Omai Gold Mines

Skeena Resources Intersects 12.51 g/t AuEq over 19.15 metres in 21C Zone Infill Drilling at Eskay Creek

VANCOUVER, BC / ACCESSWIRE / March 2, 2021 / Skeena Resources Limited (TSX:SKE) (OTCQX:SKREF) ("Skeena" or the "Company") is pleased to report the last diamond drill core results from the Phase 2 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 upon resource category conversions for the Pre-Feasibility Study ("PFS") on open-pit constrained resources, is now complete. This release presents the last of the Phase 2 results. The Company has also recently completed a 5,000 m near-mine exploration program at Eskay Creek with results expected shortly. Reference images are presented at the end of this release as well as on the Company's website.

Eskay Creek Infill Drilling Highlights:

21C Zone:

  • 3.35 g/t Au, 9 g/t Ag (3.47 g/t AuEq) over 33.93 m (SK-21-677)
  • 7.10 g/t Au, 406 g/t Ag (12.51 g/t AuEq) over 19.15 m (SK-21-678)
  • 2.82 g/t Au, 57 g/t Ag (3.58 g/t AuEq) over 49.00 m (SK-21-679)
  • 5.45 g/t Au, 12 g/t Ag (5.61 g/t AuEq) over 26.80 m (SK-21-702)
  • 3.99 g/t Au, 14 g/t Ag (4.17 g/t AuEq) over 41.92 m (SK-21-815)
  • 3.97 g/t Au, 13 g/t Ag (4.15 g/t AuEq) over 28.00 m (SK-21-816)

HW Zone:

  • 6.06 g/t Au, 11 g/t Ag (6.21 g/t AuEq) over 16.40 m (SK-21-805)
  • 3.20 g/t Au, 11 g/t Ag (3.34 g/t AuEq) over 32.19 m (SK-21-806)

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.

Improved Widths Observed In 21C Zone

Mineralization within the 21C Zone has been expanded to depth as confirmed by 2021 Phase 2 drill intersection 2.82 g/t Au, 57 g/t Ag (3.58 g/t AuEq) over 49.00 m (SK-21-679) in a combination of Contact Mudstones and Rhyolite breccias. The nearest historical drill hole intersected comparable grade but over a lesser width, averaging 4.04 g/t AuEq over 25.99 m (C011099). Additional high-grade gold-silver mineralization was intersected by a flanking drill hole which intersected 7.10 g/t Au, 406 g/t Ag (12.51 g/t AuEq) over 19.15 m (SK-21-678) hosted in Contact Mudstones with a second Rhyolite-hosted interval grading 2.87 g/t Au, 7 g/t Ag (2.97 g/t AuEq) over 18.40 m.

Additional Mineralization Established in HW Zone

Supplementary near surface gold-silver mineralization has been established over two new intervals by SK-21-803 in the HW Zone averaging 2.14 g/t Au, 27 g/t Ag (2.50 g/t AuEq) over 7.57 m and 2.09 g/t Au, 25 g/t Ag (2.42 g/t AuEq) over 10.32 m, respectively. These grades and widths compare closely to the surrounding historical drill holes which informed the Company's current Mineral Resource Estimate (MRE). However, this drill hole represents a potential expansion to the in-pit resource base due to its location outside the limits of the current resource blocks.

About Skeena

Skeena Resources Limited is a Canadian mining exploration company focused on revitalizing 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 to advance Eskay Creek to full Feasibility by the end of 2021. Additionally, Skeena continues exploration programs at 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: This email address is being protected from spambots. You need JavaScript enabled to view it.
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 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 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, 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 1: Eskay Creek Project Phase 2 Drilling Campaign; 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-21-645

