Exhibit 99.1

Skeena Files Technical Report for Snip MRE

Vancouver, BC (September 26, 2023) Skeena Resources Limited (TSX: SKE, NYSE: SKE) (“Skeena” or the “Company”) is pleased to announce that it has filed a detailed Technical Report (the “Report”) for the Mineral Resource Estimate (“MRE”) at its 100% owned Snip Gold Project (“Snip” or the “Project”). The Report is titled “Independent Technical Report for the Snip Project, Canada” and is compliant with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The key results from the Report were summarized in the Company’s news release dated September 5, 2023. A copy of the full report is available on Skeena’s website and has been filed on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov.

About Skeena

Skeena Resources Limited 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.

On behalf of the Board of Directors of Skeena Resources Limited,

Contact Information

Investor Inquiries: info@skeenaresources.com 

Office Phone: +1 604 684 8725 

Company Website: www.skeenaresources.com

Qualified Persons

In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, Paul Geddes, P.Geo., Senior Vice President, Exploration & Resource Development, is the Qualified Person for the Company and has reviewed and approved the technical and scientific content of this news release.

Sheila Ulansky, P.Geo., Senior Resource Geologist for SRK Consulting (Canada) Inc., is an independent Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the contents of this news release. Ms. Ulansky is responsible for the 2023 Mineral Resources Estimate for the Snip Project.

Jeff Austin, P.Eng., President of International Metallurgical and Environmental Inc., is an independent Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the contents of this news release. Mr. Austin is responsible for mineral processing and metallurgical testing for the Snip Project.

The Company strictly adheres to CIM Best Practices Guidelines in conducting, documenting, and reporting the exploration activities on its projects.

Cautionary note regarding forward-looking statements

Certain statements and information contained or incorporated by reference in this press release constitute “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and United States securities legislation (collectively, “forward-looking statements”). These statements relate to future events or our future performance. The use of words such as “anticipates”, “believes”, “proposes”, “contemplates”, “generates”, “progressing towards”, “in search of”, “targets”, “is projected”, “plans to”, “is planned”, “considers”, “estimates”, “expects”, “is expected”, “often”, “likely”, “potential” and similar expressions, or statements that certain actions, events or results “may”, “might”, “will”, “could”, or “would” be taken, achieved, or occur, may identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements. Specific forward-looking statements contained herein include, but are not limited to, statements regarding the results of the Feasibility Study, processing capacity of the mine, anticipated mine life, probable reserves, the potential impact of the Definitive Feasibility Study for Eskay Creek, and the Maiden Engineering Study for Snip on the anticipated mine life and/or the conversion of resource ounces from the Inferred to Indicated categories or from Measured or Indicated categories to the Reserve category, estimated project capital and operating costs, potential reductions in process plant capital and operating costs, sustaining costs, results of test work and studies, planned environmental assessments, the future price of metals, metal concentrate, and future exploration and development generally and specifically in relation to the potential for additional mineralization in the recently increased land package. Such forward-looking statements are based on material factors and/or assumptions which include, but are not limited to, the estimation of mineral resources and reserves, the realization of resource and reserve estimates, metal prices, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes and the assumptions set forth herein and in the Company’s MD&A for the year ended December 31, 2022, its most recently filed interim MD&A, and the Company’s Annual Information Form (“AIF”) dated March 22, 2023. Such forward-looking statements represent the Company’s management expectations, estimates and projections regarding future events or circumstances on the date the statements are made, and are necessarily based on several estimates and assumptions that, while considered reasonable by the Company as of the date hereof, are not guarantees of future performance. Actual events and results may differ materially from those described herein, and are subject to significant operational, business, economic, and regulatory risks and uncertainties. The risks and uncertainties that may affect the forward-looking statements in this news release include, among others: the inherent risks involved in exploration and development of mineral properties, including permitting and other government approvals; changes in economic conditions, including changes in the price of gold and other key variables; changes in mine plans and other factors, including accidents, equipment breakdown, bad weather and other project execution delays, many of which are beyond the control of the Company; environmental risks and unanticipated reclamation expenses; and other risk factors identified in the Company’s MD&A for the year ended December 31, 2022, its most recently filed interim MD&A, the AIF dated March 22, 2023, the Company’s short form base shelf prospectus dated January 31, 2023, and in the Company’s other periodic filings with securities and regulatory authorities in Canada and the United States that are available on SEDAR+ at www.sedarplus.ca or on EDGAR at www.sec.gov.

Readers should not place undue reliance on such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made and the Company does not undertake any obligations to update and/or revise any forward-looking statements except as required by applicable securities laws.

Cautionary note to U.S. Investors concerning estimates of mineral Reserves and mineral Resources

Skeena’s mineral Reserves and mineral Resources included or incorporated by reference herein have been estimated in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) as required by Canadian securities regulatory authorities, which differ from the requirements of U.S. securities laws. The terms “mineral reserve”, “proven mineral reserve”, “probable mineral reserve”, “mineral resource”, “measured mineral resource”, “indicated mineral resource” and “inferred mineral resource” are Canadian mining terms as defined in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) “CIM Definition Standards – For Mineral Resources and Mineral Reserves” adopted by the CIM Council (as amended, the “CIM Definition Standards”). These standards differ significantly from the mineral property disclosure requirements of the U.S. Securities and Exchange Commission in Regulation S-K Subpart 1300 (the “SEC Modernization Rules”). Skeena is not currently subject to the SEC Modernization Rules. Accordingly, Skeena’s disclosure of mineralization and other technical information may differ significantly from the information that would be disclosed had Skeena prepared the information under the standards adopted under the SEC Modernization Rules.

In addition, investors are cautioned not to assume that any part or all of Skeena’s mineral Resources constitute or will be converted into Reserves. These terms have a great amount of uncertainty as to their economic and legal feasibility. Accordingly, investors are cautioned not to assume that any “measured”, “indicated”, or “inferred” mineral Resources that Skeena reports are or will be economically or legally mineable. Further, “inferred mineral Resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “inferred mineral resource” will ever be upgraded to a higher category. Under Canadian securities laws, estimates of “inferred mineral Resources” may not form the basis of feasibility or prefeasibility studies, except in rare cases where permitted under NI 43-101.

For these reasons, the mineral reserve and mineral resource estimates and related information presented herein may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder.

Exhibit 99.2

Independent Technical Report for the Snip Project, Canada

Prepared for

Skeena Resources Ltd 

Prepared by

SRK Consulting (Canada) Inc.

Independent Technical Report for the Snip Project, Canada

Effective Date: September 05, 2023

Release Date: September 26, 2023

Authored By

Cover image: Snip camp. Courtesy of R. Markel 2021.

Copyright © SRK Consulting (Canada) Inc., 2023

Important Notice

This report was prepared as a National Instrument 43-101 Technical Report for Skeena Resources Limited (Skeena) by SRK Consulting (Canada) Inc. (SRK). The quality of information, conclusions, and estimates contained herein is consistent with the level of effort involved in SRK’s services, based on: i) information available at the time of preparation, ii) data supplied by outside sources, and iii) the assumptions, conditions, and qualifications set forth in this report. This report is intended for use by Skeena subject to the terms and conditions of its contract with SRK and relevant securities legislation. The contract permits Skeena to file this report as a Technical Report with Canadian securities regulatory authorities pursuant to National Instrument 43-101, Standards of Disclosure for Mineral Projects. Except for the purposes legislated under provincial securities law, any other uses of this report by any third party is at that party’s sole risk. The responsibility for this disclosure remains with Skeena. The user of this document should ensure that this is the most recent Technical Report for the property as it is not valid if a new Technical Report has been issued.

Copyright

© 2023 SRK Consulting (Canada) Inc.

This document is protected by copyright vested in SRK Consulting (Canada) Inc. It may not be reproduced or transmitted in any form or by any means whatsoever to any person without the written permission of the copyright holder, other than in accordance with stock exchange and other regulatory authority requirements.

The Snip Project, located in northwest British Columbia (BC), is a past producing underground mine that hosts high-grade structurally controlled mineralized veins in a brittle-ductile shear zone system. Skeena is a Canadian junior mining exploration company focused on developing prospective precious and base metal properties in the Golden Triangle of northwest British Columbia, Canada.

In June 2023, Skeena commissioned SRK to provide resource estimation technical support and validation for an updated Mineral Resource Estimate on the Snip deposit, as well as provide a NI-43101 compliant Technical Report. The effective date of the 2023 Mineral Resource is September 05, 2023.

The services were rendered between June and September 2023 leading to the preparation of the Mineral Resource Statement that was disclosed publicly by Skeena in a news release on September 05, 2023. The effective date of the 2020 NI 43-101 Technical Report is September 26, 2023.

The Technical Report was prepared following the guidelines of the Canadian Securities Administrators’ National Instrument 43-101 and Form 43-101F1. The Mineral Resource Statement reported herein was prepared in conformity with generally accepted CIM “Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines”.

The Snip Project occurs within the Iskut River region of the Golden Triangle in British Columbia. Stewart, BC, is the nearest district municipality, 105 km to the south southeast. The property is located wholly within NTS map sheet 104B/11 as well as on the Tahltan National Traditional Territory.

The Project covers a total of 4,724.07 hectares (11,673.43 acres) and consists of nine (9) mineral claims and one (1) mineral lease.

In July 2017, Skeena exercised their right to acquire all of Barrick Gold Inc.’s (“Barrick”) 100% “right, title and interest in and to the Property and the Permits” (the “Original Snip Property”), subject to the retention by Barrick of a 51% Back-In Right. In September 2018, Skeena and Hochschild entered into an option agreement for Hochschild to earn in a 60% undivided interest in the Original Snip Property by spending twice the amount Skeena had spent since it originally optioned the Original Snip Property from Barrick. In October of 2021 Hochschild gave notice of its intention to start its earn in. On April 5th, 2023, Hochschild terminated its option to earn 60% of the Snip Gold Project resulting in Skeena reassuming management of the Project and retaining 100% ownership.

Access to the Snip Property can be gained either by direct air or boat transportation to the 1.5 km long Bronson Airstrip on the Iskut River. Direct charter flights by fixed wing aircraft can land at the Bronson airstrip maintained by SnipGold Corp., a subsidiary of Seabridge Gold. Vehicle access from Smithers can be achieved by route of Hwy 16 to Kitwanga, then north along highway 37 to the Eskay Mine Road, 3 km south of Bob Quinn. Road access to the McLymont staging area is 45 km west of Bob Quinn and requires a road usage permit from AltaGas. From McLymont, it is a 10-minute helicopter flight to the Snip camp.

Support services for mining and other resource sector industries in the region are provided primarily from the communities of Smithers (pop. 5,400) and Terrace (pop. 11,500). Both communities are accessible by commercial airlines with daily flights to and from Vancouver.

The Snip property lies within the Coast Mountains. The dominant feature of the region is the Stikine Icecap which is centered 80 km to the NW of the property along the Alaska border. The Snip Property lies between the Iskut River, Craig River and Bronson Creek within the Stikine Watershed.

The property lies within the Coastal Western Hemlock zone. The Snip property has almost no alpine vegetation, with sub-alpine flora dominated by scattered Sitka Spruce, with transition to Engelmann Spruce, farther East. At the Bronson Creek level, natural vegetation is Western Hemlock and Sitka Spruce, with riparian populations of cottonwood and spruce. Natural regrowth is rapid, with hemlock and spruce growing to 5 m within 20 years.

The history of the camp goes back to the early 1900’s when the Iskut Mining Company staked the first claims on the west side of Bronson Creek in 1907. Following this, the Red Bluff claims were staked in 1909. The first mining was completed between 1908 and 1911 when several short adits were driven into the Red Bluff Porphyry to obtain a bulk sample. The area saw limited work until 1929 when Cominco Ltd. staked 42 claims, however little of interest was found and the claims were abandoned.

