Skeena Resources Ltd (SKE): announcements explained, share price

Announcements, explained

Each one in plain English, with the numbers worked through for a shareholder.

19 Jan 2022drilling result▲ GoodMajor

A genuinely new zone, the 23 Zone, was found 200 metres east of the high-grade 21A Zone and outside the current pit-constrained resource, starting only 15 metres below surface: SK-21-947 returned 2.14 g/t gold and 14.6 g/t silver (2.33 g/t AuEq) over 59.91 metres, SK-21-945 1.08 g/t AuEq over 90.00 metres and SK-21-946 1.72 g/t AuEq over 43.39 metres. Previous operators had drilled the ground in 1990 but sampled only selected intervals, which is why they missed it - a 1990 hole metres away reported just 1.97 g/t over 2.00 metres.

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13 Jan 2022auditor change● Neutral

Grant Thornton resigned as auditor at the company's request and KPMG took over from 6 January 2022, approved by the audit committee and board. The notice states there were no reservations in Grant Thornton's reports for the last two years and no reportable events.

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27 Dec 2021capital raising announcement▲ GoodMajor

The Franco-Nevada placement closed on 23 December 2021 for C$30.9 million gross, earmarked for Canadian exploration spending. The royalty right of first refusal was granted as described, and the two companies also amended their existing royalty agreement so it covers the same ground as Barrick's.

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13 Dec 2021capital raising announcement▲ GoodMajor

Franco-Nevada agreed to buy C$30.9 million of flow-through shares (1,471,739 at C$21.00) in a non-brokered placement, and in return got a right of first refusal over a 0.5% net smelter royalty on Eskay Creek - the same half that Skeena can buy back from Barrick for C$17.5 million until October 2022. If Skeena has not sold that royalty to anyone by 2 October 2023, Franco-Nevada can take it for C$22.5 million.

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8 Dec 2021drilling result▲ GoodMajor

Twelve shallow air-rotary holes (212 metres in total) drilled from a barge on the Albino Waste Facility - the historic waste and tailings pond, not in-situ ore - returned 5.90 g/t gold and 317 g/t silver (10.13 g/t gold-equivalent) over 16.77 metres in SK-21-899 and 8.80 g/t AuEq over 13.72 metres in SK-21-903. Combined with the Phase I holes drilled earlier in 2021, twenty holes now average 13.20 metres thickness at 4.03 g/t gold and 163 g/t silver, over an area 350 by 125 metres; the rest of the facility is untested.

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