Skeena Intersects 5.29 g/t AuEq over 56.34 metres in 22 Zone Infill Drilling at Eskay Creek

ID: 1562461
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(businesspress24) - Vancouver, BC (November 19, 2020) Skeena Resources Limited (TSX: SKE, OTCQX: SKREF) (Skeena or the Company) is pleased to report additional diamond drill core results from the Phase 1 combined campaign of definition and exploration drilling at the Eskay Creek Project (Eskay Creek or the Project) located in the Golden Triangle of British Columbia. The Phase 2 infill program, focused on resource category conversions for the Pre-Feasibility Study (PFS) on open-pit constrained resources, is on-going with eleven drill rigs currently active. Reference images are presented at the end of this release as well as on the Companys website.

Eskay Creek Phase 1 Infill Drilling
22 Zone Highlights:
- 2.17 g/t Au, 234 g/t Ag (5.29 g/t AuEq) over 56.34 m (SK-20-379)
- 2.10 g/t Au, 183 g/t Ag (4.55 g/t AuEq) over 52.03 m (SK-20-383)
- 1.71 g/t Au, 127 g/t Ag (3.41 g/t AuEq) over 55.34 m (SK-20-382)
- 2.98 g/t Au, 73 g/t Ag (3.95 g/t AuEq) over 25.18 m (SK-20-378)
- 2.04 g/t Au, 93 g/t Ag (3.28 g/t AuEq) over 46.56 m (SK-20-375)

21C Zone Highlights:
- 9.51 g/t Au, 644 g/t Ag (18.10 g/t AuEq) over 10.24 m (SK-20-334)
- 2.68 g/t Au, 595 g/t Ag (10.61 g/t AuEq) over 11.50 m (SK-20-357)
- 21.24 g/t Au, 726 g/t Ag (30.92 g/t AuEq) over 7.43 m (SK-20-366)

Gold Equivalent (AuEq) calculated via the formula: Au (g/t) + [Ag (g/t) / 75]. True widths range from 70-100% of reported core lengths for the 21A and 21C Zones Apparent widths are reported for the 22 Zone due to the geometry of the mineralization and the orientation of the drill holes. Length weighted AuEq composites are constrained by geological considerations. Grade-capping of individual assays has not been applied to the Au and Ag assays informing the length-weighted AuEq composites. Metallurgical processing recoveries have not been applied to the AuEq calculation and are taken at 100%. Samples below detection limit were nulled to a value of zero.

22 Zone Phase I Infill Continues to Confirm Modelled Mineralization


Drilling within the 22 Zone continues to yield exceptionally thick, high-grade results highlighted by 2.17 g/t Au, 234 g/t Ag (5.29 g/t AuEq) over 56.34 m (SK-20-379, apparent width) in the core of the 22 Zone, which is corroborated by up-dip intersections of 1.71 g/t Au, 127 g/t Ag (3.41 g/t AuEq) over 55.34 m and 2.10 g/t Au, 183 g/t Ag (4.55 g/t AuEq) over 52.03 m (SK-20-382 and SK-20-383, respectively, apparent widths). For comparison, this portion of the resource was informed by a historical intersection of 2.69 g/t AuEq over 47.50 m (C04-1259). The recent results confirm the reported average AuEq and Au grades of Indicated and Inferred pit constrained resources in the 22 Zone found in the Companys 2019 Mineral Resource Estimate (MRE) at 3.0 g/t AuEq and 2.1 g/t AuEq, respectively. However, the recently intersected Ag grades are substantially higher.

The 22 Zone is discordant mineralization hosted within the footwall rhyolite, which is intensely altered to silica-sericite. The 22 Zone is interpreted to have developed along a sub-vertical structural conduit that crosscuts the rhyolite and fed the overlying exhalative mineralization found in the Contact Mudstones. Mineralization within the 22 Zone is vertically dipping, averages 70 m true horizontal width and has been defined by drilling over a strike length of 320 m.

21A and 21C Infill Drilling Continues to Corroborate Projected Mineralization
In addition to the results from the 22 Zone, the recently completed Phase 1 portion of the infill drilling campaign within the 21A and 21C Zones confirms the grade and spatial predictability of the Companys 2019 MRE, which was largely informed by historical drilling results.

Exploration Update
The Company is currently drilling the Phase 2 program at Eskay Creek with eleven drill rigs and is on schedule to complete the program in December 2020. One drill rig is performing a 5,000 m resource expansion program at the Snip Project. At present, 81 drill holes are awaiting analytical results.

About Skeena
Skeena Resources Limited is a junior mining company focused on developing the past-producing Eskay Creek gold-silver mine located in Tahltan Territory in the Golden Triangle of northwest British Columbia, Canada. The Company released a robust Preliminary Economic Assessment in late 2019 and is currently focused on infill and exploration drilling at Eskay Creek to advance the project to Pre-Feasibility. Skeena is also exploring the past-producing Snip gold mine.

