SOURCE: Skeena Resources Limited

Skeena Resources Limited

September 14, 2016 12:55 ET

Skeena Intersects 31 g/t Gold Over 4.5 Metres at Snip

VANCOUVER, BC--(Marketwired - September 14, 2016) - Skeena Resources Limited (TSX VENTURE: SKE) ("Skeena" or the "Company") is pleased to announce results from the first 8 holes of its 6,000 metre drill program at the past-producing Snip high-grade gold project ("Snip Project") located in the Golden Triangle of northwest British Columbia. Highlights include a wide interval in S-16-06 which occurs approximately 200 metres into the footwall below the historic Twin Zone mine production area, and averages 16.24 g/t Au over 13.5 metres including 30.99 g/t Au over 4.5 metres. This intersection remains open and untested up dip. In addition, historic intersections on adjoining sections, that were never exploited by past producers, indicate the potential to expand on this interval with additional drilling.

Skeena's Chairman, Mr. Ronald Netolitzky commented, "It is particularly gratifying to intercept significant widths of high grade gold deep into the footwall and well removed from historic mining activity. We acquired the option on the Snip property because we believe an abundance of gold mineralization was left undisturbed by past operators of the mine. These initial drill results provide a preliminary indication that our thesis will prove correct."

The current drill program is designed to confirm and expand on historical drill results from the extensive database that was generated throughout the life of the mine. This database includes over 280,000 metres of drilling from both surface and underground. Assay results are reported for 2,175 metres of new drilling. All 8 holes intersected intervals of narrow high-grade gold mineralization. The accompanying table lists the significant intervals from these first 8 holes, which demonstrate grades and widths that are consistent with past results.

         
Hole # From (m) To (m) Interval (m) Au g/t
S-16-01 22 23.4 1.40 4.52
and 49.35 50.1 0.75 26.0
         
S-16-02 108.4 112.7 4.3 10.78
incl. 108.4 109.2 0.8 39.2
and 132.5 133.4 0.9 49.4
and 156.6 159 2.4 33.07
incl. 157.5 159 1.5 50.3
         
S-16-03 135.75 139.1 3.35 7.49
and 143.8 145.2 1.4 59.5
and 156.1 158.1 2.0 13.49
incl. 156.95 158.1 1.15 21.3
and 169.9 170.8 0.9 12.2
         
S-16-04 64.2 65 0.8 11.15
and 240.9 242.6 1.7 9.70
and 286.8 288 1.2 10.6
     
Hole # From (m) To (m) Interval (m) Au g/t
S-16-05 151.3 156.3 5.0 5.20
and 340 342 2.0 8.75
incl. 340 341 1.0 14.4
and 354 356 2.0 20.12
incl. 354 355 1.0 31.5
         
S-16-06 103.5 117 13.5 16.24
incl. 105 106.5 1.5 37.0
incl. 111 115.5 4.5 30.99
         
S-16-07 62.3 65.1 2.8 9.44
incl. 64 65.1 1.1 21.8
         
S-16-08 38 39 1 20.5
and 68 69.5 1.5 25.8

Notes:
All values are un-cut. Drill intercepts are core length as there is insufficient data available to present true widths.
A drill plan and list of collars are available on the Skeena website.

Additional highlights include intersections from holes S-16-02 and S16-03, both located in the historic Lamp Zone located just east of the old mine workings, and explored by 2 adit levels. S-16-02 intersected 49.4 g/t Au over 0.9 metres and 33.07 g/t Au over 2.4 metres while S-16-03 intersected 59.5 g/t Au over 1.4 metres and 21.3 g/t Au over 1.15 metres. These intersections along with historic intervals suggest the presence of at least two new high-grade vein structures that remain open along strike.

These initial results confirm the merits of re-investigating this historic mine and with the drill results to date, the Company anticipates completion of the exploration spending commitments required to earn 100% of the property by October, 2016.

Qualified Persons
The scientific and technical information contained in this news release has been reviewed and approved by Skeena's VP of Exploration, Rupert Allan, P.Geol., a Qualified Persons as defined by National Instrument 43-101.

Quality Assurance and Quality Control
A rigorous chain-of-custody and quality assurance/quality control 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 the 2016 samples were completed at ALS Minerals in Kamloops and Vancouver. Gold is determined by 50-gram fire assay followed by an atomic absorption finish, or by gravimetric finish for samples over 10 g/t. Copper, silver and other elements are determined by an ICP analysis following aqua regia digestion. Samples with over 100 g/t silver or 1% copper are re-analyzed by a 4-acid digestion with atomic absorption finish.

About Skeena
Skeena Resources Limited is a junior Canadian mining exploration company focused on developing prospective base and precious metal properties in the Golden Triangle region of northern British Columbia, Canada. The Company's primary activities are the evaluation and development of the Spectrum gold project and adjacent GJ copper-gold project as well as exploration on the recently optioned past-producing Snip gold mine, acquired from Barrick Gold Corp. Skeena's management includes a highly experienced team of mine-finders, including Ron Netolitzky, Chairman of the Board.

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.

Attachment Available: http://www.marketwire.com/library/MwGo/2016/9/14/11G114156/160912_DrillPlanNR_Draft2-007ae8ccb401846383159098da0e292f.pdf

Contact Information

  • For Further Information Contact:
    Walt Coles Jr.
    President & CEO
    or

    Tony Perri
    Investor Relations, Manager

    Suite 650, 1021 W. Hastings St.
    Vancouver, B.C.
    Canada V6E 0C3

    Tel: (604) 684-8725
    Fax: (604) 558-7695
    Email: tperri@skeenaresources.com

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