Skeena Resources Limited (TSX.V: SKE, OTCQX: SKREF) (“Skeena” or the “Company”) is pleased to report additional assay results for six drill holes from the Phase II underground drilling program at the Company’s 100% owned Snip Gold Project (“Snip”) located in the Golden Triangle of British Columbia.
The Phase II drilling program is now complete. A total of 9,583 metres was drilled over 48 underground drill holes and two surface drill holes. Building upon the data gathered from the Phase I campaign, the Phase II program was designed to expand newly modelled zones via widely spaced exploratory drill step-outs, further delineate known mineralization in areas of low drilling density and validate the historical data in preparation for a maiden resource estimate at Snip. A reference mine section is presented at the end of this release, and on the Company’s website.
Phase II Drilling Highlights:
Eastern Twin Zone Continues to Demonstrate Continuity
Delineation drilling on the Eastern Twin Zone continues to add gold grade and confidence to areas that were not fully sampled during previous operators’ historical drilling programs. The Phase II program is designed to populate this area with new drilling and analytical data in preparation for a maiden resource estimate at Snip.
2018 Phase II drillhole UG18-104, which intersected 10.52 g/t Au over 4.10 metres in the Eastern Twin Zone, is located 25 metres downdip of UG18-102 which intersected 11.14 g/t Au over 2.00 metres. These new intersections are bracketed up and down dip by previously reported 2018 drillholes UG18-093 and UG18-091 which intersected 9.14 g/t Au over 10.20 metres and 5.60 g/t over 19.85 metres respectively, for a total dip extent of 75 metres.
Additional mineralization surrounding the Eastern Twin Zone was also intersected by UG18-101 which averaged 11.03 g/t Au over 3.00 metres in the footwall. UG18-101 also intersected 185.00 g/t Au over 0.60 metres occurring 15 metres into the hangingwall to the Eastern Twin Zone, where a new zone of mineralization is beginning to be defined.
Discussion of Historical Data and Practices
Regrettably, prior to the implementation of National Instrument 43-101 standards, reclamation of the mine in 1999 included disposal of all historical drill core, resulting in the inability to now validate any prior operators’ databases to modern standards. This lack of historic drill core and supporting drilling documentation, paired with the wide spacing of historical drilling in undeveloped areas necessitates that Skeena devote a percentage of its drilling campaign to validate the historical data. This will allow for high confidence underground resources to be reported.
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.