Skeena Provides Exploration Update and 2024 Outlook
Skeena Provides Exploration Update and 2024 Outlook
Vancouver, BC (February 8, 2024) Skeena Resources Limited (TSX: SKE, NYSE: SKE) (“Skeena”
or the “Company”) is pleased to announce all drilling results from the 2023 exploration drilling program
at the Eskay Creek Gold -Silver Project (“Eskay Creek” or the “Project”) in the Golden Triangle of
northwest British Columbia. This release also provides an outlook for Skeena’s 2024 exploration
programs. Analytical results are detailed below as well as on the Company’s website.
Near Mine Exploratory Drilling
A total of 13 surface drillholes were completed in 2023 with the aim of following up on drill intersections
discovered during the 2022 exploratory programs. Drilling in the vicinity surrounding the 22 Zone
yielded new occurrences of footwall gold-silver mineralization highlighted by SK-23-1203, which
intersected 19.87 g/t Au, 59.1 g/t Ag over 2.95 metres including 64.80 g/t Au, 132.0 g/t Ag over
0.85 metres and a second high grade interval averaging 21.10 g/t Au, 15.4 g/t Ag over 1.50 metres.
Additional mineralization was identified 200 metres north of the 22 Zone by SK-23-1200 grading 0.63
g/t Au, 86.1 g/t Ag over 14.50 metres and 1.37 g/t Au, 7.6 g/t Ag over 5.00 metres . These new
intersections are not expected to materially affect the existing open -pit Resources and Reserves in
the 22 Zone.
Regional Eskay Deeps Program
Discovery of new mineralization in 2022 at Eskay Deeps by exploratory drillhole SK-22-1081 (3.79 g/t
Au, 59.4 g/t Ag over 32.19 metres), prompted the 2023 Eskay Deeps Phase I exploration program .
Completed in Q4 2023, t he Phase I Deeps program was designed to test for additional high -grade
Contact Mudstone mineralization in the down -dip extension of the Eskay Rift ~1,000 metres north of
the current Eskay Creek Reserves. Targeting was supported by geological modelling and geophysical
data, focusing on areas that were inadequately explored by previous operators. In total, 8 drillholes
and 2 wedge branches were completed totalling 13,787 metres. To date, the Company has only tested
an area of Contact Mudstone measuring 350 metres by 1,000 metres downdip of the main deposit
with wide drill spacings in excess of 100 metres. Considerable exploration potential still exists in the
Eskay Deeps as many prehistoric and modern day mineralized rift systems typically extend for tens of
kilometres.
All 2023 drillholes intersected a nomalous trace mineralization in the Contact Mudstone. Additionally,
120 metres below the Contact Mudstone and hosted by footwall rhyolite breccias, 2023 drillhole SK -
23-1182 intersected 3.92 g/t Au, 5.2 g/t Ag over 5.38 metres . SK-23-1182 is 50 metres from the
discovery drillhole SK-22-1081, indicating that the mineralized hydrothermal system was still active in
this area. Feeder zones similar to this typically have a high-grade expression at the Contact Mudstone,
which is yet to be encountered in this area.
By testing Eskay Deeps at widely spaced (>100 metre) hole spacings, a wealth of new information
was collected from the 2023 program which has yielded a refined interpretation of the Eskay Creek
NR: 24-01 | February 8, 2024
Rift Model at depth. The Rift Model will be further analyzed once combined with Skeena’s proposed
2024 seismic survey.
2024 Seismic Survey
The Company is aiming to perform a surface based seismic survey in Summer 2024. It has been
proven by previous operators that more conventional geophysical methods such as electromagnetics
and induced polarization are unable to directly discern the Eskay Creek gold-silver mineralization.
However, the Company is investigating the potential for a seismic survey to indirectly target
mineralization by better defining the rift and Contact Mudstone at depth that is critical for hosting Eskay
Creek style deposits. Additional Eskay Deeps drilling will be driven by the results of the seismic survey.
2024 Regional Exploration Plans
During H1 2024, Skeena will be finalizing a large airborne magnetics survey and data compilation for
the new 74,633 hectare Hoodoo Project which was staked in October 2023. Remarkably, this ground
was unclaimed mineral tenure with virtually no historical exploration despite possessing very high
prospectivity for alkalic porphyry deposits. Alkalic gold-copper porphyry deposits in the cordillera of
British Columbia typically rank as the higher-grade end members such as Galore Creek and New
Afton. These specific deposits are attractive exploration targets based on the ir atypically high gold
tenor.
