Business
Skeena Announces Proceeds of C$30.4 Million from Warrant Exercise
VANCOUVER, BC / ACCESSWIRE / March 24, 2022 / Skeena Resources Limited (TSX: SKE)( NYSE: SKE...
About this update from Skeena Resources Limited
[{"type":"text","content":"Skeena Announces Proceeds of C$30.4 Million from Warrant ExerciseVANCOUVER, BC / ACCESSWIRE / March 24, 2022 / Skeena Resources Limited (TSX:SKE)(NYSE:SKE) (\"Skeena\" or the \"Company\") is pleased to announce that the Company has received approximately C$30.4 million from the exercise of 2,812,500 warrants (the \"Warrants\") held by Barrick Gold Corporation (\"Barrick\"). The Warrants were originally issued to Barrick with an exercise price of C$10.80 on October 5, 2020 in connection with Skeena acquiring 100% of the Eskay Creek gold-silver project (\"Eskay Creek\" or the \"Project\") located in the Golden Triangle of British Columbia, Canada.Proceeds from the exercise of these Warrants will be used by the Company to fund 60,000 metres of exploration drilling planned for Eskay Creek in 2022. A skid-based drilling program is expected to commence on the Project in April, followed by a helicopter supported drilling program consisting of eight diamond drill rigs in June. The fully funded exploration program will focus on supplementing the existing mine plan with additional near surface mineralization amenable to open-pit mining methods and will be paralleled by exploratory drill testing of the deep Mudstone extensions north of the former Eskay Creek mine. Allocation of meterage will remain results driven. Expansion and delineation drilling will also occur in the new 21A West Zone as well as the recently discovered 23 Zone.About SkeenaSkeena Resources Limited is a Canadian mining exploration and development company focused on revitalizing the past-producing Eskay Creek gold-silver mine located in Tahltan Territory in the Golden Triangle of northwest British Columbia, Canada. The Company released a Prefeasibility Study for Eskay Creek in July 2021 which highlights an open-pit average grade of 4.57 g/t AuEq, an after-tax NPV5% of C$1.4B, 56% IRR, and a 1.4-year payback at US$1,550/oz Au. Skeena is currently completing both infill and exploration drilling to advance Eskay Creek to a full Feasibility Study in 2022.On behalf of the Board of Directors of Skeena Resources Limited,Walter Coles Jr.President & CEOContact InformationInvestor Inquiries: [email protected] Phone: +1 604 684 8725Company Website: www.skeenaresources.comQualified PersonsExploration activities at the Eskay Creek Project are administered on site by t...