Thirty-five years would pass before the Tuksi Mining Company acquired crown grants in 1964. In the same year Jodee Exploration company, Cominco Ltd. and Copper Soo Mining company all staked claims around Tuksi’s grants. In 1965 the Snip discovery outcrop was made by geologists who were surveying a creek gully; the outcrop contained visible gold in a vein. The following year, in 1966, channel sampling on the vein returned assays up to 244 ppm Au over 1.2 m.

The area once again lay dormant for nearly a decade and a half until 1980 when Cominco Ltd. restaked the discovery outcrop on the Snip claims. Between 1980 to 1986, grass roots exploration, soil sampling and trenching were conducted by Cominco. In 1986, Cominco signed a JV agreement with Delaware Resources Corp., who provided funding for the project, and over two years, drilled over 15,000 m. The work outlined the Main Twin Zone on 50 m centers.

In 1988, a decision was made to go underground via a portal at the 300 m elevation. An additional 6,800 m of surface drilling, coupled with underground development and related drilling on 12.5 m centers, was completed and by 1989 the first reserve estimate for the Main Twin Zone was calculated at 940,000 tonnes grading 28.5 g/t Au.

The Snip Mine operated between January 1991 and June 1999, first by Cominco Ltd. and then, beginning in 1996, by Homestake Canada Inc. The mine was successfully closed in October 1999. In 2001, the property was acquired by Barrick Gold Inc. (Barrick) as part of its acquisition of Homestake Canada Inc.

The property lay dormant until 2016 when Skeena entered into an agreement with Barrick granting an option to acquire 100% interest in the past producing gold mine and mineral claims.

In 2016, Skeena completed 7,422 m of diamond drilling in 28 holes, collected 668 soil samples and completed 171-line kilometers of airborne magnetic surveying. The majority of drilling was completed on the portion covering the mining lease and was designed to test the targets in the Main Twin and Twin West zones as well as regional targets located on the mineral claims portion of the property. Infill soil sampling was conducted to test the continuity of historical gold anomalies and to add multi-element data in areas which previously only had gold.

In 2017, Skeena acquired 100% right, title and interest in and to the Property and Permits and worked entirely on the mining lease. Work focused on camp expansion along with reopening the 300-portal access road and rehabilitation of the underground. A total of 8,703 m from 62 holes were drilled from underground testing targets including the Main Twin Zone, 150 Veins, 412 Corridor and other footwall structures. In addition, Skeena commissioned a surface mapping LiDAR survey of the property having 25 cm pixel resolution.

In 2018, Skeena completed 6 surface holes totalling 2,121 m targeting the Jim Porphyry and Sky Creek Shear zone, as well as below the western vein extension of the Main Twin Zone. In addition, 46 holes totalling 9,088 m targeting the Main Twin Zone, 412 Corridor and the 200 Footwall Zone was completed to further delineate areas of known mineralization with increased drill density, to expand new zones and confirm historical drilling.

In 2019 Skeena drilled 8 surface holes totalling 1,816 m targeting the 200 Footwall Zone and footwall veins. They were successful in intersecting the footwall, as well as identifying mineralization 75 m deeper. A petrography study to compare biotitic phyllite and Biotite Spotted Unit (BSU) was conducted to test composition relations.

In 2020, Skeena drilled 9 surface holes totaling 5,327 m some of which were designed as infill holes and others to test vein extensions. The main targets were the 130 and 150 veins, and the Main Twin zone.

In 2021, Skeena drilled 95 surface holes totaling 14,608 m and 134 underground holes totaling 15,955 m. The objective was two-fold: to infill drill areas and to test vein extensions predominantly in the S-Veins. This campaign included 8 drill holes that that corresponded spatially in 3-D orientation to 8 historical holes being no more than several meters in 3-D separation. These holes (known as “Twin Holes”) were designed to validate historical drilling at the Snip Mine. The remaining holes targeted the 130 and 150 veins, the 200 Footwall corridor, the 412-corridor, the Main Twin zone, and other footwall structures.

In September 2018, Skeena granted Hochschild an option to earn in 60% of the Original Snip Property and Hochschild gave notice in October of 2021 of its intention to start earning-in 60% of Skeena’s interest in the Original Snip Property.

In 2022, Hochschild completed 68 underground holes totaling 9,876 meters. This campaign included 20 drill holes that corresponded spatially in 3-D orientation to 20 historical holes being no more than several meters in 3-D separation. These Twin Holes were designed to validate historical drilling at the Snip Mine. An additional 48 holes were drilled to infill untested areas and to evaluate for vein extensions in the S-Veins and deeper footwall structures. One surface hole totalling 501 m was drilled to target the deep, western down hole extents of the V-Vein sets.

On April 5th, 2023, Hochschild terminated its option to earn 60% of the Snip Gold Project resulting in Skeena reassuming management of the Project and retaining 100% ownership.

The Snip Au (Cu-Mo-Zn) deposit, located within the economically important “Golden Triangle” region, is a structurally controlled mineralized vein and brittle-ductile shear zone system, hosted within a sequence of laminated turbidites of the Upper Triassic Stuhini Group. Mineralization has both Orogenic style gold characteristics as well as mineralogical and paragenetic similarities to porphyry related vein systems, being contemporaneous with the adjacent Early Jurassic Red Bluff porphyry, a calc-alkaline, I-type, magnetite-series intrusion of quartz monzodioritic composition.

Regional investigations have indicated the importance of the Stuhini Group unconformity with the overlying Lower Jurassic Hazelton Group and a major northwest-southeast trending zone, the Bronson corridor. Throughout the “Golden Triangle” major deposits, including the Snip deposit, occur within 2.5 km of this unconformity and numerous mineral occurrences are associated with the Bronson corridor, characterized by the Sky fault system. This wide fault zone likely formed close to the boundary of a rift-type basin, controlled plutonism, fluid circulation and mineralization.

Gold mineralization at the Snip Project has been reported from at least six historical zones, the Main Twin Zone, the 150 Vein, the 130 Vein, the Hangingwall Zone, the Footwall Zone, and the Twin-West Zone. The Main Twin Zone shear-vein system which averages 2.5 m in width and dips 30-60°to the southwest is characterized by mineralogical banding of chlorite-biotite, calcite, quartz, and pyrrhotite-pyrite, with wallrock alteration dominated by inner biotite and outer K-feldspar-calcite-quartz-sericite. Metal association and the importance of potassic alteration suggest a magmatic origin for the ore fluid, supported by the proximity of the Main Twin Zone to the Red Bluff porphyry and lead-isotopic data. More distal veins to the Red Bluff porphyry contain higher zinc, lead and silver contents as expected in a zoned porphyry system. The distribution and abundance of biotite in areas distal to the Red Bluff porphyry and extensive areas containing mineralized veins, suggest a more regional fluid source, possibly an underlying batholithic parent to the Red Bluff porphyry.

A distinctive unit at Snip is the Biotite Spotted Unit, a basic to intermediate biotitic dyke that has intruded the vein mineralization. Widths range from several decimeters up to five m with an average width of 2.5-3 m. Although it is unmineralized, it is moderately to strongly altered and biotitized with calcite-pyrite-quartz-sericite-chlorite alteration and is considered to have been emplaced late in the deformation history, after ore formation, but during the waning stages of the hydrothermal system.

In addition to the Red Bluff porphyry other intrusives recognised on the property include the Bronson stock, a poorly documented heterogeneous, medium-grained equigranular plagioclase-rich clinopyroxene-amphibole bearing diorite; the Jim Porphyry stock, interpreted solely from drill hole information comprising both felsic extrusive and intrusive units; and recent lamprophyre and basalt dykes.

The objective of the metallurgical testing program was to quantify the metallurgical response of samples from the Snip deposit. The programs were designed with the intent to confirm the parameters for process design criteria.  The 2020 metallurgical program was completed at Base Metallurgical Laboratories Ltd. (BaseMet Labs) in Kamloops, BC as Project BL661. The testing scope included chemical composition, mineralogy, comminution testing, flotation and gravity testing on two composite samples.  Both samples showed excellent gold recovery of 96% and 98%.  A Phase 1 metallurgical program was completed in 2021 at BaseMet Labs in Kamloops, BC as Project BL891. The testing scope included mineralogy, gravity concentration testing, flotation and leaching testing on a single composite sample. The sample showed high amenability to gravity concentration, flotation and leaching. The Phase 2 was performed in 2022 also at BaseMet identified as BL1002 on 18 samples. Samples were designed to represent a range of potential mining options and, the range of expected grades. The testing scope included mineralogy, comminution tests, gravity concentration, flotation, leach tests and cyanide destruction tests. The samples showed high resistance to impact breakage and medium hardness in ball mill grinding. Scaled up gravity gold recoveries ranged from 28% to 37%. Combined gravity and flotation gold recoveries ranged from 85% to 96%. Combined gravity and leach gold extractions averaged 96.9% from all samples. Average reagent consumptions included 0.49 kg/t for sodium cyanide and 0.57 kg/t for hydrated lime.  Review of the leach test results showed a minor relationship between head grade and leach residue grade but showed no relationship between head grade and recovery. A constant recovery was estimated for economic analysis. The overall plant gold recovery used in the economic analysis is 96%.

The Mineral Resource Estimate for the Snip Project (the “2023 Mineral Resource Estimate”) herein was prepared by Skeena Resources using all available information and reviewed and validated by Ms. S. Ulansky, Professional Geologist of SRK Consulting (Canada).

The resource is based on historical surface and underground diamond drilling completed by previous Operators in addition to holes drilled on surface and underground by Skeena (2016 to 2021) and Hochschild (2022). The database used to estimate the Snip resource contains a total of 3,999 drill holes for 355,388 m of drilling. Of this total amount, historical holes total 3,542 for a meterage of 279,971 m. Skeena has drilled a total of 388 holes totalling 65,040 m, and Hochschild has drilled 69 holes totalling 10,377 m. All historical and recent drilling was audited by SRK. SRK believes that the drilling information is sufficiently reliable to interpret with confidence the boundaries for gold mineralization domains, and that assay data is sufficiently reliable to support estimating mineral resources.

In the opinion of SRK, the block model resource estimates reported herein are a reasonable representation of the global gold mineral resources found on the Snip Project at the current level of sampling. Mineral resources are reported in accordance with the guidelines of the Canadian Securities Administrators National Instrument 43-101; and have been estimated in conformity with generally accepted CIM “Estimation and Mineral Resource and Reserve Best Practices” guidelines (CIM, 2019). Mineral resources are not mineral reserves and do have demonstrated economic viability.

The vein model was created in Leapfrog GeoTM using economic composite intervals greater than or equal to 1.0 g/t Au if following interpreted structures and displaying mineralization continuity. Locally, lower grades were included in the veins if continuity was displayed. Local minor edits were performed in Maptek Vulcan software. Ninety-four high-grade veins were created to constrain the block model estimate. These were combined into three broad and distinct zones (V-Veins, S-Veins, and TW-Veins), which are unique in orientation, structural interpretation, and statistics; therefore, they were made discrete for resource estimation purposes.

Mineral resources were estimated using Maptek’s Vulcan® software. Two block models were created for computer efficiency: (1) the Main block model, which encompasses the V- and S- Veins and the (2) Twin West block model which encompasses the TW-Veins. Both models were created with 4 m x 4 m x 4 m parent block sizes and 0.5 m x 0.5 m x 0.5 m sub blocks sizes. The models were unrotated.

Assays were composited to 1.5 m using distributed tails methodology within the wireframes, which were also length weighted during estimation. Outlier composites were capped prior to estimation with gold capping values of 350 g/t Au, 100 to 215 g/t Au and 45 to 110 g/t Au in the V-, S- and TW- Veins, respectively.

