Phase II Drilling Program At Eskay Creek Albino Waste Facility

VANCOUVER - Skeena Resources Limited has initiated the Phase II drill investigation of the Albino Waste Facility (AWF) at the Eskay Creek gold-silver project located in the Golden Triangle of British Columbia. The Phase II program is designed to test the Au-Ag grade potential of the remaining untested portions of the AWF on 50 meter drill spacings as follow up from the initial investigation completed in Q1 2021. The Company is currently utilizing a waterborne barge to safely drill vertical holes over the remainder of the AWF on staggered 50 meter spaced centers. A Phase III program of infill to 25 meter hole spacings will be contingent on the results from the Phase II investigation.

During historical operations, the underground mine development was largely tunneled in the often-mineralized footwall rhyolite sequences below the mined Contact Mudstone. Although these rocks possessed variable Au-Ag grades, former operators considered the rhyolite-hosted mineralization uneconomic due to the high cutoff grades required at the time. Hence, this development rock was transferred to the AWF for subaqueous deposition. Via the initial drill-based investigation performed in Q1 2021, the Company has now empirically demonstrated that significant Au-Ag grades are hosted in the AWF.

The ongoing 2021 drilling program at the Company's 100% owned Snip Gold Project is being performed to convert Inferred resources from the Company's 2020 MRE to higher confidence categories (Measured and Indicated) through surface and underground drilling. Additional analytical results from underground infill drilling in the 412 and Twin East areas. These infill results corroborate the modeled mineralization in the Company's 2020 Mineral Resource Estimate.