Skeena Resources Limited (TSX.V: SKE) has arranged a one-year, non-interest bearing loan of $200,000 from a director of the Company. The funds will be used for completion of a bench-scale metallurgical investigation of its Tropico copper-platinum-palladium-gold Project in Sinaloa State, Mexico, and for general corporate purposes. Subject to Exchange approval, the director will be issued a total of 500,000 shares (with a hold period of 4 months) as a bonus for making the loan.
The 100% owned 27,000+ hectare Tropico property is exceptionally well located with respect to low-cost infrastructure, being crossed by two paved highways, two major power lines, within 10 km of the N-S coastal rail line, and 25 km north of the deep water port of Mazatlan (20 km north of the city limits).
The concessions cover a steeply NNW dipping, ENE striking 19 km long by 1 to 3 km wide, Late Jurassic to Early Cretaceous layered mafic/ultramafic igneous complex that intrudes Paleozoic schists. The complex is cored by pyroxenite, or mixed pyroxenite-gabbro, which in turn is enclosed by thick gabbro sills. It is intruded by Late Cretaceous to Early Tertiary diorite, which is locally cut by quartz diorite to granodiorite (possibly part of the Sinaloa Batholith). Late stage Oligocene volcanics overlie a portion of the Complex (particularly along the southern contact).
The primary exploration targets are large tonnage, open pitable, low-grade zones of disseminated copper sulphide mineralization with associated platinum, palladium and gold values. To date, known occurrences are preferentially deposited proximal to gabbro-pyroxenite contacts in stratigraphically controlled zones where there is a change from predominantly plagioclase cumulate to pyroxene cumulate (both at the hangingwall and footwall contacts of the pyroxenite or mixed pyroxenite-gabbro core).
In 2011 Skeena completed a 21-hole 5,000 metre diamond drill program within the western 5 km sector of the complex. Mineralized intercepts are summarized on a drill plan map on the Company website at www.skeenaresources.com Representative drill core from this program has been shipped to SGS-Lakefield in Vancouver, British Columbia for a bench-scale metallurgical investigation.
The Qualified Person under Canada’s National Securities Instrument 43-101 responsible for the content of this news release is the Company President and CEO, J. R. Allan, P. Geol.
ON BEHALF OF THE BOARD OF DIRECTORS OF
SKEENA RESOURCES LIMITED
J. R. Allan, P.Geol., President
The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company’s expectations. Certain risk factors may also affect the actual results achieved by the Company. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.