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Skeena Resources Ltd (3)
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Skeena drills 36.85 m of 14.73 g/t AuEq at Eskay

2020-01-14 09:39 ET - News Release

Mr. Walt Coles reports


Skeena Resources Ltd. has released additional gold-silver drill results from the 2019 phase 1 surface drilling program at the Eskay Creek project located in the Golden Triangle of British Columbia. Four surface drill rigs were utilized for the 2019 phase 1 program in the 21A, 21E and HW zones to infill and upgrade areas of inferred resources to the indicated classification. Drill hole results reported in this release are from the 21A, 21E and HW zones. Reference images are presented at the end of this release, as well as on the company's website.

Phase 1 Eskay Creek drilling highlights:

  • 10.14 grams per tonne (g/t) gold (Au) and 345 g/t silver (Ag) (14.73 g/t gold equivalent (AuEq)) over 36.85 metres (m) at 21A (SK-19-170);
  • 2.90 g/t Au and 278 g/t Ag (6.60 g/t AuEq) over 57.90 m at 21A (SK-19-153);
  • 4.14 g/t Au and 151 g/t Ag (6.15 g/t AuEq) over 61.50 m at 21A (SK-19-151);
  • 7.01 g/t Au and 114 g/t Ag (8.53 g/t AuEq) over 37.89 m at 21A (SK-19-160);
  • 4.09 g/t Au and 52 g/t Ag (4.78 g/t AuEq) over 59.00 m at 21A (SK-19-148);
  • 6.34 g/t Au and 42 g/t Ag (6.91 g/t AuEq) over 34.00 m at 21A (SK-19-167);
  • 8.33 g/t Au and 51 g/t Ag (9.02 g/t AuEq) over 18.45 m at 21A (SK-19-164).

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 are nulled to a value of zero.

21A zone continues to demonstrate increased grades and widths

2019 phase 1 drilling within the 21A zone continues to return both higher gold-silver (Au-Ag) grades and thicknesses than expected. The newest infill hole SK-19-170 intersected 10.14 g/t Au and 345 g/t Ag (14.73 g/t AuEq) over 36.85 m. This drill hole was originally designed to add confidence to the inferred resources; however, the intersection has established both higher grades and greater widths than the surrounding historical drill holes. For comparison, the nearest historical drill hole CA89-078 only intersected 7.16 g/t AuEq over 16.71 m.

It is also important to note that this high-grade mineralization occurs not only in the mudstone but also stratigraphically below the mudstone within intensely sheared, brecciated and hydrothermally altered rhyolites. This potentially indicates the uppermost expression of a previously unidentified synvolcanic feeder structure, which could lead to additional exploration targets.

"The ongoing 2019 phase 1 drilling program has been and continues to be very successful in that the company's drill intercepts continue to predictably validate the geometries and grades defined by the historical drilling," comments Paul Geddes, the company's vice-president of exploration and resource development. "We are also quite encouraged by the improved mineralization widths and gold-silver grades as we infill and upgrade the inferred resources. The 2020 mandate to organically grow the current resource base at Eskay Creek will involve the allocation of approximately 30 per cent of the current drill budget to exploratory stepout drilling."

Current status -- Eskay Creek drilling

Four ground-based drill rigs are currently on site at the Eskay Creek project. The company anticipates commencement of the ground-based 2020 phase 1 infill and exploration drilling program in February.

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 northwestern British Columbia, Canada. The company's primary activities are the exploration and development of the past-producing Snip mine and the Eskay Creek mine.

Qualified persons

Exploration activities at the Eskay Creek project are administered on site by the company's exploration managers, Colin Russell, professional geoscientist, and Adrian Newton, professional geoscientist. In accordance with National Instrument 43-101 (Standards of Disclosure for Mineral Projects), Paul Geddes, professional geoscientist, 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 CIM best practices guidelines in conducting, documenting and reporting its exploration activities on its exploration projects.

Quality assurance/quality control (QA/QC)

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 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, professional geoscientist 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-gram fire assay fusion with atomic absorption (AAS) finish with a lower limit of 0.01 part per million (ppm) and upper limit of 100 ppm. Samples with gold assays greater than 100 ppm are re-analyzed using a 50-gram fire assay fusion with gravimetric finish. Analysis for silver is by 50-gram 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.

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