Skeena Resources Limited (TSX.V: SKE) (“Skeena” or the “Company”), is pleased to report that drilling is underway with two drills on location at the Company’s high-grade Spectrum gold project in northwest British Columbia. The core is being logged and sampled and assays will be released in batches throughout the field season.
The first hole, S15-010 was completed to a depth of 278 m and drilled on Section 9512N at dip of -51 degrees due west. It is designed to cross five mineralized structures (500 Colour, Porphyry 1 & 2, and QC 1 & 2) up-dip of intersections in hole 14-SP-009. That hole was the last one drilled by Skeena in October 2014, and returned several promising intervals including 2 m grading 22.1 g/t Au in the Porphyry 1 structure and 2 m grading 10 g/t Au, 1 m grading 11.1 g/t Au, and 2 m grading 254.5 g/t Au in the 500 Colour structure (see January 14, 2015 Skeena News Release for details). Two additional holes are planned for this section and will test the mineralized structures closer to surface.
Hole S15-011 was collared on Section 9570N about 60 m north of S15-010, and drilled at a dip of -45 to the west. As of this press release, the hole had been drilled to a depth of 170 m and is designed to test all five structures. Several historic holes on this section were reported to have encountered strong mineralization.
A total of 12,000 m of drilling in 60 NQ holes is planned for this field season, with holes averaging 200 m and varying from 50 to 350 m in depth. The drill program has been designed to expand the historic resource at the 500 Colour and Central zones, the latter of which includes the QC 1, QC 2, Porphyry 1, and Porphyry 2 structures. Other holes will test other outlying targets.
An updated drill plan map, cross sections and several new photos of the project will be posted to the Company’s website at www.Skeenaresources.com.
Spectrum is a structurally-hosted, high-grade, mesothermal gold deposit located in the prolific Golden Triangle of northwestern British Columbia. This area hosts other world-class gold and gold-copper mines and projects including Valley of the Kings (Pretivm), KSM (Seabridge), Galore Creek (Teck-Novagold), Snip (Barrick), Eskay Creek (Barrick) and Red Chris (Imperial). Infrastructure in the area has been greatly improved by the 2014 completion of BC Hydro’s Northwest Transmission Line and Red Chris - Iskut Extension powerline, which passes within 30 km of the property.
Skeena’s corporate goal is to establish a 43-101 compliant, two to three million ounce, high-grade gold resource in multiple, closely spaced, steeply dipping, parallel zones. The Spectrum property includes 13 known gold prospects most of which have received no previous drilling. The Central and 500 Colour zones are the most advanced, with nearly 100 drill holes and a historical gold resource of 614,000 tonnes grading 12.3 g/t Au at a 5.0 g/t cut-off, for 7550 Kg Au (243,600 ounces). The zones are open along strike in both directions, and at depth. The reader is cautioned that the historical estimate is not current and a Qualified Person has not done sufficient work to classify the historical estimate. Skeena is not treating the historical estimate as a current resource estimate.
The technical information in this news release has been reviewed by Michael S. Cathro, MSc, PGeo, Skeena’s vice-president of operations and a qualified person as defined by National Instrument 43-101.
Skeena Resources Limited is a junior Canadian mining exploration company involved in the acquisition, exploration and development of prospective base and precious metal properties throughout British Columbia. The Company’s primary activities at present are the evaluation of the high-grade Spectrum Gold property. Skeena’s management includes a highly experienced team of mine-finders, including Ron Netolitzky, Chairman, who was inducted into the Canadian Mining Hall of Fame in 2015.
ON BEHALF OF THE BOARD OF DIRECTORS OF
SKEENA RESOURCES LIMITED
Walt Coles Jr., President & CEO
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.