Skeena Resources Limited provided an update on the grassroots regional assessment of its 100% owned KSP Property ("KSP" or the "Property"), located 24 kilometers southwest of Eskay Creek in the Golden Triangle of British Columbia, Canada. KSP was acquired by Skeena on June 1, 2022 following the acquisition of QuestEx Gold & Copper Ltd. This acquisition added a total of 64,000 hectares of largely unexplored, highly prospective regions to the Company's already significant land package. The first pass of exploration on the KSP Property this year was completing property-scale stream sediment sampling to identify geochemical anomalies.

Based on the results of these efforts and historical data, the team completed geological mapping, sampling, and prospecting with the objective of identifying the source, style and scale of mineralization present. Select rock sample results from KSP that Skeena has received to date are detailed below. Field work this season at KSP has successfully identified a continuum of mineralization styles including deeper Au-Cu porphyry style mineralization, peripheral skarn and replacement styles of mineralization as well as high-level epithermal veins along a 17-kilometer long section of the prospective Bronson Corridor.

The Tami, Pins and Khyber Gap targets highlighted on the map below are all located on the Bronson Corridor. The Bronson Corridor is a 25-kilometer long mineralized belt of receptive Upper Triassic Stuhini Group volcanic and sedimentary units and Lower Jurassic Hazelton Group volcanic and volcano-sedimentary units intruded by Early Jurassic plutons, stocks, and dikes of the Lehto batholith. It extends southeast from Skeena's past-producing Snip mine and is characterized by extensive quartz-sericite-pyrite alteration zones and precious and base metal-rich veins and stockworks spatially associated with the intrusive suite.

The Bronson Corridor is bound to the southwest by the regional-scale Sky Fault System, a set of basin-bounding normal faults that were reactivated as post-mineral reverse faults and likely localized the emplacement of Early Jurassic intrusions and related Au-Cu porphyry mineralization. Skeena considers KSP early stage given the historically fragmented ownership, former depressed commodity prices and lack of sufficient funding to systematically explore the district. Excluding the Inel prospect, only 12,514 metres of widely spaced, shallow historical drilling has been completed on the Property.

With the Company's focus this season being property-scale, early-stage data compilation that will assist in methodically evaluating the mineral potential and help define more focused targets moving forward, the technical team was very encouraged with the results and identification of three exciting targets: Tami, Khyber Gap, and Pins. The Tami target is identifiable by a 6 x 2.5-kilometer package of strongly quartz-sericite-pyrite altered andesitic volcanic rocks that comprise an elongated northeast trending ridge in the central part of the Property. High tenor Au-Cu mineralization has been confirmed in rock grab samples from select areas within the andesitic cover rocks and also from propylitic to potassic altered intrusive dikes cut by multi-generational porphyry style veins: 14.20 g/t Au, 11.4 g/t Ag, 1.09% Cu, 0.05% Zn (K063909); 9.26 g/t Au, 6.9 g/t Ag, 0.71% Cu, 0.02% Zn (K063916) and 2.39 g/t Au, 5.9 g/t Ag, 0.72% Cu, 0.13% Zn (K063913).

Limited historical drilling of 6,261 metres over 40 holes focused on the near surface environment with the average hole length only measuring approximately 150 metres. The interpreted deeper intrusive body underlying the andesite cover rocks has yet to be drill tested. In the northwest part of the KSP Property, receding glaciers have exposed new Au-Ag-Cu-Zn sediment hosted, replacement style mineralization at the Khyber Gap target.

Grading 6.52 g/t Au, 27.40 g/t Ag, 0.14% Cu and 3.82% Zn, this new exposure is located near the Sky Fault in an area two kilometers south-southwest of the Inel prospect. Based on historical descriptions from Inel, mineralization at Khyber Gap appears to be similar in nature and suggests potential to expand this style of mineralization into new areas. There is no historical drilling recorded in this locale.

Immediately adjacent to the Sky Fault System in the southeast corner of the Property, the Pins target is a 3 x 1.5-kilometer quartz-sericite-pyrite alteration zone. It is characterized by multi-phase intrusive units containing anomalous Au-Cu mineralization capped by andesitic volcanics in the footwall of the fault. Approximately 650 metres in elevation higher and within the hanging wall block of the fault, a new occurrence of Zn-rich epithermal veins up to 1.5 metres wide cutting andesitic volcanic units was discovered by field crews this season highlighted by a surface grab sample that graded 0.06 g/t Au, 1.2 g/t Ag, 0.01% Cu, 31.34% Zn.

These veins potentially represent a high-level manifestation of a much deeper hydrothermal system, or possibly a porphyry center. Only one hole totaling 201 metres was completed at this target in 2018.