Variograms were used to determine nuggets, sills and ranges used during estimation as well as for search orientations. In the V- and -S veins that were continuous and greater than 235,000 tonnes, and TW-veins greater than 100,000 tonnes, a dynamic anisotropy (DA) surface was utilized during estimation to honour locally varying vein orientations. Gold grades were estimated in three progressively larger passes using Ordinary Kriging, along with inverse distance squared and polygonal methods for comparisons and validation. The models were validated using visual and statistical methods as well as swath plots. Block tonnages were estimated from volumes using a density of 2.91 g/cm3 within the veins, except for the unmineralized BSU (Biotite Spotted Unit) which used a density of 2.84 g/cm3. The historical holes were validated from a set of twin holes drilled by Skeena and Hochschild in 2021 and 2022. Comparative statistics showed good correlations between the historical and the twin hole gold assays. Blocks within the BSU were coded as waste. Mineral resources have been depleted to account for past production as well as exclude mineralization within a 1 m buffer around historical underground development.

Classification followed CIM guidelines (CIM, 2019) and Indicated and Inferred resources were classified as follows.

The calculated underground cut-off grade was determined to be 2.5 g/t Au. Reasonable prospects for eventual economic extraction were determined by means of applying reasonable stope optimizer parameters in Deswik® software. The resources are reported in-situ and undiluted within the veins in potentially economical and minable underground long hole stope shapes.

The Snip Project contains 2.739 million tonnes grading 9.35 g/t Au in the Indicated category and 0.499 million tonnes grading 7.10 g/t Au in the Inferred category. The mineral resources as estimated and reported on September 05, 2023, are summarized in Table 1-1.

Table 1-1: Mineral Resource Statement*, Snip Project, Iskut River Region, SRK Consulting, effective date September 05, 2023

*Notes to accompany the Mineral Resource Estimate statement:

Key interpretations and conclusions are based on SRK’s development of the Mineral Resource estimate, knowledge of the Snip mineralization system, as well as from site visit evaluations conducted in July 2020:

The 2023 Mineral Resource Estimate involves several key changes when compared to the 2020 Mineral Resource Estimate. The changes are as follows:

In reviewing the compiled drill hole database, geological interpretation and mineral resource estimate for the Snip Project, SRK makes the following recommendations:

Table of Contents

List of Tables

List of Figures

The Snip Project, located in northwest BC, is a high-grade underground gold deposit that has been historically partially mined. The Project is located in the Iskut River region in the Golden Triangle of British Columbia.

Skeena, a junior Canadian mining exploration company focused on developing prospective precious and base metal properties in the Golden Triangle of northwest British Columbia, Canada, owns 100% of the Snip Project.

On June 07, 2023, Skeena commissioned SRK to provide technical support and validation of the updated in-house resource model for the Snip Project, together with an NI 43-101 compliant resource estimate and report. The services were rendered between June and September 2023 leading to the preparation of the mineral resource statement reported herein that was disclosed publicly by Skeena in a news release on September 05, 2023 with a release date of September 26, 2023 for the Technical Report.

This Technical Report documents the mineral resource statement for the Snip Project validated by SRK. It was prepared following the guidelines of the Canadian Securities Administrators’ National Instrument 43-101 and Form 43-101F1. The Mineral Resource Statement reported herein was prepared in conformity with generally accepted CIM “Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines”.

The scope of work, as defined in a letter of engagement executed on June 07, 2023 between Skeena and SRK, was to provide Skeena with ongoing support and validation of an updated in-house resource estimate that will be used for future preliminary engineering, accompanied by the preparation of an independent technical report published by SRK in compliance with National Instrument 43-101. This work involved the creation, review, and assessment of the following aspects of this project:

The mineral resource statement reported herein is a collaborative effort between Skeena and SRK personnel. The exploration database was compiled and maintained by Skeena and was subsequently audited by SRK. The geological structural model and mineralization domains were initially constructed by SRK in 2020 but have subsequently been updated by Skeena with the 2020 to 2022 drilling data. In the opinion of SRK, the geological model is a reasonable representation of the distribution of the targeted mineralization at the current level of sampling. The geostatistical analysis, variography and grade models were validated by SRK during the months July and August 2023. The mineral resource statement reported herein was disclosed publicly in a news release dated September 05, 2023

The mineral resource statement reported herein was prepared in conformity with generally accepted CIM “Exploration Best Practices” and “Estimation of Mineral Resource and Mineral Reserves Best Practices” guidelines. This technical report was prepared following the guidelines of the Canadian Securities Administrators National Instrument 43-101.

The technical report was assembled in the SRK Vancouver office during the month of September 2023.

This report is based on information provided by Skeena throughout the course of SRK’s investigations. SRK performed a site visit to the Snip Project on July 27 to July 30, 2020 and has no reason to doubt the reliability of the information provided by Skeena. This technical report is based on the following sources of information:

The SRK Group comprises over 1,000 professionals, offering expertise in a wide range of resource engineering disciplines. The SRK Group’s independence is ensured by the fact that it holds no equity in any project and that its ownership rests solely with its staff. This fact permits SRK to provide its clients with conflict-free and objective recommendations on crucial judgment issues. SRK has a demonstrated track record in undertaking independent assessments of Mineral Resources and Mineral Reserves, project evaluations and audits, technical reports and independent feasibility evaluations to bankable standards on behalf of exploration and mining companies and financial institutions worldwide. The SRK Group has also worked with a large number of major international mining companies and their projects, providing mining industry consultancy service inputs.

The resource evaluation work and the compilation of this technical report was completed by Ms. Kathi Dilworth, GIT under the supervision of the Qualified Person, Ms. Sheila Ulansky, PGeo [EGBC#36085] (Table 2-1). By virtue of her education, membership to a recognized professional association and relevant work experience, Ms. Ulansky is an independent Qualified Person as this term is defined by National Instrument 43-101. The names and details of Other Experts who have contributed to this Technical Report are listed in Table 2-2. Mr. Andre Deiss, Pr.Sci.Nat Principal Resource Geologist with SRK, reviewed and provided guidance with estimation parameters. He also reviewed drafts of this technical report prior to delivery to Skeena as per SRK internal quality management procedures.

Table 2-1: Qualified Persons who prepared or contributed to the Technical Report

Table 2-2: Other Experts who assisted the Qualified Persons

In accordance with National Instrument 43-101 guidelines, Ms. Ulansky visited the Snip Project between July 27 and July 31, 2020 accompanied by Ms. Dilworth of Skeena Resources.

The purpose of the site visit was to ground truth historical and current surface collar locations, examine drill core intervals within the main lodes, and collect all relevant information for the compilation of this technical report.

During the visit, attention was given to geological and structural controls on the distribution of gold mineralization to validate the extent that mineralization had been extended in the three-dimensional gold mineralization vein model.

SRK was given full access to relevant data and conducted interviews with Skeena’s personnel to obtain information on past exploration work, and to understand procedures used to collect, record, store and analyze historical and current exploration data.

SRK would like to acknowledge the support and collaboration provided by Skeena personnel for this assignment. Their collaboration was greatly appreciated and instrumental to the success of this project.

SRK’s opinion contained herein and effective September 05, 2023, is based on information collected by SRK throughout the course of SRK’s investigations, which in turn reflect various technical and economic conditions at the time of writing. Given the nature of the mining business, these conditions can change significantly over relatively short periods of time. Consequently, actual results may be significantly more or less favorable.

This report may include technical information that requires subsequent calculations to derive sub-totals, totals and weighted averages. Such calculations inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, SRK does not consider them to be material.

SRK is not an insider, associate, or an affiliate of Skeena and neither SRK nor any affiliate has acted as advisor to Skeena, its subsidiaries, or its affiliates in connection with this project. The results of the technical review by SRK are not dependent on any prior agreements concerning the conclusions to be reached, nor are there any undisclosed understandings concerning any future business dealings.

Skeena contributors to this report include Ms. Dilworth and Mr. Mayer. Not all the authors of this report have met the current requirements of a “Qualified Person”, but all work has been performed under the supervision of independent Qualified Persons.

SRK has not performed an independent verification of land title and tenure information as summarized in Section 4.1 of this report. SRK did not verify the legality of any underlying agreements(s) that may exist concerning the permits or other agreement(s) between third parties.

SRK was informed by Skeena that there are no known litigations potentially affecting the Snip Project.

The Snip Property is located in the Golden Triangle region of British Columbia, Canada, 105 km north north-west of Stewart and 330 km northwest of Smithers (Figure 4-1). The Snip Project is located at an elevation of 150 m at it’s lowest level to 500 m at it’s highest point above sea level, centered at latitude 56° 39’ 51.35” and longitude 131° 07’ 32.00” or UTM 6282650 N and 369390 E (NAD 83, Zone 9N) (Figure 4-1). The property is located wholly within NTS map sheet 104B/11.

The Snip Project is located on the south side of the Iskut River, 2.0 km south of its confluence with Bronson Creek (Figure 5-1). It is accessible by a 58.5 km, all-weather road, which departs from the Stewart-Cassiar Highway (Highway 37) just south of the Bob Quinn airstrip to McLymont Staging area. From McLymont, it is a 15-minute helicopter flight to the Snip camp location. The mill and mine site were previously located within the Bronson Creek Valley, 1.5 km northeast of the deposit and 120 m above sea level (ASL).

There are no known federal, provincial or regional parks, wilderness or conservancy areas, ecological reserves, or recreational areas near the Snip Property. The area is within the Traditional Territory assertions of the Tahltan Central Government.

Figure 4-1: General location of the Snip Project

The status of all mining titles was verified using Mineral Titles Online (“MTO”), the British Columbia government’s online mineral titles administration system at:

http://www2.gov.bc.ca/gov/content/industry/mineral-exploration-mining/mineral-titles/mineral-placer-titles/mineraltitlesonline.

The Snip Project covers a total of 4,724.07 hectares (11,673.43 acres) and is comprised of the following (Figure 4-2).

All nine mineral claims and the mineral lease are 100% registered to Skeena Resources Limited.

Figure 4-2: Land tenure map

Table 4-1: Mineral claim information

Table 4-2: Mineral lease information

The Snip Property is comprised of 9 mining claims and 1 mining lease that cover a total area of 4,724.07 hectares (Figure 4-2, Table 4-1, and Table 4-2). The property is contiguous except for a small outlier remnant of Mining Lease 226132 from an earlier claim swap with Skyline Gold Corp., a predecessor of Seabridge Gold Inc. In March 2016, Skeena Resources Ltd. entered into an option agreement with Barrick Gold Inc. for the Mining Lease and the four easternmost claims (222219, 222347, 300552, 300553). Three mining claims acquired in late 2017 (1056547, 1056548, 1056595), one mining claim acquired in 2019 (1069071), and one claim acquired in 2022 (1095324), expanded the property to the west; however, they are not subject to the terms of the agreement with Barrick Gold Inc.

The initial expenditure requirements of the agreement with Barrick were satisfied by Skeena in July 2017, at which time Skeena exercised their right to acquire all of Barrick Gold Inc.’s 100% “right, title and interest in and to the Property and the Permits”, subject to the retention by Barrick of a 51% Back-In Right exercisable upon definition of a Mineral Resource, or extraction from the property, of 2 million ounces of contained gold or gold equivalent and a 1% NSR Royalty. The “Back In Agreement” requires a repayment to Skeena of an amount three times their cumulative expenditures by Barrick.

In September 2018, Skeena and Hochschild entered into an option agreement for Hochschild to earn a 60% undivided interest in the Snip Project by spending twice the amount Skeena has spent since it originally optioned Snip from Barrick. Hochschild had three years to provide notice to Skeena of its intention to exercise the Option which it did on October 14th, 2021. To earn in its interest Hochschild was required to:

On April 5th, 2023, Hochschild terminated its option to earn 60% of the Snip Gold Project resulting in Skeena reassuming management of the Project and retaining 100% ownership.

The historical property purchase “buy-out” agreement executed in March 1996 between owners Cominco Ltd. and Prime Resource Group (now Teck and Barrick, respectively) included a 5% net smelter return retained by Cominco from the sale or disposition of 60% of the gold recovered from ore, containing 0.3 ounces per ton or greater, mined from the Snip Property after December 31, 1995 which ore is in excess of 480,660 tonnes. The reported total of proven, probable, and possible reserves tonnages on January 01, 1996 were 480,672 tonnes (Minfile 104B 250).

