Skeena Intersects 27.04 g/t Au over 12.50 metres at Snip Gold Project
Vancouver, BC (August 4, 2021) Skeena Resources Limited (TSX: SKE, OTCQX: SKREF) (“Skeena” or the “Company” - https://www.commodity-tv.com/ondemand/companies/profil/skeena-resources-ltd/) is pleased to report diamond drill core results from the 2021 Phase 3 infill and exploration drilling program at the Snip gold project (“Snip” or the “Project”) located in the Golden Triangle of British Columbia. The Phase 3 program is designed to upgrade areas of existing Inferred resources from the Company’s 2020 Mineral Resource Estimate (MRE), to the Measured and Indicated categories. Reference images are presented at the end of this release as well as on the Company’s website.
Snip 2021 Phase 3 Drilling Highlights:
- 390.00 g/t Au over 0.80 m (UG21-178)
- 109.89 g/t Au over 1.19 m (UG21-180)
- 29.31 g/t Au over 4.17 m (UG21-181)
- 85.51 g/t Au over 3.50 m (UG21-182)
- 85.91 g/t Au over 4.00 m (UG21-183)
- 84.68 g/t Au over 1.94 m (UG21-184)
- 164.50 g/t Au over 1.00 m (UG21-189)
- 693.00 g/t Au over 0.50 m (UG21-192)
- 27.04 g/t Au over 12.50 m (UG21-202)
- 83.87 g/t Au over 2.44 m (UG21-205)
- 74.59 g/t Au over 2.76 m (UG21-214)
True widths range from 60-100% of reported core lengths. Length weighted Au composites are constrained by geological considerations. Grade-capping of individual assays has not been applied to the Au assays informing the length-weighted Au composites. Samples below detection limit were nulled to a value of zero.
Additional Footwall Mineralization Intersected with Infill Drilling
Infill drilling in the eastern footwall of the Snip deposit has confirmed and upgraded the modelled vein mineralization from the Company’s 2020 MRE, as highlighted by intersection 27.04 g/t Au over 12.50 m, including high tenor subintervals grading 209.00 g/t Au over 0.67 m and 203.00 g/t Au over 0.69 m (UG21-202). This drill hole is located only metres away from partially sampled 1998 historical drill hole, which due to a lack of sampling, only reported 2.11 g/t Au over 0.80 m (B570-2). Furthermore, UG21-202 is drilled parallel to another incompletely sampled historical drill hole UG-1623 which was drilled in 1997. The latter drill hole was only sampled over a 4.70 m interval that averaged 5.29 g/t Au. The incompletely sampled historical drill holes form the basis of the Company’s 2020 MRE in this area.
Implications of Selective Sampling
The historical drilling database that was inherited from the previous operators of the Snip Project is plagued with incompletely sampled drill holes. During resource estimation, best practices dictate that unsampled intervals be nulled to a value of zero grade. Unfortunately, during the reclamation of the Snip Mine, all drill core was destroyed, hence no physical records remain for modern QAQC validation or resampling purposes. As such, a small portion of the Company’s 2021 infill drilling program is designed to confirm the historical drill database and add confidence to the existing MRE. The significance of the new intersections as exemplified by UG21-202 is twofold. Primarily, the new drilling provides spatial confidence to the resource as currently modelled. Secondly, the improved widths and grades have the potential to translate into larger volumes (tonnage) in subsequent resource estimates. These considerations combined with the newly enhanced grade in this area, may ultimately translate into increased ounces.
