RE:New Press Release - Skeena Retains 100% Ownership of the Snip Gold Project 08:26 AM EDT, 04/05/2023 (MT Newswires) -- Skeena Resources (SKE.TO, SKE) edged up in premarket New York trading after the company on Wednesday said Hochschild Mining (HOC.LSE) is terminating its option to take up to a 60% stake in the Snip gold project in the Golden Triangle region of northern British Columbia, leaving Skeena with full ownership of the property.
The company said Hochschild has spent C$15 million on exploration of the property since reaching the option agreement in 2018, the minimum required, and Skeena will receive all the data generated from the company's exploration efforts.
"We are thrilled to have 100% of Snip back in our portfolio. In the months ahead, Skeena plans to investigate opportunities to bolster the Eskay Creek mine life by processing Snip ore at the Eskay Creek mill," chief executive Randy Reichert said in a release.
Hochschild said in a release it is surrendering the option in order to focus its capital on later stage projects "notably the Mara Rosa project in Brazil, which remains on time and on budget".
Skeena shares were last seen up US$0.02 to US$6.48 premarket. The closed up C$0.28 to C$8.72 Tuesday on the Toronto Stock Exchange.