Skeena Resources Limited
TSX VENTURE : SKE

November 02, 2005 11:22 ET

Skeena Intercepts 36.21 g/t Gold over 16.87 Metres at El Corazon, Ecuador

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 2, 2005) - Skeena Resources Limited (TSX VENTURE:SKE) is pleased to report assay results from the second round of diamond drill holes, SKE - 05 - 14 to 23 inclusive, from its optioned El Corazon project in northwest Ecuador. Drill holes SKE - 05 - 01 to 13 were previously reported in a news release dated September 15, 2005. The most significant intercepts were obtained from hole SKE - 05 - 19 which was drilled to investigate a north-northwest trending quartz vein/shear zone located approximately 250 metres northwest of the El Corazon mine adit. The hole started in mineralization and intersected three well-mineralized zones within the upper 123 metres; including 6.6 m of 7.87 g/t Au, 2.54 m of 16.52 g/t Au, and 16.87 m grading 36.21 g/t Au. All intercepts reported are core lengths as the orientation and true thickness of the zone has not yet been determined. A parallel hole, SKE - 05 - 21, located 30 metres to the south of hole #19, may have intersected the upper portion of the same zone with an intercept of 43.87 metres of 1.67 g/t Au (including 1.6 m of 30.73 g/t and 0.4 m of 48.7 g/t). The mineralized intercepts in SKE - 05 - 19 and SKE - 05 - 21 are being further investigated by five additional holes in the third round of drilling, which is approximately 60% complete. The company is especially pleased by the identification of another high grade mineralized system on the property.

The drilling program completed to date has had the objective of testing a wide range of targets, including induced polarization resistivity highs, mineralized structures exposed at surface, and the proximity of the current high grade mine workings. Exploration of the property is difficult due to rugged jungle terrain in which bed rock exposure is limited due to volcanic ash cover. By testing a variety of targets on the property in the early pass drilling the Company is confident that we will be able to prioritize future drilling activity on to the targets with greatest potential. Drilling to date has identified widespread low grade gold mineralization with clear evidence of multiple bonanza-grade vein/shears in a complex structural setting.



EL CORAZON 2005 DRILL INTERCEPTS

GRAM TARGET
/TONNE DESCRIPTION/
INTERVAL (g/t) TRENCH
HOLE NO. FROM TO (METRES) GOLD NAME
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SKE - 05 - 14 87.55 88.8 1.25 m 1.11 g/t Guadal Trench -
resistivity anomaly
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SKE - 05 - 15 38 40.08 2.08 m 0.85 g/t Copal Trench -
resistivity anomaly
103.13 104.3 1.17 m 2.6 g/t
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SKE - 05 - 16 40.93 44.45 3.52 m 1.06 g/t 1 x 1 Trench -
resistivity anomaly
46.3 48.0 1.7 m 2.36 g/t
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SKE - 05 - 17 0 4 4.0 m 1.21 g/t 1 x 1 Trench -
resistivity anomaly
9 13 4.0 m 1.34 g/t
117 119 2.0 m 2.51 g/t
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SKE - 05 - 18 65 66 1.0 m 1.82 g/t Chirimoyo Trench
126.9 127.2 0.5 m 1.9 g/t
205 206 1.0 m 1.78 g/t
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SKE - 05 - 19 1.4 8.0 6.6 m 7.87 g/t Shear Zone 250 m
north of mine adit
17.27 19.81 2.54 m 16.52 g/t
incl. 17.27 17.79 0.52 m 58.7 g/t
34.0 43.59 9.59 m 1.85 g/t
77.43 79.24 1.81 m 4.06 g/t
81.61 82.0 0.39 m 1.28 g/t
105.83 122.7 16.87 m 36.21 g/t
incl. 105.83 106.3 0.47 m 57.4 g/t
incl. 106.93 107.54 0.61 m 10.85 g/t
incl. 109 110.6 1.6 m 28.5 g/t
incl. 112.04 114.23 2.19 m 65.1 g/t
incl. 118.25 119.36 1.11 m 334 g/t
incl. 122.05 122.7 0.65 m 17.05 g/t
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SKE - 20 No significant results CMP Trench -
chargeability anomaly
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SKE - 21 15.24 59.11 43.87 m 1.67 g/t parallel to & 30 m
south of
SKE - 05 - 19
incl. 39.0 40.6 1.6 m 30.73 g/t
incl. 54.5 57.0 2.5 m 8.79 g/t
incl. 56.0 56.4 0.4 m 48.7 g/t
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SKE - 22 82.5 85.34 2.84 m 1.05 g/t parallel to & 30 m
south of
SKE - 05 - 19
107.29 107.48 0.19 m 20.2 g/t
115.29 115.44 0.15 m 14.55 g/t
180.09 180.4 0.31 m 11.2 g/t
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SKE - 23 No significant results Northwest
resistivity anomaly
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DRILL HOLE LOCATIONS
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DRILLHOLE WGS 84 EASTING WGS 84 NORTHING AZIMUTH DIP LENGTH (m)
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SKE 05-01 744726 29187 266 45 150.41
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SKE 05-02 744727 29159 266 45 172.21
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SKE 05-03 744685 29239 268 45 150.87
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SKE 05-04 744412 29366 252 70 149.3
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SKE 05-05 744364 29212 062 50 150.88
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SKE 05-06 744388 29328 342 45 166.11
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SKE 05-07 744621 28761 337 68 254.5
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SKE 05-08 744457 28878 074 45 201.16
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SKE 05-09 745014 28282 350 50 239.36
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SKE 05-10 744540 28862 000 70 149.35
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SKE 05-11 744395 28857 090 45 231.64
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SKE 05-12 744459 28932 090 70 176.68
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SKE 05-13 744999 28891 270 50 202.00
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SKE 05-14 744994 28937 270 50 121.31
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SKE 05-15 744889 28867 320 60 178.3
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SKE 05-16 744245 29391 320 60 100.58
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SKE 05-17 744198 29430 320 60 150.08
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SKE 05-18 744547 29115 110 50 184.4
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SKE 05-19 744547 29115 290 50 179.83
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SKE 05-20 745618 29143 270 45 300.22
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SKE 05-21 744587 29057 290 45 201.16
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SKE 05-22 744562 29128 290 60 205.43
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SKE 05-23 744110 29760 270 45 274.32
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Quality Assurance & Control

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by Rupert Allan, P.Geol., president and CEO of Skeena Resources Limited, the designated Qualified Person for this project. On site drilling supervision is provided by an independent geologist, David F. Reid, P.Geo. of Taiga Consultants Ltd. A rigorous chain-of-custody and QA/QC program, consisting of the insertion of certified standard control samples, duplicates and blanks was applied to the N thin-walled diameter, sawn half-core samples. Sample preparation was handled by an ALS Chemex facility in Quito, Ecuador and the analyses by a Chemex laboratory in Lima, Peru. Gold is analyzed by fire assay with an atomic absorption finish, and 51 additional elements by ICP-AES analyses. Assays of greater than 10 g/t Au are repeated by fire assay with a gravimetric finish. Intercepts with coarse visible gold in hole SKE - 05 - 19 were assayed with a metallic screen procedure. Random sets of duplicates are being check analyzed by Acme Laboratories in Vancouver.

ON BEHALF OF THE BOARD OF DIRECTORS OF SKEENA RESOURCES LIMITED

Rupert Allan, P.Geol., President & CEO

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 fro 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)
    t_perri@yahoo.com