Skeena says indicated resource at Snip increased 237% to 823,000 gold ounces

Skeena Resources (TSX: SKE) (NYSE: SKE) today announced an updated mineral resource estimate (MRE) for the 100% owned Snip gold project located in the Golden Triangle of British Columbia.

The company said that the project’s updated MRE includes 823,000 ounces grading 9.35 g/t Au in the indicated category and 114,000 ounces grading 7.10 g/t Au in the inferred category.

In a press release, Skeena highlighted an increase of 579,000 Au ounces in the indicated resource, representing a growth of 237% since the 2020 MRE.

President and CEO Randy Reichert noted the "successful conversion" of over 570,000 gold ounces to the indicated category, adding that the company is “very pleased” with the updated MRE for Snip.

“This resource will form the basis of a detailed engineering study with project economics, which we anticipate being released in H1 2024. The study will demonstrate the potential benefits of adding Snip mineralization to the Eskay Creek project as a satellite operation, likely including an increased mine life and improved concentrate payabilities at Eskay Creek,” he said.

Skeena Resources is a Canadian mining exploration and development company focused on revitalizing the Eskay Creek and Snip projects, two past-producing mines 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 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 and plans on releasing a definitive feasibility study for Eskay Creek in Q4 2023.

Source: https://www.kitco.com