33.07

45.10

12.03

2.29

68

3.20

HW

Including

38.85

39.35

0.50

21.30

1200

37.30

HW

SK-21-646

26.25

39.12

12.87

2.32

229

5.37

HW

Including

37.80

38.30

0.50

9.15

5120

77.42

HW

SK-21-648

19.63

26.00

6.37

0.95

12

1.11

HW

SK-21-648

28.32

39.67

11.35

3.43

138

5.26

HW

Including

38.00

39.67

1.67

3.64

484

10.09

HW

SK-21-648

41.77

53.00

11.23

1.24

39

1.76

HW

SK-21-677

77.50

94.00

16.50

1.15

16

1.35

21C

SK-21-677

96.33

130.26

33.93

3.35

9

3.47

21C

Including

117.50

118.50

1.00

32.20

18

32.44

21C

and

118.50

119.32

0.82

36.50

19

36.75

21C

SK-21-677

132.70

147.00

14.30

1.98

8

2.09

21C

SK-21-678

103.85

123.00

19.15

7.10

406

12.51

21C

Including

103.85

104.50

0.65

35.50

5810

112.97

21C

and

105.50

106.50

1.00

30.10

180

32.50

21C

and

106.50

107.00

0.50

20.50

1690

43.03

21C

and

107.00

108.00

1.00

24.50

2040

51.70

21C

and

108.00

108.50

0.50

16.10

423

21.74

21C

and

108.50

109.10

0.60

11.80

585

19.60

21C

SK-21-678

126.00

144.40

18.40

2.87

7

2.97

21C

Including

132.00

133.00

1.00

11.20

<5

11.20

21C

SK-21-679

73.00

82.00

9.00

0.64

18

0.88

21C

SK-21-679

86.50

91.00

4.50

2.16

19

2.42

21C

SK-21-679

98.00

147.00

49.00

2.82

57

3.58

21C

Including

100.45

101.40

0.95

6.61

1470

26.21

21C

and

120.92

121.42

0.50

11.15

18

11.39

21C

SK-21-701

         

