SOURCE: Skeena Resources Limited

Skeena Resources Limited

June 20, 2016 09:24 ET

Skeena Expands Drill Plans at Snip & Announces Positive Preliminary Metallurgical Results From Spectrum

VANCOUVER, BC--(Marketwired - June 20, 2016) - Skeena Resources Limited (TSX VENTURE: SKE) ("Skeena" or the "Company") is pleased to announce an expansion to the drill program planned at the Company's recently acquired past-producing Snip gold property located in the Golden Triangle of British Columbia (see news release dated March 23, 2016; option to acquire 100% interest from Barrick Gold Corporation). A budget of CAD$2.5 million for a total of 6,000 metres of drilling has been approved, which doubles the number of metres previously announced (see new release dated May 17, 2016).

Mr. Walter Coles Jr., President & CEO of Skeena commented: "The on-going compilation of Barrick Gold Corporation's comprehensive database of historic exploration reports and operational mine information, as well as the overwhelming amount of investor interest in the Snip project has led to the expanded drill plans and overall budget."

Skeena is also pleased to announce that positive preliminary metallurgical test results have been received from the Company's 100% owned Spectrum project. Flotation test results on porphyry gold-copper mineralization indicate that recoveries in excess of 90% for gold and 85% for copper are achievable from average grade material. Recoveries are consistent with the results of a mineralogical study that shows the gold to be free and very fine-grained.

Due to the positive preliminary results at Spectrum, phase 2 metallurgical tests on samples selected to cover the range of anticipated gold and copper grades are now being planned. Geological and ground geophysical surveys (induced polarization) commenced at Spectrum in early June (see news release dated May 9, 2016) with drilling anticipated to commence in July.

The Technical Report pursuant to National Instrument 43-101 (Standards for Disclosure for Mineral Projects) for a resource estimate on the Spectrum property was filed on SEDAR on June 9, 2016. The Company's news release dated April 25, 2016 summarizes the assumptions and key results contained in the Technical Report. The report can be located under Skeena's profile on SEDAR (www.sedar.com) and can also be viewed on Skeena's website.

The technical information in this news release has been reviewed and approved by Michael S. Cathro, P.Geo., Skeena's VP of Operations and a Qualified Person as defined by Canada's National Instrument 43-101.

About Skeena
Skeena Resources Limited is a junior Canadian mining exploration company involved in the acquisition, exploration and development of prospective base and precious metal properties throughout British Columbia. The Company's primary activities at present are the evaluation of the Spectrum gold project and adjacent GJ copper-gold project, located in the prolific Golden Triangle of northwestern BC. The Company recently optioned the Snip gold mine from Barrick Gold Corporation which is also located in the Golden Triangle. Skeena's management includes a highly experienced team of mine-finders, including Ron Netolitzky, Chairman, who was inducted into the Canadian Mining Hall of Fame in 2015.

On behalf of the Board of Directors of Skeena Resources Limited,

Walt Coles Jr.
President & CEO

Cautionary note regarding forward-looking statements
Certain statements made and information contained herein may constitute "forward looking information" and "forward looking statements" within the meaning of applicable Canadian and United States securities legislation, including, among other things, information with respect to this presentation. These statements and information are based on facts currently available to the Company and there is no assurance that actual results will meet management's expectations. Forward-looking statements and information may be identified by such terms as "anticipates", "believes", "targets", "estimates", "plans", "expects", "may", "will", "could" or "would". Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and reserves, the realization of resource and reserve estimates, metal prices, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes and other matters. While the Company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. The Company does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.

Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • For Further Information Contact:
    Walt Coles Jr.
    President & CEO
    or
    Tony Perri
    Manager, Investor Relations
    Email: tperri@skeenaresources.com
    Suite 650, 1021 W. Hastings St.
    Vancouver, B.C., Canada V6E 0C3
    Tel: (604) 684-8725
    Fax: (604) 558-7695