Skeena is not aware of any environmental issues or liabilities that may directly affect exploration efforts on the property. Historical mine closure, reclamation, remediation, and monitoring programs have been carried out responsibly (Sibbick and MacGillivray, 2006), and ongoing monitoring indicates that there are no current issues with the tailings dam or water discharge at the site (Hull and Wickland, 2014; Shelbourne, 2015).

A multi-year exploration permit for surface work was issued by the BC Ministry of Energy and Mines in June 2020 (Permit MX-1-959) and expires in March 2025. Underground exploration of up to 200 holes and surface disturbance up to 120.96 hectares is currently granted on the mining lease under Ministry of Mines Permit Approving Mine Plan and Reclamation Program (M190).

This permit does not expire and is subject to amendment from time to time to accommodate company plans for further exploration and development.

Access to the Snip Property can be gained either by direct air to the 1.6 km long Bronson Airstrip or by boat transportation along the Iskut River (Figure 5-1). Charter fixed wing flights are available from nearby centers, such as Smithers and Stewart, to the unpaved 1,600 m Bronson airstrip immediately adjacent to the property, which is managed and maintained by Snip Gold Corp, a subsidiary of Seabridge. Rotary wing aircraft can also be chartered from numerous available operators in northwestern British Columbia. Staging of equipment and supplies takes place from the McLymont staging area near the westernmost end of an access road for the AltaGas Run of River Hydroelectric Project. The Snip camp is a ten-minute helicopter flight (19 km) from the McLymont staging area.

Figure 5-1: Project access

The nearest road access to the Snip Property is McLymont road, located due east approximately 19 km upstream on the Iskut River to the McLymont Creek Run of River Hydroelectric Power Station, owned and operated by AltaGas Ltd (Figure 5-1). From Smithers, McLymont Road can be reached by following Highway 16 west for 111 km to Highway 37, near Kitwanga, then taking Highway 37 north for 295 km to the Eskay Creek Mine Road turnoff, which is 3 km south of Bob Quinn. Access to the further 45 km of road to the Staging Area at McLymont Creek requires a road usage permit from AltaGas.

The Snip Project is located in the Pacific Northwest region of British Columbia, Canada. Support services for mining and other resource sector industries in the region are provided primarily by the communities of Smithers (pop. 5,400) and Terrace (pop. 11,500) (https://www12.statcan.gc.ca), which are both accessible by commercial airlines with daily flights to and from Vancouver. Volume freight service in the region is supported by rail connections that extend from tidewater ports in Prince Rupert and Vancouver. The closest tidewater port to the project is in Stewart, approximately 260 km from the Snip Project. Stewart is an ice-free shipping location and provides access for bulk shipping 365 days/year.

Road infrastructure in the region is well developed. Highway 16 (Yellowhead Highway) extends from Prince George in central British Columbia, through several communities including Smithers and Terrace, and terminates at the Port of Prince Rupert. Highway 37 (Stewart Cassiar Highway) connects to Highway 16 at Kitwanga and extends to the Alaska Highway in the Yukon. The Eskay Mine Road connects to Highway 37 roughly 295 km from Kitwanga. Driving time from either Smithers or Terrace to the Eskay Creek Mine is approximately 5 hours.

The region is supported by the Provincial power grid. A 287 kV transmission line extends from a grid connection at Terrace to Bob Quinn, primarily following Highway 37. Power supply opportunities exist close to the Snip Project. The Forest Kerr, McLymont, and Volcano Creek hydroelectric plants are within 20 km and collectively produce up to 277 MW (www.altagas.ca).

Services, workforce, supply chains, and infrastructure are all well established in the region to support mining operations.

There are no long-term weather datasets available for the region. Data recorded from a weather station located on the Bronson airstrip from 1994 to 1998 (Lawrence and Seen, 2009) recorded annual precipitation between 1,300 and 2,100 mm, of which 30% fell as snow. Precipitation levels were highest in September and October and lowest in May through August. Mean daily temperatures were highest in July and August reaching approximately 16° C, and lowest in January falling to -15° C. The highest temperature recorded on site over the 5-year period was 31° C and the lowest temperature recorded was -32° C.

For a review of flora and fauna, the reader is directed to the report by Burgoyne (2010), which provides a list covering species on and around Johnny Mountain.

The property lies within the Coastal Western Hemlock zone and a small portion of the eastern property is mapped as Mountain Hemlock. The Snip property has almost no alpine vegetation, with sub-alpine flora dominated by scattered Sitka Spruce transitioning to Engelmann Spruce further east.

At lowermost elevations, at the Bronson Creek level, the natural vegetation is Western Hemlock and Sitka Spruce with riparian populations of cottonwood and spruce. Devil’s club and slide alder can be thick in low to moderate elevations and disturbed areas are overrun with the same vegetation. Huckleberry, blueberry, grouseberry and mountain arnica grow at various elevations. Natural regrowth is rapid, with hemlock and spruce growing to five meters within 20 years.

The Snip Property lies within the Coast Mountains, a major regional chain extending from Alaska through British Columbia and into Washington State, U.S.A. The dominant feature of the region is the Stikine Icecap, which is centered 80 km to the Northwest of the Snip Property along the Alaska border. The Snip Property lies between the Iskut River, Craig River and Bronson Creek within the Stikine Watershed.

Local elevations vary from just over 100 m ASL at Bronson Creek, to 900 m ASL in the subalpine located in the far south-eastern portion of the property.

Figure 5-2: View of the Snip Project looking south west - the Red Bluff Porphyry is shown in the foreground

The history of the Snip property and adjacent surrounding area was previously provided in detail by Nichols and Giles (2017) and Moors (2018).

The Iskut area has been subjected to extensive exploration dating back well over 100 years. In 1907, a prospecting syndicate from Wrangell Alaska termed the “Iskut Mining Company” recorded claims on Bronson Creek. These claims would later become Crown Granted and still exist to this day. In 1909, the Red Bluff claims were staked, and from 1908 to 1911, several short adits were driven into the Red Bluff porphyry to obtain a bulk sample (King, 1988).

From 1911 to 1920, the Iskut Mining Company reported trenching, stripping and drifting on a number of gold bearing veins on the Red Bluff and Iskut claims on, and adjacent to, the current Snip property. Extracted material from the original Iskut claims assayed 0.06 oz Au, 44.2 oz Ag and 12.4% Cu (King, 1988).

In 1929 Cominco Ltd. staked 42 claims on Johnny Mountain, however these claims lapsed soon after and the area experienced no recorded work until 1954 (King, 1988).

Geologist Forrest Kerr mapped portions of the Iskut River region from 1926-1929, and published GSC map 311A in 1935. Kerr's memoir 246 on the area was published posthumously in 1948. The Geological Survey of Canada's "Operation Stikine" in 1956 mapped the Stikine-Iskut area on a regional basis, publishing it as GSC Map 9-1957 (Nichols, 1989).

From 1954 to 1960, Hudson Bay Mining and Smelting Co. Ltd.’s drilling resulted in copper discoveries on, and near, the Johnny Mountain Gold Mine. In 1964, Cominco Ltd. targeting copper, optioned claims from Tuksi Mining Company and Jodi Explorations Ltd. and in 1965 completed drilling on the Red Bluff claim north and east of the property. In 1973 and 1974, the same property was examined by Texas Gulf Sulphur Inc. for its copper and base metal content (King, 1988).

In 1964, the Tuksi Mining Co. acquired Crown Grants, and Jodi Exploration Co., Cominco Ltd. and Copper Soo Mining Co. staked claims around Tuksi’s property. Further work at that time discussed the regional geology of the Iskut area, details of which may be found in Mawer (1964), Parsons (1965), Nagy (1966) and Bagshaw (1968). The following year Cominco Ltd. concentrated an exploration program on the Red Bluff porphyry copper deposit and discovered visible gold in a vein exposed in a nearby creek bed. In 1966, channel sampling on the vein returned assays up to 244 ppm Au over 1.2 m.

From 1980 to 1986, grass roots exploration, soil sampling and trenching were conducted on the Snip property by Cominco. In 1986, Cominco signed a JV agreement with Delaware Resources Corp., who provided the funding for the project, and over two years, drilled over 15,000 m. The work outlined the Main Twin Zone, and a decision was made to go underground in 1988, via a portal at 300 m ASL elevation. An additional 6,800 m of surface drilling, coupled with underground development and related drilling at 12.5 m centers, produced a first reserve estimate for the Main Twin Zone of 940,000 tonnes grading 28.5 g/t Au (Nichols, 1989).

The history of development and mining on the Snip property area has been covered by many authors and is summarized hereafter. The Snip Mine operated between January 1991 and June 1999. A photo of the mine circa 1998 is shown in Figure 6-1. Prime Resources Group Inc. assimilated Delaware Resources in 1995 then bought Cominco’s 60% interest of the Snip Property in March 1996. Homestake Canada Inc. owned a controlling interest in Prime Resource Group at the time and operated the mine until closure and reclamation. In 2001 the property was acquired by Barrick Gold Inc. (Barrick) as part of its acquisition of Homestake Canada Inc.

All historical reports of resources and reserves, including statements of grades and tonnages, were prepared internally by Cominco Ltd. in 1989 prior to the implementation of National Instrument 43-101 standards and should not be relied upon. Past production figures are from audited company records and government sources, including Canada Revenue Agency and BC Mines Branch, and may be relied upon.

The Snip Mine went into production in January 1991 and officially opened on July 25th. Gold ore was mined using conventional shrinkage and cut and fill methods in the lower parts of the orebody, while mechanized cut and fill methods were used in the upper, wider parts of the orebody.

Initial plant design was planned for a daily production of 300 tonnes. Diluted ore reserves at start-up using a 12 g/t gold cut-off totalled 940,000 tonnes grading 28.5 g/t, with a mine life of 10 years at an annual output of 2.9 million grams (93,000 oz).

In the first year, mine production totalled 119,812 ounces from 122,648 tonnes mined. That same year, the first resource estimate on the 150 Vein was calculated at 46,300 tonnes grading 32.0 g/t Au. Peak total ounces produced occurred in 1992 with 165,713 tonnes grading 31.6 g/t (168,011 ounces). A peak production rate of 470 tonnes per day (172,254 tonnes) at an average grade of 25.3 g/t Au occurred two years later.

Figure 6-1: Snip mining operation, circa 1998, looking southwest

The Snip Mine consisted of an underground mining operation, mill, tailings impoundment and ancillary facilities. The mine was a fly-in/fly-out operation which was serviced by air flights from Wrangell, Alaska, Bob Quinn Lake and Smithers to the Bronson airstrip located adjacent to the Snip Mine.

Access to the underground workings was provided by a series of portals that accessed the Main Twin Zone (130, 180, 300, 340, 400, 420, 440, and 520 portals) and Twin West Zone (150 and 225 portals). Access and haulage from the Main Twin Zone workings were provided by the 130 and 180 portals. The mill and ancillary facilities were located north of the mine between Monsoon and Bronson Creeks. The tailings impoundment was constructed in the saddle of a narrow valley forming the headwaters to both Monsoon Creek and Sky Creek. Dams were constructed at each end to form a tailings impoundment approximately 150 m wide and 800 m long. Discharge from the impoundment was directed towards Sky Creek (Sibbick and MacGillivray, 2006).

Ore was mined predominantly by the “cut and fill” method in the wider, generally higher elevation parts of the ore-body where mechanized drilling and mucking occurred, while the narrowest parts saw conventional jack-leg drilling and slushers. Veins intermediate in thickness saw various combinations of these methods. Broken ore was sent down ore-passes to haulage trucks and taken predominantly via the 130 haulage level to the mill. The proportion of mechanized/semi mechanized mining relative to conventional mining dropped significantly over the lifetime of the mine, from 81% of the total mining in 1991, to 42% in 1994, to 16% in 1998 (final full year of production). Annual production rate totals by the various veins is provided in Table 6-1 and production summaries by mining method and recovered gold in Table 6-2 and Table 6-3, respectively. Photos from underground during mining are shown in Figure 6-3.

