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Tuesday, May 30, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Gold

Skeena Resources receives award for work at Eskay Creek Gold-Silver Project

The award is granted to either an individual or a team to acknowledge accomplishments or contributions to mining exploration in Canada

Skeena Resources receives award for its work at the Eskay Creek Gold-Silver Project
Platform at the Askay Creek Project. Image via Skeena Resources.

Skeena Resources Limited (TSX: SKE) (NYSE: SKE) exploration team has been awarded the 2023 A.O. Dufresne Exploration Achievement award for its success and resource growth at its Eskay Creek Gold-Silver Project.

The award recognizes outstanding accomplishments or notable contributions to mining exploration in Canada, and is given to either an individual or a team. Skeena will receive the award at the Canadian Institute of Mining, Metallurgy and Petroleum Awards Gala on May 1, 2023.

The team at Skeena is dedicated to reviving the past-producing Eskay Creek mine, located in the Tahltan Territory of British Columbia’s Golden Triangle. This mine is now classified as one of the highest-grade gold-silver mines globally, with significant mineralization that has been the focus of exploration activities since 1932.

Despite this success, the Eskay Creek property remains largely underexplored, and Skeena has been conducting regional and near-mine exploration activities to enhance the resource and reserves base. Currently, the project has open-pit reserves of 30 million tonnes at 2.99 g/t gold and 79 g/t silver in the proven and probable categories.

In 1988, exploration efforts led to the discovery of the 21A and 21B zone, eventually leading to the opening of the Eskay Creek mine in 1994. During its production years (1994-2008), Eskay was the highest-grade gold mine globally, producing 3.3 million ounces of gold and 160 million ounces of silver at average grades of 45 g/t gold and 2,224 g/t silver.

Additionally, the company released the project’s feasibility report in the second half of 2022, which indicated an after-tax net present value of CAD$1.4 billion, using a discount rate of 5 per cent, with an after-tax internal rate of return of 50.2 per cent.

Read more: NevGold to hit the ground running at Limousine Butte in 2023: Caesars Report

Read more: NevGold submits exploration and expansion plans for gold project in Nevada

Skeena Resources revives Eskay Creek mine in BC

A.O Dufresne, an esteemed past president of CIM, who rendered exceptional service to the mineral industry. Dufresne made important contributions to the understanding of the geology of the Canadian Shield and the identification of new mineral deposits. He was instrumental in the discovery and development of the Noranda Mines’ Geco mine in Ontario, which became one of the largest copper-zinc mines in the world.

“We are honoured to receive this award and would like to thank CIM for the recognition of our exploration success at Eskay Creek,” said Randy Reichert, Skeena’s president and CEO.

“Led by Paul Geddes, our exploration team has had a number of significant discoveries which have ultimately increased our resources and reserves on the project.”

Recognition can be given for contribution or achievement through various means such as innovation, research, project management, education, or any exceptional personal accomplishment that expands or improves exploration in the Canadian mining industry.

Previous winners for the past three years include geologists Charlie Greig, Bob Wares and the team from Great Bear Resources, now Kinross Gold Corp (NYSE: KGC), for their work on the Dixie property in Red Lake, Ontario.

Skeena Resources shares remained flat at $8.69 on the Toronto Stock Exchange.

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