Skeena Intersects 12.51 g/t AuEq over 19.15 metres in 21C Zone Infill Drilling at Eskay Creek
Vancouver, BC (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: info@skeenaresources.com
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