Vancouver, BC (December 8, 2021) Skeena Resources Limited (TSX: SKE, NYSE: SKE) (“Skeena” or the “Company”) is pleased to report new drilling results from the 2021 Phase II Albino Waste Facility (“AWF”) investigation at the Eskay Creek gold-silver project (“Eskay Creek” or the “Project”) located in the Golden Triangle of British Columbia. This expansion program, totaling 212 m over 12 vertical drill holes, was completed utilizing an air rotary drill rig from the surface of the permitted AWF in Q4 2021. Analytical results from the recently completed drill holes are detailed in this release. Reference images are presented at the end of this release as well as on the Company’s website.
 
Eskay Creek AWF Phase II 2021 Highlights:

• 5.90 g/t Au, 317 g/t Ag (10.13 g/t AuEq) over 16.77 m (SK-21-899)
• 4.53 g/t Au, 168 g/t Ag (6.77 g/t AuEq) over 12.20 m (SK-21-901)
• 5.84 g/t Au, 222 g/t Ag (8.80 g/t AuEq) over 13.72 m (SK-21-903)
• 3.39 g/t Au, 156 g/t Ag (5.47 g/t AuEq) over 16.77 m (SK-21-908)
• 3.76 g/t Au, 151 g/t Ag (5.77 g/t AuEq) over 16.76 m (SK-21-909)

Gold Equivalent (AuEq) calculated via the formula: Au (g/t) + [Ag (g/t) / 75]. True widths equate to 100% of reported sample lengths. 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.

Phase II Drilling Substantively Increases AWF Mineralization
Phase II AWF expansion drilling has been very successful in increasing the Au-Ag mineralization discovered during the Company’s initial drill program in Q1 2021. This new drilling was completed from a floating barge on the water surface of the AWF on 50 m staggered drill centers. Highlights of the drilling include SK-21-899: 5.90 g/t Au, 317 g/t Ag (10.13 g/t AuEq) over 16.77 m, SK-21-903: 5.84 g/t Au, 222 g/t Ag (8.80 g/t AuEq) over 13.72 m and are comparable in grade and width to the mineralization intersected in the Phase I program. Courtesy of this expansion drilling, mineralization within the AWF has now been increased to an area measuring 350 m by 125 m. The remainder of the AWF is untested by drilling and remains open for expansion.

To date, the combined Phase I and Phase II programs have intersected a mineralized horizon averaging 13.20 m (true thickness) across 20 drill holes with length weighted grades averaging 4.03 g/t Au, 163 g/t Ag (6.21 g/t AuEq), 39 ppm Hg, 331 ppm As and 922 ppm Sb. The length weighted concentrations of Hg, As and Sb from the combined AWF programs are, to date, consistent with the Company’s pit constrained Mineral Resource Estimate (MRE) for the in situ Eskay Creek deposits.

Current Status and Next Steps
The Company anticipates continuing the Phase II program in early Q1 2022 with two drill rigs from the ice surface once the engineered ice thicknesses at the AWF meets safety requirements. Staggered 50 m drill spacings are expected to be completed to determine the extents of the mineralization followed by infill on 25 m centers.

Albino Waste Facility Discussion
Situated west of the Eskay Creek mine site, the Albino Waste Facility was utilized by former operators as a subaqueous repository for mine waste and included both development waste rock as well as mill tailings. It is estimated that approximately 2 million tonnes of waste rock and tailings material was deposited into the AWF during the previous operations at Eskay Creek.

During historical operations, the underground mine development was largely driven in the often-mineralized footwall rhyolite sequences below the mined contact mudstone. Although these rocks possessed variable Au-Ag tenor, 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.

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.

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