Further High-Grade Mineralization Intersected in Footwall Corridor
Additional results from the previously reported high-grade vein discovery on the 412 Level of the Snip Mine are highlighted by 109.89 g/t Au over 1.19 m (UG21-180), 29.31 g/t Au over 4.17 m (UG21-181), 85.51 g/t Au over 3.50 m (UG21-182), 84.68 g/t Au over 1.94 m (UG21-184) and 164.50 g/t Au over 1.00 m (UG21-189). This cluster of previously unidentified, high-grade intersections have been intercepted during the Company’s Phase 3 infill program. A total of 21 fanned underground drill holes were collared from this single drill station and were purposed to recategorize Inferred Resources in the deeper footwall rocks. New high-grade veining intersections were discovered by all holes only metres into the face possessing above average grades and widths as highlighted by previously reported intersection 110.22 g/t Au over 4.41 m which included 730.00 g/t Au over 0.58 m (UG21-177). This newly drilled mineralization is open for expansion up dip 25 m and greater than 100 m downdip due to a lack of drill hole sampling by previous operators. The westward strike extension is open for 40 m. High tenor intersections in the deeper footwall rocks have also corroborated the modelled Inferred mineralization as demonstrated by intersections 390.00 g/t Au over 0.80 m (UG21-178), 164.50 g/t Au over 1.00 m (UG21-189) and 126.50 g/t Au over 0.73 m (UG21-182).
About Skeena
Skeena Resources Limited is a Canadian mining exploration and development 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 Prefeasibility Study for Eskay Creek in July 2021 which highlights an open-pit average grade of 4.57 g/t AuEq, an after-tax NPV5% of C$1.4B, 56% IRR, and a 1.4-year payback at US$1,550/oz Au. Skeena is currently completing both infill and exploration drilling to advance Eskay Creek to full Feasibility by Q1 2022. Additionally, the Company 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: info@skeenaresources.com
Office Phone: +1 604 684 8725
Company Website: www.skeenaresources.com
In Europe:
Swiss Resource Capital AG
Jochen Staiger
Qualified Persons
Exploration activities at the Snip Project are administered on site by the Company’s Exploration Managers, Raegan Markel, P.Geo. and John Tyler 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: Snip Project Phase II 2021 Length-Weighted Drill Hole Gold Composites:
Hole-ID
From (m)
To (m)
Core Length (m)
Au (g/t)
UG21-178
2.50
3.00
0.50
2.33
UG21-178
5.00
6.00
1.00
33.80
UG21-178
14.50
15.37
0.87
3.30
UG21-178
49.00
51.50
2.50
9.29
INCLUDING
50.50
51.50
