Vancouver, BC (February 10, 2021) Skeena Resources Limited (TSX: SKE, OTCQX: SKREF) (“Skeena” or the “Company”) is pleased to report additional diamond drill core results from the Phase 2 campaign of definition and exploration drilling at the Eskay Creek Project (“Eskay Creek” or the “Project”) located in the Golden Triangle of British Columbia. The Phase 2 infill program, focused upon resource category conversions for the Pre-Feasibility Study (“PFS”) on open-pit constrained resources, is now complete. The Company has also recently completed a 5,000 m near-mine exploration program at Eskay Creek and is awaiting results. Reference images are presented at the end of this release as well as on the Company’s website.

Eskay Creek Infill Drilling Highlights:
Hanging Wall (HW) Zone 
     •    11.56 g/t Au, 173 g/t Ag (13.86 g/t AuEq) over 25.27 m (SK-20-716)
           o    Including:123.50 g/t Au, 1,920 g/t Ag (149.10 g/t AuEq) over 0.50 m
           o    And: 85.70 g/t Au, 1,150 g/t Ag (101.03 g/t AuEq) over 2.12 m

21B Zone
     •    15.30 g/t Au, 80 g/t Ag (16.37 g/t AuEq) over 14.00 m (SK-20-709)

21C Zone
     •    4.41 g/t Au, 5 g/t Ag (4.48 g/t AuEq) over 22.50 m (SK-20-680)
     •    3.20 g/t Au, 242 g/t Ag (6.42 g/t AuEq) over 19.00 m (SK-20-699)
           o    Including: 41.60 g/t Au, 4,390 g/t Ag (100.13 g/t AuEq) over 1.00 m

Gold Equivalent (AuEq) calculated via the formula: Au (g/t) + [Ag (g/t) / 75]. True widths range from 70-100% of reported core lengths. Length weighted AuEq composites are constrained by geological considerations. Grade-capping of individual assays has not been applied to the Au and Ag assays informing the length-weighted AuEq composites. Metallurgical processing recoveries have not been applied to the AuEq calculation and are taken at 100%. Samples below detection limit were nulled to a value of zero.

Shallow HW Zone Drilling Intersects Impressive Gold and Silver Grades
Infill drilling in the HW Zone has delivered above-average thickness and grades as demonstrated by 11.56 g/t Au, 173 g/t Ag (13.86 g/t AuEq) over 25.27 m (SK-20-716). This intercept occurs only 25 m vertically below surface and is highlighted by exceptional subintervals grading 123.50 g/t Au, 1,920 g/t Ag (149.10 g/t AuEq) over 0.50 m and 85.70 g/t Au, 1,150 g/t Ag (101.03 g/t AuEq) over 2.12 m. This new intercept exceeds the tenor and width of the widely spaced historical drill holes (which were only selectively sampled) which informed the current Mineral Resource Estimate (MRE) for the HW Zone. Nearby historic drilling intersected 2.49 g/t AuEq over 16.00 m and 6.30 g/t AuEq over 14.00 m only 10 and 20 m to the west (CA89-176 and CA90-567). The HW Zone is interpreted as discordant, replacement-style gold-silver mineralization hosted by mafic volcanics with minor interbeds of sediments in the stratigraphic hanging wall to the historically mined Contact Mudstone.

21C Zone Drilling Exemplifies Silver Endowment of Eskay Creek Deposits
The 2020 infill drilling campaign targeted an area of Inferred resources within the 21C Zone and confirmed the high silver grades which characterize this zone. A 19.00 m intercept within the Contact Mudstone and underlying footwall Rhyolite averaged 3.20 g/t Au, 242 g/t Ag (6.42 g/t AuEq) with an impressive subinterval grading 41.60 g/t Au, 4,390 g/t Ag (100.13 g/t AuEq) over 1.00 m (SK-20-699). Nearby, 15 m to the west, infill drilling intercepted 1.43 g/t Au, 224 g/t Ag (4.42 g/t AuEq) over 5.48 m including 4.31 g/t Au, 1,150 g/t Ag (19.64 g/t AuEq) over 1.00 m (SK-20-700) within rhyolite breccias.

About Skeena
Skeena Resources Limited is a Canadian mining exploration 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 robust Preliminary Economic Assessment in late 2019 and is currently focused on infill and exploration drilling to advance Eskay Creek to full Feasibility by the end of 2021. Additionally, Skeena continues exploration programs at the past-producing Snip gold mine.

On behalf of the Board of Directors of Skeena Resources Limited,

Walter Coles Jr.
President & CEO

Contact Information
Investor Inquiries: info@skeenaresources.com
Office Phone: +1 604 684 8725
Company Website: www.skeenaresources.com