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Skeena Resources Ltd (3)
Symbol C : SKE
Shares Issued 97,847,879
Close 2018-12-04 C$ 0.31
Recent Sedar Documents

Skeena drills 14.55 m of 23.22 g/t AuEq at Eskay Creek

2018-12-05 08:51 ET - News Release

Mr. Walter Coles Jr. reports

SKEENA INTERSECTS 23.22 G/T AUEQ (7.36 G/T AU, 1,189 G/T AG) OVER 14.55 METRES AT ESKAY CREEK

Skeena Resources Ltd. has released additional gold-silver drill results for eight holes from the recently completed phase I surface drilling program at the Eskay Creek project located in the Golden Triangle of British Columbia. The multifaceted phase I program was performed in the 21A, 21C and 22 zones. Assays reported in this release are from the 21C zone; assays from the remaining 21A and 22 zones will be released when available.

Eskay Creek 21C zone phase I drilling -- current highlights:

  • 3.00 grams per tonne gold and 233 grams per tonne silver (6.10 g/t gold equivalent) over 10.84 metres (SK-18-026);
  • 4.02 g/t Au and 83 g/t Ag (5.12 g/t AuEq) over 11.25 m (SK-18-027);
  • 9.86 g/t Au and 92 g/t Ag (11.10 g/t AuEq) over 14.34 m (SK-18-029);
  • 7.36 g/t Au and 1,189 g/t Ag (23.22 g/t AuEq) over 14.55 m (SK-18-031);
  • 6.39 g/t Au and 157 g/t Ag (8.48 g/t AuEq) over 27.50 m (SK-18-031);
  • 4.23 g/t Au and 314 g/t Ag (8.42 g/t AuEq) over 14.50 m (SK-18-032).

Gold equivalent (AuEq) calculated via the formula: Au (g/t) plus (Ag (g/t) divided by 75). Reported core lengths represent 80 to 100 per cent 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 per cent. Samples below detection limit were nulled to a value of zero.

21C zone phase I drilling -- discussion

The 2018 phase I program in the 21C zone was principally directed at collecting new material for an upcoming metallurgical optimization study. Historical drilling in this zone is tightly spaced and sufficient for reporting dominantly indicated resources (see resource estimate for Eskay Creek reported Sept. 17, 2018). Reported core lengths represent 80 to 100 per cent of true widths and are supported by well-defined mineralization geometries derived in conjunction with historical drilling intercepts.

A total of eight drill holes were fanned from a single collar location and totalled 2,012.6 metres. Modelled mineralization and geology were predictably intersected and demonstrated excellent reconciliation of historically drilled grades and widths.

The 21C zone displays two styles of mineralization, which is consistent with the other mineralized zones that comprise the Eskay Creek deposits. High-grade mineralization with an epithermal signature is spatially associated with clastic mudstones that occur at the contact between the hangingwall basalts and footwall rhyolites. Syngenetic, feeder-style mineralization is present in strongly altered rhyolites below the contact mudstones.

Samples collected from this program will be utilized to generate spatially distributed master composites that will inform the metallurgical optimization studies in the first half of 2019.

About Eskay Creek

In December, 2017, Skeena secured an option to acquire a 100-per-cent interest in the Eskay Creek property. Discovered in the Golden Triangle in 1988, the former Eskay Creek mine produced approximately 3.3 million ounces of gold and 160 million ounces of silver at average grades of 45 grams per tonne gold and 2,224 g/t silver. Eskay Creek was once the world's highest-grade gold mine and fifth-largest silver mine by volume.

A precious- and base-metal-rich volcanogenic massive sulphide (VMS) deposit, Eskay-style mineralization has been the focus of considerable exploration activity in the Golden Triangle dating back to 1932. Exploration programs in 1988 led to the discovery of the 21A and 21B zones, followed by underground development of the 21B zone starting in 1990 with the official opening of the Eskay Creek mine in 1994. Over the 14-year life of the mine, approximately 2.2 million tonnes of ore were mined with cut-off grades ranging from 12 to 15 g/t AuEq for mill ore and 30 g/t AuEq for direct shipping smelter ore.

Eskay is endowed with excellent infrastructure including all-weather road access and proximity to the new 287-kilovolt Northwest transmission line. The property consists of eight mineral leases, two surface leases and several unpatented mining claims totalling 6,151 hectares.

About Skeena Resources Ltd.

Skeena Resources is a junior Canadian mining exploration company focused on developing prospective precious and base metal properties in the Golden Triangle of northwest British Columbia, Canada. The company's primary activities are the exploration and development of the past-producing Snip mine and the recently optioned Eskay Creek mine, both acquired from Barrick. In addition, the company has completed a preliminary economic assessment on the GJ copper-gold porphyry project.

