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Message: Nov 08, 2010 - Exploration Results from Karma Property, Yukon

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Nov 08, 2010 - Exploration Results from Karma Property, Yukon

posted on Nov 26, 10 02:31PM (Log in to use the IP Check tool) ^[?]

November 08, 2010
Skeena Reports Exploration Results from Karma Property, Yukon

News Release: 10-12

Skeena Resources Limited (TSX.V: SKE) is pleased to report the results of a summer 2010 exploration program on the Karma property, located 45 km southwest of Carmacks, Yukon. The property is underlain by altered Triassic-Jurrasic intrusive rocks and the target is a bulk-minable porphyry copper-molybdenum-gold deposit similar to others in the Stikine terrane of northern British Columbia and the Yukon such as the Minto, Galore Creek, Casino and Carmacks Copper deposits.

Work completed in 2010 included re-sampling of historic drill core, prospecting, and orientation soil sampling. Three short historic core holes (total 269 m) were drilled by a major mining company in 1980. Partial results for Au, Cu and Ag were submitted for assessment credit at that time; however, only portions of the core were sampled and results for molybdenum are absent. The core was available for re-logging and re-sampling at the Yukon Government core library in Whitehorse and was observed to be in good condition and complete, with the exception of box 4 from hole 80-2 and box 8 from hole 1980-3 which were missing. All available core was logged, split in half (or quartered, depending on previous sampling) and submitted for fire assay and ICP multi-element analysis. Results are as follows:

*Drill hole #*	*From (m)*	To *(m)*	*Interval (m)*	*Au ppb*	*Cu ppm*	*Mo ppm*
DDH 1980-1	26.52	92.05	65.53	60	549	46
DDH 1980-2	87.48	90.55	3.07	15	214	605
DDH 1980-3	11.28	62.10	50.82	113	735	91
including	20.00	44.81	24.81	138	854	117
	62.10	69.85	core missing
and	69.85	85.00	15.15	82	493	137

The re-logging and re-sampling of the 1980 drill holes has confirmed that Cu-Mo-Au mineralization is associated with silica, clay and sericite-pyrite alteration of a multiphase intrusive complex. Hole 1980-2 was essentially barren; however, holes 1980-1 and 3 encountered anomalous Au, Cu and Mo values over their full lengths with maximum values reaching 170 ppb Au, 1134 ppm Cu and 229 ppm Mo. The alteration, host rocks and metal values are consistent with porphyry-style mineralization.

Based on a review of the historic work, the three drill holes appear to have been drilled 60 m apart on a single fence on the flank of a 1500 metre-long induced polarization ("IP") chargeability high (5-10 times background). The Company believes the holes intersected the marginal halo of a porphyry deposit based on a classic zonation model for this type of deposit. Additional soil sampling, IP surveying, prospecting and geological mapping is warranted to define targets for future trenching and drilling.

In addition, Skeena reports the prospecting discovery of a new zone of porphyry-style molybdenum mineralization in bedrock and subcrop (Ribbon showing) located approximately 1 km north of the historic drill holes described above. Grab samples of quartz-molybdenite veins up to 5 m wide yielded assays of up to 1835 ppm Mo (or 0.306% MoS2) as shown in the table below. Of additional importance, a broad area (>500 m by 1000 m) of pervasive silica-clay-sericite-pyrite alteration of intrusive rock was mapped in the area of the new showing and the historic holes.

Grab samples, Ribbon molybdenum showing, Karma property:

Tag #	Mo (ppm)
7R56979	1692
7R56980	54
7R56981	146
7R56982	1449
7R56983	1835
7R56984	226
7R56985	76
7R56986	968

Skeena is pleased with the results of the 2010 program and would like to acknowledge the support of Yukon Government which provided a grant of $25,000 under the Yukon Mining Incentive Program.

The Company employs a strict program of sample security and quality control. Eco-Tech Laboratory of Kamloops BC, part of the Alex Stewart Group, completed all analyses reported here. Rock and drill core samples are analyzed for a multi-element suite by ICP-AES following aqua regia digestion. Gold is determined by 30-gram fire assay with atomic absorption finish. Eco Tech is an ISO 9001 accredited facility, registration number CDN 52172-07. In addition standards and blanks were submitted by company personnel in the core re-logging program and indicated favourable reproducibility. The work program and sampling was conducted under the supervision of Jean Pautler, P.Geo. The qualified person (as defined in National Instrument 43-101) responsible for the review and contents of this news release is J. R. Allan, P.Geol, Skeena's president and chief executive officer.