Company News – Mon 17 Sep, 2018

By Cory댊

Skeena Announces Maiden Resource Estimate for Eskay Creek

Below is the resource estimate for Skeena Resources Eskay Creek Project. For all of you who missed last weekend’s show Walter Coles, Skeena’s President and CEO discussed the recent high grade drill results from the Eskay Property as well as a look ahead to this resource.

Please email me at Fleck@kereport.com if you have any followup questions for Walter or I.

Click here to visit the Skeena website for more information.

…Here’s the news on the resource estimate…

Vancouver, BC (September 17, 2018) Skeena Resources Limited (TSX.V: SKE, OTCQX: SKREF) (“Skeena” or the “Company”) is pleased to announce a Mineral Resource Estimate (MRE), for the Eskay Creek Project, which has been reviewed and validated by SRK Consulting (Canada) Inc. This MRE was derived from 7,583 historical surface and underground diamond drill holes totalling 651,332 metres. Drilling data from the Company’s recently initiated and ongoing Phase I metallurgical and infill drilling program is not included in this MRE. The effective date of this MRE is September 18, 2018 and a technical report will be filed on the Company’s website and SEDAR within 45 days of this disclosure. For additional Eskay Creek maps & figures please view the Company’s website.

Pit Constrained Resources

The pit constrained Indicated resource includes 207,000 gold equivalent ounces within 1.09 million tonnes at an average gold equivalent grade of 5.9 g/t. The pit constrained Inferred resource includes 589,000 ounces within 4.26 million tonnes at an average gold equivalent grade of 4.3 g/t.

Table 1: Indicated and Inferred pit constrained resources reported at a 1.0 g/t AuEQ cut-off grade.

Underground Resources

The underground Indicated resource estimate includes 814,000 gold equivalent ounces within 2.51 million tonnes at an average gold equivalent grade of 10.1 g/t. The underground Inferred resource estimate includes 261,000 ounces within 0.81 million tonnes at an average gold equivalent grade of 10.0 g/t.

Table 2: Indicated and Inferred underground resources reported at a 5.5 g/t AuEQ cut-off grade.

Walter Coles, Skeena’s President and CEO commented, “This initial resource estimate validates our thesis that there are substantial amounts of potentially economic mineralization left at Eskay Creek below the cut-off grades used by historical operators of the mine. As this resource estimate has been optimized for gold and silver, future resource estimates will also include base metal credits. In addition, we believe the property has exciting exploration upside for both precious and base metals at depth.”

Paul Geddes, Vice President of Exploration and Resource Development further adds, “The Mineral Resource Estimate at Eskay Creek demonstrates excellent grade continuity and precious metal tenor. Also, the methodology of applying the understanding of geology and mineralization controls into the rigorous estimation process make this estimate very robust such that it can accurately inform future economic analyses and optimizations. Underground resources occur immediately adjacent to or within 100 metres of existing underground infrastructure and although all historical drift and fill stopes have been backfilled, we elected to exclude any potential resources that occur within three metres of any historical development.”

Table 3: Pit constrained and underground sensitivities to AuEQ (g/t) cut-off grade.

Eskay Creek Deposit Mineral Resource Estimate Notes:

The mineral resources disclosed in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) standards on mineral resources and reserves definitions, and guidelines prepared by the CIM standing committee on reserve definitions and adopted by the CIM council.

  • Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resources estimated will be converted into mineral reserves.
  • As defined by NI 43‑101, the Independent and Qualified Person for the Eskay Creek MRE is Sheila Ulansky P.Geo., of SRK Consulting (Canada) Inc. who has reviewed and validated the Eskay Creek MRE. The effective date of the MRE is September 18, 2018.
  • Resources are reported in-situ and undiluted for both pit constrained and underground scenarios and are considered to have reasonable prospects for economic extraction.
  • In accordance with NI 43-101 recommendations, the number of metric tonnes was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects.
  • Mineralization occurring within three metres of historical underground workings is not included in this MRE.
  • Metal prices used for the AuEQ calculation are US$1,275 per ounce of gold, and US$17.00 per ounce of silver. AuEQ = Au (g/t) + [Ag (g/t)/75].
  • Metallurgical recoveries of 80% AuEQ were utilized in the determination of cut-off grades for underground resources.
  • The calculated pit constrained cut-off grade was determined to be 0.7 g/t AuEQ and the underground cut-off grade was determined to be 4.1 g/t AuEQ. Cut-off grades must be re-evaluated considering prevailing market conditions (including gold prices, exchange rates and costs).
  • At the request of the Company, the pit constrained resources are reported at a higher cut-off grade of 1.0 g/t AuEQ and underground resources are reported at a cut-off grade of 5.5 g/t AuEQ.Block tonnage was estimated from volumes using a bulk density formula that was applied using interpolated lead, zinc, copper and antimony grades. This density formula was derived from the historic operator based on comparisons between actual measurements and analysis at the Eskay Creek MineSG = (Pb + Zn + Cu + Sb) x 0.03491 + 2.67 (where all metals are reported in percent).
  • Ten mineralization domains were created to constrain the estimate – two pit constrained domains and eight underground domains.
  • Each stratiform massive sulphide domain was defined by individual wireframes created in Leapfrog GeoTM (Seequent) software using geologically realistic numeric interpolants within major fault blocks. Mineralization domains were created using a 40-50% probability of a nominal combined precious and base metal cut-off grade being greater than 0.9 to 1.0 g/t AuEQ depending on the domain. Each domain was modified or reassessed individually to consider presiding mineralization features.
  • Although domaining was initially constrained using a combination of Au, Ag, Cu, Pb, and Zn, the primary metals considered for this resource estimate are Au and Ag
  • High grade capping was performed on each domain using raw assay data before applying 1 metre composites within hard-domain …read more

    From:: The Korelin Economic Report