Skeena Intersects 5.29 g/t AuEq over 56.34 metres in 22 Zone Infill Drilling at Eskay Creek
Skeena Intersects 5.29 g/t AuEq over 56.34 metres
in 22 Zone Infill Drilling at Eskay Creek
Vancouver, BC ( November 19, 2020) Skeena Resources Limited (TSX: SKE, OTCQX: SKREF)
(“Skeena” or the “Company”) is pleased to report additional diamond drill core results from the Phase
1 combined campaign of definition and exploration drilling at the Eskay Creek Project (“Eskay Creek”
or the “Project”) located in the Golden Triangle of British Columbia. The Phase 2 infill program, focused
on resource category conversions for the Pre-Feasibility Study (“PFS”) on open-pit constrained
resources, is on-going with eleven drill rigs currently active. Reference images are presented at the
end of this release as well as on the Company’s website.
Eskay Creek Phase 1 Infill Drilling
22 Zone Highlights:
• 2.17 g/t Au, 234 g/t Ag (5.29 g/t AuEq) over 56.34 m (SK-20-379)
• 2.10 g/t Au, 183 g/t Ag (4.55 g/t AuEq) over 52.03 m (SK-20-383)
• 1.71 g/t Au, 127 g/t Ag (3.41 g/t AuEq) over 55.34 m (SK-20-382)
• 2.98 g/t Au, 73 g/t Ag (3.95 g/t AuEq) over 25.18 m (SK-20-378)
• 2.04 g/t Au, 93 g/t Ag (3.28 g/t AuEq) over 46.56 m (SK-20-375)
21C Zone Highlights:
• 9.51 g/t Au, 644 g/t Ag (18.10 g/t AuEq) over 10.24 m (SK-20-334)
• 2.68 g/t Au, 595 g/t Ag (10.61 g/t AuEq) over 11.50 m (SK-20-357)
• 21.24 g/t Au, 726 g/t Ag (30.92 g/t AuEq) over 7.43 m (SK-20-366)
Gold Equivalent (AuEq) calculated via the formula: Au (g/t) + [Ag (g/t) / 75]. True widths range from 70-100% of reported core lengths for the 21A and
21C Zones Apparent widths are reported for the 22 Zone due to the geometry of the mineralization and the orientation of the drill holes. Length weighted
AuEq composites are 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. Metallurgical processing recoveries have not been applied to the AuEq calculation and are taken at
100%. Samples below detection limit were nulled to a value of zero.
22 Zone Phase I Infill Continues to Confirm Modelled Mineralization
Drilling within the 22 Zone continues to yield exceptionally thick, high-grade results highlighted by 2.17
g/t Au, 234 g/t Ag (5.29 g/t AuEq) over 56.34 m (SK-20-379, apparent width) in the core of the 22
Zone, which is corroborated by up-dip intersections of 1.71 g/t Au, 127 g/t Ag (3.41 g/t AuEq) over
55.34 m and 2.10 g/t Au, 183 g/t Ag (4.55 g/t AuEq) over 52.03 m (SK-20-382 and SK -20-383,
respectively, apparent widths) . For comparison, this portion of the res ource was informed by a
historical intersec tion of 2.69 g/t AuEq over 47.50 m (C04-1259). The recent results confirm the
reported average AuEq and Au grades of Indicated and Inferred pit constrained resources in the 22
Zone found in the Company’s 2019 Mineral Resource Estimate (“MRE”) at 3.0 g/t AuEq and 2.1 g/t
AuEq, respectively. However, the recently intersected Ag grades are substantially higher.
NR: 20-34 | November 19, 2020
The 22 Zone is discordant mineralization hosted within the footwall rhyolite, which is intensely altered
to silica-sericite. The 22 Zone is interpreted to have developed along a sub-vertical structural conduit
that crosscuts the rhyolite and fed the overlying exhalative mineralization found in the Contact
Mudstones. Mineralization within the 22 Zone is vertically dipping, averages 70 m true horizontal width
and has been defined by drilling over a strike length of 320 m.
