UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of July 2023
SKEENA RESOURCES LIMITED
(Translation
of Registrant's Name into English)
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001-40961 |
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(Commission
File Number) |
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1021
West Hastings Street, Suite 650, Vancouver, British Columbia, V6E 0C3, Canada |
(Address
of Principal Executive Offices) |
Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F:
Form 20-F ¨ Form 40-F x
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Exhibit 99.1 to this report, furnished on Form 6-K, is furnished,
not filed, and will not be incorporated by reference into any registration statement filed by the registrant under the Securities Act
of 1933, as amended.
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: July 18, 2023
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SKEENA RESOURCES LIMITED |
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By: |
/s/ Andrew MacRitchie |
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Andrew MacRitchie |
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Chief Financial Officer |
Exhibit 99.1
Skeena Provides
Update on Near Term Value-Generating Catalysts
Vancouver, BC (July 18, 2023) Skeena Resources
Limited (TSX: SKE, NYSE: SKE) (“Skeena” or the “Company”) is pleased to provide an update on
several near-term catalysts expected to drive growth at its 100% owned Eskay Creek and Snip Projects (the “Projects”) located
in the Golden Triangle of northwest British Columbia, Canada. This update is mainly focused on technical optimization of the Projects,
specifically related to exploration, metallurgy, and engineering studies.
Randy Reichert, Skeena’s President &
CEO, commented “We anticipate 2023 to be a transformational year for the Company as we progress from exploration and project studies
into development. Skeena’s primary focus is continued growth at both Projects through advancement of engineering and metallurgical
optimization. Several near-term milestones are expected in the second half of this year with a goal of growing the mine life and net present
value of Eskay Creek, continuing to increase value for all stakeholders.”
Table 1: Near Term Value-Generating Catalysts
for Skeena
Catalyst |
Expected Completion Date |
Updated Mineral Resource Estimate for Eskay Creek |
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x |
Completed Q2 2023 |
Increased Land Package Surrounding Eskay Creek |
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x |
Completed Q3 2023 |
Metallurgical Optimization & Simplified Flowsheet at Eskay Creek |
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¨ |
Expected Q3 2023 |
Updated Mineral Resource Estimate for Snip |
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¨ |
Expected Q3 2023 |
Exploration Results from Eskay Creek |
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¨ |
Expected Q3/Q4 2023 |
Definitive Feasibility Study for Eskay Creek |
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¨ |
Expected Q4 2023 |
Maiden Engineering Study for Snip |
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¨ |
Expected Q1 2024 |
Below highlights the details of the key technical
updates in Table 1 that Skeena has recently completed or expects to complete in the near-term at both Eskay Creek and Snip.
Updated Mineral Resource Estimate for Eskay
Creek (completed Q2 2023)
Skeena published an updated Mineral Resource
Update (“MRE” or “Resource”) for Eskay Creek on June 20, 2023. This update highlighted a total increase
of 8%, adding over 430,000 gold equivalent1 (“AuEq”) ounces to the MRE. With 73% of the Resource now being in
the Measured and Indicated categories the Company expects a large percentage to convert to Reserves, potentially adding a year or more
of mine life to Eskay Creek in the Q4 2023 Definitive Feasibility Study (“DFS”).
Increased Land Package Surrounding Eskay
Creek (completed Q3 2023)
The Company recently increased its land package
by acquiring five new claims surrounding Skeena’s existing Eskay Creek and Eskay North claims. These new claims cover the interpreted
northeastern extension of the Eskay Creek Rift system, which has the potential to host additional mineralization. With a total land package
now exceeding 100,000 hectares, the Company has one of the largest land positions held for mining in the mineral-rich Golden Triangle
region of British Columbia.
1 AuEq in this release have factored
metallurgical recoveries as per the calculation: AuEq = ((Au (g/t)*1700*0.84) + (Ag (g/t)*23*0.88)) / (1700*0.84). US$1,700/oz Au, US$23/oz
Ag, 84% gold recovery and 88% silver recovery.
