15% Increase in Zinc Reserves
Hecla Mining Company (NYSE:HL) today reported the highest levels
of silver, gold and lead reserves in its 127-year history, as well
as the highest zinc reserve in the last five years.
HIGHLIGHTS (Comparisons to 12/31/16)
- Record gold reserves of 2.3 million
ounces, an increase of 12%.
- Record silver reserves of 177 million
ounces, an increase of 3%.
- Record lead reserves of 737,290 tons,
an increase of 8%.
- Zinc reserves of 840,870 tons, an
increase of 15%.
- Greens Creek increased gold reserves 8%
and zinc 7% with silver and lead slightly up.
- Casa Berardi surface drilling increased
reserves almost 250,000 ounces from two new proposed pits, part of
a 14% increase in reserves.
- San Sebastian’s gold reserves increased
17% while maintaining silver reserves of more than 5 million
ounces.
- Maintained the same price assumptions
for reserves as 2016: silver $14.50, gold $1200, zinc $1.05, and
lead $.90.
- Exploration in 2018 is projected to be
between $30 and $37 million, up from $23.5 million in 2017,
reflecting the continued growth in targets at Hecla’s
properties.
“It is a remarkable achievement for a 127-year-old company to
have record reserves for three of the four metals it produces,
particularly using price assumptions significantly below spot and
among the lowest in the industry. It speaks to the quality of our
properties and the expertise of our people. We believe that our
investment in exploration is a key step towards generating real
value for shareholders. As we grow our reserves and increase our
already long mine lives, we can improve productivity by increasing
throughput or lowering costs so the mines can generate returns
regardless of the metals price,” said Phillips S. Baker, Jr.,
Hecla’s President and CEO. “In addition to reserve growth, we are
increasing the San Sebastian polymetallic resource which is quickly
becoming an important part of the future of this mine. Our
exploration budget is increasing again this year, because we have
more exploration opportunities at our operating properties and
beyond than any time in my tenure at Hecla.”
2017 Proven and Probable Reserves1,2
Mine Silver % Change
Gold % Change
Lead % Change
Zinc % Change (000 oz)
From 2016 (000 oz)
From 2016 (Tons)
From 2016 (Tons) From
2016 Greens Creek 90,219 2%
725 8% 225,050 4%
614,840 7% Lucky Friday 81,264
4% - - 512,240
10% 226,030 47% Casa
Berardi - - 1,494
14% - - - -
San Sebastian 5,520 -1% 43
17% - - -
-
Total 177,003
3% 2,262 12%
737,290 8%
840,870 15%
(1)
A breakdown of the Company’s reserves and resources is set
out in Table A and B at the end of this news release.
(2)
See Cautionary Statements to Investors on Reserves and Resources
below.
RESERVES AND RESOURCES
Hecla maintained the same reserve and resource price assumptions
as the prior year, and in the case of silver, has had the same
reserve per ounce price assumption since 2015, $14.50. The reserve
assumption for gold is $1200. Zinc and lead reserve price
assumptions continue to be $1.05 and $.90.
Hecla replaced all silver mine production in 2017 (15.2 million
silver ounces contained) and increased reserves by 3%. Gold
production was also replaced (282,414 gold ounces contained) as
reserves increased by 13%. Both zinc and lead production were
replaced and reserves increased by 15% and 8%, respectively.
Casa Berardi
At Casa Berardi, the 1,296,228 tons processed at the mill
contained 180,373 ounces of gold, with 805,062 tons (62%) of the
milled tonnage coming from underground and 491,166 tons (38%) of
the milled tonnage coming from the EMCP open pit. Reserve tonnage
at Casa Berardi increased 34% and contained gold increased
approximately 14% to 1.49 million ounces. Underground production
from the 118, 123 and 124 (Principal) zones was offset by reserve
additions in those zones and new reserves defined in the East Mine
underground. There was an overall reduction in underground reserves
of 21,600 gold ounces. Open pit production from the EMCP was more
than offset by reserve gains at the 134 and 160 zone open pits for
a gain of 205,700 gold ounces. Measured and indicated gold
resources decreased 6% with increases at the 124 (Principal
underground), 134 (Out of pit), SW (107), 118, and 123 zones that
were countered by losses at the East Mine underground and in the
160 and 134 zones as this material was converted into reserves.
