Hecla Mining Company (NYSE:HL) today announced it is filing a
National Instrument (NI) 43-101 Technical Report on the Greens
Creek Mine in Alaska and the Casa Berardi Mine in Quebec.
REPORT HIGHLIGHTS
Greens Creek
- Reserves are calculated at price
assumption of $14.50 per ounce silver.
- The current Proven and Probable Reserve
of 107.1 million silver ounces is the highest since 2008, the year
Hecla acquired 100% of the mine.
- The Life of Mine Plan (LOM) extends
production to 2030 without including any resources.
- Measured and Indicated Resources are
97.4 million silver ounces.
- Significant exploration potential.
- At approximately current prices and
based only on reserves, the mine is expected to generate $802
million of free cash flow over the LOM with an after-tax Net
Present Value (NPV) of $638 million at a 5% discount rate.1
- Expect about 20% more cash flow in the
next five years than the $72 million averaged in the past five
years.
Casa Berardi
- Reserves are calculated at price
assumption of $1,200 per gold ounce.
- Gold Proven and Probable Reserves
increased approximately 28% to 1.91 million ounces.
- Substantial reserve increases occurred
in the proposed West Mine Crown Pillar and Principal pits, Casa
Berardi’s highest-grade pits.
- The LOM extends production to 2034
without including any resources.
- Measured and Indicated Resources are
1.2 million gold ounces.
- Significant exploration potential.
- At approximately current prices and
based only on reserves, the mine is expected to generate $535
million (CAN$712 million) of free cash flow over the LOM with an
after-tax NPV of $325 million (CAN$432 million) at a 5% discount
rate.2
“The economic engine and two largest mines of Hecla, Greens
Creek (50% of Hecla’s revenues) and Casa Berardi (35% of Hecla’s
revenues), have made a remarkable achievement in materially
increasing reserves in mines that have operated for decades,” said
Phillips S. Baker, Jr., Hecla’s President and CEO. “These Technical
Reports highlight the thoughtful work that has gone into
documenting the resources, building the mine plans, optimizing each
mine’s reserves and providing strong cash flow. The analysis of
capital and operating costs shows these mines are very robust, and
that a 15% increase in metals prices could mean about 60% higher
Life of Mine cash flow based on reserves at conservative
assumptions. We have substantial resources, which, when combined
with the exploration potential outlined in the report, highlight
significant opportunities to further improve and extend the reserve
LOM at both mines.”
Additional detail regarding the reserves and resources at Greens
Creek and Casa Berardi are contained in Table A accompanying this
news release. The Greens Creek and Casa Berardi Mine reserves and
resources were reported in the February 14, 2019 news release
entitled “Hecla Reports Record Silver, Gold and Lead Reserves.”
Both mines were large contributors to record Hecla silver and gold
reserves and due to the material increases in reserves, triggered
new NI 43-101 Technical Reports.
Footnotes
1 $1,303.70/oz gold, $15.32/oz silver, $0.91/lb lead and
$1.30/lb zinc price assumptions for Greens Creek Technical Report.2
$1,300/oz gold and $15.50/oz silver price assumptions for Casa
Berardi Technical Report.
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 operating mines in
Quebec, Canada and Nevada. The Company also has exploration and
pre-development properties in eight world-class silver and gold
mining districts in the U.S., Canada and Mexico.
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 about
future performance, the timing of mining of high-grade stopes and
Net Asset Values. 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.
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. Refer to the Company's
Form 10K 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). Although the SEC has recently issued new
rules rescinding Guide 7, the new rules are not binding until
January 1, 2021, and at this time the Company still reports in
accordance with 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 included herein 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, PhD. 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 titled “Technical Report for
the Greens Creek Mine, Juneau, Alaska, USA” effective date December
31, 2018, and for the Casa Berardi Mine are contained in a
technical report prepared for Hecla titled “Technical Report for
the Casa Berardi Mine, Northwestern Quebec, Canada” effective date
December 31, 2018 (the “Casa Berardi Technical Report”), and 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 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.
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 Fire Creek Mine are contained in a technical report
prepared for Klondex Mines titled “Technical Report for the Fire
Creek Project, Lander County, Nevada”, dated March 31, 2018;
the Hollister Mine dated May 31, 2017, amended August 9, 2017; and
the Midas Mine dated August 31, 2014, amended April 2, 2015. Also
included in these 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.
