Skeena Increases Eskay Creek Resource to 5.9 Moz AuEq in Measured and Indicated Categories

VANCOUVER, BC / ACCESSWIRE / June 20, 2023 / Skeena Resources Limited (TSX:SKE)(NYSE:SKE) ("Skeena" or the "Company") is pleased to announce an updated Mineral Resource Estimate ("MRE") for the 100% owned Eskay Creek gold-silver Project ("Eskay Creek" or the "Project") located in the Golden Triangle of British Columbia. Effective June 20, 2023, the updated MRE incorporates an additional 278 drillholes totaling 67,885 metres, enhancements to the resource estimation methods, and updated metallurgical process recoveries.

2023 Eskay Creek MRE Highlights:

• Total pit constrained Measured and Indicated Resource of 5.6 million ounces ("Moz") at 3.47 g/t gold equivalent¹ ("AuEq") including 4.1 Moz at 2.57 g/t Au and 102.5 Moz Ag at 63.63 g/t Ag^­­
• The pit constrained Measured and Indicated Resource has increased by 0.43 Moz AuEq¹, representing a growth of 8%
• Measured Category AuEq¹ Resource increased by 23% and now accounts for 73% of the total pit constrained MRE, up from 63% in the previous estimate
• MRE reported using conservative commodity prices of US$1,700/oz Au and US$23/oz Ag
• Metallurgical process recoveries applied to Resource are 84% Au and 88% Ag

Table 1: 2023 Measured, Indicated, and Inferred Pit Constrained Resource Reported at a 0.7 g/t AuEq¹ Cut-off Grade

Table 2: 2023 Measured, Indicated, and Inferred Underground Constrained Resource Reported at a 3.2 g/t AuEq¹ Cut-off grade Assuming Drift and Fill Mining Methods

Skeena's Senior Vice President of Exploration & Resource Development, Paul Geddes, commented "Considerable analysis was undertaken during this MRE, which includes a new methodology for restricting the influence of high-grade mineralization proximal to formerly mined areas, optimization of block sizes for mining selectivity, and added conservatism with process recoveries derived from the 2022 FS. The exploratory and delineation drilling performed in 2022 surrounding the new 23 and 21A West Zones has resulted in a positive return on investment."

Randy Reichert, Skeena's President & CEO, goes on to comment "With the outcome of an additional 432,000 gold equivalent ounces, we are very pleased with the continued Resource growth at Eskay Creek. We successfully converted a significant amount of Indicated Resources to the Measured category, increasing our confidence in the deposit. Given most of the Resources included in this update are within the Measured and Indicated categories we expect a large percentage to convert to Reserves, potentially adding a year or more of mine life to the Q4 2023 Definitive Feasibility Study."

Table 3: 2022-2023 Pit Constrained Resource Comparison

Pit Constrained Resource Discussion

The 2023 MRE pit parameters used to determine Resources with reasonable prospects for eventual economic extraction are analogous to those used for the 2022 MRE apart from the updated metallurgical process recoveries of 84% gold and 88% silver which informed the 2022 Feasibility Study. The differential in assumed process recoveries resulted in the shallowing of the Resource reporting pit in certain areas relative to the 2022 MRE. Conversely, the 2022 drilling programs in the 23 and 21A West Zones generated new resources which resulted in pit expansions.

Table 4: Pit Constrained Scenario Assumptions for Determining Cut-off Grade with Reasonable Prospects of Eventual Economic Extraction