Inferred resources were added at Casa Berardi with a 14% increase
in contained gold ounces due to increases at the 160 (underground),
SW (107), 134 (Out of Pit), and 119 zones. There were losses to
inferred resources as resources were upgraded to indicated category
in the 134 Pit, Principal underground and 118 zones.
Greens Creek
At Greens Creek, the 839,589 tons processed at the mill
contained 10.8 million ounces of silver, 78,245 ounces of gold,
60,858 tons of zinc and 22,870 tons of lead. Silver, gold and base
metal production was replaced and silver, gold, zinc, and lead
reserves increased by 2%, 8%, 7% and 4%, respectively. Increases in
silver and gold reserves at the East, West, Southwest and NWW zones
were partially offset by reductions of silver and gold reserves in
the 5250, 200 South and 9A zones caused by production. Measured and
indicated resources increased by 11,976,100 silver ounces (62%) and
104,500 gold ounces (68%) over 2016 with additions in the East, 200
South, NWW and Upper Plate zones and minor losses at the Southwest
and Gallagher zones. Inferred resources decreased by 7,542,200
silver ounces (-19%) and 63,200 gold ounces (-22%) due to large
conversions to indicated resources or reserves in the 200 South and
East zones.
San Sebastian
At San Sebastian, the 144,197 tons processed at the mill
contained 3.45 million ounces of silver and 26,676 ounces of
gold. Gold and silver production was replaced and gold reserves
increased by 6,100 ounces (17%) and silver decreased by 80,000
ounces (1%). Open pit mining ceased by the end of the year and
production has shifted to underground mining along the Middle Vein.
At the end of the year there was an ore stockpile containing
711,700 silver ounces and 5,800 ounces of gold. Indicated mineral
resources include 8,795,900 silver ounces and 103,000 gold ounces
which are an increase of 6% for silver and a decrease of 10% for
gold as there was a conversion to underground mineral reserves at
the Middle Vein. Inferred resources increased 4% for silver and 7%
for gold but a substantial portion of the Hugh Zone that was
recently drilled was not included in the inferred resource but is
expected this year.
An important development at San Sebastian is the identification
and expansion of polymetallic mineralization in both the Francine
Vein (Hugh Zone) and the West Middle Vein. The current
“polymetallic” or “sulfide” indicated resource is 531,900 tons
containing 3.7 million silver ounces, 15,800 ounces of gold, 15,520
tons of lead, 20,350 tons of zinc and 9,020 tons of copper. In
addition, there is an inferred resource of 1.3 million tons
containing 6.7 million ounces of silver, 7,800 ounces of gold,
23,660 tons of lead, 33,770 tons of zinc and 19,520 tons of copper.
In the last half of 2017, drilling defined significant east and
west extensions of the Hugh Zone resource and a new discovery of
polymetallic mineralization at the west end of the Middle Vein.
Current resources include some of the polymetallic mineralization
drilled in the Middle Vein but does not yet include the 300-foot
east and west extensions of strong mineralization beyond the
current Hugh Zone resource boundaries.
Lucky Friday
At Lucky Friday, the 70,718 tons processed at the mill contained
875,488 ounces of silver. Silver, zinc and lead production was
replaced and reserves increased by 4%, 47% and 10%, respectively.
Lucky Friday consists of the main 30 Vein and a series of
intermediate veins. Several costs, such as the former silver and
hourly bonus and new base wages, which were previously accounted
for in “other costs,” are now being included in the production
costs per ton when determining the cutoff grade for reserves and
resources. The 30 Vein represents 75% of the silver, 76% of the
lead and 66% of the zinc of the total reserve. The 30 Vein reserve
was extended to depth where a portion of the resource was drilled
to indicated category, and reserves were increased in the area
where the 30 and 40 veins merge to create a wide, high-grade zone
that has higher zinc content. Due to the increased production
costs, the cutoff grade increased significantly causing measured
and indicated resources of silver, lead and zinc to decrease by
44%, 46% and 47%, respectively, as large segments of the
intermediate veins are no longer above cutoff. There was also a
decline in inferred resources as silver, lead and zinc decreased by
28%, 28% and 14%, respectively.
A breakdown of the Company’s reserves is set out in Table A, and
resources in Table B, at the end of this news release.
About Hecla
Founded in 1891, Hecla Mining Company (NYSE:HL) is a leading
low-cost U.S. silver producer with operating mines in Alaska,
Idaho, and Mexico, and is a growing gold producer with an operating
mine in Quebec, Canada. The Company also has exploration and
pre-development properties in seven world-class silver and gold
mining districts in the U.S., Canada, and Mexico, and an
exploration office and investments in early-stage silver
exploration projects in Canada.
