Skeena Resources Limited (TSX: SKE, NYSE: SKE) ('Skeena' or the 'Company') is pleased to announce an updated Mineral Resource Estimate ('MRE') for the 100% owned Eskay Creek gold-silver Project ('Eskay Creek' or the 'Project') located in the Golden Triangle of British Columbia.
Effective June 20, 2023, the updated MRE incorporates an additional 278 drillholes totaling 67,885 metres, enhancements to the resource estimation methods, and updated metallurgical process recoveries.
2023 Eskay Creek MRE Highlights:
Total pit constrained Measured and Indicated Resource of 5.6 million ounces ('Moz') at 3.47 g/t gold equivalent1 ('AuEq') including 4.1 Moz at 2.57 g/t Au and 102.5 Moz Ag at 63.63 g/t Ag
The pit constrained Measured and Indicated Resource has increased by 0.43 Moz AuEq1, representing a growth of 8%
Measured Category AuEq1 Resource increased by 23% and now accounts for 73% of the total pit constrained MRE, up from 63% in the previous estimate
MRE reported using conservative commodity prices of US$1,700/oz Au and US$23/oz Ag
Metallurgical process recoveries applied to Resource are 84% Au and 88% Ag
Skeena's Senior Vice President of Exploration & Resource Development, Paul Geddes, commented 'Considerable analysis was undertaken during this MRE, which includes a new methodology for restricting the influence of high-grade mineralization proximal to formerly mined areas, optimization of block sizes for mining selectivity, and added conservatism with process recoveries derived from the 2022 FS. The exploratory and delineation drilling performed in 2022 surrounding the new 23 and 21A West Zones has resulted in a positive return on investment.'
Randy Reichert, Skeena's President & CEO, goes on to comment 'With the outcome of an additional 432,000 gold equivalent ounces, we are very pleased with the continued Resource growth at Eskay Creek. We successfully converted a significant amount of Indicated Resources to the Measured category, increasing our confidence in the deposit. Given most of the Resources included in this update are within the Measured and Indicated categories we expect a large percentage to convert to Reserves, potentially adding a year or more of mine life to the Q4 2023 Definitive Feasibility Study.'
About Skeena
Skeena Resources Limited is a Canadian mining exploration and development company focused on revitalizing the past-producing Eskay Creek gold-silver mine located in Tahltan Territory in the Golden Triangle of northwest British Columbia, Canada. The Company released a Feasibility Study for Eskay Creek in September 2022 which highlights an after-tax NPV5% of C$1.4B, 50% IRR, and a 1-year payback at US$1,700/oz Au and US$19/oz Ag.
Contact:
Tel: +1 604 684 8725
Email: info@skeenaresources.com
Cautionary note regarding forward-looking statements
Certain statements and information contained or incorporated by reference in this press release constitute 'forward-looking information' and 'forward-looking statements' within the meaning of applicable Canadian and United States securities legislation (collectively, 'forward-looking statements'). These statements relate to future events or our future performance. The use of words such as 'anticipates', 'believes', 'proposes', 'contemplates', 'generates', 'targets', 'is projected', 'is planned', 'considers', 'estimates', 'expects', 'is expected', 'potential' and similar expressions, or statements that certain actions, events or results 'may', 'might', 'will', 'could', or 'would' be taken, achieved, or occur, may identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements. Specific forward-looking statements contained herein include, but are not limited to, statements regarding the results of the Feasibility Study, processing capacity of the mine, anticipated mine life, probable Reserves, estimated project capital and operating costs, sustaining costs, results of test work and studies, planned environmental assessments, the future price of metals, metal concentrate, and future exploration and development. Such forward-looking statements are based on material factors and/or assumptions which include, but are not limited to, 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 the assumptions set forth herein and in the Company's MD&A for the year ended December 31, 2022, its most recently filed interim MD&A, and the Company's Annual Information Form ('AIF') dated March 22, 2023. Such forward-looking statements represent the Company's management expectations, estimates and projections regarding future events or circumstances on the date the statements are made, and are necessarily based on several estimates and assumptions that, while considered reasonable by the Company as of the date hereof, are not guarantees of future performance. Actual events and results may differ materially from those described herein, and are subject to significant operational, business, economic, and regulatory risks and uncertainties. The risks and uncertainties that may affect the forward-looking statements in this news release include, among others: the inherent risks involved in exploration and development of mineral properties, including permitting and other government approvals; changes in economic conditions, including changes in the price of gold and other key variables; changes in mine plans and other factors, including accidents, equipment breakdown, bad weather and other project execution delays, many of which are beyond the control of the Company; environmental risks and unanticipated reclamation expenses and other risk factors identified in the Company's MD&A for the year ended December 31, 2022, its most recently filed interim MD&A, the AIF dated March 22, 2023, the Company's short form base shelf prospectus dated January 31, 2023, and in the Company's other periodic filings with securities and regulatory authorities in Canada and the United States that are available on SEDAR at www.sedar.com or on EDGAR at www.sec.gov.
Readers should not place undue reliance on such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and the Company does not undertake any obligations to update and/or revise any forward-looking statements except as required by applicable securities laws.
Cautionary note to U.S. Investors concerning estimates of mineral Reserves and mineral Resources
Skeena's mineral Reserves and mineral Resources included or incorporated by reference herein have been estimated in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ('NI 43-101') as required by Canadian securities regulatory authorities, which differ from the requirements of U.S. securities laws. The terms 'mineral reserve', 'proven mineral reserve', 'probable mineral reserve', 'mineral resource', 'measured mineral resource', 'indicated mineral resource' and 'inferred mineral resource' are Canadian mining terms as defined in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum ('CIM') 'CIM Definition Standards - For Mineral Resources and Mineral Reserves' adopted by the CIM Council (as amended, the 'CIM Definition Standards'). These standards differ significantly from the mineral property disclosure requirements of the U.S. Securities and Exchange Commission in Regulation S-K Subpart 1300 (the 'SEC Modernization Rules'). Skeena is not currently subject to the SEC Modernization Rules. Accordingly, Skeena's disclosure of mineralization and other technical information may differ significantly from the information that would be disclosed had Skeena prepared the information under the standards adopted under the SEC Modernization Rules.
In addition, investors are cautioned not to assume that any part or all of Skeena's mineral Resources constitute or will be converted into Reserves. These terms have a great amount of uncertainty as to their economic and legal feasibility. Accordingly, investors are cautioned not to assume that any 'measured', 'indicated', or 'inferred' mineral Resources that Skeena reports are or will be economically or legally mineable. Further, 'inferred mineral Resources' have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an 'inferred mineral resource' will ever be upgraded to a higher category. Under Canadian securities laws, estimates of 'inferred mineral Resources' may not form the basis of feasibility or prefeasibility studies, except in rare cases where permitted under NI 43-101.
SKEENA RESOURCES LIMITED 