An accelerated exploration model will be employed in H2 2024 that judiciously ranks and ultimately
culminates in drilling targets on the KSP and Hoodoo properties. The successes of the 2023 field
program in discovering new gold-copper mineralization and increasing the geological understanding
of the KSP and Hoodoo properties warrants augmented exploration in these areas. Overall, 14,000
metres has been budgeted for this regional program.
About Skeena
Skeena Resources Limited is a Canadian mining exploration and development company focused on
revitalizing the Eskay Creek and Snip Projects, two past-producing mines located in Tahltan Territory
in the Golden Triangle of Northwest British Columbia, Canada. The Company released a Definitive
Feasibility Study for Eskay Creek in November 2023 which highlights an after -tax NPV5% of C$2B,
43% IRR, and a 1.2-year payback at US$1,800/oz Au and US$23/oz Ag.
On behalf of the Board of Directors of Skeena Resources Limited,
Walter Coles Randy Reichert
Executive Chairman 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, John Tyler, P.Geo., Raegan Markel, P.Geo. and Vice President of Exploration,
Adrian Newton, P.Geo. In accordance with National Instrument 43 -101 Standards of Disclosure for
Mineral Projects, Paul Geddes, P.Geo., Senior Vice President, Exploration & 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 activities on its projects.
Cautionary note regarding forward-looking statements
Certain statements and information contained or incorporated by reference in this press release constitute “forward-looking
information” and “forward -looking statements” within the meaning of applicable Canadian and United States securities
legislation (collectively, “forward-looking statements”). These statements relate to future events or our future performance.
The use of words such as “anticipates”, “believes”, “proposes”, “contemplates”, “generates”, “progressing towards”, “in
search of” , “targets”, “is projected”, “plans to”, “is planned”, “considers”, “estimates”, “expects”, “is expected”, “often”,
“likely”, “potential” and similar expressions, or statements that certain actions, events or results “may”, “might”, “will”,
“could”, or “wo uld” be taken, achieved, or occur, may identify forward -looking statements. All statements other than
statements of historical fact are forward -looking statements. Such forward -looking statements are based on material
factors and/or assumptions which include, but are not limited to, the estimation of Mineral Resources and Mineral
Reserves, the realization of Mineral Resource and Mineral reserve estimates, metal price s, exchange rates, taxation, the
estimation, timing and amount of future exploration and dev elopment, capital and operating costs, the availability of
financing, the receipt of regulatory and shareholder approvals, environmental risks, title disputes and the assumptions set
forth herein and in the Company’s MD&A for the year ended December 31, 20 22, its most recently filed interim MD&A,
and the Company’s Annual Information Form (“AIF”) dated March 22, 2023. Such forward -looking statements represent
the Company’s management expectations, estimates and projections regarding future events or circumst ances on the
date the statements are made, and are necessarily based on several estimates and assumptions that, while considered
reasonable by the Company as of the date hereof, are not guarantees of future performance. Actual events and results
may differ materially from those described herein, and are subject to significant operational, business, economic, and
regulatory risks and uncertainties. The risks and uncertainties that may affect the forward-looking statements in this news
release include, among others: the inherent risks involved in exploration and development of mineral properties, including
permitting and other government approvals; changes in economic conditions, including changes in the price of gold, silver
and other key variables; changes i n mine plans, significant legal developments adversely impacting shareholder rights
plan generally and other factors, including accidents, equipment breakdown, bad weather and other project execution
delays, many of which are beyond the control of the Comp any; political developments; social unrest; environmental risks
and unanticipated reclamation expenses; technological developments; and other risk factors identified in the Company’s
MD&A for the year ended December 31, 2022, its most recently filed interi m MD&A, the AIF dated March 22, 2023, the
Company’s short form base shelf prospectus dated January 31, 2023, and in the Company’s other periodic filings with
securities and regulatory authorities in Canada and the United States that are available on SEDAR+ at www.sedarplus.ca
or on EDGAR at www.sec.gov.
Readers should not place undue reliance on such forward-looking statements. Any forward-looking statement speaks only
as of the date on which it is made and the Company does not undertake any obligations to update and/or revise any
forward-looking statements except as required by applicable securities laws.
