November 19, 2015

Skeena intersects 18 metres grading 6.13 g/t Au

NR: 15-23

Skeena Resources Limited (TSX.V: SKE) (“Skeena” or the “Company”) is pleased to report assay results for the final 18 holes (6,576 metres) of the 2015 program at the Spectrum project in northwestern British Columbia.

The 2015 program delivered 8,817 drill core assays from 17,350 metres of drilling from 61 exploration holes. In addition, a total of 2,992 soil and 387 prospecting rock samples were collected. The data derived from this work will inform the resource calculation on the Spectrum project and assist in picking new drill targets for 2016.

Highlights of this final batch of drill holes include:

Central Zone

Hole S15-60 intersected 18.0 m grading 6.13 g/t Au beginning at a down-hole depth of 252 m, including 1.0 m grading 30.0 g/t Au, and 1.7 m grading 30.6 g/t Au. This hole is the deepest on Section 4930N and is 70 m below an intersection in S15-046 of 4.0 m grading 16.97 g/t Au.

Hole S15-055 intersected 2.0 m grading 8.27 g/t Au beginning at 204.6 m, plus a deeper interval of 1.0 m grading 23.1 g/t Au.

Hole S15-061 intersected 18 m grading 2.69 g/t Au, including 2.0 m grading 11.9 g/t Au. This interval was assayed by metallic screen analysis due to the presence of five sections containing visible gold.

The final exploration hole of the season, S15-070 intersected three zones of mineralization, including 2.0 m grading 4.6 g/t Au, 2.6 m grading 10.18 g/t Au, and 0.9 m grading 8.04 g/t Au.

Boundary Zone

This zone is located 200 m east of the Central Zone and is outlined by very strong gold in soil values and strong bedrock grab and chip samples including 0.2 m grading 18.5 g/t Au and 0.4 m grading 13.7 g/t Au (link to map). Hole S15-065 intersected 2.0 m grading 3.62 g/t Au, and a deeper intersection of 1.14 m grading 10.5 g/t Au. Including the historical drilling, this area has only been tested by three holes in total, and is open to the north, south and at depth.

300 Colour Zone

Two holes tested this zone, which has a very strong gold-in-soil anomaly and is open to the north, south and to depth. It is located 400 metres northwest and parallel to the Central Zone (link to map). Both 2015 holes intersected gold mineralization at shallow depths. Hole S15-066 intersected 2.0 m grading 4.64 g/t Au beginning at a depth of 32.0 m. Hole S15-068 intersected 48.0 m grading 1.05 g/t Au beginning at a down-hole depth of 50 m, including 2.0 m grading 3.62 g/t Au.

Table 1: Assay Intervals for Spectrum Holes S15-053 to S15-070.
DDH # Azimuth Dip Total
Depth (m)
From
(m)
To
(m)
Interval
(m)
Au
g/t
Ag
g/t
Cu
%
S15-053 256 -46 341

No Significant Values

S15-054 252 -45 256

No Significant Values

S15-055 265 -45 381.3 200.00 206.00 6.00 3.09
Including 204.60 206.00 1.40 8.27
286.50 287.50 1.00 23.10
S15-056 265 -50 365 256.00 258.00 2.00 2.25
313.00 315.00 2.00 4.76
359.00 360.00 1.00 26.7
S15-057 265 -46 395 217.00 219.00 2.00 2.36 37.1
302.00 304.00 2.00 2.51
328.00 330.00 2.00 8.32 12.7 0.38
S15-058 265 -45 212

No Significant Values

S15-059 265 -65 214.30

No Significant Values

S15-060 265 -45 422 207.00 213.00 6.00 3.27
Including 211.00 213.00 2.00 5.89
252.00 270.00 18.00 6.13 0.08
Including 258.00 259.00 1.00 11.0 0.10
And 264.00 265.00 1.00 30.0 5.2 0.06
And 268.30 270.00 1.70 30.6 0.19
304.00 306.00 2.00 2.10
S15-061 265 -45 317 180.00 182.00 2.00 3.35
188.00 190.00 2.00 2.34
224.00 300.00 76.00 1.13 2.4 0.06
including 224.00 226.00 2.00 2.08
And 246.00 248.00 2.00 2.47
And 264.00 282.00 18.00 2.69
Including 264.00 266.00 2.00 5.78 6.3
And 280.00 282.00 2.00 11.90
298.00 300.00 2.00 2.06 8.4
S15-062 263 -45 740

