Skeena Intersects 30.99 g/t AuEq over 14.72 metres at Eskay Creek

Skeena Resources

Vancouver, BC (January 15, 2019) Skeena Resources Limited (TSX.V: SKE, OTCQX: SKREF) (“Skeena” or the “Company”) is pleased to announce additional Au-Ag drill results for eight holes from the recently completed Phase I surface drilling program at the Eskay Creek Project (“Eskay Creek”) located in the Golden Triangle of British Columbia. The multifaceted Phase I program focused on the 21A, 21C and 22 Zones. Assays reported in this release are from the 21A Zone; assays from the remaining 22 Zone will be released once finalized. Reference images are presented at the end of this release as well as on the Company’s website.

Eskay Creek 21A Zone Phase I Drilling – Current Highlights

  • 4.93 g/t Au, 134.59 g/t Ag, (6.73 g/t AuEq) over 33.57 m (SK-18-033)
  • 7.11 g/t Au, 54.21 g/t Ag, (7.83 g/t AuEq) over 28.88 m (SK-18-034)
  • 22.36 g/t Au, 646.92 g/t Ag, (30.99 g/t AuEq) over 14.72 m (SK-18-036)
  • 6.68 g/t Au, 14.56 g/t Ag, (6.88 g/t AuEq) over 5.50 m (SK-18-037)
  • 12.73 g/t Au, 1.71 g/t Ag, (12.76 g/t AuEq) over 4.50 m (SK-18-040)

*Gold Equivalent (AuEq) calculated via the formula: Au (g/t) + [Ag (g/t) / 75]. Reported core lengths represent 80-100% of true widths and are supported by well-defined mineralization geometries derived from historical drilling. Length weighted AuEq composites were constrained by geological considerations as well as a calculated 1.0 g/t AuEq assay grade cutoff assuming reasonable prospects for economic extraction via open pit mining methods. Grade capping of individual assays has not been applied to the Au and Ag assays informing the length weighted AuEq composites. Processing recoveries have not been applied to the AuEq calculation and are disclosed at 100% due to a lack of supporting information. Samples below detection limit were nulled to a value of zero.

21A Zone Phase I Drilling – Discussion

The 2018 drilling program was designed to infill and upgrade the inferred resources in the 21A Zone by increasing drill density to 20 metre intercept spacing. This will allow for future economic analyses as well as the collection of fresh material for an upcoming metallurgical characterization and testing program. Reported core lengths represent 70-100% of true widths and are supported by well-defined mineralization geometries derived from historical drilling. The majority of intercepts are less than 125 metres from surface and the shallow extent of mineralization in the 21A Zone is potentially amenable to open-pit mining methods.

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 (1.09 Mt 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 (2.81 Mt grading 3.8 g/t Au, 63 g/t Ag) (for full resource details including the additional underground resource, refer to Skeena news release dated September 17, 2018).

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-kV 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.

On behalf of the Board of Directors of Skeena Resources Limited,

Walter Coles Jr.

President & CEO

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