Skeena Intersects Thick 58.50 metre Interval Grading 4.06 g/t AuEq within 21C Zone Development Buffer at Eskay Creek

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Vancouver, BC (February 3, 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 drilling campaign 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. One drill rig is active at the Project finalizing a 5,000 m near-mine exploration program. Reference images are presented at the end of this release as well as on the Company’s website.

Eskay Creek Infill Drilling Highlights – 21B, 21C and 21E Zones

  • 3.27 g/t Au, 59 g/t Ag (4.06 g/t AuEq) over 58.50 m (SK-20-575)
  • 15.37 g/t Au, 20 g/t Ag (15.64 g/t AuEq) over 10.26 m (SK-20-580)
  • 1.73 g/t Au, 120 g/t Ag (3.33 g/t AuEq) over 33.85 m (SK-20-655)
  • 2.36 g/t Au, 6 g/t Ag (2.44 g/t AuEq) over 48.50 m (SK-20-668)
  • 2.62 g/t Au, 143 g/t Ag (4.53 g/t AuEq) over 40.00 m (SK-20-689)

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.

21C Zone Again Delivers Robust Widths
Drilling results from the 21C Zone continue to produce exceptional grades and widths as exemplified by a 58.50 m intercept grading 3.27 g/t Au, 59 g/t Ag (4.06 g/t AuEq; SK-20-575). This intersection occurs 25 m east of previously reported 49.60 m intersection of 7.17 g/t Au, 146 g/t Ag (9.12 g/t AuEq; SK-20-579). Gold-silver replacement mineralization within the 21C Zone is dominantly hosted in the footwall felsic volcanics which are intensely sericitized; minor exhalative mineralization is hosted within the overlying historically mined Contact Mudstone.

21E Zone – High-Grade Silver
Results received from the 21E Zone are equally impressive as highlighted by 40.00 m of 2.62 g/t Au, 143 g/t Ag (4.53 g/t AuEq; SK-20-689) including subintervals containing high-grade silver grading 12.15 g/t Au, 2,260 g/t Ag (42.28 g/t AuEq) over 1.00 m and 2.29 g/t Au, 889 g/t Ag (14.14 g/t AuEq) over 1.15 m. Infill drilling within the 21E and other zones throughout the Eskay Creek Deposit continues to confirm and upgrade the Inferred resources defined by wide-spaced historical drilling.

About Skeena
Skeena Resources Limited is a Canadian mining exploration company focused on developing 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 at Eskay Creek to advance the project to Prefeasibility. Skeena is also exploring 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

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