Skeena Intersects 14.73 g/t AuEq over 36.85 m at Eskay Creek

VANCOUVER, BC / ACCESSWIRE / January 14, 2020 / Skeena Resources Limited (TSX.V:SKE)(OTCQX:SKREF) ("Skeena" or the "Company") is pleased to announce additional gold-silver drill results from the
2019 Phase I surface drilling program at the Eskay Creek Project ("Eskay Creek") located in the Golden Triangle of British Columbia. Four surface drill rigs were utilized for the 2019 Phase I program in the 21A, 21E and HW Zones to infill and upgrade areas of inferred resources to the indicated classification. Drill hole results reported in this release are from the 21A, 21E and HW Zones. Reference images are presented at the end of this release as well as on the Company's website.

Phase I Eskay Creek Drilling Highlights:

10.14 g/t Au, 345 g/t Ag (14.73 g/t AuEq) over 36.85 m 21A (SK-19-170)
2.90 g/t Au, 278 g/t Ag (6.60 g/t AuEq) over 57.90 m 21A (SK-19-153)
4.14 g/t Au, 151 g/t Ag (6.15 g/t AuEq) over 61.50 m 21A (SK-19-151)
7.01 g/t Au, 114 g/t Ag (8.53 g/t AuEq) over 37.89 m 21A (SK-19-160)
4.09 g/t Au, 52 g/t Ag (4.78 g/t AuEq) over 59.00 m 21A (SK-19-148)
6.34 g/t Au, 42 g/t Ag (6.91 g/t AuEq) over 34.00 m 21A (SK-19-167)
8.33 g/t Au, 51 g/t Ag (9.02 g/t AuEq) over 18.45 m 21A (SK-19-164)

Gold Equivalent (AuEq) calculated via the formula: Au (g/t) + [Ag (g/t) / 75]. Reported core lengths represent 80-100% of true widths and are supported by well-defined mineralization geometries derived from historical drilling. Grade capping of individual assays has not been applied to the Au and Ag assays informing the length weighted AuEq composites. Processing recoveries have not been applied to the AuEq calculation and are disclosed at 100%. Samples below detection limit are nulled to a value of zero.

21A Zone Continues to Demonstrate Increased Grades and Widths

2019 Phase I drilling within the 21A Zone continues to return both higher Au-Ag grades and thicknesses than expected. The newest infill hole SK-19-170 intersected 10.14 g/t Au, 345 g/t Ag (14.73 g/t AuEq) over 36.85 m (refer to attached section). This drill hole was originally designed to add confidence to the inferred resources; however, the intersection has established both higher grades and greater widths than the surrounding historical drill holes. For comparison, the nearest historical drill hole CA89-078 only intersected 7.16 g/t AuEq over 16.71 m.

It is also important to note that this high-grade mineralization occurs not only in the mudstone but also stratigraphically below the mudstone within intensely sheared, brecciated and hydrothermally altered rhyolites. This potentially indicates the uppermost expression of a previously unidentified synvolcanic feeder structure, which could lead to additional exploration targets.

"The ongoing 2019 Phase I drilling program has been and continues to be very successful in that the Company's drill intercepts continue to predictably validate the geometries and grades defined by the historical drilling", comments Paul Geddes, the Company's Vice President of Exploration and Resource Development. "We are also quite encouraged by the improved mineralization widths and gold-silver grades as we infill and upgrade the inferred resources. The 2020 mandate to organically grow the current resource base at Eskay Creek will involve the allocation of approximately 30% of the current drill budget to exploratory step out drilling".

Current Status – Eskay Creek Drilling

Four ground-based drill rigs are currently on site at the Eskay Creek Project. The Company anticipates commencement of the ground based 2020 Phase I infill and exploration drilling program in February.

About Skeena

Skeena Resources Limited is a junior Canadian mining exploration company focused on developing prospective precious and base metal properties in the Golden Triangle of northwest British Columbia, Canada. The Company's primary activities are the exploration and development of the past-producing Snip mine and the Eskay Creek mine. In addition, the Company has completed a Preliminary Economic Assessment on the GJ copper-gold porphyry project.

On behalf of the Board of Directors of Skeena Resources Limited,

Walter Coles Jr.

President & CEO

Qualified Persons

Exploration activities at the Eskay Creek Project are administered on site by the Company's Exploration Managers, Colin Russell, P.Geo. and Adrian Newton, P.Geo. In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, Paul Geddes, P.Geo. Vice President Exploration and Resource Development, is the Qualified Person for the Company and has prepared, validated and approved the technical and scientific content of this news release. The Company strictly adheres to CIM Best Practices Guidelines in conducting, documenting, and reporting its exploration activities on its exploration projects.