Cautionary Statements Regarding Forward-Looking
Statements
Statements made or information provided in this news release
that are not historical facts are “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995 and “forward-looking information” within the meaning of
Canadian securities laws. Words such as “may,” “will,” “should,”
“expects,” “intends,” “projects,” “believes,” “estimates,”
“targets,” “anticipates” and similar expressions are used to
identify these forward-looking statements. Such forward-looking
statements or forward-looking information include statements or
information regarding estimates of the Company’s mineral resources
and mineral reserves, projected conversion of resources into
reserves, projected increases in mineralization and resources,
projected exploration and pre-development expenditures to be
incurred in 2018; and plans for exploration drilling at Greens
Creek, Lucky Friday, Casa Berardi and San Sebastian. The material
factors or assumptions used to develop such forward-looking
statements or forward-looking information include that the
Company’s plans for development and production will proceed as
expected and will not require revision as a result of risks or
uncertainties, whether known, unknown or unanticipated, to which
the Company’s operations are subject, as well as metals prices and
exchange rate assumptions noted at the end of Table A relevant to
mineral reserve and resourced estimates.
Forward-looking statements involve a number of risks and
uncertainties that could cause actual results to differ materially
from those projected, anticipated, expected or implied. These risks
and uncertainties include, but are not limited to, metals price
volatility, volatility of metals production and costs, litigation,
regulatory and environmental risks, operating risks, project
development risks, political risks, labor issues, ability to raise
financing and exploration risks and results, including that mineral
resources are not mineral reserves, they do not have demonstrated
economic viability and there is no certainty that they can be
upgraded to mineral reserves through continued exploration, and
with respect to Hecla’s non-operating and exploration properties,
that few properties that are explored are ultimately developed into
producing mines. Refer to the Company’s Form 10-K and 10-Q reports
for a more detailed discussion of factors that may impact expected
future results. The Company undertakes no obligation and has no
intention of updating forward-looking statements other than as may
be required by law.
Cautionary Statements to Investors on Reserves and
Resources
Reporting requirements in the United States for disclosure of
mineral properties are governed by the SEC and included in the
SEC’s Securities Act Industry Guide 7, entitled “Description of
Property by Issuers Engaged or to be Engaged in Significant Mining
Operations” (Guide 7). However, the Company is also a “reporting
issuer” under Canadian securities laws, which require estimates of
mineral resources and reserves to be prepared in accordance with
Canadian National Instrument 43-101 (NI 43-101). NI 43-101 requires
all disclosure of estimates of potential mineral resources and
reserves to be disclosed in accordance with its requirements. Such
Canadian information is being included here to satisfy the
Company’s “public disclosure” obligations under Regulation FD of
the SEC and to provide U.S. holders with ready access to
information publicly available in Canada.
Reporting requirements in the United States for disclosure of
mineral properties under Guide 7 and the requirements in Canada
under NI 43-101 standards are substantially different. This
document contains a summary of certain estimates of the Company,
not only of proven and probable reserves within the meaning of
Guide 7, but also of mineral resource and mineral reserve estimates
estimated in accordance with the definitional standards of the
Canadian Institute of Mining, Metallurgy and Petroleum referred to
in NI 43-101. Under Guide 7, the term “reserve” means that part of
a mineral deposit that can be economically and legally extracted or
produced at the time of the reserve determination. The term
“economically,” as used in the definition of reserve, means that
profitable extraction or production has been established or
analytically demonstrated to be viable and justifiable under
reasonable investment and market assumptions. The term “legally,”
as used in the definition of reserve, does not imply that all
permits needed for mining and processing have been obtained or that
other legal issues have been completely resolved. However, for a
reserve to exist, Hecla must have a justifiable expectation, based
on applicable laws and regulations, that issuance of permits or
resolution of legal issues necessary for mining and processing at a
particular deposit will be accomplished in the ordinary course and
in a timeframe consistent with Hecla’s current mine plans. The
terms “measured resources,” “indicated resources,” and “inferred
resources” are Canadian mining terms as defined in accordance with
NI 43-101. These terms are not defined under Guide 7 and are not
normally permitted to be used in reports and registration
statements filed with the SEC in the United States, except where
required to be disclosed by foreign law. The term “resource” does
not equate to the term “reserve.” Under Guide 7, the material
described herein as “indicated resources” and “measured resources”
would be characterized as “mineralized material” and is permitted
to be disclosed in tonnage and grade only, not ounces. The category
of “inferred resources” is not recognized by Guide 7. Investors are
cautioned not to assume that any part or all of the mineral
deposits in such categories will ever be converted into proven or
probable reserves. “Resources” have a great amount of uncertainty
as to their existence, and great uncertainty as to their economic
and legal feasibility. It cannot be assumed that all or any part of
such a “resource” will ever be upgraded to a higher category or
will ever be economically extracted. Investors are cautioned not to
assume that all or any part of a “resource” exists or is
economically or legally mineable. Investors are also especially
cautioned that the mere fact that such resources may be referred to
in ounces of silver and/or gold, rather than in tons of
mineralization and grades of silver and/or gold estimated per ton,
is not an indication that such material will ever result in mined
ore which is processed into commercial silver or gold.
