SKREF - Skeena Resources: High-Grade AWF Intercepts Strengthen Investment Thesis

• Skeena Resources released new drilling results last week from the historical waste facility at Eskay Creek, reporting multiple intercepts above ~4.50 grams per tonne gold-equivalent.
• While only ~5% of the area has been drilled, this is an encouraging sign for an area of Eskay Creek that was assigned minimal value.
• Assuming the company can add meaningful ounces here, this would represent a very high-margin satellite area, with the potential to drain the lake to access the ore.
• I continue to see Skeena as a top-takeover target and solid buy-the-dip candidate, and I would view pullbacks below US$2.20 as low-risk buying opportunities.

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