Quality Assurance – Quality Control

Once received from the drill and processed, all drill core samples are sawn in half, labelled and bagged. The remaining drill core is subsequently securely stored on site. Numbered security tags are applied to lab shipments for chain of custody requirements. The Company inserts quality control (QC) samples at regular intervals in the sample stream, including blanks and reference materials with all sample shipments to monitor laboratory performance. The QAQC program was designed and approved by Lynda Bloom, P.Geo. of Analytical Solutions Ltd., and is overseen by the Company's Qualified Person, Paul Geddes, P.Geo, Vice President Exploration and Resource Development.

Drill core samples are submitted to ALS Geochemistry's analytical facility in North Vancouver, British Columbia for preparation and analysis. The ALS facility is accredited to the ISO/IEC 17025 standard for gold assays and all analytical methods include quality control materials at set frequencies with established data acceptance criteria. The entire sample is crushed and 1kg is pulverized. Analysis for gold is by 50g fire assay fusion with atomic absorption (AAS) finish with a lower limit of 0.01 ppm and upper limit of 100 ppm. Samples with gold assays greater than 100ppm are re-analyzed using a 50g fire assay fusion with gravimetric finish. Analysis for silver is by 50g fire assay fusion with gravimetric finish with a lower limit of 5ppm and upper limit of 10,000ppm. Samples with silver assays greater than 10,000ppm are re-analyzed using a gravimetric silver concentrate method. A selected number of samples are also analyzed using a 48 multi-elemental geochemical package by a 4-acid digestion, followed by Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES) and Inductively Coupled Plasma Mass Spectroscopy (ICP-MS) and also for mercury using an aqua regia digest with Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES) finish. Samples with sulfur reporting greater than 10% from the multi-element analysis are re-analyzed for total sulfur by Leco furnace and infrared spectroscopy.

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. 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.

Table 1: Eskay Creek Project 2019 Phase I length weighted drill hole gold and silver composites:

HOLE-ID

FROM (m)

TO (m)

CORE LENGTH (m)

AU (g/t)

AG (g/t)

AUEQ (g/t)

