Skeena Resources intersects high-grade gold at Snip in B.C.

Skeena Resources (TSX: SKE; US-OTC; SKREF) has reported the latest drill results from the Phase 3 infill and exploration program at its wholly-owned Snip gold project in B.C.’s Golden Triangle, about 100 km northwest of Stewart.

Highlights included drillhole UG21-177, which intersected 4.41 metres grading 110.22 grams gold per tonne from one metre downhole, including 0.58 metres of 730 grams gold. Hole UG21-176 returned 4.75 metres of 46.94 grams gold from 0.75 metres, including 0.50 metres of 320 grams gold.

Those holes were drilled at the Twin zone on the 412 level of underground workings. The company says a total of 21 fanned underground drill holes were collared from this single drill station to recategorize inferred resources in the deeper footwall rocks. New high-grade veining intersections were discovered by all holes only metres into the underground rock face, all of which returned above-average grades and widths, the company said.

This newly drilled mineralization is open for expansion 25 metres up-dip and for greater than 100 metres down-dip due to a lack of drill hole sampling, according to the company. The westward strike extension is open for 40 metres.

The Phase 3 program is designed to convert inferred resources from the 2020 mineral resource estimate to measured and indicated categories through surface and underground drilling. Solaris is also conducting geotechnical drilling at the project. 

Snip contains 539,000 indicated tonnes grading 14 grams gold per tonne for 244,000 oz. contained gold and inferred resources of 942,000 tonnes of 13.3 grams gold for 402,000 gold ounces. 

At press time in Toronto, Skeena was trading at $13.82 per share within a 52-week trading range of $8.60 and $16.48. The company has about 62 million common shares outstanding for a $858 million market capitalization.