Snip Gold Project Remaining Results From Phase I Drilling Program

VANCOUVER - Skeena Resources Limited reported the remaining analytical results from the 2019 Phase I surface exploration drilling program at the 100% owned Snip gold project (“Snip”) located in the Golden Triangle of British Columbia. The 2019 exploration program consisted of 10 surface drill holes totaling 1,934 m which tested the 200 Footwall Corridor (“200 Footwall”). 2019 Phase I Snip Project Drilling Highlights: 16.64 g/t Au over 5.10 m (S19-035) - Including: 96.20 g/t Au over 0.50 m - And 39.80 g/t Au over 0.85 m; 57.90 g/t Au over 0.65 m (S19-041); 57.00 g/t Au over 0.50 m (S19-041); & 12.00 g/t Au over 1.35 m (S19-043).

Core lengths are reported due to a lack of supporting data to properly calculate true widths. Length weighted composites were constrained by geological and grade considerations. Grade capping of individual assays has not been applied to the Au assays informing the length weighted composites. Samples below detection limit were nulled to a value of zero. 

Phase I surface drill hole S19-035 has successfully intersected a new zone of high-grade gold mineralization averaging 16.64 g/t Au over 5.10 m including two sub-intervals grading 96.20 g/t Au over 0.50 m and 39.80 g/t Au over 0.85 m in the 200 Footwall. This zone is located 100 m vertically below surface and 370 m east of the recently reported Phase I 200 Footwall discovery intercept which graded 1,131.91 g/t (36.39 oz/t) Au over 1.50 m (S19-044). The area surrounding the new zone is open down-dip and down-plunge.

The outstanding analytical results for drill holes S19-043 and S19-044 have been received. The high-grade intercept in S19-044 occurred at a depth of 249.60 m. Additional results for this drill hole include 12.60 g/t Au over 0.50 m and 7.41 g/t Au over 0.60 m occurring at 242.35 m and 214.80 m respectively.

Phase I drill hole S19-043 was completed prior to the newly discovered mineralization in drill hole S19-044 and intersected anomalous gold grades associated with sheared veining including 12.00 g/t Au over 1.35 m. Recently completed modeling of the 200 Footwall mineralization indicates that this drill hole did not extend deep enough to adequately test the 200 Footwall and will be deepened during the next phase of drilling at Snip.