1.00
16.30
UG21-178
55.70
56.50
0.80
390.00
UG21-178
59.50
61.00
1.50
20.54
INCLUDING
59.50
60.35
0.85
30.70
UG21-178
68.90
70.00
1.10
7.27
UG21-179
5.00
6.00
1.00
4.04
UG21-179
8.00
9.00
1.00
9.64
UG21-179
14.00
15.50
1.50
4.57
UG21-179
35.50
37.00
1.50
2.24
UG21-179
44.50
46.00
1.50
2.20
UG21-179
53.50
54.50
1.00
4.35
UG21-179
57.43
58.00
0.57
8.61
UG21-179
59.50
61.00
1.50
20.50
INCLUDING
59.50
60.25
0.75
29.00
AND
60.25
61.00
0.75
12.00
UG21-180
3.00
4.00
1.00
5.24
UG21-180
5.45
6.64
1.19
109.89
INCLUDING
5.45
6.00
0.55
155.50
AND
6.00
6.64
0.64
70.70
UG21-180
72.00
73.50
1.50
4.38
UG21-180
97.00
98.00
1.00
12.20
UG21-180
111.00
112.00
1.00
6.34
UG21-181
2.00
6.17
4.17
29.31
INCLUDING
4.77
5.54
0.77
18.55
AND
5.54
6.17
0.63
162.50
UG21-181
62.50
64.00
1.50
4.09
UG21-181
93.00
94.50
1.50
2.07
UG21-181
108.00
109.50
1.50
2.74
UG21-182
2.50
6.00
3.50
85.51
INCLUDING
2.50
3.50
1.00
14.95
AND
3.50
4.00
0.50
220.00
AND
4.00
4.50
0.50
42.70
AND
4.50
5.00
0.50
14.30
AND
5.00
5.50
0.50
223.00
AND
5.50
6.00
0.50
68.70
UG21-182
9.50
10.50
1.00
3.29
UG21-182
41.77
42.50
0.73
126.50
UG21-182
55.50
56.50
1.00
6.63
UG21-182
98.50
100.00
1.50
2.17
UG21-183
3.50
7.50
4.00
85.91
INCLUDING
3.50
4.50
1.00
37.00
AND
6.15
6.65
0.50
255.00
AND
6.65
7.50
0.85
197.50
UG21-183
40.50
42.00
1.50
3.58
UG21-183
64.50
67.50
3.00
4.48
UG21-183
96.00
97.50
1.50
2.23
UG21-184
2.00
3.94
1.94
84.68
INCLUDING
3.37
3.94
0.57
279.00
UG21-184
39.40
40.45
1.05
11.60
UG21-184
56.50
58.00
1.50
6.22
UG21-184
113.50
115.00
1.50
6.34
UG21-185
4.50
7.50
3.00
17.40
INCLUDING
4.50
5.50
1.00
18.10
AND
6.21
6.83
0.62
43.10
UG21-186
3.00
4.50
1.50
2.56
UG21-186
5.57
6.50
0.93
37.20
UG21-186
54.32
54.82
0.50
2.51
UG21-186
56.00
58.50
2.50
4.70
UG21-186
64.32
65.16
0.84
2.79
UG21-187
2.50
4.00
1.50
31.80
INCLUDING
2.50
3.50
1.00
13.20
AND
3.50
4.00
0.50
69.00
UG21-187
42.00
43.00
1.00
2.90
UG21-187
49.00
49.82
0.82
21.40
UG21-187
51.70
52.50
0.80
2.09
UG21-187
91.00
92.00
1.00
2.33
UG21-187
112.50
113.00
0.50
102.50
UG21-187
123.00
124.00
1.00
2.57
UG21-188
3.00
4.00
1.00
2.52
UG21-188
7.00
8.00
1.00
4.77
UG21-188
68.00
69.00
1.00
18.90
UG21-189
3.00
4.50
1.50
14.27
INCLUDING
3.76
4.50
0.74
23.30
UG21-189
14.50
15.50
1.00
5.97
UG21-189
57.00
58.00
1.00
164.50
UG21-190
0.00
0.75
0.75
2.18
UG21-190
92.50
93.50
1.00
12.05
UG21-190
107.40
108.30
0.90
2.01
UG21-190
118.10
119.60
1.50
3.10
UG21-190
124.60
131.00
6.40
3.23
UG21-191
18.85
20.00
1.15
2.89
UG21-191
89.42
90.26
0.84
2.65
UG21-191
95.42
96.15
0.73
15.95
UG21-191
119.00
120.50
1.50
3.44
UG21-192
84.00
85.50
1.50
16.95
UG21-192
95.73
96.62