21A and 21C Infill Drilling Continues to Corroborate Projected Mineralization
In addition to the results from the 22 Zone, the recently completed Phase 1 portion of the infill drilling
campaign within the 21A and 21C Zones confirms the grade and spatial predictability of the Company’s
2019 MRE, which was largely informed by historical drilling results.
Exploration Update
The Company is currently drilling the Phase 2 program at Eskay Creek with eleven drill rigs and is on
schedule to complete the program in December 2020. One drill rig is performing a 5,000 m resource
expansion program at the Snip Project. At present, 81 drill holes are awaiting analytical results.
About Skeena
Skeena Resources Limited is a junior mining company focused on developing the past -producing
Eskay Creek gold-silver mine located in Tahltan Territory in the Golden Triangle of northwest British
Columbia, Canada. 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
Contact Information
Investor Inquiries: [email protected]
Office Phone: +1 604 684 8725
Company Website: www.skeenaresources.com
Qualified Persons
Exploration activities at the Eskay Creek Project are administered on site by the Company’s
Exploration Managers, Raegan Markel , 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
the exploration activities on its 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 stan dard
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 1 kg is pulverized. Analysis for
gold is by 50 g 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 100 ppm are re-analyzed using a 50 g
fire assay fusion with gravimetric finish. Analysis for silver is by 50 g fire assay fusion with gravimetric
finish with a lower limit of 5ppm and upper limit of 10,000 ppm. Samples with silver assays greater
than 10,000 ppm 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 Couple d 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 informa tion are
based on facts currently available to the Company and there is no assurance that actual results will meet management’s expect ations.
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, environment al 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 the Toronto Stock 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 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-20-334 152.76 163.00 10.24 9.51 644 18.10 21C
INCLUDING 152.76 153.40 0.64 11.40 19 11.65 21C
AND 155.69 156.19 0.50 5.83 1,745 29.10 21C
AND 156.19 157.00 0.81 14.40 1,395 33.00 21C
AND 157.00 158.00 1.00 9.29 2,640 44.49 21C
AND 158.00 159.00 1.00 4.55 497 11.18 21C
AND 159.00 159.83 0.83 43.30 921 55.58 21C
AND 159.83 160.34 0.51 22.80 366 27.68 21C
SK-20-334 211.50 220.50 9.00 3.14 20 3.41 21C
SK-20-334 226.50 234.50 8.00 3.71 76 4.73 21C
INCLUDING 230.00 230.50 0.50 8.32 287 12.15 21C
AND 231.00 231.60 0.60 19.75 146 21.70 21C
SK-20-353 137.00 159.50 22.50 2.35 18 2.59 21B
INCLUDING 151.34 152.00 0.66 7.28 206 10.03 21B
SK-20-354 PENDING
