Nov 19, 2020: Skeena intersects 5.29 g AUEQ over 56.34 m Skeena Intersects 5.29 g/t AuEq over 56.34 metres
in 22 Zone Infill Drilling at Eskay Creek
NR: 20-34
Vancouver, BC (November 19, 2020) Skeena Resources Limited (TSX: SKE, OTCQX: SKREF) (“Skeena” or the “Company”) is pleased to report additional diamond drill core results from the Phase 1 combined 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 on resource category conversions for the Pre-Feasibility Study (“PFS”) on open-pit constrained resources, is on-going with eleven drill rigs currently active. Reference images are presented at the end of this release as well as on the Company’s website.
Eskay Creek Phase 1 Infill Drilling
22 Zone Highlights:
2.17 g/t Au, 234 g/t Ag (5.29 g/t AuEq) over 56.34 m (SK-20-379)
2.10 g/t Au, 183 g/t Ag (4.55 g/t AuEq) over 52.03 m (SK-20-383)
1.71 g/t Au, 127 g/t Ag (3.41 g/t AuEq) over 55.34 m (SK-20-382)
2.98 g/t Au, 73 g/t Ag (3.95 g/t AuEq) over 25.18 m (SK-20-378)
2.04 g/t Au, 93 g/t Ag (3.28 g/t AuEq) over 46.56 m (SK-20-375)
21C Zone Highlights:
9.51 g/t Au, 644 g/t Ag (18.10 g/t AuEq) over 10.24 m (SK-20-334)
2.68 g/t Au, 595 g/t Ag (10.61 g/t AuEq) over 11.50 m (SK-20-357)
21.24 g/t Au, 726 g/t Ag (30.92 g/t AuEq) over 7.43 m (SK-20-366)
Gold Equivalent (AuEq) calculated via the formula: Au (g/t) + [Ag (g/t) / 75]. True widths range from 70-100% of reported core lengths for the 21A and 21C Zones Apparent widths are reported for the 22 Zone due to the geometry of the mineralization and the orientation of the drill holes. 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.
22 Zone Phase I Infill Continues to Confirm Modelled Mineralization
Drilling within the 22 Zone continues to yield exceptionally thick, high-grade results highlighted by 2.17 g/t Au, 234 g/t Ag (5.29 g/t AuEq) over 56.34 m (SK-20-379, apparent width) in the core of the 22 Zone, which is corroborated by up-dip intersections of 1.71 g/t Au, 127 g/t Ag (3.41 g/t AuEq) over 55.34 m and 2.10 g/t Au, 183 g/t Ag (4.55 g/t AuEq) over 52.03 m (SK-20-382 and SK-20-383, respectively, apparent widths). For comparison, this portion of the resource was informed by a historical intersection of 2.69 g/t AuEq over 47.50 m (C04-1259). The recent results confirm the reported average AuEq and Au grades of Indicated and Inferred pit constrained resources in the 22 Zone found in the Company’s 2019 Mineral Resource Estimate (“MRE”) at 3.0 g/t AuEq and 2.1 g/t AuEq, respectively. However, the recently intersected Ag grades are substantially higher.
The 22 Zone is discordant mineralization hosted within the footwall rhyolite, which is intensely altered to silica-sericite. The 22 Zone is interpreted to have developed along a sub-vertical structural conduit that crosscuts the rhyolite and fed the overlying exhalative mineralization found in the Contact Mudstones. Mineralization within the 22 Zone is vertically dipping, averages 70 m true horizontal width and has been defined by drilling over a strike length of 320 m.
21A and 21C Infill Drilling Continues to Corroborate Projected Mineralization
In addition to the results from the 22 Zone, the recently completed Phase 1 portion of the infill drilling campaign within the 21A and 21C Zones confirms the grade and spatial predictability of the Company’s 2019 MRE, which was largely informed by historical drilling results.
Exploration Update
The Company is currently drilling the Phase 2 program at Eskay Creek with eleven drill rigs and is on schedule to complete the program in December 2020. One drill rig is performing a 5,000 m resource expansion program at the Snip Project. At present, 81 drill holes are awaiting analytical results.
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