Skeena Resources (TSX: SKE) this morning posted an updated mineral resource estimate for its Eskay Creek project, located within the Golden Triangle of BC. The estimate has increased measured and indicated resources at the project to a total of 5.3 million ounces of gold equivalent.
The estimate itself was reportedly derived from over 651,000 metres of underground drilling, as well as over 104,000 metres of drilling conducted by Skeena since 2018 on the surface. Total gold ounces on a measured and indicated basis amount to 3.9 million at an average grade of 3.1 g/t gold, while silver ounces amount to 101.6 million at an average grade of 82.1 g/t. A further 231,000 ounces of gold and 5.0 million ounces of silver are included in the estimate on an inferred basis.
Resources in the ground primarily come from a pit constrained model rather than an underground mining model, with the underground model only adding marginal resource to the estimate overall. Phase 1 and 2 infill drill programs were primarily focused on pit constrained resources, while the NEX Zone was also added to the estimate within the pit constrained resource base. This zone reportedly provides the potential for additional reserves as well.
The estimate for the pit constrained model can be found below, which amounts to 5.1 million gold equivalent ounces.
| Category | Tonnes (000) | AuEq (g/t) | Au (g/t) | Ag (g/t) | AuEq Ounces (000) | Au Ounces (000) | Ag Ounces (000) |
| Measured | 17,312 | 5.8 | 4.2 | 118.4 | 3,213 | 2,322 | 65,908 |
| Indicated | 20,342 | 2.9 | 2.2 | 52.5 | 1,903 | 1,439 | 34,362 |
| M+I | 37,654 | 4.2 | 3.1 | 82.8 | 5,116 | 3,761 | 100,270 |
| Inferred | 5,239 | 1.4 | 1.0 | 25.0 | 231 | 174 | 4,203 |
Following the completion of the estimate, the company has now accelerated a 2021 exploration program. The program will look to conduct property-scale exploration, with the firm looking to define additional near surface bulk tonnage mineralization, with a focus on expanding the current resource.
Skeena Resources last traded at $3.62 on the TSX.
Information for this briefing was found via Sedar and Skeena Resources. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