![](https://www.sec.gov/Archives/edgar/data/1713748/000110465923081952/tm2321516d1_ex99-1img005.jpg)
Metallurgical Optimization & Simplified
Flowsheet at Eskay Creek (expected Q3 2023)
Following the 2022 Eskay Creek Feasibility Study
(“FS”), Skeena has continued metallurgical test work using representative samples of Eskay Creek material. The focus
of this work has been to simplify the process flowsheet and improve the quality of the concentrate expected to be produced from the flotation
plant. Recent testing has shown significant improvements in flotation concentrate quality due to better flotation kinetics and employing
a finer re-grind particle size distribution. The Eskay Creek processing plant is now expected to be a traditional flotation plant with
a single stage of rougher flotation and a simple re-grind and flotation cleaning circuit. This change represents a likely reduction
in both process plant capital costs and operational costs. Gold recovery within the modified process is expected to be comparable
to the 2022 FS.
Updated MRE for Snip (expected Q3
2023)
Skeena plans to release an updated MRE for their
Snip Project which will incorporate an additional 307 drillholes totaling 46,268 metres of drilling. The majority of the new drilling
was completed by Hochschild Mining under their option agreement before Skeena regained 100% ownership of the project on April 5,
2023. The additional drilling is expected to expand and upgrade Inferred ounces to the Indicated category.
Exploration Results from Eskay Creek
(expected Q3/Q4 2023)
Three drills are currently operating at Eskay
Creek, two of which are focused on the Eskay Deeps target in search of high-grade mineralization hosted in the Contact Mudstone at depth
and along strike of the currently defined deposit. The third drill is focused on exploring for additional near mine mineralization that
may be amenable to open-pit mining in proximity to the already defined resources at Eskay Creek. Assay results are expected to be released
in fall 2023.
Skeena’s Senior Vice President of Exploration &
Resource Development, Paul Geddes, commented “Our thesis that the mineralized Eskay Creek Rift system continues at depth beyond
the delineated NEX Zone was proven in 2022 with drill hole SK-22-1081, which intersected 3.79 g/t Au, 59.4 g/t Ag over 32.19 metres. This
new occurrence is 650 metres down-dip of the current Resource and opens up a substantial area of new exploration potential. We are excited
for this new phase of exploration at Eskay Deeps to test the true size potential of the Rift.”
Definitive Feasibility Study for Eskay Creek
(expected Q4 2023)
The Company is progressing towards the completion
of a DFS for Eskay Creek. The updates that will be incorporated into the Study include the recently updated MRE, metallurgical optimization,
refinements to the mill flowsheet, updated capital expenditure figures, and modifications to the open-pit mining method to enhance selectivity
and minimize dilution. Skeena anticipates these updates to increase confidence in successful execution and extend the life of mine, ultimately
increasing the value of Eskay Creek.
![](https://www.sec.gov/Archives/edgar/data/1713748/000110465923081952/tm2321516d1_ex99-1img006.jpg)
![](https://www.sec.gov/Archives/edgar/data/1713748/000110465923081952/tm2321516d1_ex99-1img005.jpg)
Maiden Engineering Study for Snip
(expected Q1 2024)
Following the completion of an updated MRE for
Snip in Q3 2023, Skeena will work to finalize an engineering study on the project. The study will highlight Snip as a potential satellite
operation, providing ore to a centralized mill at Eskay Creek. The Company expects the additional ore from Snip to further bolster the
mine life at Eskay Creek and increase payabilities of the concentrate.
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,
Walter Coles |
Randy Reichert |
Executive Chairman |
President & CEO |
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 prepared, validated, and approved the technical and scientific content of this news release.
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.sedar.com or on
EDGAR at www.sec.gov.
![](https://www.sec.gov/Archives/edgar/data/1713748/000110465923081952/tm2321516d1_ex99-1img006.jpg)
![](https://www.sec.gov/Archives/edgar/data/1713748/000110465923081952/tm2321516d1_ex99-1img005.jpg)
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.
![](https://www.sec.gov/Archives/edgar/data/1713748/000110465923081952/tm2321516d1_ex99-1img006.jpg)
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