0.89
35.50
UG21-192
110.00
110.50
0.50
693.00
UG21-193
35.50
37.00
1.50
3.88
UG21-193
83.50
86.50
3.00
6.54
INCLUDING
83.50
85.00
1.50
10.45
UG21-193
107.50
109.00
1.50
2.84
UG21-194
74.90
75.42
0.52
4.08
UG21-194
83.30
84.00
0.70
9.77
UG21-194
87.00
90.00
3.00
15.92
INCLUDING
87.00
88.00
1.00
19.45
AND
89.00
90.00
1.00
28.20
UG21-195
88.30
89.00
0.70
8.47
UG21-195
92.00
95.00
3.00
6.70
UG21-196
58.50
60.00
1.50
2.29
UG21-196
105.00
106.50
1.50
3.32
UG21-197
53.00
54.50
1.50
2.30
UG21-197
82.80
84.30
1.50
3.17
UG21-197
86.80
87.30
0.50
3.14
UG21-197
97.60
98.10
0.50
3.15
UG21-197
106.30
107.30
1.00
3.96
UG21-197
108.80
109.67
0.87
2.74
UG21-198
26.00
27.00
1.00
5.74
UG21-198
78.00
78.73
0.73
2.39
UG21-198
88.62
93.00
4.38
3.93
UG21-199
13.50
14.40
0.90
3.58
UG21-199
21.00
21.70
0.70
2.89
UG21-199
33.00
34.00
1.00
2.63
UG21-199
154.50
156.00
1.50
6.02
UG21-200
9.00
9.58
0.58
2.41
UG21-200
62.50
64.00
1.50
3.05
UG21-200
75.00
76.50
1.50
4.56
UG21-201
47.00
48.00
1.00
4.85
UG21-201
62.00
63.00
1.00
2.45
UG21-202
41.00
42.00
1.00
16.00
UG21-202
52.50
65.00
12.50
27.04
INCLUDING
54.50
55.50
1.00
11.45
AND
58.64
59.31
0.67
209.00
AND
59.31
60.00
0.69
203.00
UG21-203
14.68
15.18
0.50
10.60
UG21-204
28.00
31.00
3.00
4.97
INCLUDING
29.50
30.33
0.83
13.30
UG21-204
37.00
39.50
2.50
2.64
UG21-205
13.50
15.00
1.50
4.41
UG21-205
23.00
24.11
1.11
4.88
UG21-205
28.30
29.50
1.20
12.80
UG21-205
31.00
32.50
1.50
6.28
UG21-205
34.00
36.44
2.44
83.87
INCLUDING
34.00
35.50
1.50
134.50
UG21-205
47.38
47.90
0.52
9.10
UG21-206
34.50
35.40
0.90
17.85
UG21-206
41.00
44.00
3.00
5.25
UG21-206
76.00
77.00
1.00
3.18
UG21-207
18.00
19.32
1.32
3.61
UG21-207
30.00
31.50
1.50
5.43
UG21-207
49.50
50.09
0.59
5.75
UG21-208
33.43
34.00
0.57
9.87
UG21-208
42.50
43.50
1.00
2.21
UG21-209
5.00
6.00
1.00
2.88
UG21-209
37.50
39.00
1.50
6.86
UG21-209
100.50
101.19
0.69
4.57
UG21-209
137.50
139.00
1.50
19.95
UG21-210
32.00
33.50
1.50
2.31
UG21-211
30.00
31.50
1.50
6.28
UG21-211
43.50
44.25
0.75
42.90
UG21-211
48.00
48.83
0.83
6.45
UG21-212
NSA
UG21-213
0.00
1.50
1.50
4.17
UG21-213
35.50
38.00
2.50
3.12
UG21-213
41.00
44.00
3.00
8.36
UG21-213
45.50
46.50
1.00
24.80
UG21-214
12.00
13.50
1.50
6.35
UG21-214
18.00
20.76
2.76
74.59
INCLUDING
18.00
19.50
1.50
18.80
AND
19.50
20.76
1.26
141.00
UG21-214
28.00
30.50
2.50
4.85
UG21-214
33.00
34.50
1.50
5.36
UG21-215
13.50
15.00
1.50
2.09
UG21-215
18.00
18.71
0.71
2.35
UG21-215
20.00
21.50
1.50
4.21
UG21-215
28.00
30.23
2.23
8.95
INCLUDING
29.50
30.23
0.73
16.95
UG21-215
34.00
35.50
1.50
14.00
UG21-215
50.15
51.00
0.85
2.05
UG21-215
52.20
55.00
2.80
