Vancouver, BC (October 4, 2021) Skeena Resources Limited (TSX: SKE, OTCQX: SKREF) (“Skeena” or the “Company”) is pleased to report that it has initiated the Phase II drill investigation of the Albino Waste Facility (“AWF”) at the Eskay Creek gold-silver project (“Eskay Creek” or the “Project”) located in the Golden Triangle of British Columbia. The Phase II program is designed to test the Au-Ag grade potential of the remaining untested portions of the AWF on 50 metre drill spacings as follow up from the initial investigation completed in Q1 2021. Analytical results from the 2021 Phase III drill program at the Snip gold project (“Snip”) are also included in this release. Reference images are presented at the end of this release as well as on the Company’s website.
 
Phase II AWF Drilling Program
Situated west of the Eskay Creek mine site, the AWF was utilized by former operators as a subaqueous repository for mine waste management and included both mine waste rock as well as mill tailings.
 
Previously reported in Q2 2021, the Company drilled eight vertical drill holes on staggered 50 metre drill centers to test the grade potential of the AWF. All drill holes were successful in intersecting remarkable grades and thicknesses: 

• 4.17 g/t Au, 160 g/t Ag (6.31 g/t AuEq) over 16.01 m (SK-21-841)
• 4.18 g/t Au, 190 g/t Ag (6.72 g/t AuEq) over 12.16 m (SK-21-842)
• 4.16 g/t Au, 204 g/t Ag (6.89 g/t AuEq) over 22.80 m (SK-21-843)
• 3.13 g/t Au, 127 g/t Ag (4.82 g/t AuEq) over 19.76 m (SK-21-844)
• 3.97 g/t Au 130 g/t Ag (5.70 g/t AuEq) over 15.20 m (SK-21-845)
• 8.68 g/t Au 330 g/t Ag (13.09 g/t AuEq) over 13.68 m (SK-21-846)
• 3.19 g/t Au 115 g/t Ag (4.73 g/t AuEq) over 14.19 m (SK-21-847)
• 2.62 g/t Au 82 g/t Ag (3.71 g/t AuEq) over 19.76 m (SK-21-848)

Locations of Phase II drill holes, a composite vertical section and a plan map of previously disclosed results are presented at the end of this release.

The Company is currently utilizing a waterborne barge to safely drill vertical holes over the remainder of the AWF on staggered 50 metre spaced centers. A Phase III program of infill to 25 metre hole spacings will be contingent on the results from the Phase II investigation.

Albino Waste Facility History and Discussion
During historical operations, the underground mine development was largely tunneled in the often-mineralized footwall rhyolite sequences below the mined Contact Mudstone. Although these rocks possessed variable Au-Ag grades, former operators considered the rhyolite-hosted mineralization uneconomic due to the high cutoff grades required at the time. Hence, this development rock was transferred to the AWF for subaqueous deposition.

Via the initial drill-based investigation performed in Q1 2021, the Company has now empirically demonstrated that significant Au-Ag grades are hosted in the AWF.

2021 Snip Project Phase III Results
The ongoing 2021 drilling program at the Company’s 100% owned Snip Gold Project is being performed to convert Inferred resources from the Company’s 2020 MRE to higher confidence categories (Measured and Indicated) through surface and underground drilling. Additional analytical results from underground infill drilling in the 412 and Twin East areas are detailed in Table 1. These infill results corroborate the modelled mineralization in the Company’s 2020 Mineral Resource Estimate. 

About Skeena
Skeena Resources Limited is a Canadian mining exploration and development 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 Prefeasibility Study for Eskay Creek in July 2021 which highlights an open-pit average grade of 4.57 g/t AuEq, an after-tax NPV5% of C$1.4B, 56% IRR, and a 1.4-year payback at US$1,550/oz Au. Skeena is currently completing both infill and exploration drilling to advance Eskay Creek to full Feasibility by Q1 2022. Additionally, the Company 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