SK-20-355 138.50 158.50 20.00 2.18 9 2.30 21B
SK-20-356 146.46 149.50 3.04 1.18 33 1.62 21C
SK-20-357 111.84 114.02 2.18 0.82 25 1.14 21C
SK-20-357 129.50 141.00 11.50 2.68 595 10.61 21C
INCLUDING 130.46 131.40 0.94 1.30 892 13.19 21C
AND 135.42 136.00 0.58 8.00 407 13.43 21C
AND 136.00 137.00 1.00 1.05 867 12.61 21C
AND 137.00 138.00 1.00 0.94 1,380 19.34 21C
AND 138.00 139.00 1.00 4.79 3,120 46.39 21C
SK-20-357 146.28 149.00 2.72 4.02 170 6.29 21C
SK-20-366 182.40 189.83 7.43 21.24 726 30.92 21C
INCLUDING 183.05 184.50 1.45 15.20 580 22.93 21C
AND 184.50 186.00 1.50 24.90 292 28.79 21C
AND 186.00 187.20 1.20 68.80 2,750 105.47 21C
AND 187.20 187.90 0.70 5.33 384 10.45 21C
AND 187.90 189.30 1.40 6.72 353 11.43 21C
SK-20-366 231.50 238.28 6.78 1.09 16 1.31 21C
SK-20-372 2.44 6.50 4.06 1.02 43 1.60 21A
SK-20-372 32.00 35.00 3.00 0.62 91 1.83 21A
SK-20-373 4.00 6.00 2.00 0.78 10 0.91 21A
SK-20-373 12.50 22.50 10.00 0.66 10 0.79 21A
SK-20-374 4.00 40.00 36.00 1.58 38 2.08 21A
SK-20-375 3.44 50.00 46.56 2.04 93 3.28 22
INCLUDING 31.55 32.05 0.50 1.26 979 14.31 22
AND 32.05 32.70 0.65 0.79 779 11.18 22
AND 33.23 34.00 0.77 15.85 81 16.93 22
SK-20-376 0.44 18.00 17.56 1.47 18 1.71 22
SK-20-376 25.50 31.50 6.00 1.16 5 1.22 22
SK-20-376 65.50 68.50 3.00 0.94 5 1.01 22
SK-20-377 1.44 21.00 19.56 1.98 44 2.57 22
SK-20-377 24.00 34.50 10.50 0.97 8 1.07 22
SK-20-377 37.50 45.00 7.50 1.16 21 1.44 22
SK-20-377 64.50 67.50 3.00 0.96 5 1.03 22
SK-20-377 72.00 76.50 4.50 1.03 5 1.10 22
SK-20-378 1.32 26.50 25.18 2.98 73 3.95 22
INCLUDING 10.00 11.50 1.50 20.00 537 27.16 22
SK-20-378 29.50 58.00 28.50 0.94 11 1.08 22
Hole-ID From (m) To (m) Core Length (m) Au (g/t) Ag (g/t) AuEq (g/t) Zone
SK-20-378 74.50 85.50 11.00 0.90 5 0.97 22
SK-20-379 2.66 59.00 56.34 2.17 234 5.29 22
INCLUDING 5.50 7.00 1.50 5.32 358 10.09 22
AND 13.00 14.50 1.50 2.77 1,585 23.90 22
AND 14.50 16.00 1.50 2.19 621 10.47 22
SK-20-380 158.03 170.00 11.97 2.19 7 2.28 21B
SK-20-381 3.50 9.50 6.00 2.80 35 3.26 22
SK-20-381 12.50 20.00 7.50 0.76 51 1.44 22
SK-20-381 35.00 42.50 7.50 1.14 5 1.21 22
SK-20-381 53.00 60.50 7.50 0.68 36 1.16 22
SK-20-381 65.00 76.00 11.00 1.14 5 1.21 22
SK-20-382 2.66 58.00 55.34 1.71 127 3.41 22
INCLUDING 28.43 29.50 1.07 2.89 614 11.08 22
SK-20-382 61.00 76.00 15.00 0.88 47 1.50 22
SK-20-382 82.00 94.00 12.00 1.12 21 1.39 22
SK-20-383 2.47 54.50 52.03 2.10 183 4.55 22
INCLUDING 8.00 9.50 1.50 13.40 865 24.93 22
AND 14.00 15.50 1.50 3.55 556 10.96 22
AND 18.50 19.50 1.00 7.89 211 10.70 22
AND 20.50 21.50 1.00 6.83 599 14.82 22
SK-20-383 57.50 71.00 13.50 0.83 15 1.03 22
SK-20-384 PENDING 22
SK-20-385 PENDING 22
SK-20-386 PENDING 22
SK-20-387 183.50 192.28 8.78 1.39 35 1.85 22
SK-20-387 195.00 216.00 21.00 2.37 23 2.68 22
SK-20-388 12.50 18.50 6.00 1.09 6 1.16 21A
SK-20-388 21.50 39.00 17.50 1.08 23 1.38 21A
SK-20-389 1.26 50.00 48.74 6.89 122 8.52 22
INCLUDING 15.50 17.00 1.50 10.85 108 12.29 22
AND 29.13 30.50 1.37 16.90 47 17.53 22
