Skeena Resources Limited

November 23, 2006 10:34 ET

Skeena Drilling Results-El Corazon, Ecuador

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 23, 2006) - Skeena Resources Limited (TSX VENTURE:SKE) is pleased to report assay results for drill holes SKE-039 through SKE-041 from the 2006 drilling program on its El Corazon Project in northwest Ecuador. Assays for the last four holes in the program (holes 42 to 45, inclusive) are pending with all split core samples having been delivered to the laboratory. The drill rig has now been demobilized from the property subsequent to completion of 14 holes totalling 4,273 metres. Assay results from the first 7 holes were reported in a news release dated October 30, 2006.

The three holes reported here are offsets to previously defined mineralization in 3 separate targets. Highlighted in the results were assays from SKE-040 which yielded 17.88 g/t Au over a 5.0 metre core length. SKE-040 was drilled beneath and on-section with last year's hole, SKE-019 which intersected 36.21 g/t Au over 16.87m. This year's intercept is approximately 80 metres vertically beneath the original high-grade zone. This vein-breccia zone is now believed to have a strike of Azimuth 217 degrees and a dip of 70 to 85 degrees to the southwest. Results from a further drill hole from this target are awaited.

SKE-039 was collared 30 meters due south and immediately down-dip of RTZ Hole RVC-037, approximately 60m south of the mine adit. RVC-037 is reported to have assayed 0.739g/t Au over 31.0m, 2.07g/t over 90.0m (including 11.34g/t Au over 6.0m and 7.49gpt Au over 5.0m), and 0.42 g/t over 24.0m. However, the disappointing results obtained in SKE-039 were not comparable and this might be explained by incorrect historic coordinates for the probable collar location of RVC-037.

2006 Significant Drill Results

Hole No. Location From To Meters Intercept

SKE-039 744480E/
28458N 37.33 38.25 0.92 1.53gpt
145.3 147.92 0.83 0.90gpt
160.33 170.86 10.53 1.0gpt
203.07 205.0 1.93 1.15gpt
208.85 213.0 4.15 2.80gpt

SKE-040 744593E/
29098N 91.92 93.68 1.76 2.95gpt
94.87 96.45 1.58 1.57gpt
210.0 215 5.0 17.88gpt
Includes 212.69 214.13 1.44 61.39gpt
248.24 250.05 1.81 2.09gpt
SKE-041 744762E/
29114N 75.7 76.3 0.60 17.9gpt
86.7 87.2 0.50 6.48gpt
101.35 105.05 3.70 1.68gpt
177.4 180.0 2.6 1.15gpt
226.5 227.2 0.7 1.21gpt
233.7 235.4 1.7 3.52gpt

Hole SKE-041 was drilled to investigate the inferred southern extension of the high grade Yucal Vein (surface mining in 2004 yielded in the order of 30g/t Au over an average width of 1.0m). SKE-041 appears to have intersected the Yucal vein at 75.7m with an intercept of 17.9g/t over 0.6m.

A parallel program of surface mapping, trenching and sampling to further define target parameters in this complex structural setting is also complete, and the crew is demobilizing today. Outstanding assay results from the remaining drill holes and assays from trenching will be compiled prior to undertaking the next drill campaign.

The technical information in this news release has been reviewed by Rupert Allan, P.Geol., president of the Company and the designated Qualified Person for this project. On-site drilling supervision was provided by David F. Reid, P. Geo., Project Manager. Sample preparation was handled by an ALS Chemex facility in Quito, Ecuador, and the analyses by an ALS Chemex laboratory in Lima, Peru. Gold was analyzed by fire assay with an atomic absorption finish. An industry standard quality assurance - quality control program was applied to the sampling and analytical work. Drill intercepts reported here are grams per tonne gold (g/t Au) over down-hole length in metres, as true widths of the various zones have not yet been ascertained.


Rupert 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
    Tony Perri
    Investor Relations, Manager
    (604) 684-8725
    (604) 669-2543 (FAX)