Multiple 21A West Zone Expansions At Eskay Creek

VANCOUVER - Skeena Resources Limited reported the first drilling results from the 2022 regional and near mine exploration programs at the Eskay Creek gold-silver Project located in the Golden Triangle of British Columbia. Additional results will be reported once available.

Expanding upon the in-pit mineralization discovered in 2021 by drill hole SK-21-997 which intersected high-tenor gold mineralization averaging 8.78 g/t Au, 13 g/t Ag (8.95 g/t AuEq) over 34.00 m, the Company is pleased to report that 2022 drill hole SK-22-1093 has predictably lengthened the Rhyolite-hosted 21A West Zone (“21AW”) with a new high-grade interval averaging 47.50 g/t Au, 73.4 g/t Ag (48.48 g/t AuEq) over 12.12 m. Occurring entirely within the intended open-pit, 75 meters north of SK-21-997 at a vertical depth of only 50 meters below surface, this area of the Resource was never populated by previous drilling and as such was modeled as barren waste rock. Analytical results for three other 2022 drillholes within this 75-meter gap are pending. The Rhyolite-hosted mineralization within 21AW is not characterized by elevated concentrations of the epithermal suite of elements (Hg-As-Sb) as is the case with the Contact Mudstone hosted mineralization. The limited drilling to date in 21AW indicates that precious metal grades typically increase vertically up stratigraphy with closer proximity to the Contact Mudstone.

Additional 21AW in-pit expansions have been delineated 50 meters below SK-21-997 with exploratory drill hole SK-22-1032 which intersected two zones averaging 1.73 g/t Au, 1.7 g/t Ag (1.75 g/t AuEq) over 11.02 m and 1.45 g/t Au, 1.5 g/t Ag (1.47 g/t AuEq) over 29.50 m.

“The new results from the Rhyolite-hosted synvolcanic feeders clearly validate the predictability and robustness of our geological thesis”, said, Paul Geddes, Vice President of Exploration and Resource Development. “Due to the high precious metal grade required by previous operators, the Rhyolite-hosted mineralization was never a focus for our predecessors and hence lacked systematic exploration. We are very encouraged by the results to date and look forward to further enhancing the already robust Mineral Resource and economics of the project”.

“These exploration drill results demonstrate the potential for adding new, open-pit mineralization in the near-term to Eskay Creek”, said, President, Randy Reichert. “These new and evolving zones are contained within or near the proposed Eskay Creek open-pit. A Mineral Resource update will be completed following the 2022 drill program with the aim of upgrading at least a portion of the mineralization discovered in the 23 and 21A West Zones to the Indicated category for use in an updated mine plan.”

Situated 250 meters along strike to the south of the new in-pit discoveries, 2022 drill hole SK-22-1028 intersected 1.74 g/t Au, 1.7 g/t Ag (1.76 g/t AuEq) over 46.77 m in the same Rhyolite-hosted synvolcanic structure that hosts 21AW mineralization. This discovery occurs 100 meters vertically below surface and beyond the limits of the currently defined Eskay Creek resource. Additional drilling is planned for this area to potentially expand the mineralization up-dip to surface. Analytical results are pending for three other drillholes that were drilled in this 250-meter untested gap of the 21AW.