2.88
UG21-215
65.50
67.00
1.50
2.42
UG21-215
68.17
70.00
1.83
30.48
INCLUDING
68.17
68.90
0.73
71.80
UG21-215
76.00
76.97
0.97
7.31
UG21-215-A
68.30
69.14
0.84
55.80
UG21-215-A
74.50
76.00
1.50
4.74
UG21-215-A
92.50
93.51
1.01
2.47
UG21-215-A
104.50
105.57
1.07
2.27
UG21-216
25.50
27.00
1.50
8.72
UG21-216
28.24
30.50
2.26
6.43
INCLUDING
30.00
30.50
0.50
11.20
UG21-216
32.00
36.28
4.28
15.38
INCLUDING
32.00
32.50
0.50
109.50
UG21-217
NSA
True widths range from 60-100% of reported core lengths. Length weighted Au composites are constrained by geological considerations. Grade-capping of individual assays has not been applied to the Au assays informing the length-weighted Au composites. 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 (°)
UG21-178
4673.5
2227.7
478.8
70.0
360.0
29.1
UG21-179
4673.5
2227.7
478.6
61.0
360.0
23.0
UG21-180
4673.3
2228.1
478.0
136.5
0.0
5.0
UG21-181
4673.3
2228.4
477.3
129.0
360.0
-7.0
UG21-182
4673.4
2228.2
477.0
130.0
0.0
-30.0
UG21-183
4673.6
2228.1
478.2
141.0
2.0
14.1
UG21-184
4673.6
2228.1
476.7
130.0
12.0
-35.0
UG21-185
4673.7
2227.7
478.8
61.0
15.0
29.3
UG21-186
4673.8
2228.0
478.0
78.0
14.7
10.4
UG21-187
4673.4
2228.2
477.4
130.5
20.1
-15.1
UG21-188
4673.6
2228.1
478.2
78.0
24.9
-23.0
UG21-189
4673.2
2228.4
477.7
72.0
35.0
-0.1
UG21-190
4845.7
2192.1
416.8
146.6
352.5
23.0
UG21-191
4845.7
2192.1
416.8
135.0
0.1
7.1
UG21-192
4845.7
2192.1
416.8
131.5
4.1
13.1
UG21-193
4845.7
2192.1
416.8
132.0
356.0
-4.2
UG21-194
4845.7
2192.1
416.8
126.0
4.1
1.1
UG21-195
4845.7
2192.1
416.8
123.8
10.0
-4.0
UG21-196
4845.7
2192.1
416.8
120.0
4.0
-12.1
UG21-197
4845.7
2192.1
416.8
137.8
10.0
19.0
UG21-198
4845.7
2192.1
416.8
129.0
10.2
7.3
UG21-199
4845.7
2186.2
417.5
162.0
187.0
-6.0
UG21-200
4845.7
2186.2
417.5
159.0
175.6
6.1
UG21-201
4787.6
2307.6
537.8
64.0
177.3
28.7
UG21-202
4787.5
2307.8
538.7
65.0
177.3
51.2
UG21-203
4800.1
2235.8
499.5
25.0
179.2
11.9
UG21-204
4799.9
2236.0
499.8
50.5
181.6
20.6
UG21-205
4799.9
2236.6
500.4
51.5
180.6
36.1
UG21-206
4762.6
2220.9
492.3
90.0
358.2
17.5
UG21-207
4762.8
2214.5
492.6
61.5
180.7
2.9
UG21-208
4787.7
2307.5
537.9
76.0
177.3
28.7
UG21-209
4845.7
2186.2
417.5
144.0
186.0
6.0
UG21-210
4845.7
2186.2
417.5
146.0
186.0
15.1
UG21-211
4800.1
2235.7
499.4
60.5
180.2
11.9
UG21-212
4887.6
2297.3
505.8
21.0
178.6
-28.3
UG21-213
4887.6
2299.0
505.4
60.5
181.0
-51.7
UG21-214
4838.7
2290.2
507.9
37.0
185.9
29.7
UG21-215
4838.7
2290.2
508.1
90.0
188.9
29.7
UG21-215-A
4838.5
2289.6
507.5
139.0
188.9
29.7
UG21-216
4887.6
2297.3
505.8
61.5
180.1
-28.2
UG21-217
4881.8
2302.4
506.6
9.0
359.0
-0.2