Skeena Intersects 7.83 g/t AuEq over 42.59 m in 21C Zone Infill Drilling at Eskay Creek
Skeena Intersects 7.83 g/t AuEq over 42.59 m
in 21C Zone Infill Drilling at Eskay Creek
Vancouver, BC ( October 20, 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 B ritish Columbia. Phase 2 drilling continues with
nine drill rigs currently active with more planned to be added shortly . The Phase 2 infill program is
focused on Pre-Feasibility Study (“PFS”) resource category conversions for the open -pit constrained
resources. Reference images are presented at the end of this release as well as on the Company’s
website.
Eskay Creek 21C Zone Drilling – Highlights:
• 7.19 g/t Au and 665 g/t Ag (16.05 g/t AuEq) over 14.45 m (SK-20-331)
• 5.59 g/t Au and 5 g/t Ag (5.66 g/t AuEq) over 25.50 m (SK-20-341)
• 6.88 g/t Au and 71 g/t Ag (7.83 g/t AuEq) over 42.59 m (SK-20-364)
Gold Equivalent (AuEq) calculated via the formula: Au (g/t) + [Ag (g/t) / 75]. True widths range from 70-100% of reported core lengths. 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.
21C Zone Infill Drilling Intersects Substantial Silver Mineralization in Contact Mudstone
The Phase 1 infill drill campaign is reducing the drill spacing and upgrading the confidence of Inferred
resources in a portion of the 21C Zone . Phase 1 drillhole SK-20-331 intersected significant and
previously unknown high-grade Ag mineralization hosted within the Contact Mudstones. The intercept
averaged 7.19 g/t Au and 665 g/t Ag (16.05 g/t AuEq) over 14.45 m, however there is significant high-
grade within this zone (Table 1) . This intercept is closely flanked by historical drill holes 6717 and
C001053, but these intersected markedly lower grades averaging 1.13 g/t AuEq over 8.69 m and 1.69
g/t AuEq over 12.78 m respectively (see section 10480 below).
Table 1: DDH SK-20-331 – 21C Zone Detailed Au-Ag Results
DDH SK-20-331 From
(m)
To
(m)
Core Length
(m)
Au
(g/t)
Ag
(g/t)
AuEq
(g/t)
Total mineralized Intercept 164.90 179.35 14.45 7.19 665 16.05
including: 165.85 166.55 0.70 20.40 2530 54.13
and: 166.55 167.00 0.45 4.44 1765 27.97
and: 167.00 167.50 0.50 3.25 1540 23.78
and: 167.50 168.00 0.50 4.84 1835 29.31
and: 168.00 168.50 0.50 4.64 1980 31.04
and: 168.50 169.00 0.50 4.48 1215 20.68
and: 169.00 169.50 0.50 1.13 915 13.33
and: 169.50 170.00 0.50 17.20 2900 55.87
and: 170.00 171.30 1.30 43.10 966 55.98
and: 172.80 173.70 0.90 6.89 356 11.64
NR: 20-29 | October 20, 2020
In addition to the above results , SK-20-331 also encountered better than expected grades
stratigraphically above the historically important Contact Mudstone (8.18 g/t Au and 117 g/t Ag (9.73
g/t AuEq) over 4.25 m ) compared to the surrounding historical drill holes . Historical surface hole
C001053, which originally informed the 2019 Mineral Resource Estimate (“MRE”), intersected 2.68 g/t
AuEq over 3.16 m. These recent results highlight the potential remaining throughout the Eskay Creek
project.
The recently completed Phase 1 portion of the infill drilling campaign at Eskay Creek continues to
demonstrate the predictability of the Company’s 2019 MRE, which was largely informed by historical
drilling results. As well, recent drill intercepts of grades and widths in the 21C Zone continue to
correlate very well with the modelled Inferred mineralization (see section 10410 below).
Annual and Special General Meeting Results
Skeena is also pleased to announce that all resolutions presented to shareholders were passed at the
Company’s Annual and Special General Meeting held on October 15, 2020.
About Skeena
Skeena Resources Limited is a junior mining c ompany 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 curren tly focused on infill and exploration drilling at Eskay Creek to advance the project to
Prefeasibility. 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, 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 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 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 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 informat ion 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 reali zation 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 the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the
adequacy or accuracy of this release.