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

Walter Coles Jr.
President & CEO

Contact Information
Investor Inquiries: info(at)skeenaresources.com
Office Phone: +1 604 684 8725
Company Website: www.skeenaresources.com

In Europe:
Swiss Resource Capital AG
Jochen Staiger
info(at)resource-capital.ch
www.resource-capital.ch

Qualified Persons
Exploration activities at the Eskay Creek Project are administered on site by the Companys Exploration Managers, Raegan Markel, P.Geo. and Adrian Newton, P.Geo. In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, Paul Geddes, P.Geo. Vice President Exploration and Resource Development, is the Qualified Person for the Company and has prepared, validated and approved the technical and scientific content of this news release. The Company strictly adheres to CIM Best Practices Guidelines in conducting, documenting, and reporting the exploration activities on its projects.

Quality Assurance - Quality Control
Once received from the drill and processed, all drill core samples are sawn in half, labelled and bagged. The remaining drill core is subsequently securely stored on site. Numbered security tags are applied to lab shipments for chain of custody requirements. The Company inserts quality control (QC) samples at regular intervals in the sample stream, including blanks and reference materials with all sample shipments to monitor laboratory performance. The QAQC program was designed and approved by Lynda Bloom, P.Geo. of Analytical Solutions Ltd., and is overseen by the Companys Qualified Person, Paul Geddes, P.Geo, Vice President Exploration and Resource Development.

Drill core samples are submitted to ALS Geochemistrys analytical facility in North Vancouver, British Columbia for preparation and analysis. The ALS facility is accredited to the ISO/IEC 17025 standard for gold assays and all analytical methods include quality control materials at set frequencies with established data acceptance criteria. The entire sample is crushed and 1 kg is pulverized. Analysis for gold is by 50 g fire assay fusion with atomic absorption (AAS) finish with a lower limit of 0.01 ppm and upper limit of 100 ppm. Samples with gold assays greater than 100 ppm are re-analyzed using a 50 g fire assay fusion with gravimetric finish. Analysis for silver is by 50 g fire assay fusion with gravimetric finish with a lower limit of 5ppm and upper limit of 10,000 ppm. Samples with silver assays greater than 10,000 ppm are re-analyzed using a gravimetric silver concentrate method. A selected number of samples are also analyzed using a 48 multi-element geochemical package by a 4-acid digestion, followed by Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES) and Inductively Coupled Plasma Mass Spectroscopy (ICP-MS) and also for mercury using an aqua regia digest with Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES) finish. Samples with sulfur reporting greater than 10% from the multi-element analysis are re-analyzed for total sulfur by Leco furnace and infrared spectroscopy.

Cautionary note regarding forward-looking statements
Certain statements made and information contained herein may constitute forward looking information and forward looking statements within the meaning of applicable Canadian and United States securities legislation. These statements and information are based on facts currently available to the Company and there is no assurance that actual results will meet managements expectations. Forward-looking statements and information may be identified by such terms as anticipates, believes, targets, estimates, plans, expects, may, will, could or would. Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and reserves, the realization of resource and reserve estimates, metal prices, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes and other matters. While the Company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. The Company does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.

Neither the Toronto Stock Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Table 1: Eskay Creek Project 2020 Length Weighted Drill Hole Gold and Silver Composites:

Hole-ID From To (m)Core Au Ag AuEq (gZone
(m) Length (g/t (g/t)/t)
(m) )