ABANDONED

21C

SK-21-702

201.70

228.50

26.80

5.45

12

5.61

21C

Including

201.70

203.09

1.39

52.40

6

52.48

21C

and

203.09

204.00

0.91

12.95

<5

12.95

21C

and

204.74

205.65

0.91

18.15

7

18.24

21C

SK-21-715

34.45

47.00

12.55

1.81

52

2.50

HW

Including

44.47

45.00

0.53

11.35

176

13.70

HW

SK-21-733

9.00

22.80

13.80

4.98

31

5.39

HW

Including

17.00

19.80

2.80

11.95

48

12.59

HW

SK-21-733

28.00

32.33

4.33

1.37

9

1.49

HW

SK-21-733

37.27

44.00

6.73

1.70

7

1.79

HW

SK-21-733

49.10

53.00

3.90

0.73

8

0.83

HW

SK-21-734

13.44

19.20

5.76

2.26

100

3.60

HW

SK-21-734

21.67

31.55

9.88

2.36

31

2.78

HW

SK-21-734

38.84

42.27

3.43

1.03

13

1.20

HW

SK-21-789

56.27

90.00

33.73

1.95

34

2.40

21E

SK-21-790

57.00

73.00

16.00

4.04

50

4.70

21E

Including

68.00

69.00

1.00

22.10

43

22.67

21E

and

69.00

69.60

0.60

11.50

137

13.33

21E

and

69.60

70.20

0.60

21.60

404

26.99

21E

SK-21-790

77.50

93.00

15.50

1.86

160

3.99

21E

Including

80.07

81.07

1.00

8.82

281

12.57

21E

and

81.07

82.20

1.13

7.98

408

13.42

21E

SK-21-791

72.00

80.23

8.23

3.65

23

3.96

21E

Including

76.43

77.00

0.57

11.20

43

11.77

21E

and

77.00

77.87

0.87

10.50

44

11.09

21E

SK-21-791

85.05

99.50

14.45

3.55

30

3.94

21E

SK-21-791

105.50

115.00

9.50

3.65

105

5.05

21E

Including

113.46

114.00

0.54

14.60

796

25.21

21E

SK-21-792

97.60

112.50

14.90

2.31

23

2.61

21E

SK-21-794

72.90

75.08

2.18

0.49

39

1.01

21E

SK-21-794

89.50

105.45

15.95

2.16

23

2.46

21E

Including

102.69

104.00

1.31

9.31

55

10.04

21E

SK-21-794

113.00

115.00

2.00

0.90

5

0.96

21E

SK-21-795

94.00

116.70

22.70

1.91

32

2.34

21E

SK-21-795

119.50

125.00

5.50

1.46

8

1.56

21E

SK-21-796

98.50

103.00

4.50

1.39

15

1.59

21E

SK-21-796

110.50

134.00

23.50

1.19

94

2.44

21E

Including

131.00

132.26

1.26

2.13

1335

19.93

21E

SK-21-797

29.95

33.08

3.13

2.45

8

2.56

21B

SK-21-798

28.38

38.30

9.92

0.78

29

1.17

21B

SK-21-799

41.45

65.00

23.55

1.60

115

3.13

21B

Including

46.96

48.57

1.61

6.20

954

18.92

21B

SK-21-800

56.18

68.20

12.02

2.74

184

5.19

21B

Including

64.00

66.67

2.67

6.71

696

15.99

21B

SK-21-800

70.30

75.00

4.70

0.53

28

0.90

21B

SK-21-801

27.45

40.00

12.55

0.92

12

1.08

21B

SK-21-801

44.00

47.00

3.00

1.06

5

1.13

21B

SK-21-802

1.37

3.86

2.49

0.55

14

0.74

HW

SK-21-802

7.54

21.15

13.61

3.10

112

4.59

HW

Including

11.78

12.74

0.96

8.35

340

12.88

HW

and

17.00

18.35

1.35

10.20

183

12.64

HW

and

18.35

19.11

0.76

3.63

733

13.40

HW

SK-21-802

26.00

32.00

6.00

1.03

10

1.17

HW

SK-21-803

5.20

12.77

7.57

2.14

27

2.50

HW

SK-21-803

14.90

25.22

10.32

2.09

25

2.42

HW

Including

21.13

21.70

0.57

10.50

87

11.66

HW

SK-21-803

28.83

37.94

9.11

0.90

9

1.02

HW

SK-21-803

43.00

45.14

2.14

1.26

6

1.34

HW

SK-21-804

3.51

13.80

10.29

2.10

15

2.30

HW

SK-21-804

16.30

18.75

2.45

0.82

15

1.02

HW

SK-21-804

29.00

32.00

3.00

0.75

19

1.00

HW

SK-21-804

35.00

44.00

9.00

0.98

12

1.14

HW

SK-21-804

53.00

55.00

2.00

1.21

5

1.28

HW

SK-21-805

8.70

20.00

11.30

0.95

15

1.14

HW

SK-21-805

25.20

28.40

3.20

0.61

26

0.95

HW

SK-21-805

33.60

43.25

9.65

0.92

8

1.03

HW

SK-21-805

45.60

62.00

16.40

6.06

11

6.21

HW

Including

52.00

55.00

3.00

10.05

11

10.20

HW

SK-21-806

41.81

74.00

32.19

3.20

11

3.34

HW

Including

72.00

74.00

2.00

28.40

71

29.35

HW

SK-21-815

163.00

204.92

41.92

3.99

14

4.17

21C

Including

168.00

169.50

1.50

10.40

58

11.17

21C

and

170.50

171.69

1.19

12.15

14

12.34

21C

and

182.00

183.36

1.36

11.05

126

12.73

21C

SK-21-816

196.00

224.00

28.00

3.97

13

4.15

21C

Including

197.21

198.00

0.79

43.90

5

43.97

21C

and

200.20

201.00

0.80

13.75

6

13.83

21C

SK-21-816

227.00

236.00

9.00

1.65

18

1.89

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 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. NSA - No Significant Assays.

Table 2: Mine Grid Drill Hole Locations and Orientations:

Hole-ID

Easting (m)

Northing (m)

Elevation (m)

Length (m)

Azimuth (°)

Dip (°)

SK-21-645

9937.5

10746.6

908.7

53.0

146.1

-65.0

SK-21-646

9955.1

10760.4

899.7

50.0

355.1

-83.0

SK-21-648

9950.9

10760.9

899.4

55.0

335.3

-74.0

SK-21-677

9812.6

10875.2

845.6

147.0

235.4

-82.7

SK-21-678

9812.3

10875.3

845.5

148.0

235.5

-73.2

SK-21-679

9812.3

10875.1

845.3

150.0

235.1

-77.2

SK-21-701

9677.1

10720.5

859.3

89.0

112.1

-65.9

SK-21-702

9652.7

10660.7

868.3

265.0

67.4

-66.0

SK-21-715

9955.2

10729.9

910.5

55.0

345.0

-79.0

SK-21-733

9926.2

10850.0

873.2

61.0

175.0

-78.1

SK-21-734

9926.2

10850.2

873.8

53.0

224.9

-64.0

SK-21-789

10042.5

10665.9

928.1

100.0

260.1

-60.0

SK-21-790

10042.8

10666.1

928.3

93.0

285.0

-74.2

SK-21-791

10082.9

10623.3

930.8

115.0

269.8

-73.0

SK-21-792

10083.0

10623.4

931.6

120.0

270.2

-79.1

SK-21-794

10097.0

10633.0

927.0

115.0

270.3

-61.0

SK-21-795

10098.5

10634.7

926.4

125.0

270.2

-69.9

SK-21-796

10098.7

10634.2

926.1

189.0

270.1

-76.0

SK-21-797

9893.4

10846.7

856.4

45.0

186.1

-89.3

SK-21-798

9874.2

10856.8

852.0

60.0

62.9

-89.1

SK-21-799

9880.1

10856.8

853.1

65.0

180.2

-71.9

SK-21-800

9879.6

10857.2

853.1

75.0

208.8

-67.1

SK-21-801

9874.1

10857.1

851.8

65.0

345.5

-75.0

SK-21-802

9918.6

10868.0

866.5

47.0

335.2

-81.9

SK-21-803

9918.5

10865.3

865.0

55.0

170.9

-75.1

SK-21-804

9910.2

10886.9

868.9

55.0

13.6

-80.9

SK-21-805

9911.2

10886.7

869.2

62.0

65.0

-75.0

SK-21-806

9936.1

10906.1

880.3

74.0

250.0

-72.9

SK-21-815

9677.2

10720.7

859.7

230.0

112.0

-66.1

SK-21-816

9672.9

10684.1

864.9

261.0

89.9

-74.1

 

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