Qualified Person (QP) Pursuant to Canadian National
Instrument 43-101
Dean McDonald, Ph.D., P.Geo., Senior Vice President -
Exploration of Hecla Mining Company, who serves as a Qualified
Person under National Instrument 43-101, supervised the preparation
of the scientific and technical information concerning Hecla’s
mineral projects in this news release. Information regarding data
verification, surveys and investigations, quality assurance program
and quality control measures and a summary of sample, analytical or
testing procedures for the Greens Creek Mine are contained in a
technical report prepared for Hecla and Aurizon Mines Ltd. titled
“Technical Report for the Greens Creek Mine, Juneau, Alaska, USA”
effective date March 28, 2013, for the Lucky Friday Mine are
contained in a technical report prepared for Hecla titled
“Technical Report on the Lucky Friday Mine Shoshone County, Idaho,
USA” effective date April 2, 2014, and for the Casa Berardi Mine
are contained in a technical report prepared for Hecla titled
“Technical Report on the Mineral Resource and Mineral Reserve
Estimate for the Casa Berardi Mine, Northwestern Quebec, Canada”
effective date March 31, 2014 (the “Casa Berardi Technical
Report”), and for the San Sebastian Mine are contained in a
technical report prepared for Hecla titled “Technical Report for
the San Sebastian Ag-Au Property, Durango, Mexico” effective date
September 8, 2015. Also included in these four technical
reports is a description of the key assumptions, parameters and
methods used to estimate mineral reserves and resources and a
general discussion of the extent to which the estimates may be
affected by any known environmental, permitting, legal, title,
taxation, socio-political, marketing or other relevant factors.
Copies of these technical reports are available under Hecla’s
profile on SEDAR at www.sedar.com.
The current Casa Berardi drill program was performed on core
sawed in half and included the insertion of blanks and standards of
variable grade in every 24 core samples. Standards were generally
provided by Analytical Solutions Ltd. and prepared in 30-gram bags.
Samples were sent to the Swastika Laboratories in Swastika,
Ontario, a registered accredited laboratory, where they were dried,
crushed, and split for gold analyses. Analysis for gold was
completed by fire assay with AA finish. Gold over-limits were
analyzed by fire assay with gravimetric finish. Data received from
the lab were subject to validation using in-built program triggers
to identify outside limit blank or standard assays that require
re-analysis. Over 5% of the original pulps and rejects are sent for
re-assay to ALS Chemex in Val d’Or, Quebec, for quality
control.
Dr. McDonald reviewed and verified information regarding drill
sampling, data verification of all digitally collected data, drill
surveys and specific gravity determinations relating to the Casa
Berardi mine. The review encompassed quality assurance programs and
quality control measures including analytical or testing practice,
chain-of-custody procedures, sample storage procedures and included
independent sample collection and analysis. This review found the
information and procedures meet industry standards and are adequate
for Mineral Resource and Mineral Reserve estimation and mine
planning purposes.