SK-20-334152.76163.0010.24 9.51 644 18.10 21C
INCLUDING152.76153.400.64 11.4019 11.65 21C
AND 155.69156.190.50 5.83 1,745 29.10 21C
AND 156.19157.000.81 14.401,395 33.00 21C
AND 157.00158.001.00 9.29 2,640 44.49 21C
AND 158.00159.001.00 4.55 497 11.18 21C
AND 159.00159.830.83 43.30921 55.58 21C
AND 159.83160.340.51 22.80366 27.68 21C
SK-20-334211.50220.509.00 3.14 20 3.41 21C
SK-20-334226.50234.508.00 3.71 76 4.73 21C
INCLUDING230.00230.500.50 8.32 287 12.15 21C
AND 231.00231.600.60 19.75146 21.70 21C
SK-20-353137.00159.5022.50 2.35 18 2.59 21B
INCLUDING151.34152.000.66 7.28 206 10.03 21B
SK-20-354 PENDING
SK-20-355138.50158.5020.00 2.18 9 2.30 21B
SK-20-356146.46149.503.04 1.18 33 1.62 21C
SK-20-357111.84114.022.18 0.82 25 1.14 21C
SK-20-357129.50141.0011.50 2.68 595 10.61 21C
INCLUDING130.46131.400.94 1.30 892 13.19 21C
AND 135.42136.000.58 8.00 407 13.43 21C
AND 136.00137.001.00 1.05 867 12.61 21C
AND 137.00138.001.00 0.94 1,380 19.34 21C
AND 138.00139.001.00 4.79 3,120 46.39 21C
SK-20-357146.28149.002.72 4.02 170 6.29 21C
SK-20-366182.40189.837.43 21.24726 30.92 21C
INCLUDING183.05184.501.45 15.20580 22.93 21C
AND 184.50186.001.50 24.90292 28.79 21C
AND 186.00187.201.20 68.802,750 105.47 21C
AND 187.20187.900.70 5.33 384 10.45 21C
AND 187.90189.301.40 6.72 353 11.43 21C
SK-20-366231.50238.286.78 1.09 16 1.31 21C
SK-20-3722.44 6.50 4.06 1.02 43 1.60 21A
SK-20-37232.00 35.00 3.00 0.62 91 1.83 21A
SK-20-3734.00 6.00 2.00 0.78 10 0.91 21A
SK-20-37312.50 22.50 10.00 0.66 10 0.79 21A
SK-20-3744.00 40.00 36.00 1.58 38 2.08 21A
SK-20-3753.44 50.00 46.56 2.04 93 3.28 22
INCLUDING31.55 32.05 0.50 1.26 979 14.31 22
AND 32.05 32.70 0.65 0.79 779 11.18 22
AND 33.23 34.00 0.77 15.8581 16.93 22
SK-20-3760.44 18.00 17.56 1.47 18 1.71 22
SK-20-37625.50 31.50 6.00 1.16 5 1.22 22
SK-20-37665.50 68.50 3.00 0.94 5 1.01 22
SK-20-3771.44 21.00 19.56 1.98 44 2.57 22
SK-20-37724.00 34.50 10.50 0.97 8 1.07 22
SK-20-37737.50 45.00 7.50 1.16 21 1.44 22
SK-20-37764.50 67.50 3.00 0.96 5 1.03 22
SK-20-37772.00 76.50 4.50 1.03 5 1.10 22
SK-20-3781.32 26.50 25.18 2.98 73 3.95 22
INCLUDING10.00 11.50 1.50 20.00537 27.16 22
SK-20-37829.50 58.00 28.50 0.94 11 1.08 22
SK-20-37874.50 85.50 11.00 0.90 5 0.97 22
SK-20-3792.66 59.00 56.34 2.17 234 5.29 22
INCLUDING5.50 7.00 1.50 5.32 358 10.09 22
AND 13.00 14.50 1.50 2.77 1,585 23.90 22
AND 14.50 16.00 1.50 2.19 621 10.47 22
SK-20-380158.03170.0011.97 2.19 7 2.28 21B
SK-20-3813.50 9.50 6.00 2.80 35 3.26 22
SK-20-38112.50 20.00 7.50 0.76 51 1.44 22
SK-20-38135.00 42.50 7.50 1.14 5 1.21 22
SK-20-38153.00 60.50 7.50 0.68 36 1.16 22
SK-20-38165.00 76.00 11.00 1.14 5 1.21 22
SK-20-3822.66 58.00 55.34 1.71 127 3.41 22
INCLUDING28.43 29.50 1.07 2.89 614 11.08 22
SK-20-38261.00 76.00 15.00 0.88 47 1.50 22
SK-20-38282.00 94.00 12.00 1.12 21 1.39 22
SK-20-3832.47 54.50 52.03 2.10 183 4.55 22
INCLUDING8.00 9.50 1.50 13.40865 24.93 22
AND 14.00 15.50 1.50 3.55 556 10.96 22
AND 18.50 19.50 1.00 7.89 211 10.70 22
AND 20.50 21.50 1.00 6.83 599 14.82 22
SK-20-38357.50 71.00 13.50 0.83 15 1.03 22
SK-20-384 PENDING22