Table 6-1: Snip Mine production by zone (Homestake, 1998)

Table 6-2: Snip Mine production by mining method

Table 6-3: Plant production annual summaries

The milling operation consisted of a ball mill with gravity jig and a sulphide flotation circuit. Free milling gold came from a gravity jig on the ball mill and separated from the other heavy minerals on a shaker table (Figure 6-2). Gold ore bars were then poured and flown off site. The remaining portion of the gold associated with the sulphide minerals was recovered via flotation resulting in a concentrate containing upwards of 300 g/t gold.

The concentrate was shipped in 1.5 tonne “heavy bags” by hovercraft along the Iskut and Stikine Rivers to Wrangell, Alaska (Figure 6-2). Hovercraft shipments were augmented by air cargo flights through the early years of operation until the hovercraft was phased out completely in 1997 due to high operating costs and inoperability through the winter months. Cargo aircraft capacity was then correspondingly increased to satisfy shipment schedules. Diesel fuel for power transmission at the mine was brought in on the return leg of these trips.

Figure 6-2: Recovery of gold from historical Snip Mine, circa 1998. (Left) Free gold on shaker table, (Right) Heavy bags of sulphide concentrate

Figure 6-3: Mining at the historical Snip Mine, circa 1998. (Left) Jumbo mechanized drilling, (Right) scoop tram exiting 180 level portal

Mine waste generated during operations included waste rock and tailings. During operation, limited waste rock (180,000 Mt) was stockpiled in dumps adjacent to five portals (130, 180, 300, 440 and 150). The majority of the waste rock was ground down and used as hydraulic backfill (280,000 Mt), or placed directly as rock fill underground (344,648 Mt). Tailings were discharged to the tailings pond (Sibbick and MacGillivray, 2006).

When mining ceased in June 1999, the total production of gold from the Snip property was 1,106,510 ounces of gold in 1,250,198 tonnes of rock at an average grade of 27.53 g/t (Black, 1999).

The British Columbia Government reports slightly different totals than company records: “From 1991 to 1999, the Snip Mine produced 32.093 million grams of gold (1,031,822 ounces troy), 12.183 million grams of silver (391,696 ounces) and 249,276 kilograms of copper from about 1.2 million tonnes.” (MEMBC Minfile 104B 250).

The total gold production at closure was roughly 30% greater than the gold resources defined at opening. A significant portion of these extra ounces came from the 150 and 130 footwall veins as they were not part of the initial resource and delineated after production commenced.

An oblique longitudinal section displaying all mined out areas in the Main and Twin West mines are shown in Figure 6-4.

Figure 6-4 Snip Mine underground mine workings

No further mining or mineral exploration work occurred on the property after mine closure until the option agreement was reached in March 2016 between Skeena Resources and Barrick Gold Corp; the owner of the property since assimilation of Homestake Canada Inc. in 2001. Work performed by Skeena since the agreement is described in Sections 9 (Exploration) and 10(Drilling).

Sibbick and MacGillivray (2006) provide a detailed description of the Snip Property mine closure process.

Closure of the mine was initiated following the completion of mining and the suspension of production in June 1999. Site closure operations were completed in October 1999. The isolated location of the mine and its restricted access posed several challenges for closure. Therefore, a comprehensive program was developed to ensure that the site closure could be sustained long-term with minimal post-closure maintenance. Key activities for closure were the:

Reclamation activities were successfully completed by the end of 1999.

The underground workings contained backfill and rock surfaces considered to be potentially acid generating. Therefore, to minimize the potential for acid generation, the mine was flooded to the 300 level, the highest elevation possible. Concrete bulkheads were installed in the 130 and 180 portals to prevent discharge of mine water. The 340, 400, 420, 440, and 520 portals were sealed with a mixture of waste rock and concrete to limit airflow and prevent public access into the mine.

Waste rock dumps that were identified as being potentially acid generating were dismantled and either placed in the subsequently flooded portion of the underground or encapsulated within the tailings pond. The two dumps that were determined to be non-acid generating, the 150 and 180, were used as cover material for the tailings pond. The 300 dump, also non acid generating, was left in place to provide access to the 300 portal, the location of the underground mine drainage.

The tailings were regraded to promote drainage towards Sky Creek, and then capped with a layer of non-acid generating waste rock from the 150 and 180 dumps. A spillway was built at the south end of the impoundment to allow discharge into Sky Creek. The spillway elevation was constructed to maintain the water level within the waste rock layer capping the tailings. A coarse rock blanket was placed in the spillway to prevent potential damming as a result of beaver dam construction. Subsequent settlement of the tailings has resulted in the formation of shallow ponding behind the embankment which ensures saturation during drier periods. Consolidation of the tailings and the migration of vegetation onto the cap have resulted in the development of a naturally formed wetland.

The mill and all ancillary buildings were dismantled and salvaged or buried on site. Small volumes of hydrocarbon contaminated soils were excavated and continue to be land farmed on a lined facility at the old mill site. Recontouring and seeding was carried out on the building areas and roads; revegetation to date has been highly successful.

Sibbick and MacGillivray (2006) provide a detailed description of environmental monitoring on the Snip Property.

Barrick maintained a rigorous monitoring program as part of its Closure Management Manual for the site that includes water quality sampling, geotechnical inspections of the tailings dam and underground portal plugs, aquatic resource monitoring, and land use inspections.

The compliance monitoring point for the Snip Mine site is the tailings pond discharge (TPD) into Sky Creek. This site has been sampled 54 times since closure. Water quality of the discharge has been well below the permitted levels.

Based on the current success of the closure works, and continued success throughout 2006, a reduction in frequency and parameters analyzed for, will be pursued, if prudent. Geotechnical monitoring will also be conducted for the long-term; however, continued consolidation of the tailings over time further mitigates against future potential tailings facility stability issues.

The Iskut River area witnessed an abundance of geological and metallogeny studies from the late 1980’s through the early 1990’s following numerous discoveries and exploration campaigns, becoming known as the “Golden Triangle”.

Earliest work by Tipper and Richards, (1976), Anderson (1989), and MacDonald et al. (1992) among others, established the Triassic (Stuhini Group) and Jurassic (Hazelton Group) stratigraphy of the area, within the Intermontane Belt on the western margin of the Stikine terrane. The unconformity separating the two groups was mapped throughout the “Golden Triangle” by Kyba and Nelson (2015), who established that most of the major deposits in the region, including the Snip deposit, occur within 2.5 km of the unconformity.

Numerous intrusive suites were identified, with the metallogenetically important Texas Creek Plutonic Suite considered coeval with volcanic components of the Hazelton Group. Further regional work by Kyba and Nelson (2015), coinciding with increasing exploration in 2014, resulted in the Bronson corridor map (Figure 7-1) showing the Hazelton and Stuhini Groups intruded by the Lehto plutonic suite.

The Snip property lies at the western margin of their study with applicable portions of their summary and interpretations provided below. In general, strata are gently dipping, as shown by major contacts that follow topographic contours, interrupted by minor, steep, northeast-striking faults. Stuhini Group rocks at the base of the Snippaker Ridge section consist of laminated to thick-bedded greywacke, argillite, siltstone, sandstone, crystal tuff, and rare fossiliferous limestone. Most common are grey-green, fine-grained, locally graded, tuffaceous volcanic wackes containing subhedral to anhedral plagioclase feldspar and up to 10% mafic minerals (replaced by chlorite) and rare detrital quartz (Kyba and Nelson, 2015).

Intrusive rocks in greater Iskut River region comprize five plutonic suites. The Stikine plutonic suite is represented by Late Triassic calc-alkaline intrusions which are coeval with group strata. Copper Mountain, Texas Creek and Three Sisters plutonic suites are variable in composition but are roughly coeval and co-spatial with Hazelton Group volcanic strata. The Tertiary age Coast Plutonic Complex is represented by predominantly granodioritic to monzonitic Eocene intrusions of the Hyder plutonic suite, exposed 12 km south of the Bronson Slope deposit (Britton et al., 1990).

The age, mineralogy and texture of the adjacent Red Bluff porphyry stock (associated with the adjacent Bronson Slope deposit), suggest that it belongs to the economically important Early Jurassic Texas Creek plutonic suite (see Alldrick, 1985; Alldrick et al, 1987; Brown, 1987). Plutons of this suite are located in the Stewart, Iskut River region and range in age from 196 to 185 My (Anderson, 1993; MacDonald et al., 1992., Alldrick et al., 1990).

Figure 7-1: Regional Geology of the Bronson corridor area (Kyba and Nelson, 2015) . Note the distribution of the Early Jurassic Lehto plutonic suite. Red diamonds show locations of U-Pb ages, blue dots represent fossil localities

Kyba and Nelson (2015) noted the spatial relationship of many mineral showings and deposits in the region, and in particular large zones of “quartz-sericite-pyrite” (QSP) alteration, with a major northwest-southeast trending structure named the “Sky fault system” (Figure 7-1). Their interpretation impacts on the Snip Property geology as the western extension of this fault system and broad zones of QSP are found within its boundaries.

“Our analysis of the Sky fault system suggests that the Bronson corridor of alteration and mineralization (Metcalfe and Moors, 1992) was controlled by regional structures. Normal faulting, emplacement of Lehto intrusive rocks, and alteration appear to be genetically related, as indicated by synkinematic dikes and the increased intensity of QSP alteration, polymetallic mineralization, and dike density at the Inel and Khyber prospects toward the Sky fault system.

In this study, we have observed many instances of normal sense motion on strands of the Sky fault system. However, the stress regime during the Early Jurassic may not have been purely extensional. There is limited evidence of dextral sense motion on the Sky fault south of Mt. Johnny. Detailed underground structural study of the Snip vein showed that it formed during normal-oblique (dextral) motion on the minor west-northwesterly, southeast-dipping fault zone that hosts it (Rhys, 1995). Northeasterly faults and trends of intrusions and alteration zones are an important feature of the Bronson corridor” (Kyba, J. and Nelson, J.L., 2015).

“The Lehto pluton, as shown in the Lewis (2013) compilation, is a large, northeast-trending, uniform intrusive body. More detailed observations show a wider diversity of phases, and distribution of Lehto plutonic rocks throughout the belt in small, high-level intrusive centers (e.g., Snippaker Ridge and Mt. Johnny) and as dikes near the Sky fault system. Analysis of the Sky fault system indicates that early normal faults, likely genetically related to alteration, mineralization, and Lehto plutonism, reactivated in a thrust sense during post- Early Jurassic regional shortening. The Sky fault system likely formed close to the boundary of a rift-type basin and enhanced circulation of hydrothermal fluids generated during Lehto suite plutonism to form the deposits of the Bronson corridor” (Kyba, and Nelson, 2015).

Extensive geological work was performed on the property through its early exploration and production period. Studies focused on structural geology, alteration and mineralization as they were the principal controls on ore development. The Master’s Thesis by Rhys (1993) from the University of British Columbia remains the most systematic and detailed evaluation of the property.

A property geology map accurately representing historical and more recent work was produced by Nichols and Giles (2017) (Figure 7-2). It is discussed in subsequent sections.

Figure 7-2 Property geology map

The Stuhini Group that hosts the Snip mineralization was described in detail by Rhys (1993). Rocks exposed in the Snip mine workings were interpreted to represent strata from a stratigraphically intermediate position in the clastic lower succession of Johnny Mountain likely representing turbidites proximal to a volcanic source. Between 70 and 850 m of true thickness in the sequence has been intersected by the Snip underground workings and drilling, measured from west of the 130 portal adjacent to the Red Bluff porphyry to drilling in the south central end of 180 level.