Table A
Reserves – 12/31/17(1)
Proven Reserves Tons Silver
Gold Lead Zinc
Copper Silver Gold
Lead Zinc Copper Asset (000)
(oz/ton) (oz/ton) %
% % (000 oz)
(000 oz) Tons Tons
Tons Greens Creek (2) 7 12.2
0.09 2.4 6.1 -
89 1 170 440
- Lucky Friday (2) 4,246 15.4
- 9.6 4.1 -
65,448 - 407,520
175,400 - Casa Berardi (3) 2,458
- 0.13 - -
- - 312 -
- - San Sebastian (2) 31
23.3 0.19 - -
- 712 6 -
- - Total 6,742
66,249 319
407,690 175,840 -
Probable Reserves Tons Silver
Gold Lead Zinc Copper Silver Gold Lead Zinc Copper Asset
(000) (oz/ton) (oz/ton) %
% % (000 oz)
(000 oz) Tons Tons
Tons Greens Creek (2) 7,543 11.9
0.10 3.0 8.1 -
90,130 725 224,880
614,390 - Lucky Friday (2) 1,387
11.4 - 7.6 3.7
- 15,815 - 104,720
50,640 - Casa Berardi (3) 11,413
- 0.10 - -
- - 1,181 -
- - San Sebastian (2) 368
13.1 0.10 - -
- 4,809 37
- - - Total 20,709
110,754
1,943 329,600 665,030 -
Proven and Probable
Reserves Tons Silver Gold Lead Zinc Copper Silver Gold Lead
Zinc Copper Asset (000) (oz/ton)
(oz/ton) % % %
(000 oz) (000 oz) Tons
Tons Tons Greens Creek (2) 7,550
11.9 0.10 3.0 8.1
- 90,219 725
225,050 614,840 - Lucky Friday
(2) 5,632 14.4 -
9.1 4.0 - 81,264
- 512,240 226,030
- Casa Berardi (3) 13,871 - 0.11
- - - -
1,494 - - -
San Sebastian (2) 398 13.9 0.11
- - - 5,520
43 - - -
Total 27,451
177,003 2,262 737,290
840,870 -
(1) The term “reserve” means that part of
a mineral deposit that can be economically and legally extracted or
produced at the time of the reserve determination. The term
“economically,” as used in the definition of reserve, means that
profitable extraction or production has been established or
analytically demonstrated to be viable and justifiable under
reasonable investment and market assumptions. The term “legally,”
as used in the definition of reserve, does not imply that all
permits needed for mining and processing have been obtained or that
other legal issues have been completely resolved. However, for a
reserve to exist, Hecla must have a justifiable expectation, based
on applicable laws and regulations, that issuance of permits or
resolution of legal issues necessary for mining and processing at a
particular deposit will be accomplished in the ordinary course and
in a timeframe consistent with Hecla’s current mine plans.
(2) Mineral reserves are based on $1200
gold, $14.50 silver, $0.90 lead, $1.05 zinc, unless otherwise
stated.
(3) Mineral reserves are based on $1200
gold, and a US$/CAN$ exchange rate of 1:1.37. Reserve diluted to an
average of 34.7% to minimum width of 9.8 feet (3 m).
Reserves at Casa Berardi were determined
by Jonathan Archambault-Giroux, P.Geo., Que., Real Parent, P.Geo.,
Que., Sylvain Picard, P. Eng., Que., and Alain Quenneville, P.
Eng., Que., unless otherwise stated.
Open pit mineral reserves of the Principal Mine were estimated in
February 2011 by BBA Inc. based on $950 gold and a US$/CAN$
exchange rate of 1:1. Reserve diluted to 10%. Technical Report on
the Pre-Feasibility Study for the Casa Berardi Principal Zone
Open-Pit Project, La Sarre, Quebec, February 2011 Prepared by:
Patrice Live, Eng. - BBA Inc.; Amanda Fitch, Jr. Eng. - BBA Inc.;
Andre Allaire, Eng., M. Eng., Ph.D. - BBA Open pit mineral reserves
of the 160 and 134 Zones were estimated in January 2018 by Hecla
Quebec and Mine Development Associates based on $1225 gold and a
US$/CAN$ exchange rate of 1.3. Hecla Mining, Casa Berardi 160 and
134 Zones, Open Pit Mining Study - 2017 January 12, 2018, by Mine
Development Associates, Thomas L. Dyer, P.E.
