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Gold loves chaos and should be hitting new highs, especially with inflation coming down and with it, two rate cuts likely before year’s end.
Skeena Resources Limited (TSX.V: SKE) (“Skeena” or the “Company“) is pleased to provide assay results from a second batch of 15 drill holes from its 2015 drilling program at the Spectrum gold project in the Golden Triangle in northwest British Columbia. Results for the initial six holes were released on August 20, 2015.
All 43 holes (11,000 m) completed to this point were directed at expanding the Central and 500 Colour zones along strike, at depth, and in some cases up-dip towards surface in areas untested by previous drilling.
Ron Netolitzky, Skeena’s Chairman, commented, “Over 80% of the 2015 holes for which we have assays have yielded high-grade gold intervals. Due to the positive results, the 2015 drilling campaign will be expanded to 16,000 m from the original plan of 10,000 to 12,000 m”. This expanded program will enable drilling to be initiated on other highly anomalous targets recently identified by soil sampling and prospecting.
Highlight results from this batch of 15 holes include:
Assays have now been released for 21 of 43 drill holes completed in 2015. Of these 21 holes, 17 (80%) have yielded drilled intervals of greater than 5 g/t Au over 2 m (true width is estimated to be 55 to 70% of drilled width). Visible gold has been identified in 13 of the 43, or over 25%, of the completed holes.
The drill pattern was designed to provide pierce points spaced at approximately 50 metres vertically and horizontally through the near-vertical zones. The pattern has been optimized to drill orthogonally to the mineralized structures, while utilizing available drill collar locations on the locally steep, scree-covered slopes. Information collected from this drill program will be used to calculate a new and expanded 43-101-compliant mineral resource by Q1 2016.
All significant intervals from the current batch of 15 holes are shown in Table 1 below. A complete table of all 2015 intercepts will be posted to the Company’s website. Collar information for all holes and an updated drill plan map and cross sections can be found on Spectrum Property page.
Sampling and Prospecting
The Company is also pleased to report partial prospecting results that confirm the significance of strong gold in soil values on “Target A” located east of the Central Zone, as reported in our release of August 20, 2015. 168 soil samples in this area averaging 0.55 g/t Au, with the highest assaying 19.5 g/t Au.
Partial results of rock sampling in Target A have been received and are tabulated below and also displayed on the soil compilation map on Skeena’s website. Twenty-four bedrock prospecting samples returned values averaging 5.4 g/t Au and ranging from 0.12 to 17.3 g/t Au plus anomalous Ag, Zn and Pb. These are grab and narrow chip samples of quartz-sulphide veins, located within and east of the historic “Boundary Zone” which has been previously tested by only 1 drill hole and a small number of hand trenches. The Company intends to continue with soil sampling and prospecting as long as weather conditions permit and is in the process of selecting drill collars to test the 300 Colour Target and Target A.
Quality Assurance and Quality Control
Drilling is conducted under the supervision of Jacques Stacey, MSc, PGeol and Colin Russell, PGeo. A rigorous chain-of-custody and QA/QC program, consisting of the insertion of certified standard control samples, duplicates and blanks, was applied to the NQ diameter, split half-core samples. Sample preparation and analyses for 2015 samples was completed at the Kamloops facility of Activation Laboratories Ltd. Gold is determined by 50 g fire assay of an 800 g split. Other elements are determined by an ICP analysis following aqua regia digestion. A four-acid digestion is employed for Ag if values exceed 100 g/t.
Screened metallic gold analyses have been completed on a selection of the historic, 2014, and early 2015 drill core, demonstrating a small improvement in average gold grades versus 50 g fire assays. However, to improve assay turn-around for 2015 project planning purposes, 50 g fire assays are being utilized. Further metallic screen work and statistical studies have been deferred until the end of the current drill program and results will be incorporated into future resource studies.
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.
About Skeena
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 in the prolific Golden Triangle of northwestern BC. 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.
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 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 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.
ON BEHALF OF THE BOARD OF DIRECTORS OF
SKEENA RESOURCES LIMITED
Walt Coles Jr., President & CEO
Cautionary Statement Regarding Forward-Looking Information
Certain information in this news release is forward-looking within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions. This forward-looking information includes, among other things, information with respect to the Proposal, including regulatory approval thereof, the Company’s beliefs, plans, expectations, anticipations, estimates and intentions. The words “may”, “could”, “should”, “would”, “suspect”, “outlook”, “believe”, “anticipate”, “estimate”, “expect”, “intend”, “plan”, “target” and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company’s expectations as of the date of this news release and accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time.
Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
For Further Information Contact: Walt Coles Jr., President & CEO or
Tony Perri – Investor Relations, Manager
Suite 611, 675 W. Hastings St. Vancouver, B.C., Canada V6B 1N2
Tel: (604) 684-8725 Fax: (604) 669-2543 Email: [email protected]
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