Bedding dips moderately to steeply north to northwest with younging directions, determined from laminated graded beds, are upright and face north. Dips range from 60 to 80 degrees north on 180 level to shallower dips of between 30 to 50 degrees on the 230 to 340 levels. Bedding dips are variable but generally steeply to the north to northwest above the 340 level and on surface above the workings.

Rocks consist primarily of grey weathering massive fine to medium grained poorly sorted and feldspathic to lithic greywacke. Laminated and graded beds of siltstone and mudstone comprizes between 3 and 15% of the sequence with massive coarse-grained greywacke comprising 5-10%. Less abundant matrix supported volcanic conglomerate also occurs throughout. Greywackes sediment comprizes plagioclase (mainly albitic), quartz, K-feldspar, siltstone/mudstone and volcanic rock fragments. The coarser-grained greywackes and the lithic greywackes often contain 0.5-10 cm-sized subrounded biotized mafic minerals and K-feldspar porphyritic intermediate to mafic volcanic clasts, and clasts of tan coloured siltstone or dark grey mudstone. Clasts constitute generally less than 10% by volume.

The Red Bluff Porphyry lies between 500 and 800 m northeast of the Snip deposit and is considered significant in the alteration and mineralization on the Snip Property (Rhys, 1995) (Figure 7-2). It is approximately 2 km long and 250 m wide, and trends northwest along the northeast edge of Johnny Ridge. Contact relationships with the country rock are poorly defined but where intersected by drilling and mine development, are faulted or intrusive.

The Red Bluff Porphyry is a hydrothermally altered K-feldspar megacrystic, plagioclase porphyritic intrusion of probably quartz diorite to quartz monzodiorite composition. The porphyry and adjacent rocks are affected by several styles of alteration and veining that are dominated by pervasive potassic alteration and associated quartz-magnetite-hematite veins. Veinlet and brown biotite ± pyrite occurs broadly and abundantly throughout the greywacke sequence of northern and western Johnny Mountain. Biotite abundance is greatest over an approximately 15 km2 zone in the greywackes within the Snip mine workings, the southernmost kilometer of the Bronson stock, the northwestern end of Snippaker Ridge, and in greywacke and volcanic conglomerate units along the west side of Johnny Mountain.

The possible genetic relationship interpreted by Rhys between the Red Bluff porphyry, alteration and mineralization is important to consider during further exploration of the Snip Property. Rhys’ conclusions are based upon spatial association, alteration assemblages, mineralization and metal zoning, structural fabrics and kinematics, and temporal relationships between alteration, intrusion and mineralization.

Taken together, these relationships suggest that: (1) mineralized structures on Johnny Mountain characterised by Early Jurassic galena Pb isotopic signatures, formed during one magmatically driven hydrothermal event that was synchronous with deformation; (2) metals were not mobilized into the structures by later fluid circulation during a younger phase of hydrothermal activity or deformation; (3) hydrothermal activity and mineralization in the Red Bluff porphyry and the Main Twin Zone were synchronous, and thus the Red Bluff porphyry is a potential local fluid source for the Main Twin Zone; and (4) the biotite envelopes on the Main Twin Zone and shear veins are contemporaneous with potassic alteration on the property.

The distribution and abundance of biotite in areas distal to the Red Bluff porphyry along the west side of Johnny Mountain and the extensive area containing mineralized veins, suggests a more regional fluid source, possibly an underlying batholithic parent to the Red Bluff porphyry (Rhys, 1995) rather than an origin related solely to the Red Bluff hydrothermal system.

A distinctive unit at Snip Mine is the Biotite Spotted Unit, or ‘BSU’. This distinctive dike, that is often found in the core of the principal vein, divides it into two “Twin” portions.

Nichols and Giles (2017) described the unit as a non-mineralized basic to intermediate biotitic dyke that has intruded the vein mineralization. Mining revealed that it mostly followed the plane of the Main Twin Zone, with dips from 50°-70° at the lower and upper elevations, with shallower dips at mid-elevations. Widths range from several decimeters up to 5 m with an average width of 2.5-3 m. It is moderately to strongly biotitized and hosts calcite-pyrite-quartz-sericite-chlorite alteration minerals. Biotite content ranges from 2 to 20% as disseminations, veins and fracture infill.

A small portion of the Snip Property overlies an intrusive body that forms the hillside on the opposite side of a large fault gully to the northwest of the historic Snip mine, termed the “Bronson Stock” described in Nichols and Giles (2017).

The Bronson Stock is a poorly documented heterogeneous, medium-grained equigranular plagioclase-rich clinopyroxene-amphibole bearing diorite. The stock has a poorly constrained Late Triassic U-Pb zircon age of between 197 Ma and 225 Ma obtained from a K-feldspar and plagioclase phyric monzodiorite phase of this unit (Macdonald et al, 1992). It has also been noted by various authors that the stock has been intruded by several dykes, sills; and small stocks, of unknown age and intermediate to mafic composition.

Contacts of the stock with country rocks are not well defined, but where observed in drill core, are either faulted or intrusive. The southwest and northeast contacts appear to be southwesterly dipping. Screens of altered greywacke up to 40 m wide are common throughout the intrusion.

The Jim Porphyry has been interpreted solely from drill hole information as there is very limited outcrop in the southwest portion of the property. Geophysics does not provide strong evidence for an intrusive body of significant size. 2016 drilling on the Jim claims intersected an extrusive unit and possibly an associated intrusive unit. Rocks are described as feldspar-phyric, feldspar-quartz rich pyroclastic fall, ash-lapilli, agglomeratic, debris flow and volcaniclastic sections intruded by mineralogically similar dykes and sills.

Feldspar porphyroblastic dacitic intrusions may have been intersected in previous holes (based on conclusions, and inferences drawn from 2016 core, past drill logs and Rhys (1997) reported images) with some intercepts suggesting they could represent additional porphyry copper targets. Their extents are unknown due to lack of outcrop and drill density and it is conceivable that they may represent Hazelton Group equivalent rocks. Rhys (1997), suggests some of the feldspar porphyroblastic dykes ascribed to the loosely termed and even more loosely defined ‘Jim Porphyry system’, are related to the Jurassic age Texas Creek Plutonic suite. His generalized definition of the ‘Jim Porphyry System’ is based on examination of over a dozen holes. A quartz (vein) stockwork is near ubiquitous in drill holes with several intersecting megacrystic K-feldspar porphyry dykes. Alteration is an assemblage of quartz-sericite-chlorite-albite-pyrite-carbonate. (Nichols and Giles, 2017).

Undeformed lamprophyre dykes of probable Tertiary (Oligocene) age have been mapped and seen in drill core at several locations on the property, as have basalt dykes, possibly correlative with recent volcanism.

Rhys (1993) provides a very thorough and detailed analysis of the structural geology of the Snip Project and surrounding area and its role in focusing fluid flow and mineralization. His work was accurately summarized by Nichols and Giles, 2017.

Several periods of deformation and veining have affected the Snip Mine sequence. Earliest quartz calcite veining is superseded by a (single) shear vein phase, followed by extensional veining. These features are cut by northwest dipping gouge filled faults that have oblique right lateral displacements. At least one set of the extension veins displays reverse shear sense relative to shear veining.

Rhys (1993) cites “consistency of mineralogy, identical progression of the same alteration facies from vein to wallrock, and the continuity of structural thickness from biotite-pyrite veinlets to shear veins suggest that these structures were formed during the same hydrothermal event.” The intimate association of biotite to shears, veining and the overall homogeneity of the alteration envelope are suggestive of a close relationship to the same event. Ore type formation and alteration were in his words, ‘synchronous and part of a protracted process’. Evidence for this is:

Rhys (1993) concluded the BSU dyke was intruded late in the deformation history of the Main Twin Zone, after ore formation, but during the waning stages of the hydrothermal system. Importantly, displacement on the Main Twin Zone and shear veins during the event that offset the extension veins, must have had only minor offset since there is no offset along the dyke, which predates the extension veins. The displacement of the extension veins must thus define a late reactivation of the shear veins that is minor and temporally unrelated to the main period of offset on the Main Twin Zone (Nichols and Giles, 2017).

Gold mineralization at the Snip Mine has been reported from at least six historical zones including the Main Twin Zone, the 150 Vein, the Hangingwall Zone, the Footwall Zone, the 130 Vein and the T-West (‘Twin West”) Zone.

Gangue mineralization is predominately calcite, iron-carbonate, quartz, pyrite, chlorite, and biotite in decreasing order.

Mineralization was divided into the following four types by Rhys (1993):

The mineral association and occurrence of gold within the different types is summarized in Table 7-1.

Table 7-1: Mineralization types in the Main Twin Zone (Rhys, 1993)

Mineralization on the Snip property is unique as it displays structural geological similarities to many Orogenic style gold occurrences yet displays mineralogical and paragenetic similarities to porphyry related veins deposits. An excellent summary classification of the deposit style on the Snip property was provided in Sillitoe and Thompson (1998).

The Snip Au-Cu-Mo-Zn deposit, in the Stewart-Iskut River area of northwestern British Columbia, lies adjacent to the Red Bluff porphyry, an Early Jurassic calc-alkaline, I-type, magnetite-series intrusion of quartz monzodioritic composition. The porphyry hosts a quartz-magnetite-hematite stockwork containing a low-grade gold-copper resource (Rhys, 1995), Similar intrusions associated with porphyry copper-gold mineralization occur throughout the region and were emplaced over an approximately 10 Ma time period in the Early Jurassic (Macdonald et al., 1996). The lead-isotopic signatures of the intrusions, porphyry mineralization and related veins fall in a tight cluster (Godwin et al., 1991).

The Snip deposit exploits the Main Twin Zone shear-vein system, which starts approximately 600 m from the Red Bluff intrusion and extends for >1000 m to the west-northwest. The vein, hosted by Triassic sedimentary rocks, averages 2.5 m in width and dips 30-60° to the southwest (Rhys, 1995). The vein system is characterized by internal mineralogical banding, typically parallel layers of chlorite-biotite, calcite, quartz and pyrrhotite-pyrite, with wallrock alteration dominated by inner biotite and outer K-feldspar-calcite-quartz-sericite (Rhys, 1995).

The historical mining and reserve grades averaged 27–30 g/t Au, with elevated copper (0.15–0.5 %), minor molybdenum (0.01– 0.05 %) and zinc (Zn: Cu<5:1) (Rhys, 1995).

Structural features in the Main Twin Zone indicate oblique-directed shearing under semi-brittle conditions (Rhys,1995). The shear fabrics associated with the gold mineralization in the Main Twin Zone are similar to those described from many orogenic vein gold deposits. The metal association in the veins (Au-Cu-Mo-Zn) and the importance of potassic alteration suggest a magmatic origin for the ore fluid. This is supported by the proximity of the Main Twin Zone to the Red Bluff porphyry as well as the lead-isotopic data (Rhys, 1995). Veins more distal with respect to the Red Bluff porphyry contain higher zinc, lead and silver contents as expected in a zoned porphyry system. The veins in the district can therefore be classified as porphyry related, similar to those in many other porphyry copper systems, although the Main Twin Zone is unusual because of its economic grades and widths, the metal suite and the synchronicity of mineralization and semi-brittle deformation.

The relation of the Snip Property style of gold mineralization relative to the many other styles in the Stewart-Iskut River area was portrayed in Macdonald (1996). His diagram depicting the metallogenetic evolution of the area is provided in Figure 8-1.

Figure 8-1: Schematic Geologic History of the Iskut River area and relation to the Snip mineralization (MacDonald, 1996)

A significant amount of historical exploration work has been conducted on the Snip Property to date. Knowing that mineralization in the region is typically discontinuous and narrow in nature, a unique strategy of discovering an ore body of economic significance is needed. For example, the Main Twin Zone produced greater than 700,000 ounces of gold from a tabular body of rock with dimensions of roughly 2.5 m thick by 200 m across by 500 m in length. Seeing as zones of significant ore can be hidden so surreptitiously, additional holes should be planned for every primary drill target, to fully consider and cover the area of interest. Furthermore, due to the variable nature of these gold deposits, drill hole spacing distances should be as low as possible for effective mineral resource classification.