Table
B Resources – 12/31/17
Measured Resources Tons
Silver Gold Lead Zinc
Copper Silver Gold
Lead Zinc Copper Asset
(000) (oz/ton) (oz/ton) %
% % (000 oz)
(000 oz) Tons Tons
Tons Greens Creek (4) 341 9.1
0.09 2.4 8.3 -
3,086 30 8,090
28,420
-
Lucky Friday (4,5) 7,371 7.6 -
4.9 2.7 -
55,947 - 361,590 200,280
- Casa Berardi (6) 2,210 -
0.17 - - -
- 319 - -
- San Sebastian (4,7) - -
- - - -
- - - -
- Heva (8) 5,480 - 0.06
- - - -
304 - - -
Hosco (8) 33,070 - 0.04
- - - -
1,296 - - - Rio
Grande Silver (9) - - -
- - - -
- - - - Star
(4,10) - - - -
- - - -
- - - Total 48,471
59,032
1,948 369,680 228,700
-
Indicated Resources Tons Silver Gold Lead Zinc Copper Silver
Gold Lead Zinc Copper Asset (000) (oz/ton)
(oz/ton) % %
% (000 oz) (000 oz)
Tons Tons Tons Greens Creek (4)
2,464 11.4 0.09
2.9 7.6 - 28,211
229 72,120 187,060
- Lucky Friday (4,5) 2,344 8.2 -
5.3 2.5 -
19,202 - 123,120 58,160
- Casa Berardi (6) 11,037 -
0.10 - - -
- 1,055 - -
- San Sebastian (4,7) 1,506 5.8
0.07 2.9 3.8
1.7 8,796 103
15,520 20,350 9,020 Heva (8)
5,570 - 0.07 -
- - - 369
- - - Hosco (8) 31,620
- 0.04 - -
- - 1,151 -
- - Rio Grande Silver (9) 516
14.8 - 2.1
1.1 - 7,620 -
10,760 5,820 - Star (4,10)
1,126 2.9 - 6.2
7.4 - 3,301
- 69,900 83,410 - Total
56,182
67,128 2,907 291,420
354,800 9,020
Measured & Indicated Resources Tons
Silver Gold Lead
Zinc Copper Silver Gold
Lead Zinc Copper Asset (000)
(oz/ton) (oz/ton) %
% % (000 oz)
(000 oz)
Tons
Tons
Tons Greens Creek (4) 2,805 11.2
0.09 2.9 7.7
- 31,296 259
80,210 215,480 - Lucky Friday (4,5)
9,715 7.7 - 5.0
2.7 - 75,148
- 484,700 258,430
- Casa Berardi (6) 13,246 - 0.10
- - - -
1,373 - - -
San Sebastian (4,7) 1,506 5.8
0.07 2.9 3.8 1.7
8,796 103 15,520
20,350 9,020 Heva (8) 11,050 -
0.06 - - -
- 672 - -
- Hosco (8) 64,690 -
0.04 - - -
- 2,447 - -
- Rio Grande Silver (9) 516 14.8
- 2.1 1.1 -
7,620 - 10,760
5,820 - Star (4,10) 1,126 2.9
- 6.2 7.4 -
3,301 - 69,900
83,410 - Total 104,653
126,161
4,854 661,090 583,490
9,020
Inferred
Resources Tons Silver Gold Lead Zinc Copper Silver Gold Lead
Zinc Copper Asset (000) (oz/ton)
(oz/ton) % % %
(000 oz) (000 oz) Tons
Tons Tons Greens Creek (4) 2,708
12.1 0.08 2.7 6.9
- 32,711 222
73,350 185,660 - Lucky Friday
(4,11) 2,820 8.7 -
6.3 2.7 - 24,646
- 178,970 75,270 -
Casa Berardi (6) 6,980 - 0.10
- - - -
717 - - -
San Sebastian (4,12) 2,915 5.5
0.03 1.8 2.5 1.5
15,978 95 23,660
33,770 19,520 Heva (8) 4,210 -
0.08 - - -
- 350 - -
- Hosco (8) 7,650 -
0.04 - - -
- 314 - -
- Rio Grande Silver (13) 3,078 10.7
0.01 1.3 1.1
- 33,097 36 40,990
34,980 - Star (4,14) 3,157
2.9 - 5.6
5.5 - 9,432 -
178,670 174,450 - Monte Cristo
(15) 913 0.3 0.14
- - - 271
131 - - - Rock Creek (16)
100,086 1.5 - -
- 0.7 148,736
- - - 658,680
Montanore (17) 112,185 1.6 -
- - 0.7
183,346 - - -
759,420 Total 246,701
448,217 1,865
495,640 504,130 1,437,620
Note: All estimates are in-situ except for the proven reserves
at Greens Creek and San Sebastian which are in surface stockpiles.
Resources are exclusive of reserves.
