Skeena Resources Limited [SKE-TSXV] announced results from the first eight holes of its 6,000-metre drill program at the past-producing Snip high-grade gold project located in the Golden Triangle of northwest British Columbia.
Highlights include a wide interval in S-16-06 which occurs approximately 200 metres into the footwall below the historic Twin Zone mine production area, and averages 16.24 g/t gold over 13.5 metres, including 30.99 g/t gold over 4.5 metres. This intersection remains open and untested up-dip. In addition, historic intersections on adjoining sections that were never exploited by past producers indicate the potential to expand on this interval with additional drilling.
Skeena’s Chairman, Ronald Netolitzky, said, “It is particularly gratifying to intercept significant widths of high-grade gold deep into the footwall and well removed from historic mining activity. We acquired the option on the Snip property because we believe an abundance of gold mineralization was left undisturbed by past operators of the mine. These initial drill results provide a preliminary indication that our thesis will prove correct.”
The current drill program is designed to confirm and expand on historical drill results from the extensive database that was generated throughout the life of the mine. This database includes over 280,000 metres of drilling from both surface and underground. Assay results are reported for 2,175 metres of new drilling. All eight holes intersected intervals of narrow high-grade gold mineralization.
Additional highlights include intersections from holes S-16-02 and S16-03, both located in the historic Lamp Zone located just east of the old mine workings, and explored by two adit levels. S-16-02 intersected 49.4 g/t gold over 0.9 metres and 33.07 g/t gold over 2.4 metres while S-16-03 intersected 59.5 g/t gold over 1.4 metres and 21.3 g/t gold over 1.15 metres. These intersections along with historic intervals suggest the presence of at least two new high-grade vein structures that remain open along strike. Refer to company website (http://www.skeenaresources.com) for complete drill results which demonstrate grades and widths that are consistent with past results.
These initial results confirm the merits of re-investigating this historic mine and with the drill results to date, the company anticipates completion of the exploration spending commitments required to earn 100% of the property by October, 2016.