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Skeena Resources Ltd
Symbol SKE
Shares Issued 45,106,616
Close 2006-12-19 C$ 0.30
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Skeena drills four metres of 8.71 g/t Au at El Corazon
2006-12-19 16:06 ET - News Release
Mr. Rupert Allan reports
SKEENA DRILLING RESULTS - EL CORAZON, ECUADOR
Skeena Resources Ltd. has received assay results for the last four drill holes (SKE-042 to SKE-045) from its 2006 program on the El Corazon project in northwest Ecuador. All four holes were offsets to previously defined mineralization.
SKE-042 was collared 33 metres east of the most recent trench in the Gramalote vein system and drilled at a 290-degree azimuth with a dip of minus 45 degrees. The hole was collared to undercut trench values of 10.44 grams per tonne Au over seven metres, a selected grab sample of 94.9 g/t Au (see Stockwatch news release of July 18, 2006) and historical values reported by prior operators as high as one kilogram per tonne with coarse visible gold. The results of SKE-042 were not as significant as the trench samples, with the best interval assaying 1.815 g/t Au over 1.14 m, thereby confirming the highly erratic nature of this vein system.
SIGNIFICANT DRILL INTERCEPTS 2006
Au
From To intercept
Hole No. (m) (m) Metres (g/t)
SKE-042 2.6 3.65 1.15 1.475
79.63 80.77 1.14 1.81
94.85 95 0.15 2.74
SKE-043 273.2 273.7 0.5 1.05
SKE-044 25.0 26.0 1.0 25.2
91.0 92.0 1.0 1.356
202.0 204.0 2.0 20.65
223.0 227.0 4.0 8.71
264.15 267.1 2.95 4.04
SKE-045 328.0 329.0 1.0 1.3
359.89 360.0 0.11 3.98
SKE-043 is the westernmost hole targeted at the south-dipping hydrothermal breccia mine sequence (a plan map is included on Skeena's website). This unit has been intersected over a downdip extent of 1,000 m, a width of 200 m to 300 m and an average thickness of 20 to 30 m. SKE-043 was drilled parallel to and 50 m due west of SKE-032, which intersected 8.8 m of 6.21 g/t Au and 32.78 g/t Ag at a depth of 262 m (including 22.6 g/t Au over two metres). The best mineralization in hole SKE-043 was 0.5 m of 1.05 g/t Au. Within the same hydrothermal breccia target, SKE-045 was drilled approximately 90 m south of and parallel to the historic RTZ drill hole DHC-03 (refer to drill plan map on Skeena's website), which yielded an intercept of 2.09 g/t Au over 27.8 m (including 11.27 g/t Au over four metres). While the thickness of the hydrothermal breccia has expanded from 27.8 m in DHC-03 to 75.0 m in SKE-045, the mineralization has correspondingly decreased to a best intercept of 1.3 g/t over one metre.
SKE-044 was drilled at an azimuth of 205 degrees and a dip of minus 55 degrees, in order to search for the downdip extension of the high-grade SKE-019 vein-breccia system, which yielded an intercept of 36.21 g/t Au over 16.87 m. This orientation ensured that the hole would cut at almost right angles to the interpreted strike of the vein-breccia system and that it would cut the zone at approximately 65 m below the previous intercept. This hole proved to be very encouraging. Near the top of the hole, the Platinal vein was intersected, yielding an assay of 25.2 g/t Au over one metre. In addition, several veins relating to the SKE-019 vein breccia were also intersected, the best intercepts being 20.65 g/t Au over two metres, 8.71 g/t over four metres and 4.04 g/t Au over 2.95 m. It is now apparent that the SKE-019 vein system has an orientation of azimuth 140 degrees, a near-vertical to steep southerly dip and a strike length of greater than 400 m. The updip extent of this vein system has yet to be drill tested.
A limited amount of new hand trenching was conducted in several of the previously drilled target areas, including the one-by-two trench, and the old and the new one-by-one trenches. In all of these areas, historical high-grade results were verified. For example, at the one-by-two trench, a 2.8-metre interval assayed 25.61 g/t Au and 149.0 g/t Ag (including 46.4 g/t Au and 317.7 g/t Ag over 1.3 m). At the old one-by-one trench, a one-metre interval assayed 23.5 g/t Au and 10.9 g/t Ag. Finally, at the new one-by-one trench, a 0.95-metre interval assayed 197.7 g/t Au. Visible gold was noted at all three locations. Drilling beneath these trenches, however, generally yielded only geochemically anomalous results or narrow highly erratic gold values. It is postulated that the apparent lack of continuity to depth in certain localized areas may be related to supergene enrichment.
Given the high-grade nature of precious metals discovered to date and the significant lateral extent of this mineralization, the exploration potential at El Corazon remains high. A considerable amount of data compilation and reinterpretation remain to be completed on this structural complex property before the next round of drilling can be planned. Following this work, a 2007 exploration program will be proposed.
The technical information in this news release has been reviewed by Rupert Allan, PGeol, president of the company, and the designated qualified person for this project. On-site drilling supervision was provided by David F. Reid, PGeo, project manager. Sample preparation was handled by an ALS Chemex facility in Quito, Ecuador, and the analyses by an ALS Chemex laboratory in Lima, Peru. Gold was analyzed by fire assay with an atomic-absorption finish. An industry-standard quality assurance and quality control program was applied to the sampling and analytical work. Drill intercepts reported here are grams per tonne gold over downhole length in metres, as true widths of the various zones have not yet been ascertained.
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