(4) Mineral resources are based on $1350
gold, $21 silver, $0.95 lead, $1.10 zinc and $3.00 copper, unless
otherwise stated.
(5) Measured and indicated resources from
Gold Hunter and Lucky Friday vein systems are diluted and factored
for expected mining recovery.
(6) Measured, indicated and inferred
resources are based on $1350 gold and a US$/CAN$ exchange rate of
1:1.37. Underground resources are reported at a minimum mining
width of 6.6 to 9.8 feet (2 m to 3 m).
Resources at Casa Berardi were determined
by Jonathan Archambault-Giroux, P.Geo., Que., Real Parent, P.Geo.,
Que., Sylvain Picard, P. Eng., Que., and Alain Quenneville, P.
Eng., Que., unless otherwise stated.
Open pit mineral resources of the Principal Mine were estimated in
February 2011 by BBA Inc. based on $950 gold and a US$/CAN$
exchange rate of 1:1. Technical Report on the Pre-Feasibility Study
for the Casa Berardi Principal Zone Open-Pit Project, La Sarre,
Quebec, February 2011 Prepared by: Patrice Live, Eng. - BBA Inc.;
Amanda Fitch, Jr. Eng. - BBA Inc.; Andre Allaire, Eng., M. Eng.,
Ph.D. - BBA
(7) Indicated resources reported at a
minimum mining width of 6.6 feet (2 m) for Hugh Zone and 4.9 feet
(1.5 m) for Andrea Vein, Middle Vein, and North Vein. East Francine
resources reported at actual vein width.
San Sebastian lead, zinc and copper grades are for 531,900 tons of
indicated resource within the Middle Vein and the Hugh Zone of the
Francine Vein.
(8) Measured, indicated and inferred
resources were estimated in by Goldminds Geoservices Inc. with
effective date 12-July-2013, and are based on $1300 gold and a
US$/CAN$ exchange rate of 1:1.
The resources are in-situ without dilution and material loss.
NI43-101 Technical Report, Mineral Resource Update, Heva-Hosco Gold
Projects, Rouyn-Noranda, Quebec, Hecla Quebec, December 2013
Prepared by: Claude Duplessis, Eng. Project Manager - GoldMinds
Geoservices Inc.; Maxime Dupéré, P.Geo - SGS Canada Inc. (Geostat)
(9) Indicated resources reported at a
minimum mining width of 6.0 feet for Bulldog; resources based on
$26.5 Ag, $0.85 Pb, and $0.85 Zn.
(10) Indicated resources reported at a
minimum mining width of 4.3 feet.
(11) Inferred resources from Gold Hunter
and Lucky Friday vein systems are diluted and factored for expected
mining recovery.
(12) Inferred resources reported at a minimum mining width of 6.6
feet (2 m) for Hugh Zone and 4.9 feet (1.5 m) for Andrea Vein,
Middle Vein, and North Vein. East Francine resources reported at
actual vein width. San Sebastian lead, zinc and copper grades are
for 1,338,300 tons of inferred resource within the Middle Vein and
the Hugh Zone of the Francine Vein.
(13) Inferred resources reported at a
minimum mining width of 6.0 feet for Bulldog, 5.0 feet for Equity
& North Amethyst veins; resources based on $1400 Au, $26.5 Ag,
$0.85 Pb, and $0.85 Zn.
(14) Inferred resources reported at a
minimum mining width of 4.3 feet.
(15) Inferred resource reported at a minimum mining width of 5.0
feet; resources based on $1400 Au, $26.5 Ag. (16) Inferred resource
reported at a minimum thickness of 15 feet. Inferred resources at
Rock Creek adjusted given mining restrictions as defined by U.S.
Forest Service - Kootenai National Forest in the June 2003 'Record
of Decision, Rock Creek Project'. (17) Inferred resource reported
at a minimum thickness of 15 feet. Inferred resources at Montanore
adjusted given mining restrictions as defined by U.S. Forest
Service, Kootenai National Forest, Montana DEQ in the December 2015
'Joint Final EIS, Montanore Project' and the February 2016 U.S.
Forest Service - Kootenai National Forest 'Record of Decision,
Montanore Project'. * Totals may not represent the sum of
parts due to rounding
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Hecla Mining CompanyMichael Westerlund, 800-HECLA91
(800-432-5291)Vice President - Investor
Relationshmc-info@hecla-mining.comhttp://www.hecla-mining.com
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