SK-20-385 PENDING22


SK-20-386 PENDING22


SK-20-387183.50192.288.78 1.39 35 1.85 22
SK-20-387195.00216.0021.00 2.37 23 2.68 22
SK-20-38812.50 18.50 6.00 1.09 6 1.16 21A
SK-20-38821.50 39.00 17.50 1.08 23 1.38 21A
SK-20-3891.26 50.00 48.74 6.89 122 8.52 22
INCLUDING15.50 17.00 1.50 10.85108 12.29 22
AND 29.13 30.50 1.37 16.9047 17.53 22
AND 30.50 32.00 1.50 18.6521 18.93 22
AND 32.00 33.50 1.50 9.69 52 10.38 22
AND 33.50 35.00 1.50 22.70432 28.46 22
AND 35.00 36.50 1.50 18.80440 24.67 22
AND 40.00 41.00 1.00 15.30132 17.06 22
AND 41.00 42.50 1.50 35.30247 38.59 22
AND 45.50 47.00 1.50 13.9531 14.36 22
SK-20-3900.38 66.50 66.12 4.33 48 4.97 22
INCLUDING16.04 17.00 0.96 12.9081 13.98 22
AND 17.00 18.50 1.50 17.6094 18.85 22
AND 19.54 21.00 1.46 26.20128 27.91 22
AND 23.87 25.30 1.43 9.19 93 10.43 22
AND 28.00 29.00 1.00 10.5534 11.00 22
AND 29.00 30.50 1.50 11.4526 11.80 22
SK-20-3910.68 53.00 52.32 3.67 112 5.16 22
INCLUDING31.40 32.18 0.78 8.73 98 10.04 22
SK-20-3921.50 10.34 8.84 6.56 208 9.34 22
INCLUDING3.69 5.00 1.31 20.50927 32.86 22
SK-20-39246.00 53.00 7.00 2.54 5 2.61 22
SK-20-393127.10132.004.90 2.32 5 2.39 21C
SK-20-393135.00137.002.00 5.81 9 5.93 21C
SK-20-394127.50132.505.00 2.73 10 2.87 21C
INCLUDING131.00131.570.57 10.85<5 10.85 21C

Gold Equivalent (AuEq) calculated via the formula: Au (g/t) + [Ag (g/t) / 75]. True widths range from 70-100% of reported core lengths for the 21A and 21C Zones Apparent widths are reported for the 22 Zone due to the geometry of the mineralization and the orientation of the drill holes. Length weighted AuEq composites are constrained by geological considerations. Grade-capping of individual assays has not been applied to the Au and Ag assays informing the length-weighted AuEq composites. Metallurgical processing recoveries have not been applied to the AuEq calculation and are taken at 100%. Samples below detection limit were nulled to a value of zero.

Table 2: Mine Grid Drill Hole Locations and Orientations:
Hole-IDEasting Northing ElevationLength Azimuth Dip
(m) (m) (m) (m) (°) (°)

SK-20-39,775.0 10,538.0 971.4 248.0 186.1 -
34 7
9.3

SK-20-39,842.0 10,601.0 947.1 168.0 116.0 -
53 6
9.1

SK-20-39,842.0 10,601.0 950.0 170.0 102.4 -
55 7
1.2

SK-20-39,665.0 10,609.0 893.2 165.0 121.2 -
56 5
1.0

SK-20-39,664.0 10,608.0 894.5 160.0 116.1 -
57 5
7.9

SK-20-39,755.0 10,528.0 972.7 245.0 26.0 -
66 8
1.0

SK-20-39,864.0 9,954.0 1,022.3 35.0 269.5 -
72 4
9.9

SK-20-39,864.0 9,954.0 1,022.5 23.3 89.5 -
73 7
5.1

SK-20-39,864.0 9,954.0 1,021.2 40.0 329.7 -
74 4
9.8

SK-20-39,864.0 9,954.0 1,021.2 50.0 29.7 -
75 5
5.1

SK-20-39,559.0 8,864.0 1,126.1 100.0 203.0 -
76 5
0.0

SK-20-39,559.0 8,864.0 1,127.1 85.0 245.2 -
77 6
4.2

SK-20-39,559.0 8,864.0 1,126.9 100.0 203.1 -
78 6
5.1

SK-20-39,589.0 8,862.0 1,108.0 59.0 239.9 -
79 8
9.9

SK-20-39,809.0 10,565.0 960.3 180.0 99.2 -
80 6
8.9

SK-20-39,589.0 8,863.0 1,113.4 80.0 23.1 -
81 7
7.1

SK-20-39,589.0 8,862.0 1,113.9 95.0 240.1 -
82 7
7.2

SK-20-39,589.0 8,862.0 1,114.3 90.0 260.2 -
83 6
4.1

SK-20-39,700.0 10,423.0 962.3 225.0 116.0 -
87 7
0.9

SK-20-39,864.0 9,954.0 1,022.4 40.0 90.7 -
88 7
5.0

SK-20-39,535.3 8,936.9 1,140.7 80.0 228.3 -
89 4
9.9

SK-20-39,535.3 8,936.9 1,140.2 80.0 228.1 -
90 6
9.9

SK-20-39,535.3 8,936.9 1,135.3 90.0 210.2 -
91 5
7.1

SK-20-39,535.0 8,937.0 1,140.5 85.0 350.4 -
92 7
8.1

SK-20-39,775.8 10,252.5 1,015.7 154.0 170.1 -
93 5
4.1

SK-20-39,754.1 10,252.5 1,015.4 149.0 170.3 -
94 6
0.1

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Date: 11/20/2020 - 07:21
Language: English
News-ID 1562461
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