.02 83 5.12
INCLUDING 175.00 175.70 0.70 29.80 778 40.17
SK-18-028 137.50 139.00 1.50 7.58 7 7.67
SK-18-028 194.45 195.80 1.35 4.66 49 5.31
SK-18-028 262.00 263.50 1.50 5.04 5 5.11
SK-18-029 166.00 167.00 1.00 5.02 137 6.85
SK-18-029 177.00 178.25 1.25 3.50 64 4.35
SK-18-029 251.16 265.50 14.34 9.86 92 11.10
INCLUDING 252.50 253.67 1.17 17.85 - 17.85
AND 254.63 255.20 0.57 46.30 1,765 69.83
AND 260.00 261.00 1.00 11.40 56 12.15
AND 262.50 264.00 1.50 12.80 12 12.96
AND 264.00 265.50 1.50 12.25 34 12.70
SK-18-030 209.50 211.00 1.50 5.99 73 6.96
SK-18-030 226.00 227.50 1.50 7.52 8 7.63
SK-18-030 257.50 259.00 1.50 7.10 - 7.10
SK-18-031 166.95 181.50 14.55 7.36 1,189 23.22
INCLUDING 166.95 175.00 8.05 11.84 2,140 40.37
INCLUDING 166.95 167.70 0.75 10.10 124 11.75
AND 167.70 168.70 1.00 5.11 1,435 24.24
AND 168.70 169.20 0.50 60.30 3,460 106.43
AND 169.20 170.00 0.80 24.00 5,570 98.27
AND 170.00 171.50 1.50 4.02 1,365 22.22
AND 171.50 172.86 1.36 7.58 2,710 43.71
AND 172.86 173.82 0.96 16.70 1,420 35.63
AND 173.82 175.00 1.18 0.75 2,050 28.08
SK-18-031 192.00 219.50 27.50 6.39 157 8.48
INCLUDING 195.00 196.50 1.50 13.85 56 14.60
AND 196.50 198.00 1.50 11.95 265 15.48
AND 210.00 211.00 1.00 49.50 1,010 62.97
AND 211.90 212.70 0.80 2.18 1,005 15.58
AND 214.50 215.00 0.50 3.64 1,270 20.57
SK-18-032 162.50 177.00 14.50 4.23 314 8.42
INCLUDING 162.50 165.60 3.10 16.03 708 25.46
INCLUDING 163.00 163.55 0.55 23.50 435 29.30
AND 163.55 164.10 0.55 38.90 1,480 58.63
AND 164.10 164.60 0.50 8.01 1,910 33.48
AND 164.60 165.10 0.50 16.20 231 19.28
SK-18-032 172.60 177.00 4.40 1.92 536 9.06
INCLUDING 175.00 176.00 1.00 2.71 1,030 16.44
AND 176.00 176.50 0.50 3.23 1,170 18.83
SK-18-032 223.50 226.84 3.34 3.73 228 6.77
INCLUDING 224.70 225.20 0.50 12.60 1,270 29.53
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 AuEq composites were 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. 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-18-025 9778.4 10546.8 968.9 204.0 29.5 -71.8
SK-18-026 9778.4 10546.6 968.3 205.0 30.6 -77.5
SK-18-027 9778.3 10546.1 969.4 201.0 33.3 -82.1
SK-18-028 9774.8 10547.1 968.8 300.0 306.1 -76.5
SK-18-029 9775.4 10546.6 969.0 300.0 307.4 -79.3
SK-18-030 9776.0 10542.5 968.2 276.0 183.8 -54.4
SK-18-031 9776.2 10543.1 969.1 276.0 182.9 -64.3
SK-18-032 9775.8 10543.6 968.9 250.6 178.7 -84.7