Cautionary note to U.S. Investors concerning estimates of Mineral Reserves and Mineral Resources
Skeena’s Mineral Reserves and Mineral Resources included or incorporated by reference herein have been estimated in
accordance with National Instrument 43 -101 – Standards of Disclosure for Mineral Projects (“NI 43 -101”) as required by
Canadian securities regulatory authorities, which differ from the requirements of U.S. securities laws. The terms “Mineral
Reserve”, “Proven Mineral Reserve”, “Probable Mineral Reserve”, “Mineral Resource”, “Measured Mineral Resource”,
“Indicated Mineral Resource” and “Inferred Mineral Resource” are defined in accordance with NI 43-101 and the Canadian
Institute of Mining, Metallurgy and Petroleum (“CIM”) “CIM Definition Standards – For Mineral Resources and Mineral
Reserves” adopted by the CIM Council (as amended, the “CIM Definition Standards”). These standards differ significantly
from the mineral property disclosure requirements of the U.S. Securities and Exchange Commission in Regulation S -K
Subpart 1300 (the “SEC Modernization Rules”). Skeena is not currently subject to th e SEC Modernization Rules.
Accordingly, Skeena’s disclosure of mineralization and other technical information may differ significantly from the
information that would be disclosed had Skeena prepared the information under the SEC Modernization Rules.
In addition, investors are cautioned not to assume that any part, or all of, Skeena’s mineral deposits categorized as
“Inferred Mineral Resources” or “Indicated Mineral Resources” will ever be converted into Mineral Reserves. “Inferred
Mineral Resources” have a great amount of uncertainty as to their existence, and a great amount of uncertainty as to their
economic and legal feasibility. Accordingly, investors are cautioned not to assume that any “Inferred Mineral Resources”
that Skeena reports are or will be economically or legally mineable. Under Canadian securities laws, estimates of “Inferred
Mineral Resources” may not form the basis of feasibility or prefeasibility studies, except for a Preliminary Economic
Assessment as defined under NI 43-101.
For these reasons, the Mineral Reserve and Mineral Resource estimates and related information presented herein may
not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure
requirements under the U.S. federal securities laws and the rules and regulations thereunder.
Table 1: Eskay Creek Project 2023 Exploratory Drilling Length-Weighted Drillhole Composites:
Hole-ID From (m) To (m) Sample Length (m) Au (g/t) Ag (g/t)
SK-23-1182 1019.22 1024.60 5.38 3.92 5.21
SK-23-1182 1045.30 1046.50 1.20 0.95 51.70
SK-23-1182 1050.00 1051.50 1.50 1.85 1.80
SK-23-1182 1084.50 1086.00 1.50 1.88 1.60
SK-23-1182 1144.30 1148.90 4.60 0.77 12.54
SK-23-1194 NSA
SK-23-1195 1592.50 1594.00 1.50 1.17 0.50
SK-23-1196 1439.37 1440.85 1.48 0.79 11.90
SK-23-1196 1442.00 1443.28 1.28 1.30 17.10
SK-23-1196 1452.21 1453.50 1.29 0.78 4.70
SK-23-1197 TDNR
SK-23-1198 NSA
SK-23-1199 NSA
SK-23-1200 60.00 61.40 1.40 0.47 19.90
SK-23-1200 63.77 65.00 1.23 0.34 88.50
SK-23-1200 69.00 83.50 14.50 0.63 86.10
SK-23-1200 88.40 89.30 0.90 0.71 10.70
SK-23-1200 92.00 93.00 1.00 0.85 72.70
SK-23-1200 123.00 128.00 5.00 1.37 7.55
SK-23-1201 157.00 158.50 1.50 0.88 12.10
SK-23-1202 89.00 90.00 1.00 0.64 5.30