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 and Resources
– 12/31/18(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)
6 13.8 0.10
2.8 7.0 - 86
1 180 440 -
Lucky Friday(2)
4,230 15.4 -
9.6 4.1 - 65,234
- 406,080 174,630
-
Casa Berardi(3)
6,790 - 0.08
- - - -
563 - - -
San Sebastian(2)
22 3.9 0.08
- - - 85 2
- - -
Fire Creek(2,4)
24 1.1 1.21
- - - 27 29
- - -
Hollister(2,5)
2 7.0 0.73
- - - 17 2
- - -
Total
11,074
65,448 596 406,260
175,070 -
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)
9,270 11.5 0.09
2.8 7.6 -
106,972
840 262,760 706,040
-
Lucky Friday(2)
1,387 11.4 -
7.6 3.7 - 15,815
- 104,720 50,640
-
Casa Berardi(3)
16,954 - 0.08
- - - -
1,343 - - -
San Sebastian(2)
206 13.1 0.10
- - - 2,705
21 - - -
Fire Creek(2,4)
91 0.3 0.44
- - - 30 40
- - -
Hollister(2,5)
9 7.2 0.65
- - - 66 6
- - -
Total
27,917
125,588 2,250 367,480
756,680 -
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)
9,277 11.5 0.09
2.8 7.6 - 107,058
840 262,940 706,470
-
Lucky Friday(2)
5,617 14.4 -
9.1 4.0 - 81,049
- 510,800 225,260
-
Casa Berardi(3)
23,743 - 0.08
- - - -
1,907 - - -
San Sebastian(2)
228 12.3 0.10
- - - 2,790
23 - - -
Fire Creek(2,4)
115 0.5 0.60
- - - 57
69 - - -
Hollister(2,5)
11 7.2 0.67
- - - 82 8
- - -
Total
38,991
191,036 2,846 773,740
931,730 -
(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, $1.15 zinc, unless otherwise stated. (3) Mineral reserves are
based on $1200 gold and a US$/CAN$ exchange rate of 1:1.33 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., and
Alain Quenneville, P. Eng., Que. unless otherwise stated. Open pit
mineral reserves of the Principal Mine were estimated in September
2018 by Hecla Quebec and Mine Development Associates based on $1225
gold and a US$/CAN$ exchange rate of 1:3. Hecla Mining Company,
Principal Deposit Open Pit Mining Study – 2018 September 1, 2018,
by Mine Development Associates, Thomas L. Dyer, P.E. 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. Open pit
mineral reserves of the West Mine Crown Pillar were estimated in
January 2019 by Hecla Quebec and Mine Development Associates based
on $1225 gold and a US$/CAN$ exchange rate of 1.3. Hecla Mining
Company, West Mine Crown Pillar Deposit, Open Pit Mining Study –
2018 January 10, 2019, by Mine Development Associates, Thomas L.
Dyer, P.E. Open pit mineral reserves of the East Mine Crown Pillar
Expansion were estimated in August 2018 by Hecla Quebec and Mine
Development Associates based on $1225 gold and a US$/CAN$ exchange
rate of 1.3. Hecla Mining Company, East Mine Crown Pillar
Expansion, Open Pit Mining Study – 2018 August 22, 2018, by Mine
Development Associates, Thomas L. Dyer, P.E. (4) Recoveries at Fire
Creek for gold and silver are 94% and 92%. Cutoff grade of 0.339 Au
Equivalent oz/ton and incremental cutoff grade of 0.11 Au
Equivalent oz/ton. Unplanned dilution of 10% to 17% included
depending on mining method. (5) Recoveries at Hollister for gold
and silver are 87% and 80%. Cutoff grade of 0.396 Au Equivalent
oz/ton and incremental cutoff grade of 0.07 Au Equivalent oz/ton.
Unplanned dilution of 10% to 17% and 5% mining loss included.