Table 2: 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-20-331 153.00 157.25 4.25 8.18 117 9.73 21C
INCLUDING 153.95 155.35 1.40 8.54 328 12.91 21C
AND 155.35 155.85 0.50 35.50 40 36.03 21C
SK-20-331 164.90 179.35 14.45 7.19 665 16.05 21C
INCLUDING 165.85 166.55 0.70 20.40 2530 54.13 21C
AND 166.55 167.00 0.45 4.44 1765 27.97 21C
AND 167.00 167.50 0.50 3.25 1540 23.78 21C
AND 167.50 168.00 0.50 4.84 1835 29.31 21C
AND 168.00 168.50 0.50 4.64 1980 31.04 21C
AND 168.50 169.00 0.50 4.48 1215 20.68 21C
AND 169.00 169.50 0.50 1.13 915 13.33 21C
AND 169.50 170.00 0.50 17.20 2900 55.87 21C
AND 170.00 171.30 1.30 43.10 966 55.98 21C
AND 172.80 173.70 0.90 6.89 356 11.64 21C
SK-20-331 193.80 210.75 16.95 2.74 10 2.87 21C
Hole-ID From
(m)
To
(m)
Core Length
(m)
Au
(g/t)
Ag
(g/t)
AuEq
(g/t) Zone
INCLUDING 195.30 196.30 1.00 10.90 5 10.97 21C
AND 196.30 197.00 0.70 18.15 9 18.27 21C
SK-20-331 213.45 227.30 13.85 3.43 14 3.62 21C
INCLUDING 222.80 224.30 1.50 10.25 36 10.73 21C
SK-20-332 PENDING 21C
SK-20-333 PENDING 21C
SK-20-334 PENDING 21C
SK-20-335 226.00 233.05 7.05 1.72 5 1.79 21C
SK-20-336 132.60 136.16 3.56 0.67 89 1.86 21C
SK-20-336 148.00 155.00 7.00 1.15 7 1.23 21C
SK-20-336 162.00 166.00 4.00 1.60 10 1.74 21C
SK-20-336 173.00 187.50 14.50 3.96 8 4.07 21C
INCLUDING 173.00 174.45 1.45 18.80 5 18.87 21C
AND 163.79 164.29 0.50 13.70 20 13.97 21C
SK-20-337 181.80 195.00 13.20 2.06 10 2.19 21C
SK-20-338 184.75 197.00 12.25 3.07 14 3.26 21C
INCLUDING 188.89 189.50 0.61 19.40 6 19.48 21C
SK-20-339 195.00 208.50 13.50 3.10 5 3.17 21C
SK-20-340 186.60 194.70 8.10 1.89 18 2.12 21C
SK-20-341 186.50 212.00 25.50 5.59 5 5.66 21C
INCLUDING 186.50 187.65 1.15 49.20 10 49.33 21C
AND 187.65 188.50 0.85 17.00 <5 17.00 21C
SK-20-342 194.00 208.00 14.00 3.18 30 3.58 21C
INCLUDING 196.06 197.50 1.44 13.70 233 16.81 21C
SK-20-343 185.50 196.00 10.50 1.59 8 1.70 21C
SK-20-344 189.00 205.50 16.50 1.70 7 1.80 21C
SK-20-345 170.38 174.50 4.12 2.68 5 2.74 21C
SK-20-345 197.00 215.00 18.00 1.57 8 1.67 21C
SK-20-346 PENDING 21C
SK-20-347 PENDING 21C
SK-20-348 138.25 160.00 21.75 1.35 32 1.78 21C
SK-20-349 144.30 169.90 25.60 1.91 42 2.47 21C
SK-20-350 146.50 163.50 17.00 1.55 20 1.81 21C
INCLUDING 153.05 154.05 1.00 10.05 29 10.44 21C
SK-20-351 89.20 90.40 1.20 2.65 8 2.76 21C
SK-20-351 93.00 107.36 14.36 1.92 7 2.01 21C
SK-20-351 136.88 156.00 19.12 3.37 26 3.71 21C
INCLUDING 144.00 145.00 1.00 11.30 <5 11.30 21C
AND 145.00 146.00 1.00 13.70 <5 13.70 21C
SK-20-352 PENDING 21C
SK-20-353 PENDING 21C
SK-20-354 PENDING 21C
SK-20-355 PENDING 21C
SK-20-356 PENDING 21C
SK-20-357 PENDING 21C
