Skeena announces Snip resource

Exploration to continue around high-grade resource

Staff reporter
Snip in British Columbia, Canada

Snip in British Columbia, Canada

The estimate includes an inferred resource of 539,000 tonnes grading 14 grams per tonne, containing 244,000oz, and an inferred resource of 942,000t grading 13.3g/t for 402,000oz using a US$1,550/oz gold price and 2.5g/t cut-off grade.

The estimate is based on 3,697 surface and underground diamond drill holes totalling 309,327m with 72 veins modelled.

Skeena plans to work on expanding the resources with expansion drilling in the newly evolving 200 Footwall Corridor as well as other near-mine targets.

"We are very excited about the maiden resource at Snip, particularly because of the excellent grade and the proximity to Eskay Creek. We will commence drilling at Snip shortly to follow-up on the exciting exploration success from last summer in an effort to expand the resource," said president and CEO Walter Coles.

Snip was acquired from Barrick Gold in July 2017. The Snip mine previously produced 1.1Moz at average grade of 27.5g/t from 1991 to 1999. Hochschild Mining has option to acquire 60% of Snip.

Shares in Skeena Resources are trading at C$2.69, valuing the company at $447 million.

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