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Vancouver, BC (September 14, 2016) Skeena Resources Limited (TSX.V: SKE) (“Skeena” or the “Company”) is pleased to announce results from the first 8 holes of its 6,000 metre drill program at the past-producing Snip high-grade gold project (“Snip Project”) located in the Golden Triangle of northwest British Columbia. Highlights include a wide interval in S-16-06 which occurs approximately 200 metres into the footwall below the historic Twin Zone mine production area, and averages 16.24 g/t Au over 13.5 metres including 30.99 g/t Au over 4.5 metres. This intersection remains open and untested up dip. In addition, historic intersections on adjoining sections, that were never exploited by past producers, indicate the potential to expand on this interval with additional drilling.
Skeena’s Chairman, Mr. Ronald Netolitzky commented, “It is particularly gratifying to intercept significant widths of high grade gold deep into the footwall and well removed from historic mining activity. We acquired the option on the Snip property because we believe an abundance of gold mineralization was left undisturbed by past operators of the mine. These initial drill results provide a preliminary indication that our thesis will prove correct.”
The current drill program is designed to confirm and expand on historical drill results from the extensive database that was generated throughout the life of the mine. This database includes over 280,000 metres of drilling from both surface and underground. Assay results are reported for 2,175 metres of new drilling. All 8 holes intersected intervals of narrow high-grade gold mineralization. The accompanying table lists the significant intervals from these first 8 holes, which demonstrate grades and widths that are consistent with past results.
Snip 2016 Drill Hole Assays
Additional highlights include intersections from holes S-16-02 and S16-03, both located in the historic Lamp Zone located just east of the old mine workings, and explored by 2 adit levels. S-16-02 intersected 49.4 g/t Au over 0.9 metres and 33.07 g/t Au over 2.4 metres while S-16-03 intersected 59.5 g/t Au over .4 metres and 21.3 g/t Au over 1.15 metres. These intersections along with historic intervals suggest the presence of at least two new high-grade vein structures that remain open along strike.
These initial results confirm the merits of re-investigating this historic mine and with the drill results to date, the Company anticipates completion of the exploration spending commitments required to earn 100% of the property by October, 2016.
Qualified Persons
The scientific and technical information contained in this news release has been reviewed and approved by Skeena’s VP of Exploration, Rupert Allan, P.Geol., a Qualified Persons as defined by National Instrument 43-101.
Quality Assurance and Quality Control
A rigorous chain-of-custody and quality assurance/quality control 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 the 2016 samples were completed at ALS Minerals in Kamloops and Vancouver. Gold is determined by 50-gram fire assay followed by an atomic absorption finish, or by gravimetric finish for samples over 10 g/t. Copper, silver and other elements are determined by an ICP analysis following aqua regia digestion. Samples with over 100 g/t silver or 1% copper are re-analyzed by a 4-acid digestion with atomic absorption finish.
About Skeena
Skeena Resources Limited is a junior Canadian mining exploration company focused on developing prospective base and precious metal properties in the Golden Triangle region of northern British Columbia, Canada. The Company’s primary activities are the evaluation and development of the Spectrum gold project and adjacent GJ copper-gold project as well as exploration on the recently optioned past-producing Snip gold mine, acquired from Barrick Gold Corp. Skeena’s management includes a highly experienced team of mine-finders, including Ron Netolitzky, Chairman of the Board.
Picture of Skeena’s Chairman, Mr. Ronald Netolitzky. Image provided by Skeena.