SK-20-358 PENDING 21C
SK-20-359 PENDING 21C
SK-20-360 145.60 150.50 4.90 1.14 12 1.31 21C
SK-20-360 168.00 193.50 25.50 2.44 28 2.82 21C
INCLUDING 168.75 169.50 0.75 12.90 27 13.26 21C
AND 169.50 170.25 0.75 10.25 55 10.98 21C
SK-20-360 196.50 217.50 21.00 1.40 6 1.48 21C
SK-20-361 84.90 101.50 16.60 1.47 13 1.65 21C
SK-20-361 141.59 146.50 4.91 1.74 51 2.42 21C
Hole-ID From
(m)
To
(m)
Core Length
(m)
Au
(g/t)
Ag
(g/t)
AuEq
(g/t) Zone
SK-20-362 144.70 153.00 8.30 2.24 483 8.68 21C
INCLUDING 146.00 147.50 1.50 3.95 1160 19.42 21C
AND 147.50 149.00 1.50 1.31 665 10.18 21C
SK-20-362 163.50 200.50 37.00 1.84 17 2.06 21C
SK-20-362 206.50 214.08 7.58 1.19 5 1.25 21C
SK-20-363 ABANDONED 21C
SK-20-364 145.67 149.50 3.83 1.84 603 9.88 21C
INCLUDING 145.67 146.50 0.83 1.62 838 12.79 21C
AND 146.50 147.50 1.00 1.99 832 13.08 21C
AND 147.50 148.35 0.85 3.42 888 15.26 21C
SK-20-364 153.10 161.50 8.40 1.86 41 2.41 21C
SK-20-364 164.91 207.50 42.59 6.88 71 7.83 21C
INCLUDING 164.91 165.50 0.59 5.94 375 10.94 21C
AND 165.50 166.00 0.50 21.00 439 26.85 21C
AND 171.44 172.10 0.66 88.40 414 93.92 21C
AND 172.10 173.00 0.90 16.10 817 26.99 21C
AND 173.00 173.60 0.60 12.65 99 13.97 21C
AND 174.28 175.20 0.92 21.50 277 25.19 21C
AND 175.20 176.50 1.30 18.45 246 21.73 21C
AND 176.50 176.87 0.37 127.50 341 132.05 21C
AND 176.87 178.11 1.24 41.10 65 41.97 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.
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 3: Mine Grid Drill Hole Locations and Orientations:
Hole-ID Easting
(m)
Northing
(m)
Elevation
(m)
Length
(m)
Azimuth
(°)
DDH Angle
(°)
SK-20-331 9776.0 10538.0 971.2 240.0 186.1 -69.9
SK-20-335 9776.0 10538.0 970.7 240.0 200.1 -77.3
SK-20-336 9787.0 10602.0 943.1 190.0 109.5 -70.2
SK-20-337 9780.0 10545.0 970.5 210.0 100.2 -65.2
SK-20-338 9780.0 10544.0 968.9 215.0 100.3 -69.1
SK-20-339 9780.0 10544.0 969.0 227.0 100.0 -73.0
SK-20-340 9780.0 10544.0 968.9 210.0 109.2 -66.8
SK-20-341 9780.0 10544.0 969.9 220.0 109.0 -71.1
SK-20-342 9780.0 10544.0 969.5 213.0 91.0 -71.0
SK-20-343 9780.0 10544.0 968.6 210.0 82.3 -65.0
SK-20-344 9780.0 10544.0 968.0 215.0 82.0 -69.0
SK-20-345 9780.0 10544.0 969.1 215.0 82.0 -73.0
SK-20-348 9773.0 10605.0 941.8 182.0 112.1 -68.0
SK-20-349 9773.0 10605.0 942.7 173.0 112.1 -73.0
SK-20-350 9773.0 10605.0 942.4 175.0 99.9 -70.4
SK-20-351 9713.0 10627.0 920.2 156.0 114.0 -73.0
SK-20-360 9700.0 10423.0 963.8 225.0 96.5 -66.0
SK-20-361 9713.0 10627.0 919.4 155.0 104.1 -81.2
SK-20-362 9700.0 10423.0 963.6 220.0 94.0 -62.0
SK-20-363 9700.0 10423.0 961.8 35.0 95.9 -59.0
SK-20-364 9700.0 10423.0 961.8 220.0 96.1 -59.0