Vancouver, BC (September 15, 2020) Skeena Resources Limited (TSX: SKE, OTCQX: SKREF) (“Skeena” or the “Company”) is pleased to announce the discovery of high-grade gold-silver mineralization hosted 600 m below surface in the newly recognized Eskay Deeps prospect. Results presented here are from widely spaced deep exploration diamond drill holes into both the Eskay Deeps, hosted in the newly recognized Even Lower Mudstone (“ELM”) unit and the Water Tower Zone (“WTZ”). Six helicopter-supported drill rigs are currently active for the 2020 Phase I program focused in the 21A, 21B and 21C Zones for Pre-Feasibility Study (“PFS”) resource category conversions at the Eskay Creek Project (“Eskay Creek” or the “Project”) located in the Golden Triangle of British Columbia. Reference images are presented at the end of this release as well as on the Company’s website.
 
Eskay Creek Exploration Drilling Highlights:

Eskay Deeps

• 5.72 g/t Au, 12 g/t Ag (5.88 g/t AuEq) over 17.00 m (SK-20-257)
  • Including: 20.29 g/t Au, 37 g/t Ag (20.78 g/t AuEq) over 3.50 m
• 15.38 g/t Au, 11 g/t Ag (15.53 g/t AuEq) over 3.18 m (SK-20-257)
  • Including: 44.60 g/t Au, 28 g/t Ag (44.97 g/t AuEq) over 1.00 m
  • 17.45 g/t Au, 10 g/t Ag (17.58 g/t AuEq) over 1.38 m

Water Tower Zone

• 12.67 g/t Au, 22 g/t Ag (12.96 g/t AuEq) over 14.50 m (SK-20-289)
  • Including: 28.70 g/t Au, 29 g/t Ag (29.09 g/t AuEq) over 1.30 m 
• 5.75 g/t Au, 14 g/t Ag (5.94 g/t AuEq) over 11.00 m (SK-20-289)
  • Including 13.25 g/t Au, 23 g/t Ag (13.56 g/t AuEq) over 1.50 m

Gold Equivalent (AuEq) calculated via the formula: Au (g/t) + [Ag (g/t) / 75]. True widths cannot be estimated at this time due to a lack of information. 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. WTZ – Water Tower Zone, NWTZ – New Water Tower Zone, LM – Lower Mudstone, DEEPS – Eskay Deeps.

Multiple Mineralized Zones Identified in New Eskay Deeps
Exploration drilling has intersected significant mineralization in the recently recognized Eskay Deeps prospect, situated 600 m vertically below surface in a previously unexplored area of the Project. This previously unidentified mineralization occurs greater than 260 m vertically below the lower extents of the currently modelled WTZ and is open in all directions. Mineralization in this new area occurs as discordant, pyritic replacements devoid of impurities (Hg-As-Sb) and is hosted within the ELM and Lower Andesite sequence. The intersected apparent thickness of the ELM at this location is approximately 125 m. Due to a lack of any other supporting drill holes in this new area, true widths cannot yet be estimated.

Water Tower Zone Expanded by Drilling – New Mineralized Feeder Structure
The known mineralization in the WTZ has been expanded downdip by this recent drilling. Up-hole of the main WTZ, another new occurrence of feeder-style, discordant mineralization was intersected to the west, hosted within intensely sericitized and silicified rhyolite breccias. This newly found mineralization potentially represents a previously unidentified second syn-volcanic feeder structure parallel to the WTZ. At greater depths, a substantial thickness (160 m), of ELM was intersected averaging only trace gold-silver mineralization. This remains very prospective.

“The discovery of multiple zones of ELM-hosted mineralization in the new Eskay Deeps adds significant exploration upside to the current resource base”, comments Paul Geddes, P.Geo., the Company’s Vice President Exploration & Resource Development. “Our success rate to date with only a handful of exploratory drill holes emphasizes the untapped growth potential and magnitude of the Eskay Creek mineralized system”.

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.

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


Walter Coles Jr.
President & CEO