SK-19-095

14.00

36.50

22.50

1.16

1.22

SK-19-096

ASSAYS PENDING

SK-19-097

1.91

5.30

3.39

6.67

6.86

SK-19-097

12.80

20.00

7.20

0.48

0.86

SK-19-100

ASSAYS PENDING

SK-19-101

ASSAYS PENDING

SK-19-110

26.00

43.80

17.80

1.92

2.32

SK-19-113

18.00

25.13

7.13

3.03

179

5.42

INCLUDING

18.00

18.67

0.67

7.74

175

10.07

SK-19-113

29.35

34.35

5.00

0.84

1.49

SK-19-113

38.13

50.00

11.87

2.84

3.19

SK-19-114

14.00

49.70

35.70

1.76

2.72

SK-19-114

53.00

61.95

8.95

0.93

1.15

SK-19-118

11.50

38.15

26.65

1.91

102

3.26

INCLUDING

18.40

19.25

0.85

4.52

807

15.28

AND

19.25

20.20

0.95

6.08

608

14.19

SK-19-118

47.03

52.00

4.97

0.72

0.95

SK-19-119

26.55

49.00

22.45

1.90

2.48

SK-19-127

42.46

47.86

5.40

1.49

164

3.68

SK-19-128

ASSAYS PENDING

SK-19-130

ASSAYS PENDING

SK-19-132

9.89

26.42

16.53

3.47

115

5.01

INCLUDING

15.57

17.00

1.43

7.71

292

11.60

AND

18.50

20.00

1.50

13.40

188

15.91

SK-19-133

ASSAYS PENDING

SK-19-134

0.00

5.50

1.75

1.90

SK-19-134

9.45

20.00

10.55

3.79

4.08

SK-19-135

20.00

30.56

10.56

4.21

308

8.32

INCLUDING

22.75

24.50

1.75

8.40

319

12.65

AND

24.50

26.00

1.50

13.30

420

18.90

SK-19-136

22.53

41.25

18.72

2.36

186

4.85

INCLUDING

22.53

24.42

1.89

1.04

1,010

14.51

SK-19-137

22.05

30.10

8.05

2.53

958

15.31

INCLUDING

22.05

24.00

1.95

2.43

600

10.43

AND

24.00

26.00

2.00

0.88

992

14.11

AND

26.00

28.00

2.00

1.06

1,550

21.73

AND

28.00

29.32

1.32

6.69

1,035

20.49

SK-19-138

1.60

14.55

12.95

2.03

2.90

INCLUDING

1.60

2.10

0.50

7.06

947

19.69

SK-19-138

22.08

39.00

16.92

1.06

1.57

SK-19-140

12.08

24.00

11.92

0.97

1.45

SK-19-141

13.10

22.50

9.40

1.94

3.22

INCLUDING

17.10

18.60

1.50

5.70

444

11.62

SK-19-142

8.80

27.32

18.52

2.74

168

4.98

INCLUDING

11.64

14.00

2.36

2.55

905

14.62

SK-19-143

38.00

42.61

4.61

3.75

4.40

INCLUDING

41.72

42.61

0.89

14.85

141

16.73

SK-19-144

ASSAYS PENDING

SK-19-145

25.15

40.75

15.60

1.69

2.35

SK-19-146

18.07

29.92

11.85

1.69

2.10

SK-19-147

56.50

127.50

71.00

1.55

2.70

INCLUDING

74.00

75.50

1.50

3.89

1,225

20.22

AND

90.50

91.25

0.75

1.51

917

13.74

SK-19-147

137.00

155.00

18.00

0.80

0.86

SK-19-147

161.00

166.50

5.50

0.74

0.80

SK-19-148

62.00

121.00

59.00

4.09

4.78

INCLUDING

63.50

65.00

1.50

22.60

22.95

AND

77.00

78.43

1.43

17.80

AND

98.20

99.15

0.95

10.30

328

14.67

AND

101.25

102.00

0.75

11.65

12.24

AND

102.00

103.00

1.00

26.20

242

29.43

SK-19-148

135.50

153.00

17.50

1.04

1.14

SK-19-148

164.22

168.80

4.58

0.93

1.02

SK-19-148

189.80

195.20

5.40

0.67

0.80

SK-19-149

63.52

81.50

17.98

5.57

173

7.87

INCLUDING

63.52

65.00

1.48

12.25

12.50

AND

65.00

66.50

1.50

9.67

126

11.35

AND

72.00

73.50

1.50

1.77

831

12.85

AND

80.00

81.50

1.50

13.25

13.32

SK-19-149

85.65

104.00

18.35

1.86

2.22

SK-19-149

113.00

121.50

8.50

0.81

0.92

SK-19-149

127.50

143.00

15.50

1.44

1.52

SK-19-149

153.00

163.30

10.30

0.74

0.88

SK-19-149

180.50

186.46

5.96

0.98

1.09

SK-19-150

ASSAYS PENDING

SK-19-151

61.50

123.00

61.50

4.14

151

6.15

INCLUDING

72.00

73.50

1.50

25.60

26.92

AND

88.50

90.00

1.50

9.85

10.28

AND

96.00

97.50

1.50

9.44

677

18.47

AND

97.50

98.00

0.50

18.90

646

27.51

AND

98.00

99.00

1.00

5.12

421

10.73

AND

99.00

99.68

0.68

46.80

2,590

81.33

AND

99.68

101.00

1.32

9.28

728

18.99

AND

101.00

102.50

1.50

5.90

400

11.23

SK-19-151

136.60

162.00

25.40

1.67

1.90

SK-19-151

166.50

169.50

3.00

0.83

0.90

INCLUDING

173.50

174.50

1.00

24.50

25.79

SK-19-151

191.50

195.00

3.50

1.50

1.59

SK-19-152

56.75

97.00

40.25

2.15

3.36

INCLUDING

73.00

74.00

1.00

1.53

825

12.53

AND

74.00

74.63

0.63

1.44

739

11.29

SK-19-152

138.36

147.00

8.64

1.08

1.15

SK-19-152

176.50

182.35

5.85

0.72

0.85

SK-19-153

59.60

117.50

57.90

2.90

278

6.60

INCLUDING

66.00

67.50

1.50

5.90

318

10.14

AND

69.50

70.75

1.25

5.79

622

14.08

AND

70.75

72.13

1.38

7.96

734

17.75

AND

