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Skeena Establishes 21A West Zone Continuity at Eskay Creek with 2.27 g/t AuEq over 50.00 metres

Press Release

Vancouver, BC (October 18, 2022) Skeena Resources Limited (TSX: SKE, NYSE: SKE) (“Skeena” or the “Company”) is pleased to announce drilling results from the 2022 regional and near mine exploration programs at the Eskay Creek gold-silver Project (“Eskay Creek” or the “Project”) in the Golden Triangle of British Columbia. Analytical results and reference images from the recently completed drill holes are presented at the end of this release as well as on the Company’s website. Additional results will be reported once available.

21A West Zone Continuity Develops
Building 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 and recently expanded by 2022 drill hole SK-22-1093 47.50 g/t Au, 73.4 g/t Ag (48.48 g/t AuEq) over 12.12 m, drillhole SK-22-1031 has intersected 2.21 g/t Au, 4.6 g/t Ag (2.27 g/t AuEq) over 50.00 m. Due to the lack of historical drilling in this portion of the 21A Zone, the area was considered as barren waste rock for both the 2022 Resource Estimate and Feasibility Study. This recently discovered feeder-style mineralization occurs within the footwall Rhyolite sequence immediately below the Contact Mudstone and will be incorporated into the future resource and economic updates for the Eskay Creek Project. The limited drilling to date in the 21A West Zone indicates that precious metal tenor typically increases vertically up stratigraphy with closer proximity to the Contact Mudstone.

The ongoing 2022 exploration program has not yet fully defined the extents of the 21A West Zone. As is the case with similar feeder style mineralization in other portions of the Eskay Creek deposit, zone geometry is well established and hole to hole continuity of mineralization is very predictable to date. The new intersection in hole SK-22-1031 highlighting 2.27 g/t AuEq over 50.00 m is 75 metres south along strike of the previously reported 48.48 g/t AuEq over 12.12 m in hole SK-22-1093.

23 Zone Expanded to South
Situated 500 metres south of the currently defined mineralization in the 23 Zone, recently competed exploratory drill hole SK-22-1040 has intersected 0.78 g/t Au, 0.8 g/t Ag (0.79 g/t AuEq) over 95.75 m hosted entirely within the dacite package and Even Lower Mudstone, which is consistent with the 23 Zone mineralization. This new discovery begins only 25 metres below surface and is open for expansion.

Exploration Status Update
The Company is currently performing expansion and infill drilling with six helicopter supported drill rigs at the Eskay Creek Project. The focus is to expedite not only the organic growth of open pittable resources in the 23, 21A West and 22 Zones, but to infill these new zones for ultimate conversion to Probable Reserves.

About Skeena
Skeena Resources Limited is a Canadian mining exploration and development 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 Feasibility Study for Eskay Creek in September 2022 which highlights an open-pit average grade of 4.00 g/t AuEq, an after-tax NPV5% of C$1.4B, 50% IRR, and a 1-year payback at US$1,700/oz Au and US$19/oz Ag. Skeena is currently continuing exploration drilling at Eskay Creek.

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

Walter Coles Jr.
CEO & Director

Contact Information
Investor Inquiries: [email protected]
Office Phone: +1 604 684 8725
Company Website: www.skeenaresources.com

Qualified Persons
Exploration activities at the Eskay Creek Project are administered on site by the Company’s Exploration Managers, Raegan Markel, P.Geo. and Director of Exploration, Adrian Newton P.Geo. In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, Paul Geddes, P.Geo. Senior Vice President Exploration and Resource Development, is the Qualified Person for the Company and has prepared, validated and approved the technical and scientific content of this news release. The Company strictly adheres to CIM Best Practices Guidelines in conducting, documenting, and reporting the exploration activities on its projects.

Quality Assurance – Quality Control
Once received from the drill and processed, all drill core samples are sawn in half, labelled and bagged. The remaining drill core is subsequently securely stored on site. Numbered security tags are applied to lab shipments for chain of custody requirements. The Company inserts quality control (QC) samples at regular intervals in the sample stream, including blanks and reference materials with all sample shipments to monitor laboratory performance. The QAQC program was designed and approved by Lynda Bloom, P.Geo. of Analytical Solutions Ltd., and is overseen by the Company’s Qualified Person, Paul Geddes, P.Geo, Vice President Exploration and Resource Development.

Drill core samples are submitted to ALS Geochemistry’s analytical facility in North Vancouver, British Columbia for preparation and analysis. The ALS facility is accredited to the ISO/IEC 17025 standard for gold assays and all analytical methods include quality control materials at set frequencies with established data acceptance criteria. The entire sample is crushed and 1 kg is pulverized. Analysis for gold is by 50 g fire assay fusion with atomic absorption (AAS) finish with a lower limit of 0.01 ppm and upper limit of 100 ppm. Samples with gold assays greater than 100 ppm are re-analyzed using a 50 g fire assay fusion with gravimetric finish. Analysis for silver is by 50 g fire assay fusion with gravimetric finish with a lower limit of 5ppm and upper limit of 10,000 ppm. Samples with silver assays greater than 10,000 ppm are re-analyzed using a gravimetric silver concentrate method. A selected number of samples are also analyzed using a 48 multi-element geochemical package by a 4-acid digestion, followed by Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES) and Inductively Coupled Plasma Mass Spectroscopy (ICP-MS) and also for mercury using an aqua regia digest with Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES) finish. Samples with sulfur reporting greater than 10% from the multi-element analysis are re-analyzed for total sulfur by Leco furnace and infrared spectroscopy.

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