Qualified persons

Exploration activities at the Eskay Creek project are administered on site by the company's exploration managers, Colin Russell, PGeo, and Adrian Newton, PGeo. In accordance with National Instrument 43-101, Paul Geddes, PGeo, vice-president of 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 Canadian Institute of Mining, Metallurgy and Petroleum best practices 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 QA/QC program was designed and approved by Lynda Bloom, PGeo, of Analytical Solutions Ltd., and is overseen by the company's qualified person, Mr. Geddes.

Drill core samples are submitted to ALS Geochemistry's analytical facility in North Vancouver, B.C., 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 one kilogram is pulverized. Analysis for gold is by 50 g fire assay fusion with atomic absorption (AAS) finish with a lower limit of 0.01 part per million and upper limit of 100 ppm. Samples with gold assays greater than 100 ppm are reanalyzed 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 five ppm and upper limit of 10,000 ppm. Samples with silver assays greater than 10,000 ppm are reanalyzed using a gravimetric silver concentrate method. A selected number of samples are also analyzed using a 48-multielemental geochemical package by a four-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 sulphur reporting greater than 10 per cent from the multielement analysis are reanalyzed for total sulphur by Leco furnace and infrared spectroscopy.

                      ESKAY CREEK PROJECT PHASE I 21C ZONE DRILL RESULTS

Hole           From (m)    To (m)   Core length (m)    Au (g/t)   Ag (g/t)    AuEq (g/t)

SK-18-025       178.00    184.00              6.00        4.17        163          6.33
Including       178.00    179.50              1.50        6.77        362         11.60
And             182.70    184.00              1.30        6.31        192          8.87
SK-18-026       171.00    181.84             10.84        3.00        233          6.10
Including       180.50    181.84              1.34        8.74        696         18.02
SK-18-027       161.00    162.00              1.00       25.40        117         26.96
SK-18-027       173.75    185.00             11.25        4.02         83          5.12
Including       175.00    175.70              0.70       29.80        778         40.17
SK-18-028       137.50    139.00              1.50        7.58          7          7.67
SK-18-028       194.45    195.80              1.35        4.66         49          5.31
SK-18-028       262.00    263.50              1.50        5.04          5          5.11
SK-18-029       166.00    167.00              1.00        5.02        137          6.85
SK-18-029       177.00    178.25              1.25        3.50         64          4.35
SK-18-029       251.16    265.50             14.34        9.86         92         11.10
Including       252.50    253.67              1.17       17.85          -         17.85
And             254.63    255.20              0.57       46.30      1,765         69.83
And             260.00    261.00              1.00       11.40         56         12.15
And             262.50    264.00              1.50       12.80         12         12.96
And             264.00    265.50              1.50       12.25         34         12.70
SK-18-030       209.50    211.00              1.50        5.99         73          6.96
SK-18-030       226.00    227.50              1.50        7.52          8          7.63
SK-18-030       257.50    259.00              1.50        7.10          -          7.10
SK-18-031       166.95    181.50             14.55        7.36      1,189         23.22
Including       166.95    175.00              8.05       11.84      2,140         40.37
Including       166.95    167.70              0.75       10.10        124         11.75
And             167.70    168.70              1.00        5.11      1,435         24.24
And             168.70    169.20              0.50       60.30      3,460        106.43
And             169.20    170.00              0.80       24.00      5,570         98.27
And             170.00    171.50              1.50        4.02      1,365         22.22
And             171.50    172.86              1.36        7.58      2,710         43.71
And             172.86    173.82              0.96       16.70      1,420         35.63
And             173.82    175.00              1.18        0.75      2,050         28.08
SK-18-031       192.00    219.50             27.50        6.39        157          8.48
Including       195.00    196.50              1.50       13.85         56         14.60
And             196.50    198.00              1.50       11.95        265         15.48
And             210.00    211.00              1.00       49.50      1,010         62.97
And             211.90    212.70              0.80        2.18      1,005         15.58
And             214.50    215.00              0.50        3.64      1,270         20.57
SK-18-032       162.50    177.00             14.50        4.23        314          8.42
Including       162.50    165.60              3.10       16.03        708         25.46
Including       163.00    163.55              0.55       23.50        435         29.30
And             163.55    164.10              0.55       38.90      1,480         58.63
And             164.10    164.60              0.50        8.01      1,910         33.48
And             164.60    165.10              0.50       16.20        231         19.28
SK-18-032       172.60    177.00              4.40        1.92        536          9.06
Including       175.00    176.00              1.00        2.71      1,030         16.44
And             176.00    176.50              0.50        3.23      1,170         18.83
SK-18-032       223.50    226.84              3.34        3.73        228          6.77
Including       224.70    225.20              0.50       12.60      1,270         29.53

Gold equivalent calculated via the formula: Au (g/t) plus (Ag (g/t) divided by 75). 
Reported core lengths represent 80 to 100 per cent of true widths and are supported by 
well-defined mineralization geometries derived from historical drilling. 
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 per cent. Samples below detection limit were 
nulled to a value of zero.

We seek Safe Harbor.

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