Exploring for high-grade targets like the Main Twin Zone, which has a small footprint with limited surface expression is hampered by its poor response to geophysical surveys and the area’s thick vegetation and local glacial overburden cover.

Previous work has indicated that high grade mineralization on the Snip Property is contemporaneous with the emplacement of the Red Bluff Porphyry and that, on a broad scale, base metal (Cu-Zn) content in associated veins increases with distance from the porphyry at the expense of gold and silver. The Jim Porphyry to the west represents the only known other intrusive body on the property with a possible affinity to the Red Bluff Porphyry and is a possible exploration target.

Since acquiring the project in 2016, Skeena Resources has focussed exploration efforts on: (1) confirming the existence of gold mineralization previously defined by historical drilling, and (2) delineating further mineralization both proximal and distal to the historical orebody. Skeena has performed surface geochemistry, airborne geophysical surveys and surface and underground diamond drilling (using historical underground workings).

Details of the soil sampling survey are provided in Nichols and Giles (2017).

Reconnaissance soil sampling was conducted on the Jim and West Monsoon Lake grids, whereby a total of 668 samples were collected. Of these, 556 covered portions of the Jim 1, Jim 2, Sky 3 and Snip 3 mineral claims, while 112 were sampled on mining lease 226132 (Figure 9-1).

The programme was designed to expand previous geochemical coverage of the property, specifically over westernmost portions sampling north and north-west of the Twin West Zone, and westward from the easternmost portions of the Jim claims. Stations along GPS navigated lines were at approximately 25 m intervals, with some variance due to topography and extensive forest cover. Line spacing was approximately 100 to 125 m, with consideration for slope of terrain and areas with prominent drainage. Individual sample sites were flagged and marked with respective location numbers. Sample depth was very much dependent on the depth of organic (‘A’ horizon) material, which, in this area can be considerable. A well-developed ‘B’ horizon was sampled, albeit with variable oxidation. Traverses and sample locations were recorded on handheld Garmin GPS instruments. For all samples, sample depth, basic colour, local topography, outcrop and drainage information, were recorded. Several areas planned for sampling were covered with recent sediments and/or were poorly drained; these stations were not sampled.

Analysis of the soil samples suggested the following:

Figure 9-1: Gold soil survey sample locations in ppb

Airborne Geophysical surveying of the Snip Property was carried out in 2016 with a C-824 Cesium Magnetometer using a 10Hz sampling rate. It was flown at 100 m spacing on a heading of 045°/225° with 1000 m spaced tie lines. A total of 171 line-km of data was collected.

Results provide a broad correlation with mapped geology on the property, however topography and thick overburden cover on the southwest portion of the property masked the geophysical response of the area. Figure 9-2 shows the results of the Geophysical Magnetics survey.

Skeena commissioned a surface mapping LiDAR (Light Detection and Ranging) survey of the property in 2017 at a density of 16 points per square m resulting in a 25 cm pixel resolution. The portion of the survey over the Main Twin Zone is provided in Figure 9-3.

In January and February 2019, four polished thin sections were sent to Oliver Geoscience International Ltd. for petrography analysis to compare a biotitic phyllite and BSU units (Oliver, 2019). Biotitic phyllites observed near the Jim Porphyry were thought to be related to the BSU at Snip as they were compositionally similar.

The study highlighted the following points with regards to biotite grain morphology:

The study concluded that that the biotite phyllites were not related to the BSU unit.

Figure 9-2: 2016 geophysical survey magnetics, total field intensity

Figure 9-3: LiDAR survey map of Twin West and the Main Twin Zone area

Surface drilling on the Snip Property has been carried out by multiple operators, with the first drill hole by Cominco in 1986. Since that time, 456 diamond drill holes totalling 102,976 m have been drilled from surface. Figure 10-1 shows the locations of all surface diamond drill holes.

Underground drilling began in 1988. A total of 3,543 underground drill holes have been drilled totalling 252,411 m. Figure 10-2 shows the locations of all underground diamond drill holes.

309 surface holes totalling 71,181 m were drilled between 1986 and 1998 (Figure 10-1) and 3,233 underground drill holes totalling 208,790 m were drilled from 1988 to 1999 (Figure 10-2). A summary of all historical holes drilled by year on surface and underground is presented in Table 10-1.

Table 10-1: Summary of historical surface and underground holes drilled by year

Figure 10-1 Distribution of surface drilling on the Snip Project

Figure 10-2 Distribution of underground drilling at the Snip Project

Since the resumption of exploration on the Snip Property in 2016 until 2021, Skeena have drilled a total of 388 holes totaling 64,040m (Table 10-2). This includes 146 surface drill holes totalling 31,294 m and 242 underground drill holes totalling 33,746 m (Table 10-2), Figure 10-1 and Figure 10-2 respectively).

Table 10-2: Skeena surface and underground drill hole targets

During 2022, Hochschild drilled a total of 69 holes totaling 10,377 m (Table 10-2). This includes 1 surface drill holes totalling 501 m and 68 underground drill holes totalling 9,876 m (Table 10-3, Figure 10-1 and Figure 10-2 respectively).

Table 10-3: Skeena surface and underground drill hole targets

The Snip Mine closed prior to the implementation of NI 43-101 compliance requirements. Reclamation of the mine in 1999 included the disposal of drill core, and all documentation of procedures and methods of drilling, contractors and core size from previous operators.

Omineca Drilling of Burns Lake, BC used a Multi Power Discovery 2 drill to drill HQ-sized core. A Geologist determined the azimuth and inclination of the hole using a hand-held compass. Down hole surveys were conducted by the drilling contractor using a Reflex EZ-Shot® tool. At the completion of the drilling program, all collars were digitally surveyed by Meridian Mapping of Nanaimo, B.C. Equipment using a Trimble® Pro6 using H-Star for post processing differential correction, and a Trimble R8 GNSS Model 2 for the Base Station position.

DMAC Drilling of Langley, BC used two 600V, 100 HP electric hydraulic Hydracore 2000® underground drill rigs, equipped with fire suppression, to drill HQ-sized drill core. Downhole surveying was completed at the end of a hole using a Reflex EZ-Shot tool. All collar surveys were obtained by Skeena staff using a Total Station Theodolite in conjunction with a regular array of permanent ground control stations that were established by Progressive Survey Solutions in 2017.

DMAC Drilling of Langley, BC and Hy-Tech drilling of Smithers, BC were both contracted to perform the drilling work using NQ2-sized drill core (excepting one drill hole S18-031 which was NQ-sized). Downhole surveys were completed every 30 m using a Reflex EZ-Shot or Reflex EZ-Trac tool; measurements of which the drilling contractors collected. Drill collars were surveyed by Skeena staff using a Trimble Geo 7X handheld GNSS system combined with a Zephyr Model 3 Rover Antenna.

DMAC Drilling of Langley, BC used two 600V, 100 HP electric hydraulic Hydracore 2000 underground drill rigs, equipped with fire suppression, to drill NQ2-sized drill core. Oriented drill core was collected for holes UG18-063 to UG18-098 using the ACTIII tool. Drillers were trained to accurately mark the bottom of the drill core run. Oriented core measurements were subsequently completed with an EZlogger® tool using a down-the-hole right hand rule. Downhole surveying was completed every 30 m using a Reflex EZ-Shot, which was completed by the drilling contractor. All collar surveys were obtained by Skeena staff using a total station theodolite in conjunction with a regular array of permanent ground control stations that were established by Progressive Survey Solutions in 2017.

Omineca Drilling of Burns Lake, BC used one Hydracore 2000 drill rig to drill NQ-sized drill core. Downhole surveying was completed every 30 m using a Reflex-EZ-Shot; measurements of which were taken by the drilling contractor. Drill collars were surveyed by Skeena staff using a Trimble Geo 7X handheld GNSS system combined with a Zephyr Model 3 Rover Antenna.

Omineca Drilling of Burns Lake was contracted to carry out the drilling work using a Hydracore 2000 drill rig to drill core using NQ-sized drill core and a combination of HQ and NQ diameters in long holes. Down hole surveying was completed every 30 meters using a Reflex EZ-Shot or Reflex EZ-Trac tool; measurements were collected by the drilling contractor. Drill collars were surveyed by Skeena personnel using either a Trimble Geo 7X handheld GNSS system combined with a Zephyr Model 3 mobile antenna, or a handheld GPS.

Tahltech Drilling Services, Konaleen Drilling Limited, Helm Diamond Drilling and Omineca Drilling were contracted to carry out the drilling work using an NQ-sized drill core. Down hole surveying was completed every 30 m using the Reflex EZ-Shot, Reflex EZ-Trac, Devico Devishot or Devico EZ-Shot tools; the measurements were collected by drilling contractor. Drill collars were surveyed by Skeena personnel using a Trimble Geo 7X handheld GNSS system combined with a Zephyr Model 3 mobile antenna.

Tahltech Drilling Services, Konaleen Drilling Limited, Helm Diamond Drilling and Omineca Drilling were contracted to carry out the drilling work using NQ-sized drill core. Downhole surveying were collected every 30 m using a Reflex EZ-Trac or Devico Devishot tools; measurements were collected by the drilling contractor. Drill collars were surveyed by Skeena personnel using a total station in conjunction with a regular series of permanent ground control stations that were established by Progressive Survey Solutions in 2017.

More Core Diamond Drilling Service from Stewart, BC, was contracted to carry out the drilling work using an NQ-sized drill core. Down hole surveying was completed every 30 m; measurements were collected by the drilling contractor. Drill collars were surveyed by Hochschild personnel using a Trimble Geo 7X handheld GNSS system combined with a Zephyr Model 3 mobile antenna.

More Core Diamond Drilling Service from Stewart, BC were contracted to carry out the drilling work using NQ-sized drill core. Downhole surveying were collected every 30 m by the drilling contractor. Drill collars were surveyed by Hochschild personnel using a total station in conjunction with a regular series of permanent ground control stations that were established by Progressive Survey Solutions in 2017.

Drill core was transported daily by truck or helicopter to the logging facility at the Snip camp. Drill core was logged and sampled at the core logging facility located at the Snip site. Core logging was conducted in a well-lit core shack in appropriately labelled core boxes. Details on core handling and sampling are presented in Section 11. All drill core was geotechnically assessed (recovery, RQD, faults, etc.) and geologically logged (lithology, structure, veining, alteration, and mineralization) prior to being marked up for sampling and photography. Core logging information was recorded in the GeoSpark® core logging software, which includes data validation, picklists, and minimum required fields to ensure data captured was consistent and valid. Additional data validation was conducted by the Skeena’s database manager.

Diamond core recovery data is available for all Skeena drill holes. The overall average core is excellent averaging 97.2% recovery.

Upon completion of surface drilling in 2016, 2018, 2020 and 2021 casing was left in the hole. In 2019, holes that were drilled below the 300-portal level were cemented. All man-made materials and set-up timbers were removed from the drill sites and all trees felled were cut into 1.3 to 2 m lengths. Before and after pictures are taken at each site and then submitted to the BC Provincial Government as part of the Notice of Closure (NOC).

All drill core is stored on the Snip site, across the road from the Snip camp.

A total of 28 drill holes totalling 7,422 m of helicopter-supported surface diamond drilling was undertaken by Skeena between early August and mid-October 2016 (Figure 10-1). The program was designed to confirm and expand historical drill results in the eastern Main Twin Zone, 130 Vein, 200 Footwall and Twin West. In these areas, the drill program encountered many prospective intercepts greater than 10 g/t Au over widths of >2 m. The more distal Jim Porphyry and Gold Ring targets provided less prospective results with isolated values reaching a maximum of 1.44 g/t Au over a length of 1.8 m.

