Skeena Intersects 33.82 g/t AuEq over 22.50 metres at Eskay Creek
Skeena Intersects 33.82 g/t AuEq over 22.50 metres at Eskay Creek
Vancouver, BC ( May 5, 20 20) Skeena Resources Limited (TSX.V: SKE, OTCQX: SKREF)
(“Skeena” or the “Company”) is pleased to announce final gold-silver drill results for the 4,327 metres
completed so far this year from the Company’s 2020 Phase I surface drilling program at the Eskay
Creek Project (“Eskay Creek”) located in the Golden Triangle of British Columbia. Four surface drill
rigs were utilized for the 2020 Phase I program in the 21A, 21B and 21C Zones to infill drill and enable
upgrading areas of Inferred resources to the Indicated classification. Reference images are presented
at the end of this release as well as on the Company’s website.
Phase I Eskay Creek Drilling Highlights
• 32.21 g/t Au, 121 g/t Ag (33.82 g/t AuEq) over 22.50 m (SK-20-270) – 21B Zone
Including 753.00 g/t Au, 445 g/t Ag (758.93 g/t AuEq) over 0.83 m
• 5.90 g/t Au, 14 g/t Ag (6.09 g/t AuEq) over 24.55 m (SK-20-271) – 21B Zone
Including 25.60 g/t Au, 56 g/t Ag (26.35 g/t AuEq) over 1.50 m
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.
21B Zone Continues to Demonstrate High Tenor
Infill drilling within the 21B Zone has intersected substantial high -grade mineralization as predicted
and demonstrated by adjacent intercepts of 32.21 g/t Au, 121 g/t Ag (33.82 g/t AuEq) over 22.50 m,
including 753.00 g/t Au, 445 g/t Ag (758.93 g/t AuEq) over 0.83 m (SK-20-270). This mineralization is
hosted within the contact mudstones as well as mudstone-rhyolite breccias and improves upon the
grades from the surrounding historical drill holes, including 4.94 g/t AuEq over 19.75 m (6636) and
0.73 g/t AuEq over 3.32 m and 0.88 g/t AuEq over 6.13 m (CA90-537).
Increased gold-silver tenor in the 21B Zone was established by an intersection in Phase I drilling of
5.90 g/t Au, 14 g/t Ag (6.09 g/t AuEq) over 24.55 m (SK-20-271) which is proximal to another historical
intercept from a 1997 surface drill hole which averaged 3.07 g/t AuEq over 18.26 m (C97853).
The Phase I infill drill program at Eskay Creek continues to predictably confirm the grades and spatial
limits of the resource model that was derived largely from the historical drilling database.
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 deve lopment of the past -producing Eskay
NR: 20-12
May 5, 2020
Creek gold-silver mine. 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 Pre-feasibility. 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 gravimet ric 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 to tal 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 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-20-265 149.62 169.00 19.38 2.68 27 3.05 21B
INCLUDING 158.42 159.19 0.77 19.15 550 26.48 21B
SK-20-266 141.92 169.85 27.93 1.67 5 1.74 21B
SK-20-267 ABANDONED 21B
SK-20-268 166.00 180.00 14.00 2.01 5 2.08 21B
SK-20-269 135.00 147.96 12.96 1.12 14 1.31 21B
SK-20-269 155.00 162.50 7.50 1.55 7 1.65 21B
SK-20-270 137.00 159.50 22.50 32.21 121 33.82 21B
INCLUDING 138.00 139.00 1.00 12.35 167 14.58 21B
AND 139.00 139.50 0.50 14.35 957 27.11 21B
AND 139.50 140.50 1.00 2.64 1,375 20.97 21B
AND 150.50 151.00 0.50 13.25 8 13.36 21B
AND 151.00 152.00 1.00 18.60 31 19.01 21B
AND 153.00 154.00 1.00 24.20 58 24.97 21B
AND 154.00 154.83 0.83 753.00 445 758.93 21B
SK-20-271 147.45 172.00 24.55 5.90 14 6.09 21B
INCLUDING 159.50 160.00 0.50 11.80 17 12.03 21B
AND 160.00 161.50 1.50 10.50 8 10.61 21B
AND 163.00 164.50 1.50 20.90 95 22.17 21B
AND 164.50 166.00 1.50 25.60 56 26.35 21B
AND 169.60 170.10 0.50 11.00 <5 11.00 21B
AND 170.10 171.00 0.90 18.95 6 19.03 21B
SK-20-272 ABANDONED 21A
SK-20-273 125.16 142.50 17.34 0.64 29 1.02 21A
SK-20-274 NOT YET DRILLED
SK-20-275 NOT YET DRILLED
SK-20-276 NOT YET DRILLED
SK-20-277 NOT YET DRILLED
SK-20-278 NOT YET DRILLED
SK-20-279 NOT YET DRILLED
SK-20-280 NOT YET DRILLED
SK-20-281 NOT YET DRILLED
SK-20-282 NOT YET DRILLED
SK-20-283 NOT YET DRILLED
HOLE-ID FROM (M) TO (M) CORE LENGTH (M) AU (G/T) AG (G/T) AUEQ (G/T) ZONE
SK-20-284 NOT YET DRILLED
SK-20-285 138.00 148.00 10.00 2.67 11 2.82 21B
SK-20-286 149.85 157.50 7.65 3.13 6 3.20 21B
SK-20-287 ABANDONED
SK-20-288 140.50 148.40 7.90 1.32 122 2.95 21A
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 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 (M) AZIMUTH DIP
SK-20-265 9813.4 10632.5 937.9 179.0 109.9 -60.0
SK-20-266 9813.4 10632.5 937.9 184.0 115.1 -66.0
SK-20-268 9788.9 10641.4 929.1 186.0 84.5 -59.2
SK-20-269 9789.0 10640.2 929.1 164.0 120.6 -74.1
SK-20-270 9788.4 10640.5 929.1 165.0 136.6 -73.4
SK-20-271 9828.7 10639.8 940.3 172.0 108.2 -76.7
SK-20-272 9756.4 10252.4 1010.5 5.0 151.8 -61.8
SK-20-273 9752.4 10253.9 1010.1 154.0 149.7 -74.1
SK-20-285 9842.7 10601.0 946.1 168.0 115.8 -69.2
SK-20-286 9828.3 10641.4 939.5 182.0 97.3 -68.2
SK-20-287 9753.2 10252.1 1010.2 13.6 150.2 -62.0
SK-20-288 9752.4 10253.9 1010.1 154.0 150.2 -62.0