72.13

73.50

1.37

10.55

169

12.80

AND

73.50

74.50

1.00

3.91

862

15.40

AND

74.50

75.20

0.70

5.61

423

11.25

AND

81.00

82.50

1.50

9.52

442

15.41

AND

82.50

84.00

1.50

24.80

25.55

AND

96.80

98.15

1.35

0.75

837

11.91

AND

99.65

101.00

1.35

2.27

3,660

51.07

SK-19-153

127.00

131.50

4.50

1.04

1.12

SK-19-153

137.50

143.50

6.00

0.93

0.99

SK-19-153

191.18

197.50

6.32

0.69

0.77

SK-19-154

51.41

90.50

39.09

2.34

3.06

INCLUDING

52.25

53.70

1.45

17.85

SK-19-154

134.50

142.00

7.50

0.82

0.88

SK-19-154

148.60

158.00

9.40

0.70

0.89

SK-19-154

163.55

171.70

8.15

1.29

1.44

SK-19-155

ASSAYS PENDING

SK-19-156

60.55

65.50

4.95

0.53

0.61

INCLUDING

57.75

58.57

0.82

18.40

474

24.72

SK-19-158

ASSAYS PENDING

SK-19-159

60.00

74.00

14.00

3.98

4.08

INCLUDING

64.50

65.30

0.80

20.30

20.55

SK-19-160

39.11

77.00

37.89

7.01

114

8.53

INCLUDING

44.00

45.00

1.00

14.05

AND

45.00

46.00

1.00

28.40

28.59

AND

46.00

47.00

1.00

53.50

855

64.90

AND

47.00

47.50

0.50

42.60

200

45.27

AND

47.50

48.00

0.50

39.80

AND

48.00

48.50

0.50

32.80

33.79

AND

48.50

49.00

0.50

41.70

193

44.27

AND

49.00

49.50

0.50

36.20

445

42.13

AND

49.50

50.00

0.50

31.50

521

38.45

AND

50.00

50.70

0.70

17.20

349

21.85

SK-19-161

46.00

65.10

19.10

7.95

8.28

INCLUDING

49.50

50.50

1.00

55.30

55.49

AND

50.50

51.50

1.00

11.35

11.42

AND

52.40

53.50

1.10

13.95

15.22

AND

53.50

54.50

1.00

26.40

209

29.19

SK-19-161

70.00

91.00

21.00

0.96

435

6.75

INCLUDING

74.00

75.00

1.00

1.12

897

13.08

AND

76.00

77.00

1.00

0.61

2,730

37.01

AND

77.00

78.00

1.00

0.36

2,020

27.29

AND

81.10

81.60

0.50

1.67

2,980

41.40

AND

82.50

83.56

1.06

3.69

960

16.49

SK-19-162

ASSAYS PENDING

SK-19-163

96.50

103.50

7.00

2.36

2.51

SK-19-164

81.47

89.50

8.03

1.68

1.83

SK-19-164

103.55

122.00

18.45

8.33

9.02

INCLUDING

105.50

106.63

1.13

10.35

AND

106.63

107.25

0.62

26.40

AND

107.25

107.75

0.50

26.90

AND

107.75

109.00

1.25

18.65

AND

109.00

110.00

1.00

14.75

AND

114.00

115.00

1.00

12.30

12.57

AND

118.00

119.30

1.30

7.32

350

11.99

SK-19-165

ASSAYS PENDING

SK-19-166

103.00

117.50

14.50

2.43

3.11

INCLUDING

107.00

108.00

1.00

15.45

16.18

SK-19-167

82.00

116.00

34.00

6.34

6.91

INCLUDING

89.50

91.00

1.50

11.00

11.67

AND

91.00

92.00

1.00

26.30

27.33

AND

92.00

93.00

1.00

12.60

376

17.61

AND

94.50

96.00

1.50

11.65

12.36

AND

96.00

97.00

1.00

12.05

12.25

AND

97.00

98.00

1.00

14.50

14.90

AND

100.07

101.50

1.43

11.45

11.68

SK-19-168

ASSAYS PENDING

SK-19-169

106.65

114.50

7.85

1.33

2.37

INCLUDING

108.70

109.20

0.50

1.93

1,000

15.26

SK-19-170

92.00

128.85

36.85

10.14

345

14.73

INCLUDING

92.64

93.15

0.51

18.30

18.67

AND

93.15

93.65

0.50

18.00

18.20

AND

93.65

94.65

1.00

20.40

165

22.60

AND

95.15

95.65

0.50

22.70

3,560

70.17

AND

95.65

96.38

0.73

28.70

28.83

AND

100.40

102.00

1.60

6.83

246

10.11

AND

106.00

107.00

1.00

25.40

190

27.93

AND

107.00

108.00

1.00

19.05

215

21.92

AND

108.00

109.50

1.50

34.60

894

46.52

AND

109.50

111.00

1.50

22.00

1,030

35.73

AND

111.00

112.50

1.50

14.40

607

22.49

AND

112.50

114.00

1.50

4.64

525

11.64

AND

114.00

115.50

1.50

5.13

979

18.18

AND

115.50

117.00

1.50

6.55

673

15.52

AND

117.00

118.50

1.50

12.20

296

16.15

AND

118.50

119.54

1.04

14.50

898

26.47

AND

119.54

121.00

1.46

15.30

364

20.15

Gold Equivalent (AuEQ) calculated via the formula: Au (g/t) + [Ag (g/t) / 75]. Reported core lengths represent 80-100% of true widths and are supported by well-defined mineralization geometries derived from historical drilling. Length weighted AuEQ composites were constrained by geological considerations. Grade capping of individual assays has not been applied to the Au and Ag assays informing the length weighted AuEQ composites. Processing recoveries have not been applied to the AuEQ calculation and are disclosed at 100%. Samples below detection limit were nulled to a value of zero.