No Significant Values

S15-063 265 -45 447.2 219.30 221.30 2.00 4.85 64.2 0.53
236.00 238.00 2.00 2.73
284.00 286.00 2.00 4.05
398.00 418.00 20.00 1.87
Including 396.00 404.00 8.00 4.04
Including 402.00 404.00 2.00 8.75
418.00 420.00 2.00 2.89
S15-064 265 -45 473 191.00 193.00 2.00 3.25 106.0
336.00 338.00 2.00 5.75
S15-065
(Boundary)
265 -45 265 28.00 30.00 2.00 3.32
126.86 128.00 1.14 10.50
S15-066
(300 Colour)
70 -50 182 32.00 34.00 2.00 4.64
S15-067 270 -50 404

No Significant Values

S15-068
(300 Colour)
50 -50 242 50.00 102.00 52.00 1.15
Including 52.00 68.00 16.00 1.87
132.00 134.00 2.00 2.31
S15-069 270 -45 470 56.00 58.10 2.10 2.93 10.1
64.00 66.00 2.00 2.66
298.65 300.05 1.40 5.94 7.9
420.00 422.00 2.00 2.53 0.10
425.80 426.80 1.00 10.20 117.0 0.24
S15-070 270 -46 449 336.00 338.00 2.00 4.60
393.40 396.00 2.60 10.18 6.60 0.21
411.10 412.00 0.90 8.04 0.11
Notes:
All values are un-cut
True width is estimated to be 55 to 70% of down hole interval
Au analysis is by 50 g fire assay with AA finish or gravimetric finish if over 10 g/t (Actlabs Method 1A2-50 or 1A3-50)
Au analysis by 800 to 1000 g screen metallic (Method 1A4) if free gold is identified or suspected
Ag analyses by aqua regia ICP (Method 1E3), unless by 4-acid ICP if over 100 g/t Ag (Method 8 - 4 acid)
Cu analyses by aqua regia ICP (Method 1E3), unless if over 1% Cu (Method 8-AR)

Walter Coles, President and CEO of Skeena commented, “The main priority for our Spectrum team is to complete the geological model which will form the basis for a maiden NI 43-101 resource calculation to be completed in the first quarter of 2016.

In the interim, we also expect to publish an updated NI 43-101 compliant resource assessment for our newly acquired GJ project which is adjacent to Spectrum and demonstrates high grade gold potential in addition to the copper already known to be present.”

An updated drill plan, table of collar information and list of intersections are available on the Skeena website. True width in the Central, Boundary and 300 Colour Zones is estimated to be 55% to 70% of down-hole intervals.

Quality assurance and quality control

Drilling is conducted under the supervision of Jacques Stacey, MSc, PGeol, and Colin Russell, PGeo. A rigorous chain-of-custody and QA/QC program, consisting of the insertion of certified standard control samples, duplicates and blanks, was applied to the NQ diameter, split half-core samples. Sample preparation and analyses for 2015 samples were completed at the Kamloops facility of Activation Laboratories Ltd. Gold is determined by 50-gram fire assay of an 800 g split. Other elements are determined by an ICP analysis following aqua regia digestion.

The technical information in this news release has been reviewed and approved by Michael S. Cathro, MSc, PGeo, Skeena’s vice-president of operations and a qualified person as defined by National Instrument 43-101.

About Skeena

Skeena Resources Limited is a junior Canadian mining exploration company involved in the acquisition, exploration and development of prospective base and precious metal properties throughout British Columbia. The Company’s primary activities at present are the evaluation of the high-grade Spectrum Gold property in the prolific Golden Triangle of northwestern BC. Skeena’s management includes a highly experienced team of mine-finders, including Ron Netolitzky, Chairman, who was inducted into the Canadian Mining Hall of Fame in 2015.

ON BEHALF OF THE BOARD OF DIRECTORS OF

SKEENA RESOURCES LIMITED
Walter Coles Jr., President & CEO


Cautionary Statement Regarding Forward-Looking Information

Certain information in this news release is forward-looking within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions. This forward-looking information includes, among other things, information with respect to the results of the Company’s exploration and the Company’s beliefs, plans, expectations, anticipations, estimates and intentions. The words “may”, “could”, “should”, “would”, “suspect”, “outlook”, “believe”, “anticipate”, “estimate”, “expect”, “intend”, “plan”, “target” and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company’s expectations as of the date of this news release and accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time.

Neither TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

For Further Information Contact: Walt Coles Jr., President & CEO or
Tony Perri - Investor Relations, Manager
Suite 650, 1021 W. Hastings St. Vancouver, B.C., Canada V6E 0C3
Tel: (604) 684-8725 Fax: (604) 558-7695 Email: tperri@skeenaresources.com

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