Vancouver, BC (September 9, 2020) Skeena Resources Limited (TSX: SKE, OTCQX: SKREF) (“Skeena” or the “Company”) is pleased to announce new gold-silver assay results from the 2020 Phase I surface drilling program at the Eskay Creek Project (“Eskay Creek”) located in the Golden Triangle of British Columbia. Six helicopter supported drill rigs are currently active for the 2020 Phase I program in the 21A, 21B and 21C Zones for Pre-Feasibility Study (“PFS”) resource category conversions. The Company is also drilling in the near-mine environment testing the Water Tower Zone (“WTZ”) and the largely underexplored Lower Mudstone sequences which lie beneath the Contact Mudstone that was historically mined. Reference images are presented at the end of this release as well as on the Company’s website.

Phase I Eskay Creek 21A and 21C Zones Infill Drilling Highlights:

•    5.05 g/t Au and 449 g/t Ag (11.03 g/t AuEq) over 39.66 m (SK-20-292) – 21A Zone
•    5.47 g/t Au and 9 g/t Ag (5.59 g/t AuEq) over 12.25 m (SK-20-307) – 21C Zone
•    3.59 g/t Au and 14 g/t Ag (3.77 g/t AuEq) over 16.50 m (SK-20-321) – 21C Zone

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. 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%. Samples below detection limit were nulled to a value of zero. 

21A Zone Infill Drilling Intersects High-grade Silver Mineralization
The infill component of the Phase I program continues to confirm and increase the continuity and grade of the modelled mineralization in the 21A Zone as demonstrated by an intersection of 5.05 g/t Au and 449 g/t Ag (11.03 g/t AuEq) over 39.66 m (SK-20-292), as was expected by the geological concept model. Differing from the surrounding drill holes, which inform the current Mineral Resource Estimate (“MRE”), this drill hole intercepted a slightly thicker interval with a substantial increase in silver grades including 21.20 g/t Au and 7,190 g/t Ag (117.07 g/t AuEq) over 1.50 m and 11.35 g/t Au and 2,910 g/t Ag (50.15 g/t AuEq) over 1.30 m. For comparison, a previous intercept of 6.34 g/t Au, 42 g/t Ag (6.91 g/t AuEq) over 34.00 m (SK-19-167) was located only 15 m to the south of this new Phase I drill hole. This unexpected, extremely high-tenor silver mineralization is hosted entirely within intensely sericitized rhyolite breccias in the footwall to the Contact Mudstone.
 
Skeena continues to test the mudstone intervals which lie below the Contact Mudstone by extending SK-20-292 to a depth of 500 m into the Lower and Even Lower Mudstone sequences; however, only thin, weakly anomalous gold-silver mineralization was found. The key to locating higher-grade mineralization in these lower mudstone layers will be to use stratigraphic and geochemical information to vector into areas crosscut by the synvolcanic faults responsible for the Eskay Creek orebodies.

21C Zone Infill Drilling Continues to Confirm Modelled Mineralization
Current infill drilling within the 21C Zone is corroborating the modelled mineralization reported in the 2019 MRE, confirming grades and spatial distributions of the modelled zones. Gold and silver mineralization in this area is dominantly hosted within the footwall rhyolite sequence and is characterized by slightly lower grade and occurs within the deeper portions of the 2019 Preliminary Economic Assessment contemplated mining sequence. 

“The Phase I portion of our 2020 infill drill program is now more than 50% complete and our team is eager to accelerate the upcoming Phase II program with additional drill rigs, providing results which are designed to add confidence to the currently tightly constrained resource base”, notes Skeena Exploration Manager Adrian Newton, P.Geo.  

Paul Geddes, P.Geo., the Company’s Vice President Exploration & Resource Development adds, “In my experience, it is a rarity for a delineation drilling campaign on a precious metal deposit to consistently intersect the predicted mineralization defined by widely-spaced exploration drill holes. This success is not only a function of the Eskay Creek mineralization style, but also a result of the conservatively estimated MRE. Given the unanticipated occurrences of increased grades and thicknesses witnessed during the Phase I program, we are excited for the potential results of the Phase II campaign”. 

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 Prefeasibility. Skeena is also exploring the past-producing Snip gold mine.