Table 2: Mine grid Phase I drill hole locations and orientations:

HOLE-ID

EASTING

NORTHING

ELEVATION

LENGTH (M)

AZIMUTH

DIP

SK-19-091

9910.0

9924.7

993.7

40.0

270.0

-80.0

SK-19-094

9885.7

9941.2

1008.0

45.0

269.3

-80.1

SK-19-095

9907.0

9942.0

989.0

46.0

270.4

-50.2

SK-19-097

9905.2

9960.0

992.6

50.0

269.8

-69.7

SK-19-110

10070.0

10374.0

973.0

53.0

87.7

-88.0

SK-19-113

10101.0

10406.0

984.0

61.0

93.1

-75.0

SK-19-114

10101.0

10406.0

984.0

70.0

120.0

-66.2

SK-19-118

10086.0

10462.0

966.0

61.0

107.3

-65.8

SK-19-119

10086.0

10462.0

966.0

52.0

158.3

-81.1

SK-19-127

10092.0

10492.0

957.0

50.0

329.4

-74.0

SK-19-131

10086.0

10527.0

941.0

40.0

88.1

-51.2

SK-19-132

9896.0

9998.0

994.0

30.0

90.0

-86.7

SK-19-134

9925.0

10852.2

874.6

20.0

330.6

-50.7

SK-19-135

9954.4

10841.0

887.3

42.5

251.0

-54.4

SK-19-136

9954.7

10837.4

886.5

47.0

284.7

-49.8

SK-19-137

9954.7

10840.5

883.3

44.0

295.4

-73.8

SK-19-138

9931.0

10870.3

875.2

39.0

83.5

-79.3

SK-19-139

9931.0

10869.0

873.9

32.0

274.1

-50.0

SK-19-140

9936.0

10781.1

896.9

47.0

338.7

-68.8

SK-19-141

9936.0

10777.8

897.6

47.0

172.7

-75.2

SK-19-142

9952.0

10788.9

893.6

35.0

297.5

-70.5

SK-19-143

9933.1

10746.2

911.1

44.0

117.2

-77.7

SK-19-145

9955.0

10761.6

903.7

50.0

296.6

-74.6

SK-19-146

9955.0

10761.3

902.0

47.0

286.7

-54.2

SK-19-147

9787.0

9874.0

1060.0

170.0

63.2

-67.8

SK-19-148

9787.0

9874.0

1060.0

212.0

82.4

-69.7

SK-19-149

9787.0

9874.0

1060.0

192.2

95.0

-68.0

SK-19-151

9813.0

9981.0

1041.7

197.0

76.2

-69.8

SK-19-152

9813.0

9981.0

1041.7

209.0

94.2

-65.2

SK-19-153

9813.0

9981.0

1041.7

201.0

97.2

-75.4

SK-19-154

9813.0

9981.0

1041.7

200.0

6.8

-68.2

SK-19-156

9765.3

9994.8

1040.3

86.0

204.1

-78.4

SK-19-157

9765.3

9994.8

1040.3

81.0

232.4

-65.1

SK-19-159

9877.9

10073.5

1025.8

80.0

146.3

-85.3

SK-19-160

9877.9

10073.7

1025.3

77.0

118.6

-57.9

SK-19-161

9877.9

10075.7

1026.1

95.0

92.3

-61.8

SK-19-163

9796.4

10027.7

1043.1

125.0

265.7

-89.8

SK-19-164

9871.3

10116.9

1031.0

122.0

155.1

-64.2

SK-19-166

9871.3

10116.9

1031.0

132.0

94.3

-58.5

SK-19-167

9807.3

10021.0

1039.8

116.0

84.6

-70.6

SK-19-169

9905.7

10160.8

1030.1

117.0

95.2

-49.6

SK-19-170

9881.3

10166.5

1030.7

137.0

105.0

-55.3

CONTACT:
Walt Coles Jr., President & CEO
Kelly Earle, Vice President Communications
Email: kearle@skeenaresources.com
Tel: (604) 684-8725

SOURCE: Skeena Resources Limited

ReleaseID: 572968

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