Vancouver, BC (May 4, 2021) Skeena Resources Limited (TSX: SKE, OTCQX: SKREF) (“Skeena” or the “Company”) is pleased to report diamond drill core results from the 2021 campaign of near mine exploration drilling at the Eskay Creek Project (“Eskay Creek” or the “Project”) located in the Golden Triangle of British Columbia. The exploratory program was focused on testing both in-pit and near mine targets and totaled 4,375 m across twenty surface-based drill holes. Reference images are presented at the end of this release as well as on the Company’s website.
 
Eskay Creek 2021 Drilling Highlights:

• 1.01 g/t Au, 6 g/t Ag (1.09 g/t AuEq) over 9.46 m (SK-21-703)
• 1.92 g/t Au, 25 g/t Ag (2.25 g/t AuEq) over 7.50 m (SK-21-810)
• 1.54 g/t Au, 27 g/t Ag (1.90 g/t AuEq) over 13.70 m (SK-21-821)
• 1.54 g/t Au, 10 g/t Ag (1.68 g/t AuEq) over 15.68 m (SK-21-824)
• 2.22 g/t Au, 9 g/t Ag (2.33 g/t AuEq) over 15.20 m (SK-21-824)
• 1.17 g/t Au, 6 g/t Ag (1.25 g/t AuEq) over 19.70 m (SK-21-824)
• 1.31 g/t Au, 14 g/t Ag (1.50 g/t AuEq) over 33.00 m (SK-21-824)
• 1.08 g/t Au, 10 g/t Ag (1.22 g/t AuEq) over 16.56 m (SK-21-829)
• 3.99 g/t Au, 71 g/t Ag (4.94 g/t AuEq) over 8.20 m (SK-21-838)

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.

Mineralization Discovered in “The Gap Zone”
Situated in an essentially undrilled corridor measuring 300 m by 75 m between the 21A and 21B Zones, 2021 drill holes SK-21-821 and SK-21-838 have established the existence of additional Contact Mudstone hosted mineralization having intersected 1.54 g/t Au, 27 g/t Ag (1.90 g/t AuEq) over 13.70 m and 3.99 g/t Au, 71 g/t Ag (4.94 g/t AuEq) over 8.20 m, respectively. Although the Contact Mudstones demonstrate very predictable geological continuity from the historically mined 21B Zone south towards the 21A Zone across this largely undrilled “gap”, the lack of sufficient drill density precluded the incorporation of mineralization in this area into the Company’s 2021 Mineral Resource Estimate (MRE).

21C HW Zone Expands Along Strike
Discovered in 2020 during the Phase II infill drill program, the 21C-HW Zone is a subvertical, reactivated synvolcanic structural corridor of discordant, replacement-style mineralization which occurs uncharacteristically in the hanging-wall andesites and interflow sediments above the historically mined Contact Mudstones. The 21C-HW Zone mineralization that was originally outlined over a strike length of 160 m has now been expanded 50 m along strike to the north by 2021 drill holes SK-21-828 and SK-21-829 which predictably intersected 1.15 g/t Au, 13 g/t Ag (1.33 g/t AuEq) over 11.69 m and 1.08 g/t Au, 10 g/t Ag (1.22 g/t AuEq) over 16.56 m, respectively. This newly developing zone of mineralization remains open for expansion.

“Drill defining additional mineralization in these evolving portions of the 2019 PEA contemplated open- pit offers additional upside because up until now, these areas were considered unmineralized waste rock,” commented Paul Geddes, the Company’s Vice President of Exploration and Resource Development. “Although our 2021 exploration program will carefully factor far field regional targets, opportunities to add ounces within the confines of the open-pit will be prioritized accordingly as we endeavor to augment our already impressive resource base and enhance the existing project economics”.

About Skeena
Skeena Resources Limited is a Canadian mining exploration company focused on revitalizing 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 to advance Eskay Creek to full Feasibility by Q1 2022. Additionally, Skeena continues exploration programs at 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