Highlights of the 2016 program confirmed and expanded significant high-grade vein structures, including the 200 Footwall zone, as shown in results in Table 10-4.

Table 10-4: Significant Intercepts from the 2016 drill program

Underground access was gained to the rehabilitated historical mine workings above the 300-level portal in October 2017. This facilitated more efficient and accurate drilling of targeted areas within and proximal to existing historical mine workings.

Drilling priorities were fourfold: (1) Explore prospective areas adjacent to existing underground developments for immediate resource expansion. (2) Target the numerous mineralized footwall structures not previously included into the historical mine plan. (3) Confirm and/or define the mineralization extents of the remaining ore left unmined in the Main Twin Zone and 150 Vein. (4) Test unmined areas deeper in the footwall including the 130 Vein, 412 Corridor and 200 Footwall.

In total, 62 holes totaling 8,703 m was drilled, which confirmed and extended the targeted areas. Figure 10-3 and Figure 10-4 highlight the results of the 2017 underground drilling campaign.

Figure 10-3: Cross section 4895E of the unmined eastern Main Twin Zone and 412 Corridor, facing west (infill, confirmation and expansion drilling)

Figure 10-4: Cross section 4475E of the lower unmined Main Twin Zone and 150 Vein, facing west (2017 confirmation and infill drilling)

Six drill holes totalling 2,121 m were drilled from surface collars to target the lower Main Twin Zone, Jim Claim and Sky Creek Shear Zone (Figure 10-1).

Two holes drilled on the Jim Porphyry target were designed to test a high gold anomaly in soils, while attempting to extend a mapped potassic zone with quartz stockwork veining to the south. A notable interval of quartz-calcite veining (>10%) was intersected in hole S18-033 from 169.00 to 212.00 m associated with 2-10% disseminated to blebby pyrite ± galena, sphalerite, chalcopyrite and pyrrhotite. The mafic phyllite intersected intermittently from 298.26 to 342.43 m was initially interpreted as the BSU due to its high biotite content and similar phenocryst-spotted texture. Petrographic analysis of several samples showed that these mafic phyllites have higher iron and titanium contents reflecting chemistry and sources differences to the BSU. No significant assay results were returned for either of these drill holes and they were unsuccessful in extending zones of potassic alteration reported further to the south.

Hole S18-034 was drilled north of the Sky Creek Shear Zone, close to the Bronson Stock, which targeted a high gold soil anomaly. This hole collared into a quartz monzonite and progressed to a homogenous greywacke sequence at 24.15 m, which continued through to the end of the hole. No significant assay results were returned.

Three deep holes were drilled to test the western vein extension down dip of the Main Twin Zone. No significant assay results were returned.

Forty-six holes totalling 9,088 m were drilled from underground. The 2018 program was designed to: (1) further delineate areas of known mineralization with increased drill density, and (2) expand newly modelled zones with the use of widely spaced exploratory drill step outs. The primary targets were the eastern Main Twin Zone, the 412 Corridor and the 200 Footwall zone, as well as other footwall structures.

The eastern part of the Main Twin Zone was less densely drill defined by the former operators and never developed. The 2018 drilling focused on infill drilling in this drilling as well as testing depth extensions (Figure 10-5)

The 412 Corridor is characterized by a network of discrete, structurally controlled veins geologically akin to the historically mined 130 and 150 veins.

The 200 Footwall Zone is a parallel structure geologically and structurally analogous to the mineralization hosted in the Main Twin Zone. The Footwall received limited underground drilling from previous operators. The lack of drilling and geological similarities to the Main Twin Zone make it a strategic exploration target and the 2018 program was designed to expand upon this newly modelled and largely untested area.

The program demonstrated confirmation and grade continuity in the eastern Main Twin Zone and 412 Corridor and expansion of the 200 Footwall Zone.

Figure 10-5: Cross section 4850E of the eastern Main Twin Zone, facing west (2018 infill and expansion drilling)

Skeena drilled 8 surface drill holes totalling 1,816 m targeting the 200 Footwall (further west of the holes drilled during the 2018 Program). The program was designed to validate an isolated historical and incompletely sampled high grade intersection in the 200 Footwall zone drilled in 1997. The hole intersected 200 Footwall mineralization, as well as identified mineralization 75 m deeper where historical holes had not formerly tested. Significant intervals also intersected mineralization in the hanging wall of the 200 Footwall zone (Table 10-5).

Table 10-5: Significant Intercepts from the 2019 drill program

Nine holes totaling 5,327 m were drilled from the surface to target the eastern and western zone of the Twin South structure, with the objective to intercept the extensions of the Main Twin Zone and the 130, 150, 200 footwall and 412 vein structures (Figure 10-5). The latter vein structures are sub-parallel and analogous to mineralization in the Main Twin Zone.

Situated in the below the Main Twin Zone, two new occurrences of high-grade, vein-hosted gold mineralization have been discovered during the 2020 exploration program. Drill hole S20-049 intersected a previously unidentified zone averaging 29.52 g/t Au over 4.03 m including 65.60 g/t Au over 1.14 m and 31.10 g/t Au over 1.03 m. The second zone occurs 20 m further downhole averaging 37.78 g/t Au over 2.86 m including 29.60 g/t Au over 1.32 m and 44.80 g/t Au over 1.54 m. These new intercepts occur in an area devoid of previous drilling and are open for expansion. The same drill hole also predictably intersected the known Main Twin Zone mineralization which graded 45.76 g/t Au over 5.60 m including 41.80 g/t Au over 0.90 m and 177.00 g/t Au over 1.16 m.

A total of 95 holes were drilled from surface for 14,608 m of drilling (Figure 10-6). The 2021 drilling program was designed to: (1) delineate zones of known mineralization with increased drilling density and (2) expand known orebodies. The main drilling targets were the Main Twin Zone, Corridor 412, 200 Footwall vein, the extension of the 130 and 150 veins, as well as other mineralized structures in the Footwall zone. This program was successful in expanding veins and confirming vein interpretations through the increased drill density.

A total of 134 holes with 15,955 m of drilling were completed from underground drilling stations located in the central and northern areas of the Project (Table 10-5). This campaign focused on the S-veins and footwall structures.

Access to the underground workings was through the rehabilitated historical workings above level 300, this facilitated more efficient and precise drilling of specific areas within and close to the existing historical mining workings. The priorities for this drilling campaign were fourfold: (1) explore prospective areas adjacent to existing underground development for immediate mineral resource expansion, (2) target numerous mineralized footwall structures that were not included in previous drilling campaigns, (3) test deeper unmined areas in the Footwall zone, including the 130 vein, Corridor 412 and the 200 Footwall vein, and (4) twin drill 8 holes to validate the historical assays and mineralized intervals. The program was successful in meeting its objectives.

Figure 10-6 shows an example of the expansion of the vein system in 2023 relative to the 2020 model.

One hole totalling 501 m was drilled from surface to test the deep, down dip and western extension of the most western V-Veins and S-Veins. No significant assay results were returned.

Sixty-eight holes totalling 9,876 m were drilled. Twenty of these holes were drilled to validate historical assays and intervals.

The priorities for this drilling campaign were to test and confirm the structures in the Footwall zone, including the 130 vein, 150 vein, 412 Corridor and the 200 Footwall vein. The program was successful in expanding and confirming vein continuity in these zones.

Two deep drill holes (~750m) were drilled to test for structures below the 200 Footwall. No significant assays were returned.

One shallow, long hole was drilled towards the southeast to test the up-dip potential for veins in the hangingwall above the Main Twin Zone. No significant assays were returned.

The QP is of the opinion that the drilling, core logging, and sample handling procedures have been conducted using industry best practices. The appropriate level and quality of information has been obtained to provide sufficient confidence in drill hole spatial location for 3-D geological and grade modelling of the Snip Project. There are no apparent drilling or recovery factors that would materially impact the accuracy and reliability of the drilling results.

Figure 10-6: Cross section 4850E of the 412 area showing expansion of the veins from the 2021 drill program

Sample preparation, analysis, and security for the years 2016 to 2022 inclusive are summarized in this section. Sample preparation and analysis information prior to 2016 were not retained by the previous owner.

Most of the samples collected between 2016 and 2022 were from NQ or NQ2-diameter diamond drill core. Drill core was placed in core boxes at the drill rig (both on surface and underground), with drill footage markers recorded on wooden spacers and drill hole numbers and box numbers recorded on each box. Core boxes were nailed shut and transported via helicopter (for surface holes) or by truck (for underground holes) to Skeena’s core logging facility at the Snip camp site (Figure 11-1). Core was then geologically and geotechnically logged and photographed prior to being cut. Each box was marked with Dymo® tape with drill hole ID, box number and depth and stored in cross piles at the Snip camp site (Figure 11-2).

Figure 11-1: Snip camp site core shack

Assay sample intervals were delineated by the core logging geologist, taking geology into account. Sample intervals were generally broken at key lithological and mineralization lode contacts using no less than 0.5 m and no more than 1.5 m lengths. Sample intervals were marked in red china marker on the core and the corresponding sample assay tag was placed within the denoted interval to be sampled. All underground and surface drilling were half core sampled leaving the remaining half in the core yard for reference purposes.

Figure 11-2: Drill core cross piles at the Snip camp (photograph courtesy of C. Chung, 2020)

Geological and geotechnical logging was performed in Geospark® software using Panasonic Toughbooks®. Geotechnical measurements included ‘from’ and ‘to’ measurements, recovery length, RQD and number of joints and longest stick. Geological attributes recorded included lithology, alteration, veining, mineralization, faults, breccias and structures. For each attribute, an intensity range between 1 and 5 may have also been recorded.

Sampled drill core was placed in numbered polybags with appropriate sample tags. Sample bags were then grouped and sealed in appropriately labelled rice sacks with tie wraps, and flown via helicopter to the McLymont staging area where they were locked in a Sea-Can® container before being shipped by ground transportation to the respective preparation facilities: ALS in Terrace, BC in 2016, Actlabs in Kamloops, BC in 2017, ALS in Kamloops, BC between 2018, and 2022. Hard copies of sample manifests were enclosed with each shipment and emailed directly to the sample preparation facilities ahead of shipping. Ground sample preparation using Rugged Edge Holdings picked up the samples and delivered them to Bandstra in Smithers, BC, for shipping. The preparation facilities sent an email once samples were received and that date was recorded.

Once the samples had been prepared, they were sent directly to their respective analytical laboratory: ALS in North Vancouver, BC in 2016, Actlabs in Kamloops, BC, Timmins, ON, or Thunder Bay, ON in 2017, and ALS in North Vancouver, BC between 2018 and 2022.

Skeena’s protocol is to conduct routine laboratory site visits to address any concerns with the preparation or analytical procedures. In February 2019, Mr. Geddes from Skeena Resources visited the ALS analytical facility in North Vancouver. He was satisfied with the condition of the equipment, the cleanliness of the facility, the sample logging methodology, the process methodology, and overall attention to quality control.

ALS Vancouver has been the primary analytical laboratory for the analysis of samples from the Snip Gold Project in 2016, 2018, 2019, 2020, 2021 and 2022, whereas Activation Laboratories Ltd. (Actlabs Kamloops) was used during the 2017 drilling campaign. The umpire check analytical laboratory in 2016, 2018, and 2022 was SGS Canada Inc., and ALS Vancouver in 2017. The ALS analytical laboratory in Vancouver is an International Organization for Standardization (ISO) 9001-2015 certified and ISO 17025:2005 United Kingdom Accreditation Service (UKAS) ref. 4028 accredited laboratory. Actlabs has both ISO 17025:2017 and ISO 9001:2015 accreditation and SGS Mineral Services is ISO 9001:2015 certified. These laboratories are all independent of Skeena.

The addresses of the laboratories are as follows:

Primary sample preparation methods and analytical packages used for the Snip Project from 2016 to 2022 are summarized in Table 11-1.