LOM
3.3 Moz
Q4 | 2017
Optioned Eskay Creek From Barrick
Located in the heart of British Columbia’s Golden Triangle region, Skeena’s 100%-owned Eskay Creek Project is a high-grade volcanogenic massive sulphide (VMS) deposit that was previously operated as an underground mine from 1994-2008.
Skeena completed a Definitive Feasibility Study in November 2023 on Eskay Creek which demonstrates high-grade, pit-constrained Reserves of 4.6 Moz AuEq at an average grade of 3.6 g/t AuEq, an after-tax NPV5% of C$2B, 43% IRR and a 1.2-year payback at US$1,800/oz Au and US$23/oz Ag.
| Grade | Contained Ounces | ||||||
|---|---|---|---|---|---|---|---|
| Reserve Class | Tonnes (Mt) |
AuEq (g/t) |
Au (g/t) |
Ag (g/t) |
AuEq (Moz) |
Au (Moz) |
Ag (Moz) |
| Proven | 28.0 | 4.1 | 3.0 | 80.9 | 3.7 | 2.7 | 72.7 |
| Probable | 11.9 | 2.3 | 1.8 | 40.1 | 0.9 | 0.7 | 15.3 |
| Total | 39.8 | 3.6 | 2.6 | 68.7 | 4.6 | 3.3 | 88.0 |
Note: This Mineral Reserve estimate has an effective date of November 14, 2023 and is based on the Mineral Resource estimate dated June 20, 2023 for Skeena Resources by GRE. The Mineral Reserve estimate was completed under the supervision of Terre Lane, Principal Mining Engineer of GRE, who is a Qualified Person as defined under NI 43-101. Mineral Reserves are stated within the final design pit based on a US$1,700/oz gold price and US$23.00/oz silver price. An NSR cut-off of C$24.45/t was used to estimate Mineral Reserves based on preliminary processing costs of $18.22/t ore and G&A costs of C$6.23/t ore. Gold and silver recoveries were 83% and 91%, respectively during the LOM scheduling. AuEq = ((Au (g/t) * 1700 * 0.83) + (Ag (g/t)* 23 * 0.91))/(1700 * 0.83). Final operating costs within the pit design were C$3.00/t mined, with associated process costs of C$19.11/t ore processed, G&A costs of C$5.65/t ore processed and water treatment costs of C$2.48/t ore processed.
*Mineral Reserves are stated within the final design pit based on a US$1,700/oz gold price and US$23.00/oz silver price. Gold and silver recoveries were 83% and 91%, respectively during the LOM scheduling. AuEq = ((Au (g/t) * 1700 * 0.83) + (Ag (g/t)* 23 * 0.91))/(1700 * 0.83)
Eskay Creek is a precious metal-rich volcanogenic massive sulphide (VMS) deposit. The mineralization at Eskay Creek has been the focus of considerable exploration activity dating back to 1932. During exploration in 1988, the 21A and 21B zone were first discovered which eventually led to the opening of the Eskay Creek Mine in 1994.
Eskay Creek was the highest-grade gold mine in the world when in production. The mine produced 3.3 million ounces of gold and 160 million ounces of silver at average grades of 45 g/t gold and 2,224 g/t silver from 1994 -2008.
Read MoreEskay Creek is endowed with excellent nearby infrastructure including all-weather road access leading into site, proximity to the new 287-kV Northwest Transmission Line and the Volcano Creek hydroelectric facility only 17 km away from the Project. Port access in the nearby town of Stewart, BC is only 83 km away from Eskay Creek and easily accessible via the paved Highway 37.