Phase One Results At Essay Creek Project

VANCOUVER - Skeena Resources Limited reported additional diamond drill core results from the Phase 1 combined campaign of definition and exploration drilling at the Eskay Creek Project located in the Golden Triangle of British Columbia. Phase 2 drilling continues with nine drill rigs currently active with more planned to be added shortly. The Phase 2 infill program is focused on Pre-Feasibility Study (“PFS”) resource category conversions for the open-pit constrained resources.

Eskay Creek 21C Zone Drilling – Highlights: 7.19 g/t Au and 665 g/t Ag (16.05 g/t AuEq) over 14.45 m (SK-20-331); 5.59 g/t Au and 5 g/t Ag (5.66 g/t AuEq) over 25.50 m (SK-20-341); and 6.88 g/t Au and 71 g/t Ag (7.83 g/t AuEq) over 42.59 m (SK-20-364).

21C Zone Infill Drilling Intersects Substantial Silver Mineralization in Contact Mudstone - The Phase 1 infill drill campaign is reducing the drill spacing and upgrading the confidence of Inferred resources in a portion of the 21C Zone. Phase 1 drillhole SK-20-331 intersected significant and previously unknown high-grade Ag mineralization hosted within the Contact Mudstones. The intercept averaged 7.19 g/t Au and 665 g/t Ag (16.05 g/t AuEq) over 14.45 m, however there is significant high-grade within this zone. This intercept is closely flanked by historical drill holes 6717 and C001053, but these intersected markedly lower grades averaging 1.13 g/t AuEq over 8.69 m and 1.69 g/t AuEq over 12.78 m respectively.

In addition, SK-20-331 also encountered better than expected grades stratigraphically above the historically important Contact Mudstone (8.18 g/t Au and 117 g/t Ag (9.73 g/t AuEq) over 4.25 m) compared to the surrounding historical drill holes. Historical surface hole C001053, which originally informed the 2019 Mineral Resource Estimate (MRE), intersected 2.68 g/t AuEq over 3.16 m. These recent results highlight the potential remaining throughout the Eskay Creek project.

The recently completed Phase 1 portion of the infill drilling campaign at Eskay Creek continues to demonstrate the predictability of the Company’s 2019 MRE, which was largely informed by historical drilling results. As well, recent drill intercepts of grades and widths in the 21C Zone continue to correlate very well with the modeled Inferred mineralization.