Skeena Resources Limited
TSX VENTURE : SKE

Skeena Resources Limited

October 08, 2015 09:19 ET

Skeena Intersects 11.4 m Grading 16.73 g/t Au

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 8, 2015) - Skeena Resources Limited (TSX VENTURE:SKE) ("Skeena" or the "Company") is pleased to announce assay results for 13 holes from its ongoing drill program at the Spectrum gold project in the Golden Triangle of north-western British Columbia. Assays are pending for an additional 27 holes and drilling will continue for another week. The current exploration program at Spectrum is now expected to total approximately 17,500 metres.

Highlights from drilling in the Central Zone

Hole S15-043, drilled on Section 4700N at the south end of the deposit, intersected three high-grade intervals between 197 and 232 m. The most significant interval is 11.4 m grading 16.73 g/t Au, including 2.0 m grading 81.8 g/t Au. The other significant intervals included 4 m grading 24.24 g/t Au including 2 m grading 44.8 g/t Au, and 4 m grading 26.59 g/t Au, including 2 m grading 46.5 g/t Au. These high-grade intervals in especially noteworthy because they are located 45 m south of hole SP-14-009 which cut several high-grade sections, including 2 m grading 254.5 g/t. Mineralization is open to the south, at depth and up-dip of the intersections in hole S15-043. Several other holes have been drilled on 50 m centres in this area and assays are pending.

Deeper holes in the northern portions of the Central Zone, including S15-032, 033, 034 035, and 037, encountered only weak mineralization and it appears the zone may be pinching out to depth in this area. Strong gold in soil values to the north and east of the area of drilling indicate the mineralization could continue, but the mineralized trend may shift over to the Boundary and Road Zones.

Ron Netolitzky, Skeena's Chairman commented, "The high-grade sections in hole S15-043 from the southern portion of the Central Zone are arguably our best yet and represent a step out to the south from hole SP14-009. The deposit appears open for resource expansion to the south. In the middle of the Central Zone, we have encountered broad intervals of near-surface porphyry gold-copper mineralization with deeper higher grade intervals consistent with the historic drilling results."

Mr. Netolitzky continued, "At the north end of the Central Zone, we need to do more work to understand how the high-grade gold zones are controlled. Our near-term objective remains to establish a high-grade gold resource by the end of Q1 2016 and these latest results take us another step towards achieving that goal."

Table 1. Assay Intervals for Spectrum Holes S15-031 to S15-043
DDH # Azimuth Dip Total
Depth
From
(m)
To
(m)
Interval
(m)
Au
g/t
Ag
g/t
Cu
%
S15-031 270 ‐45 283 5.50 230.00 224.50 0.60 5.1 0.22
Including 29.00 31.00 2.00 2.56 0.13
And 93.00 97.00 4.00 2.71 5.8 0.21
And 109.00 111.00 2.00 2.83 0.13
And 135.00 136.00 1.00 8.29 6.7 0.11
And 193.00 195.00 2.00 4.73 14.5 0.32
And 217.00 218.35 1.35 5.82 22.8 4.35
S15-032 270 ‐45 294.3 No Significant Values
S15-033 270 ‐45 117 No Significant Values
S15-034 270 ‐57 196 No Significant Values
S15-035 265 -45 242.5 29.00 31.00 2.00 2.55
159.00 161.00 2.00 2.78
167.50 169.00 1.50 6.70 71.3 0.84
230.20 231.30 1.10 6.48 74.1
S15-036 265 ‐45 209 4.50 152.00 147.50 0.42 2.2 0.08
Including 142.15 146.75 4.60 1.80 7.5
S15-037 265 -45 220 37.00 41.00 4.00 3.15 5.4
169.00 171.00 2.00 2.24 0.11
S15-038 265 -45 163.5 2.00 161.00 159.00 0.52 3.0 0.10
Including 10.00 12.00 2.00 3.34
And 114.00 124.00 10.00 1.84 8.2 0.18
S15-039 270 ‐45 166 3.00 143.50 140.50 0.82 4.3 0.17
Including 17.00 61.00 44.00 1.40 6.8 0.17
Including 31.00 33.00 2.00 6.26 0.14
S15-040 265 -45 299 169.00 183.00 14.00 1.90
Including 169.00 170.00 1.00 7.04 7.7
And 174.00 175.10 1.10 5.82 10.8
205.70 207.80 2.10 4.46 12.6 0.23
232.80 239.30 6.50 1.36
232.80 233.50 0.70 5.30 25.9 0.41
S15-041 265 ‐50 214 85.00 87.00 2.00 5.86 7.8
145.70 155.00 9.30 3.95
Including 145.70 147.00 1.30 18.60
And 153.00 155.00 2.00 4.27
190.50 192.00 1.50 9.95 53.3
213.00 214.00 1.00 5.92 6.1
S15-042 265 ‐55 388 5.60 211.40 205.80 0.94 1.9 0.05
Including 25.00 42.00 17.00 1.79
Including 25.00 27.00 2.00 6.83 5.3
113.30 115.00 1.70 9.67
165.00 176.00 11.00 3.10
Including 167.10 169.30 2.20 5.56
192.00 198.00 6.00 5.44 11.1
196.00 198.00 2.00 10.20 29.0
207.00 208.50 1.50 4.56
S15-043 265 ‐45 362 197.00 201.00 4.00 24.24
Including 199.00 201.00 2.00 44.80
210.60 222.00 11.40 16.73
Including 216.00 218.00 2.00 81.80 5.6
230.00 234.00 4.00 26.59
Including 230.00 232.00 2.00 46.50
Notes:
All values are un-cut
True width is estimated to be 55 to 70% of down hole interval
Au analysis is by 50 g fire assay with AA finish or gravimetric finish if over 10 g/t (Actlabs Method 1A2-50 or 1A3-50)
Ag analyses by aqua regia ICP (Method 1E3), unless by 4‐acid ICP if over 100 g/t Ag (Method 8 - 4 acid)
Cu analyses by aqua regia ICP (Method 1E3), unless if over 1% Cu (Method 8-AR)

Porphyry Mineralization

Several holes intersected long intervals of near-surface porphyry-style gold-copper mineralization as follows:

Hole S15-031 intersected 224.5 m grading 0.60 g/t Au, 0.22% Cu and 5.13 g/t Ag, beginning at a down-hole depth of 5.5 m.

