Skeena Resources Limited
TSX VENTURE : SKE

November 05, 2007 12:43 ET

Skeena Reports High-Grade Gold Prospecting Results From Blackhorn Property, BC

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 5, 2007) - Skeena Resources Limited (TSX VENTURE:SKE) is pleased to announce assay results from a prospecting program on the Company's 100% owned 6,711 hectare Blackhorn property, located 40 km south-southeast of Tatla Lake in the Coast Mountains of west-central British Columbia.

The Blackhorn Property covers a number of high-grade, gold-bearing, quartz-carbonate veins and base metal showings in a complex setting of thrust sheets of Mesozoic volcanic and sedimentary rocks and Late Cretaceous to Early Tertiary intrusives. The most significant of the showings are hosted within a band of schistose rocks along the 4.5 km long Blackhorn trend. The Blackhorn Vein is reported to average a cut value of 34.7 g/t gold over an average width of 0.43 m for a length of 53.7 m in an underground drift. At the Homestake zone, at the South end of the trend, reports from the late 1930's noted a narrow quartz vein, which assayed up to 1.47 ounces per ton gold and 1.1 ounces of silver. This structure also hosts the Hunting Lodge, Galena and Milk Can showings further to the north. The HW area, 1.5 km SE of the Blackhorn trend, is host to a poorly exposed quartz stockwork occurrence in rugged terrain from which a series of historical grab samples assayed an average of 21 g/t gold. In another area 3.5 km farther yet to the east, the Champagne and Lori showings consist of numerous well-mineralized boulders of sulphide-bearing, quartz-carbonate veins, assaying from 1 to 89 g/t gold. Numerous unexplored high priority precious metal stream sediment geochemical anomalies also occur within the NE sector of the property (the above referenced results are obtained from numerous BC Dept. of Mines assessment files, are not 43-101 compliant, and have not been verified by a Qualified Person).

The fall 2007 program was directed at verifying the high-grade nature of previously reported vein occurrences, and delineating the area of anomalous gold-in-stream sediments (up to 407 ppb Au) reported by the BC Government under the auspices of the RGS Program. A crew of trained prospectors under the direction of a geologist collected 163 rock samples, principally of angular, quartz-sulfide vein float from talus and glacial moraines adjacent to and down-ice from known occurrences. As a testament to the high gold background of these samples, 43 of them were re-analyzed for "over limit" assays (greater than 1000 ppb). A total of 16 samples assayed greater than 10 g/t Au are listed in the following table:



Blackhorn Fall 2007 Overlimit Assays

Au Au Repeat
Tag # Area Type (g/t) (oz/t) Au (g/t) Au (opt)
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BH2007-AT-R09 Blackhorn Valley float 16.10 0.470 14.60 0.426
BH2007-AT-R13 Blackhorn Valley float 29.00 0.846 34.90 1.102
BH2007-AT-R14 Blackhorn Valley float 10.30 0.300 8.66 0.253
BH2007-AT-R16 Blackhorn Valley float 10.00 0.548 18.80 0.548
BH2007-AT-R21 Blackhorn Valley float 28.00 0.817 82.60 2.409
BH2007-AT-R39 B3 Valley float 15.40 0.449 16.80 0.490
BH2007-AT-R41 B3 Valley float 24.50 0.714 21.40 0.624
BH2007-AT-R52 B3 Valley float 26.00 0.758 25.40 0.741
BH2007-AT-R53 B3 Valley float 14.80 0.432
BH2007-AT-R54 B3 Valley float 12.10 0.353

BH2007-DC-471 Louisville float 101.00 2.945 89.90 2.622

BH2007-PS-616 Louisville float 21.00 0.612 23.20 0.677
BH2007-PS-617 Louisville float 226.00 6.591 218.00 6.358
BH2007-PS-628 3 Ounce Valley float 11.00 0.321 10.20 0.297
BH2007-PS-629 3 Ounce Valley float 52.00 1.516 51.30 1.496
BH2007-PS-630 3 Ounce Valley float 26.00 0.758


The company is also very encouraged by the fact that never before reported mineralization was located in the main Blackhorn Valley and "B3 Valley" approximately 2.5 kilometres east of the Blackhorn adit. A 226 g/t Au (6.591 opt) float sample was also reported from the "Louisville Valley". Insufficient field work has been completed to assess either vein widths or continuity of mineralization at this stage. A sketch map of the prospecting results will be posted to the Company website.

In view of these significant results the company recently expanded its claim holdings in the area. A detailed follow up program will commence next spring when weather permits.

The analytical results reported herein were performed by standard fire assay with an atomic absorption finish by Ecotech Labs of Kamloops, British Columbia. This news release was prepared by J. R. Allan, P.Geol., president and CEO of the Company and a Qualified Person as defined by National Instrument 43-101.

ON BEHALF OF THE BOARD OF DIRECTORS OF SKEENA RESOURCES LIMITED

J. R. Allan, P.Geol., President

Cautionary Statement on Forward-Looking Information

The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Skeena Resources Limited
    Rupert Allan
    (604) 684-8725
    or
    Skeena Resources Limited
    Tony Perri
    Investor Relations, Manager
    (604) 684-8725
    (604) 669-2543 (FAX)
    Email: tperri@skeenaresources.com