CAPITAL MARKETS

Skeena rattles the tin for C$20 million

Announces another raising for exploration in BC

Staff reporter
 Skeena Resources’ Eskay Creek project in British Columbia

Skeena Resources’ Eskay Creek project in British Columbia

It said the fully-subscribed, non-brokered private placement was priced at $1.155 per flow-through share.

The company, which is looking to revitalise the former Barrick mines Snip and Eskay Creek acquired in 2017, last raised $16 million in an oversubscribed placement in December at 82c per flow-through share.

Skeena also recently agreed to sell its GJ copper-gold project, 30km from the Red Chris mine, to the mine's majority owner Newcrest Mining (ASX: NCM) for $7.5 million.

"Advancing the Eskay Creek project is Skeena's primary focus," CEO Walter Coles said at the time.

A preliminary economic assessment for Eskay Creek released in November showed the former mine had "a bright future ahead", outlining initial capex of $303 million (US$233 million) and a 51% IRR, with average annual production of 236,000 ounces of gold and 5.8 million ounces of silver over 8.6 years.

Final assays from 2019 drilling at Eskay Creek announced last month included 14.33m at 22.59g/t gold-equivalent.

Skeena shares increased four-fold from 34c a year ago to $1.21 in February.

They gained 6.2% yesterday to close at 86c, capitalising it at $107 million (US$78 million).

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining Journal Intelligence team.

editions

ESG Mining Company Index: Benchmarking the Future of Sustainable Mining

The ESG Mining Company Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.