Hole S15-039 intersected 140.5 m grading 0.82 g/t Au, 0.17% Cu and 4.35 g/t Ag, beginning at a down-hole depth of 3.0 m.

Hole S15-042 intersected 205.8 m grading 0.94 g/t Au, 0.05% Cu and 1.86 g/t Ag, beginning at a down-hole depth of 5.6 m.

A review of other previously released 2015 holes has identified low-grade porphyry Au-Cu mineralization in several 2015 and historic holes. The mineralization appears to flank the monzonite unit. New intervals have been calculated for the 2015 holes as shown below. Portions of these holes have been released previously.

Table 2: Porphyry Au-Ag-Cu Intervals for 2015 Spectrum holes
DDH # Azimuth Dip Total
Depth
(m)
From
(m)
To
(m)
Interval
(m)
Au
g/t
(uncut)
Au
(cut to
10 g/t)
Ag
g/t
Cu
%
S15-011 270 -45 223.5 3.00 206.00 203.00 0.97 0.97 3.3 0.12
S15-012 270 -55 251 2.50 238.00 235.50 1.41 0.88 4.2 0.07
S15-013 270 -45 200 3.00 198.00 195.00 0.75 0.75 3.9 0.15
S15-014 270 -58 217.5 3.00 212.00 209.00 1.22 1.05 4.8 0.17
S15-016 270 -48 179 11.30 176.00 164.70 0.90 0.90 4.1 0.14
S15-023 270 -45 225 4.30 210.00 205.70 0.47 0.47 2.8 0.09
S15-024 270 -60 244 3.00 192.64 189.64 0.88 0.84 2.6 0.06
S15-025 270 -45 181 11.00 166.00 155.00 0.74 0.68 1.6 0.05
S15-026 270 -45 260 120.50 220.95 100.45 0.92 0.92 2.2 0.06
S15-028 270 -50 254 5.00 229.00 224.00 0.61 0.59 2.9 0.07
S15-031 270 -45 283 5.50 230.00 224.50 0.60 0.60 5.1 0.22
S15-036 265 -45 209 4.50 152.00 147.50 0.42 0.42 2.2 0.08
S15-038 265 -45 163.5 2.00 161.00 159.00 0.52 0.52 3.0 0.10
S15-039 270 -45 166 3.00 143.50 140.50 0.82 0.82 4.3 0.17
S15-042 265 -55 388 5.60 211.40 205.80 0.94 0.94 1.9 0.05
Notes:
All values are un-cut
True width is unknown.
Au analysis is by 50 g fire assay with AA finish or gravimetric finish if over 10 g/t (Actlabs Method 1A2-50 or 1A3-50)
Ag analyses by aqua regia ICP (Method 1E3), unless by 4-acid ICP if over 100 g/t Ag (Method 8 - 4 acid)
Cu analyses by aqua regia ICP (Method 1E3), unless if over 1% Cu (Method 8-AR)

An updated drill plan, table of collar information, list of intersections and cross sections are available on the Skeena website. All assays reported here are uncut unless otherwise noted. True width in the Central zone is estimated to be 55% to 70% of down-hole intervals. The geometry of porphyry-style mineralization is not well understood and therefore true widths are not known. Mineralization is conceptual in nature and there has been insufficient exploration to define a mineral resource.

Planning for 2016 Exploration

The Company has begun planning for the 2016 field season. Environmental, archaeological and engineering work is being completed to allow for permitting and community consultation to improve access and develop other infrastructure, should results warrant it.

Quality assurance and quality control

Drilling is conducted under the supervision of Jacques Stacey, MSc, PGeol, and Colin Russell, PGeo. 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 NQ diameter, split half-core samples. Sample preparation and analyses for 2015 samples were completed at the Kamloops facility of Activation Laboratories Ltd. Gold is determined by 50-gram fire assay of an 800 g split. Other elements are determined by an ICP analysis following aqua regia digestion.

The technical information in this news release has been reviewed and approved by Michael S. Cathro, MSc, PGeo, Skeena's vice-president of operations and a qualified person as defined by 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 high-grade Spectrum Gold property in the prolific Golden Triangle of northwestern BC. 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 Statement Regarding Forward-Looking Information

Certain information in this news release is forward-looking within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions. This forward-looking information includes, among other things, information with respect to the results of the Company's exploration and the Company's beliefs, plans, expectations, anticipations, estimates and intentions. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company's expectations as of the date of this news release and accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time.

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

Contact Information

  • Skeena Resources Limited
    Walt Coles Jr.
    President & CEO
    (604) 684-8725

    Skeena Resources Limited
    Tony Perri
    Investor Relations, Manager
    (604) 684-8725
    (604) 558-7695 (FAX)
    tperri@skeenaresources.com