Skeena Resources

(SKE: TSX-V)

 

Snip

Skeena acquired 100% interest in the past-producing Snip mine from Barrick Gold in July 2017. The property consists of one mining lease and four mineral tenures totaling approximately 1,932 hectares in the Liard Mining Division. The Snip mine produced approximately one million ounces of gold from 1991 until 1999 at an average gold grade of 27.5 g/t.The opportunity is to re-examine historic drill intercepts on the Snip property that may indicate mineralization that would be economic with the recent construction of nearby infrastructure and at today’s higher gold prices. Skeena is excited to renew exploration for additional mineralized shoots in a large shear structure which already demonstrated the presence of a million ounce high-grade deposit. With our knowledge of the area and historic connection to the site we are confident we have the team to generate and pursue viable new targets.

Proposed Work Plan

Under the direction of personnel with previous experience on the property, Skeena has reviewed and modelled over 280,000 metres of historical drill data and completed an initial surface drill program of 7,200 metres with encouraging results. Plans for 2017 include 9,000+ metres of drilling from underground in preparation for an initial resource estimate to be released in 2018.

History of the Property

The Snip vein mineralization, discovered in 1964 by Cominco geologist Ted Muraro, lay dormant until drilled in 1986 as part of a Cominco joint venture with Netolitzky-led Delaware Resources. Those drill results triggered a massive claim staking rush and exploration boom throughout the Golden Triangle that led to the discovery and development of Barrick Gold’s Eskay Creek (past production of 3.27 million ounces of gold at a grade of 49 g/t and 158 million ounces of silver at 2,406 g/t). Other significant projects in the Golden Triangle include Pretium’s Brucejack and Valley of the Kings gold deposits, Imperial Metal’s Red Chris porphyry copper-gold mine, Teck and Novagold’s Galore Creek deposit, Teck’s Shaft Creek porphyry copper-gold deposit, Seabridge’s porphyry copper-gold Deep Kerr Project, and Ascot’s re-activated Premier Project.