Skeena Intersects 4.11 g/t AuEq over 22.08 metres at Eskay Creek
Skeena Intersects 4.11 g/t AuEq over 22.08 metres at Eskay Creek
Vancouver, BC ( April 23, 20 20) Skeena Resources Limited (TSX.V: SKE, OTCQX: SKREF)
(“Skeena” or the “Company”) is pleased to announce gold-silver drill results 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 ground-based surface drill rigs were utilized for the 2020
Phase I program in the 21B and 21C Z ones to infill and upgrade 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:
• 3.62 g/t Au, 41 g/t Ag (4.11 g/t AuEq) over 22.08 m (SK-20-259) - 21B Zone
• 2.61 g/t Au, 10 g/t Ag (2.74 g/t AuEq) over 36.19 m (SK-20-263) - 21B Zone
• 3.91 g/t Au, 21 g/t Ag (4.18 g/t AuEq) over 19.60 m (SK-20-264) - 21B Zone
• 4.61 g/t Au, 203 g/t Ag (7.32 g/t AuEq) over 8.43 m (SK-20-248) – 21C 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.
2020 Drilling Demonstrates Continuity in 21B Zone
The 2020 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 21B and 21C Zones, which are situated in the deeper portions and later phases of the planned
open-pit mining sequence, have correlated extremely well with the historical drilling with respect to
grades, widths and spatial distribution.
In the 21B Zone, h istorical drill hole C97853 (1997) positioned nearest to the current Phase I drilling
intersected 3.07 g/t AuEq over 18.26 metres in rhyolite breccias and minor mudstones. This intercept
is separated by a horizontal strike distance of 20 metres to the north, and the lithologies and grades
are similar to those observed in 2020 infill drill holes with intercepts of 3.62 g/t Au, 41 g/t Ag (4.11 g/t
AuEq) over 22.08 metres (SK-20-259) and 3.91 g/t Au, 21 g/t Ag (4.18 g/t AuEq ) over 19.60 metres
(SK-20-264). Additional thicknesses of mineralization were also intersected in SK-20-263 which
averaged 2.61 g/t Au, 10 g/t Ag (2.74 g/t AuEq ) over 36.19 metres. Precious metal mineralization
hosted in this portion of the 21B Zone is largely associated with sericite altered rhyolite breccias and
flows.
A total of 4,327 metres has been drilled at Eskay Creek during the 2020 Phase I drill program so far.
Additional results will be released shortly.
NR: 20-10
April 23, 2020
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 de velopment 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 Prac tices 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 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 development, capit al 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 statemen ts 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 forwar d-
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-20-248 121.62 130.05 8.43 4.61 203 7.32 21C
INCLUDING 124.67 125.83 1.16 11.60 371 16.55 21C
AND 125.83 126.89 1.06 10.70 97 11.99 21C
SK-20-249 121.49 133.00 11.51 2.43 112 3.90 21C
INCLUDING 122.69 123.80 1.11 9.68 290 13.55 21C
AND 123.80 124.58 0.78 4.92 699 14.24 21C
SK-20-250 ABANDONED 21C
SK-20-251 198.50 206.50 8.00 2.57 14 2.72 21C
SK-20-252 132.14 149.50 17.36 1.51 40 2.04 21C
SK-20-253 185.50 201.34 15.84 3.17 5 3.19 21C
INCLUDING 196.00 196.90 0.90 10.10 7 10.19 21C
AND 196.90 198.20 1.30 9.94 9 10.06 21C
SK-20-254 121.87 124.00 2.13 2.31 404 7.70 21C
INCLUDING 122.47 123.27 0.80 3.46 1,035 17.26 21C
SK-20-254 138.75 151.00 12.25 1.18 36 1.64 21C
SK-20-255 NOT DRILLED
SK-20-256 NOT DRILLED
SK-20-257 NOT DRILLED
SK-20-258 NOT DRILLED
SK-20-259 144.92 167.00 22.08 3.62 41 4.11 21B
INCLUDING 157.30 158.50 1.20 9.70 68 10.61 21B
AND 158.50 160.00 1.50 20.60 456 26.68 21B
SK-20-260 ABANDONED 21B
SK-20-261 ABANDONED 21B
SK-20-262 145.00 165.62 20.62 2.87 5 2.88 21B
SK-20-263 143.31 179.50 36.19 2.61 10 2.74 21B
INCLUDING 148.52 149.36 0.84 16.15 11 16.30 21B
SK-20-264 145.25 164.85 19.60 3.91 21 4.18 21B
INCLUDING 153.50 155.00 1.50 10.95 87 12.11 21B
AND 161.00 162.50 1.50 12.30 42 12.86 21B
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-20-248 9672.7 10683.5 867.6 133.0 117.8 -59.0
SK-20-249 9671.9 10683.7 867.7 133.0 106.9 -61.1
SK-20-250 9665.1 10608.5 890.0 17.0 80.2 -73.1
SK-20-251 9665.1 10608.5 890.0 211.0 88.7 -73.3
SK-20-252 9665.1 10608.5 890.0 160.0 99.0 -61.0
SK-20-253 9665.1 10608.5 890.0 215.0 104.1 -72.4
SK-20-254 9665.1 10608.5 890.0 160.0 103.9 -55.1
SK-20-259 9829.3 10639.7 940.4 182.0 108.0 -71.8
SK-20-260 9828.7 10639.8 940.3 23.0 109.4 -76.6
SK-20-261 9828.6 10640.9 939.8 14.0 104.5 -68.1
SK-20-262 9813.4 10632.5 937.9 174.9 107.0 -64.0
SK-20-263 9813.4 10632.5 937.9 185.0 106.5 -69.4
SK-20-264 9813.4 10632.5 937.9 179.0 107.1 -72.8