"An investment in knowledge pays the best interest."

INTERSECTS 14.57 G/T AUEQ OVER 31.50 METRES AT ESKAY CREEK

 

Diamond Drill Core in Box

 

Skeena Resources Ltd. (SKE.V) has released additional gold-silver drill results for seven holes from the recently completed phase 1 surface drilling program at the Eskay Creek project located in the Golden Triangle of British Columbia. The multifaceted Phase I program was performed in the historically drill defined 21A, 21C and 22 Zones to infill and upgrade areas of inferred resources as well to collect fresh material for an upcoming metallurgical study. Reference images are presented at the end of this release as well as on the Company's website.

Eskay Creek Phase I Drilling Highlights 5.28 g/t Au, 62 g/t Ag (6.11 g/t AuEq) over 42.00 m (SK-18-020) Including: 10.71 g/t Au, 135 g/t Ag (12.51 g/t AuEq) over 17.19 m 10.31 g/t Au, 73 g/t Ag (11.29 g/t AuEq) over 20.18 m (SK-18-021) 13.40 g/t Au, 1 g/t Ag (13.42 g/t AuEq) over 10.50 m (SK-18-022) 10.16 g/t Au, 331 g/t Ag (14.57 g/t AuEq) over 31.50 m (SK-18-023) Including: 14.24 g/t Au, 963 g/t Ag (27.08 g/t AuEq) over 8.41 m 8.82 g/t Au, 97 g/t Ag (10.11 g/t AuEq) over 11.50 m (SK-18-024)

Discussion of Drill Results for 21A Zone

The 2018 Phase I drilling program was designed to infill and upgrade the inferred resource in the 21A Zone by increasing drill density to 20 m intercept spacing. This spacing will allow for future economic analyses and will also allow the Company to collect fresh material for an upcoming metallurgical characterization and testing program. Reported core lengths represent 80-100% of true widths and are supported by well-defined mineralization geometries derived from historical drilling. The majority of intercepts are less than 125 meters from surface. The shallow extent of mineralization in the 21A zone should be suitable for open-pit mining.

Centered on section 10140N in the northern portion of the 21A Zone, 2018 Phase I drillholes SK-18-023 and SK-18-024 intersected 10.16 g/t Au, 331 g/t Ag (14.57 g/t AuEq) over 31.50 m including 14.24 g/t Au, 963 g/t Ag (27.08 g/t AuEq) over 8.41 m and 8.82 g/t Au, 97 g/t Ag (10.11 g/t AuEq) over 11.50 m respectively. These holes continue to demonstrate the grade, thickness and continuity of the 21A Zone mineralization in an area of low historical drill density.

Additional confidence in grade and continuity has also been established 20 m further north on section 10160N by infill drillholes SK-18-021 which intersected 10.31 g/t Au, 73 g/t Ag (11.29 g/t AuEq) over 20.18 m and SK-18-022 averaging 13.40 g/t Au, 1 g/t Ag (13.42 g/t AuEq) over 10.50 m.

The 21A Zone represents a significant portion of the 2018 pit constrained resource hosted at Eskay Creek containing an Indicated Resource of 207,000 oz AuEq grading 5.9 g/t AuEq (1.088 M tonnes grading 4.9 g/t Au, 72 g/t Ag) and an Inferred Resource of 418,000 oz AuEq grading 4.6 g/t AuEq (2.809 M tonnes grading 3.8 g/t Au, 63 g/t Ag) (see news release dated (September 17, 2018).

Exploration Update

Due to the onset of winter at Eskay Creek, the 2018 Phase I drilling program has been paused until conditions improve. The planned drilling in the 21A and 21C Zones was completed in its entirety; however only 30% of the infill drilling was completed in the 22 Zone. The two drill rigs have been remobilized to the Company's 100% owned Snip Project where a 2,000 m surface exploration drilling program is being performed to assess previously untested soil anomalies as well as depth extensions of the Twin Zone and 200 Footwall targets.

About Eskay Creek

In December 2017, Skeena secured an option to acquire 100% interest in the Eskay Creek property. Discovered in the Golden Triangle in 1988, the former Eskay Creek mine produced approximately 3.3 million ounces of gold and 160 million ounces of silver at average grades of 45 g/t gold and 2,224 g/t silver. Eskay Creek was once the world's highest-grade gold mine and fifth-largest silver mine by volume.

A precious and base metal-rich volcanogenic massive sulphide (VMS) deposit, Eskay-style mineralization has been the focus of considerable exploration activity in the Golden Triangle dating back to 1932. Exploration programs in 1988 led to the discovery of the 21A and 21B zones, followed by underground development of the 21B zone starting in 1990 with the official opening of the Eskay Creek mine in 1994. Over the 14-year life of the mine, approximately 2.2 million tonnes of ore were mined with cut-off grades ranging from 12 to 15 g/t AuEq for mill ore and 30 g/t AuEq for direct shipping smelter ore.

Eskay is endowed with excellent infrastructure including all-weather road access and proximity to the new 287-kilovolt Northwest Transmission Line. The Property consists of 8 mineral leases, 2 surface leases and several unpatented mining claims totaling 6,151 hectares.

About Skeena

Skeena Resources Limited is a junior Canadian mining exploration company focused on developing prospective precious and base metal properties in the Golden Triangle of northwest British Columbia, Canada. The Company's primary activities are the exploration and development of the past-producing Snip mine and the recently optioned Eskay Creek mine, both acquired from Barrick. In addition, the Company has completed a Preliminary Economic Assessment on the GJ copper-gold porphyry project.