Essay Creek Gold-Silver Project Near Mine Exploration And Delineation Campaigns

VANCOUVER - Skeena Resources Limited announced results from the regional and near mine exploration and delineation campaigns at the Eskay Creek gold-silver Project in the Golden Triangle of British Columbia. Completed remaining drill holes from the 2022 program. The 2022 near mine exploration drilling highlights are: 18.18 g/t Au, 130.2 g/t Ag over 9.26 m (SK-22-1132) - 21A West Zone; 14.90 g/t Au, 2.5 g/t Ag over 5.70 m (SK-22-1177) - 21A West Zone; 0.95 g/t Au, 1,003.3 g/t Ag over 6.42 m (SK-22-1187) - 23 Zone; 1.11 g/t Au, 19.7 g/t Ag over 26.10 m (SK-22-1187) - 23 Zone; 4.96 g/t Au, 14.6 g/t Ag over 25.98 m (SK-22-1171) - 21E Zone; 3.39 g/t Au, 34.4 g/t Ag over 23.77 m (SK-22-1160) - 21E Zone; and 2.78 g/t Au, 59.0 g/t Ag over 20.49 m (SK-22-1173) - 21E Zone.

True widths and zone geometries cannot be definitively determined at this time. Grade-capping of individual assays has not been applied to the Au and Ag assays informing the length-weighted composites. Samples below detection limit were nulled to a value of zero.

Situated at a vertical depth of 25 meters below surface, drill hole SK-22-1132 has vertically extended the 21A West Zone to near-surface with an intersection of 18.18 g/t Au, 130.2 g/t Ag over 9.26 m. This new intercept occurs in a portion of the 21A Zone that is devoid of historical drilling and 75 meters vertically up-dip of previously reported Skeena drill hole SK-22-1031, which intersected 2.21 g/t Au, 4.6 g/t Ag over 50.00 m.

An additional extension to the south end of the 21A West Zone just beyond the Feasibility Study pit limits and only 10 meters below surface was completed by drill hole SK-22-1177, averaging 14.90 g/t Au, 2.5 g/t Ag over 5.70 m. This new expansion occurs 100 meters vertically up-dip of previously reported drill hole SK-22-1028, which intersected 1.74 g/t Au, 1.7 g/t Ag over 46.77 m. The space between the two drill holes remains untested.

The 21A West Zone has been defined by 2022 drilling over a 350 meter strike length from surface to 200 meters below surface. Horizontal widths of the zone vary and range from thicknesses of 1 to 50 meters. The 21A West Zone remains open for expansion along strike as well as at depth.

New rhyolite and dacite hosted mineralization analogous to that observed in the 23 Zone has been discovered south of the 21E Zone. Drill hole SK-22-1187 intersected two noteworthy horizons, the first of which is argentiferous and occurs at surface grading 0.95 g/t Au, 1,003.3 g/t Ag over 6.42 m. The second occurrence, averaging 1.11 g/t Au, 19.7 g/t Ag over 26.10 m, is situated 65 meters vertically below surface in a previously untested northern extension of the 23 Zone.

To date, the mineralized horizons comprising the 23 Zone have been traced by variably spaced exploratory drilling from the 21E Zone south for approximately 800 meters. Drilling has outlined mineralization from surface to more than 300 meters below surface and remains open for expansion.

Exploration and delineation drilling within the area surrounding the 21E Zone was targeted at mineralization analogous to that observed along strike in the 23 Zone. New dacite hosted mineralization was encountered by SK-22-1170, averaging 1.01 g/t Au, 37.9 g/t Ag over 21.21 m, located 35 meters below the Feasibility Study pit shell.

Previously defined 21E Zone resources were corroborated by the 2022 drill holes in this area as they tested mineralization below and along strike of the known resources. Highlights include 4.96 g/t Au, 14.6 g/t Ag over 25.98 m, 3.39 g/t Au, 34.4 g/t Ag over 23.77 m and 2.78 g/t Au, 59.0 g/t Ag over 20.49 m in drill holes SK-22-1171, SK-22-1160 and SK-22-1173, respectively.