AND 30.50 32.00 1.50 18.65 21 18.93 22
AND 32.00 33.50 1.50 9.69 52 10.38 22
AND 33.50 35.00 1.50 22.70 432 28.46 22
AND 35.00 36.50 1.50 18.80 440 24.67 22
AND 40.00 41.00 1.00 15.30 132 17.06 22
AND 41.00 42.50 1.50 35.30 247 38.59 22
AND 45.50 47.00 1.50 13.95 31 14.36 22
SK-20-390 0.38 66.50 66.12 4.33 48 4.97 22
INCLUDING 16.04 17.00 0.96 12.90 81 13.98 22
AND 17.00 18.50 1.50 17.60 94 18.85 22
AND 19.54 21.00 1.46 26.20 128 27.91 22
AND 23.87 25.30 1.43 9.19 93 10.43 22
AND 28.00 29.00 1.00 10.55 34 11.00 22
AND 29.00 30.50 1.50 11.45 26 11.80 22
SK-20-391 0.68 53.00 52.32 3.67 112 5.16 22
INCLUDING 31.40 32.18 0.78 8.73 98 10.04 22
SK-20-392 1.50 10.34 8.84 6.56 208 9.34 22
INCLUDING 3.69 5.00 1.31 20.50 927 32.86 22
SK-20-392 46.00 53.00 7.00 2.54 5 2.61 22
SK-20-393 127.10 132.00 4.90 2.32 5 2.39 21C
SK-20-393 135.00 137.00 2.00 5.81 9 5.93 21C
SK-20-394 127.50 132.50 5.00 2.73 10 2.87 21C
INCLUDING 131.00 131.57 0.57 10.85 <5 10.85 21C
Gold Equivalent (AuEq) calculated via the formula: Au (g/t) + [Ag (g/t) / 75]. True widths range from 70-100% of reported core lengths
for the 21A and 21C Zones Apparent widths are reported for the 22 Zone due to the geometry of the mineralization and the orientation
of the drill holes. Length weighted AuEq composites are 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. Metallurgical processing recoveries
have not been applied to the AuEq calculation and are taken at 100%. Samples below detection limit were nulled to a value of zero.
Table 2: Mine Grid Drill Hole Locations and Orientations:
Hole-ID Easting (m) Northing (m) Elevation (m) Length (m) Azimuth (°) Dip (°)
SK-20-334 9,775.0 10,538.0 971.4 248.0 186.1 - 79.3
SK-20-353 9,842.0 10,601.0 947.1 168.0 116.0 - 69.1
SK-20-355 9,842.0 10,601.0 950.0 170.0 102.4 - 71.2
SK-20-356 9,665.0 10,609.0 893.2 165.0 121.2 - 51.0
SK-20-357 9,664.0 10,608.0 894.5 160.0 116.1 - 57.9
SK-20-366 9,755.0 10,528.0 972.7 245.0 26.0 - 81.0
SK-20-372 9,864.0 9,954.0 1,022.3 35.0 269.5 - 49.9
SK-20-373 9,864.0 9,954.0 1,022.5 23.3 89.5 - 75.1
SK-20-374 9,864.0 9,954.0 1,021.2 40.0 329.7 - 49.8
SK-20-375 9,864.0 9,954.0 1,021.2 50.0 29.7 - 55.1
SK-20-376 9,559.0 8,864.0 1,126.1 100.0 203.0 - 50.0
SK-20-377 9,559.0 8,864.0 1,127.1 85.0 245.2 - 64.2
SK-20-378 9,559.0 8,864.0 1,126.9 100.0 203.1 - 65.1
SK-20-379 9,589.0 8,862.0 1,108.0 59.0 239.9 - 89.9
SK-20-380 9,809.0 10,565.0 960.3 180.0 99.2 - 68.9
SK-20-381 9,589.0 8,863.0 1,113.4 80.0 23.1 - 77.1
SK-20-382 9,589.0 8,862.0 1,113.9 95.0 240.1 - 77.2
SK-20-383 9,589.0 8,862.0 1,114.3 90.0 260.2 - 64.1
SK-20-387 9,700.0 10,423.0 962.3 225.0 116.0 - 70.9
SK-20-388 9,864.0 9,954.0 1,022.4 40.0 90.7 - 75.0
SK-20-389 9,535.3 8,936.9 1,140.7 80.0 228.3 - 49.9
SK-20-390 9,535.3 8,936.9 1,140.2 80.0 228.1 - 69.9
SK-20-391 9,535.3 8,936.9 1,135.3 90.0 210.2 - 57.1
SK-20-392 9,535.0 8,937.0 1,140.5 85.0 350.4 - 78.1
SK-20-393 9,775.8 10,252.5 1,015.7 154.0 170.1 - 54.1
SK-20-394 9,754.1 10,252.5 1,015.4 149.0 170.3 - 60.1