SK-23-1202 111.00 112.50 1.50 0.68 1.30
SK-23-1203 92.55 95.50 2.95 19.87 59.05
INCLUDING 92.55 93.40 0.85 64.80 132.00
SK-23-1203 102.50 104.00 1.50 0.62 13.10
SK-23-1203 151.50 153.00 1.50 0.65 4.70
SK-23-1203 154.50 157.50 3.00 1.08 3.75
SK-23-1203 162.00 163.50 1.50 21.10 15.40
SK-23-1203 171.06 171.56 0.50 1.70 17.00
SK-23-1203 176.00 177.00 1.00 0.67 30.40
SK-23-1203 181.50 183.00 1.50 0.53 15.80
SK-23-1203 195.00 196.50 1.50 1.75 34.10
SK-23-1203 198.00 201.00 3.00 1.21 11.80
SK-23-1204 NSA
SK-23-1205 72.00 74.50 2.50 0.60 366.20
SK-23-1205 76.00 76.50 0.50 1.42 5.00
SK-23-1205 92.00 93.50 1.50 0.31 38.00
SK-23-1205 105.00 107.22 2.22 0.70 108.84
SK-23-1205 111.50 113.00 1.50 0.23 192.00
SK-23-1206 159.60 164.00 4.40 0.22 87.94
SK-23-1206 166.20 168.00 1.80 0.36 61.52
SK-23-1206 169.00 170.10 1.10 0.45 30.60
SK-23-1207 39.70 42.20 2.50 0.86 0.50
SK-23-1207 81.70 84.00 2.30 3.52 55.20
SK-23-1208 NSA
SK-23-1209 132.00 133.50 1.50 0.68 43.00
SK-23-1209 134.50 135.18 0.68 0.97 11.60
SK-23-1209 161.00 165.50 4.50 0.81 5.40
SK-23-1209 190.00 192.00 2.00 0.65 36.65
SK-23-1210 35.50 37.00 1.50 0.94 4.20
SK-23-1210 73.50 76.50 3.00 0.12 106.80
Hole-ID From (m) To (m) Sample Length (m) Au (g/t) Ag (g/t)
SK-23-1210 103.50 105.00 1.50 0.28 33.10
SK-23-1211 NSA
SK-23-1212 NSA
SK-23-1213 NSA
SK-23-1214 NSA
SK-23-1215 NSA
SK-23-1216 ABANDONED
SK-23-1217 NSA
SK-23-1218 ABANDONED
SK-23-1219 TDNR
SK-23-1220 NSA
True widths and zone geometries cannot be definitively determined at this time. Grade-capping of individual assays has not been
applied to the Au and Ag assays informing the length-weighted composites. Samples below detection limit were nulled to a value of
zero. NSA – No Significant Assays. TDNR – Target Depth Not Reached.
Table 2: Mine Grid Drillhole Locations and Orientations:
Hole-ID Easting (m) Northing (m) Elevation (m) Length (m) Azimuth (°) Dip (°)
SK-23-1182 9979.5 11939.6 813.5 1166.5 337.0 -90.0
SK-23-1194 9979.5 11939.6 813.5 1306.7 337.0 -90.0
SK-23-1195 9953.9 12438.7 769.0 1649.2 287.2 -87.6
SK-23-1196 9988.5 12258.7 793.0 1513.0 262.1 -88.0
SK-23-1197 9949.3 12449.3 770.3 1601.6 272.9 -79.2
SK-23-1198 9988.2 12259.5 793.3 1327.0 276.7 -81.0
SK-23-1199 9660.8 8961.2 1121.5 153.0 22.0 -44.5
SK-23-1200 9661.9 8960.0 1121.5 165.0 22.2 -45.1
SK-23-1201 9661.0 8958.2 1121.5 201.0 117.0 -69.7
SK-23-1202 9666.8 8902.2 1115.1 151.3 136.7 -50.0
SK-23-1203 9664.7 8899.9 1115.1 228.0 167.4 -50.3
SK-23-1204 9667.3 8904.6 1115.1 108.1 97.0 -49.9
SK-23-1205 9582.9 8945.8 1137.4 125.0 97.2 -55.0
SK-23-1206 9581.8 8943.4 1137.4 184.2 147.4 -50.1
SK-23-1207 9581.3 8992.3 1139.0 120.7 96.9 -49.9
SK-23-1208 9579.1 8995.6 1139.2 224.5 52.0 -70.0
SK-23-1209 9668.6 8903.9 1115.1 210.3 96.9 -49.8
SK-23-1210 9628.1 9171.1 1147.5 124.5 126.8 -55.0
SK-23-1211 9614.7 9235.7 1142.0 199.0 247.4 -50.0
SK-23-1212 9632.1 9347.2 1145.6 153.2 257.1 -44.7
SK-23-1213 9827.4 12059.6 825.2 1003.0 188.9 -87.9
SK-23-1214 9826.8 12060.5 825.2 1430.3 212.6 -79.6
SK-23-1215 10502.3 7697.6 1042.6 120.9 247.1 -44.8
SK-23-1216 9990.8 5307.3 1006.2 24.9 66.9 -44.8
SK-23-1217 9990.8 5307.3 1006.2 250.8 66.0 -44.9
SK-23-1218 9934.7 12711.4 780.8 23.0 282.0 -86.0
SK-23-1219 9935.1 12712.3 780.8 1739.3 264.8 -86.0
SK-23-1220 9998.9 12094.1 810.9 1050.2 277.7 -84.1