Skeena Resources to Acquire Mount Rainey Silver
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Skeena Resources Limited has entered into a definitive agreement to acquire Mount Rainey Silver Inc., a private British Columbia corporation based in Calgary, Alberta. Mount Rainey’s primary asset is a 100 percent owned portfolio of 46 Crown-granted mineral claims covering the past-producing, underground Prosperity - Porter Idaho - Silverado silver property located in the Golden Triangle of northwest British Columbia in the Skeena Mining Division.
The Porter Idaho Project has two known silver-bearing vein systems approximately 2,000 meters apart on opposite sides of Mt. Rainey with a surface portion of the intervening terrain masked by the icefield capping Mt. Rainey. All veins have the same strike, are intimately associated as splays off the well-delineated Silverado Fault and remain open at depth. As the icefield has been rapidly receding during the most recent few decades, it has exposed surface mineralization that may further indicate the apparent structural continuity between the two vein systems.
“The acquisition of this silver project fits well into Skeena’s growing portfolio of high-grade, post-discovery, precious metal projects in the Golden Triangle region of British Columbia. The Porter Idaho Project is a significant high-grade occurrence to which we aim to add considerable tonnage by diamond drilling the underexplored area between the two mineralized vein systems. Furthermore, the location of the project, immediately southeast of Stewart at the head of the Portland Canal, a port with year-round access, contributes significantly to the intrinsic value of this exciting asset,” said Walter Coles, Jr., president and CEO of Skeena.
“We’ve held the Porter Idaho Project since 1978 and would only part with it to a group such as Skeena that has the reputation and experience to carry this project forward to its full potential. The business combination provides our shareholders with an outstanding path forward for value creation through access to Skeena’s technical capabilities and financial resources. Furthermore, the Arrangement gives our shareholders potential up-side exposure to Skeena’s high-profile Snip gold exploration project and the ongoing development of the Spectrum-GJ gold-copper project, both of which are also located in the Golden Triangle,” said Greg Vavra, president and CEO of Mount Rainey.
Upon completion of the arrangement, Mount Rainey will become a wholly-owned subsidiary of Skeena.
About Skeena
Skeena Resources Limited is a junior Canadian mining exploration company focused on developing prospective base and precious metal properties in the Golden Triangle region of northern British Columbia, Canada. The company’s primary activities are the evaluation and development of the Spectrum gold project and adjacent GJ copper-gold project as well as exploration on the recently optioned past-producing Snip gold mine, acquired from Barrick Gold Corp.
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