Vancouver, BC (January 28, 2021) Skeena Resources Limited (TSX: SKE, OTCQX: SKREF) (“Skeena” or the “Company”) is pleased to report additional diamond drill core results from the Phase 2 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 upon resource category conversions for the Pre-Feasibility Study (“PFS”) on open-pit constrained resources, is now complete. Six drill rigs are currently active at the Project finalizing a 5,000 m near-mine exploration program. Reference images are presented at the end of this release as well as on the Company’s website.

Eskay Creek Infill Drilling Highlights – 21B and 21C Zones

• 22.23 g/t Au, 1,605 g/t Ag (43.63 g/t AuEq) over 2.79 m (SK-20-589)
• 20.92 g/t Au, 258 g/t Ag (24.36 g/t AuEq) over 6.45 m (SK-20-591)
• 8.50 g/t Au, 182 g/t Ag (10.92 g/t AuEq) over 10.75 m (SK-20-596)
• 23.13 g/t Au, 613 g/t Ag (31.30 g/t AuEq) over 4.10 m (SK-20-598)
• 2.52 g/t Au, 92 g/t Ag (3.75 g/t AuEq) over 27.22 m (SK-20-607)
• 5.74 g/t Au, 247 g/t Ag (9.04 g/t AuEq) over 12.75 m (SK-20-623)
• 5.38 g/t Au, 22 g/t Ag (5.67 g/t AuEq) over 71.85 m (SK-20-626)
• 8.82 g/t Au, 25 g/t Ag (9.15 g/t AuEq) over 25.50 m (SK-20-627)

Gold Equivalent (AuEq) calculated via the formula: Au (g/t) + [Ag (g/t) / 75]. True widths range from 70-100% of reported core lengths. 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.

High-Grade Intersections Continue to Develop within 21C Zone Development Buffer
Intercepts from the completed Phase 2 program continue to demonstrate the tenor, continuity, and thickness of the pit-constrained resources in the 21C Zone at Eskay Creek. This is highlighted by an intercept of 5.38 g/t Au, 22 g/t Ag (5.67 g/t AuEq) over 71.85 m (SK-20-626) which confirms the continuity and grade modelled in this portion of the 21C Zone, and is corroborated by 8.82 g/t Au, 25 g/t Ag (9.15 g/t AuEq) over 25.50 m in a flanking drill hole (SK-20-627). Mineralization in this area is gold-dominant and is hosted within the footwall rhyolite with only minor grade contributions from silver. These drill holes are situated 75 m north of previously reported 7.17 g/t Au, 146 g/t Ag (9.12 g/t AuEq) over 49.60 m (SK-20-579).

The Phase 1 and 2 drilling campaigns have successfully confirmed the spatial continuity and tenor of the mineralization of the Inferred resources defined by the Company’s 2019 Mineral Resource Estimate (MRE). The incoming assay results from the Phase 2 infill drilling program continue to validate the predicted and modelled Inferred mineralization which was informed by widely spaced historical drill holes in the Skeena 2019 MRE.

About Skeena
Skeena Resources Limited is a Canadian mining exploration 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

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