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(6)
339 9.5 0.11
2.6 9.4 - 3,233
36 8,800 31,700
-
Lucky Friday(6,7)
7,587 7.6 -
4.9 2.7 - 57,314
- 370,240 204,490
-
Casa Berardi(8)
1,952 - 0.15
- - - -
299 - - -
San Sebastian(6,9)
- - - -
- - - -
- - -
Fire Creek(6,10)
64 0.7 0.92
- - - 47 58
- - -
Hollister(6,11)
104 4.0 0.92
- - - 420
96 - - -
Midas(6,12)
183 6.7 0.45
- - - 1,235
82 - - -
Heva(14)
5,480 - 0.06
- - - -
304 - - -
Hosco(14)
33,070 - 0.04
- - - -
1,296 - - -
Rio Grande Silver(15)
- - - -
- - - -
- -
Star(16)
- - - -
- - - -
- - -
Total
48,778
62,249 2,172 379,040
236,190 -
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(6)
7,128 13.2 0.10
3.1 8.1 - 94,197
690 218,950 577,650
-
Lucky Friday(6,7)
2,498 8.0 -
5.2 2.5 - 20,049
- 128,830 61,480 -
Casa Berardi(8)
10,797 - 0.08
- - - -
906 - - -
San Sebastian(6,9)
2,243 6.5 0.05
2.5 3.5 1.6 14,690
115 30,410 42,710
19,780
Fire Creek(6,10)
307 0.5 0.54
- - - 158
164 - - -
Fire Creek - Open Pit(13)
42,877 0.1 0.03
- - - 2,350
1,093 - -
Hollister(6,11)
135 2.6 0.64
- - - 350
86 - - -
Midas(6,12)
722 4.5 0.37
- - - 3,228
267 - - -
Heva(14)
5,570 - 0.07
- - - -
369 - - -
Hosco(14)
31,620 - 0.04
- - - -
1,151 - - -
Rio Grande Silver(15)
516 14.8 -
2.1 1.1 - 7,620
- 10,760 5,820 -
Star(16)
1,126 2.9 -
6.2 7.4 - 3,301
- 69,900 83,410 -
Total 105,538
145,944 4,841
458,850 771,070 19,780
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(6)
7,467 13.0 0.10
3.1 8.2 - 97,430
726 227,740 609,350
-
Lucky Friday(6,7)
10,084 7.7 -
4.9 2.6 - 77,363
-- 499,070 265,970
-
Casa Berardi(8)
12,749 - 0.09
- - - -
1,205 - - -
San Sebastian(6,9)
2,243 6.5 0.05
2.5 3.5 1.6 14,690
115 30,410 42,710
19,780
Fire Creek(6,10)
371 0.6 0.60
- - - 205
222 - -
Fire Creek - Open Pit(13)
42,877 0.1 0.03
- - - 2,350
1,093 - - -
Hollister(6,11)
239 3.2 0.76
- - - 770
182 - - -
Midas(6,12)
905 4.9 0.39
- - - 4,463
349 - - -
Heva(14)
11,050 - 0.06
- - - -
672 - - -
Hosco(14)
64,690 - 0.04
- - - -
2,447 - - -
Rio Grande Silver(15)
516 14.8 -
2.1 1.1 - 7,620
- 10,760 5,820 -
Star(16)
1,126 2.9 -
6.2 7.4 - 3,301
- 69,900 83,410
Total 154,316
208,193 7,012
837,880 1,007,260 19,780
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(6)
2,470 14.6 0.09
3.0 7.3 - 35,982
219 74,410 181,400
-
Lucky Friday(6,7)
2,861 8.7 -
6.3 2.6 - 24,809
- 181,180 74,430 -
Casa Berardi(8)
6,222 - 0.10
- - - -
652 - - -
San Sebastian(6,17)
3,487 6.6 0.04
1.7 2.5 1.3 22,948
143 12,110 17,440
8,890
Fire Creek(6,10)
565 0.5 0.53
- - - 288
299 - - -
Fire Creek - Open Pit(13)
31,707 0.1 0.03
- - - 2,882
1,085 - - -
Hollister(6,11,18)
550 3.1 0.40
- - - 1,716
223 - - - Midas
(6,12) 573 3.0 0.34
- - - 1,723
198 - - -
Heva (14) 4,210 - 0.08
- - - -
350 - - -
Hosco (14) 7,650 - 0.04
- - - -
314 - - -
Rio Grande Silver(19)
3,078 10.7 0.01
1.3 1.1 - 33,097
36 40,990 34,980
-
Star(16)
3,157 2.9 -
5.6 5.5 - 9,432
- 178,670 174,450
-
Monte Cristo(20)
913 0.3 0.14
- - - 271
131 - - -
Rock Creek(21)
100,086 1.5 -
- - 0.7 148,736
- - -
658,680
Montanore(22)
112,185 1.6 -
- - 0.7 183,346
- - -
759,420
Total 279,714
465,229 3,648
487,360 482,700 1,426,990
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. (6) Mineral
resources are based on $1350 gold, $21 silver, $1.10 lead, $1.20
zinc and $3.00 copper, unless otherwise stated. (7) Measured and
indicated resources from Gold Hunter and Lucky Friday vein systems
are diluted and factored for expected mining recovery. (8)
Measured, indicated and inferred resources are based on $1,350 gold
and a US$/CAN$ exchange rate of 1:1.33 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., and
Alain Quenneville, P. Eng., Que. unless otherwise stated. (9)
Indicated resources reported at a minimum mining width of 5.9 feet
(1.8 m) for Hugh Zone, Middle Vein, North Vein, and East Francine
Vein and 4.9 feet (1.5 m) for Andrea Vein. San Sebastian lead, zinc
and copper grades are for 1,224,900 tons of indicated resource
within the Middle Vein and the Hugh Zone of the Francine Vein. (10)
Recoveries at Fire Creek for gold and silver are 94% and 92%. Au
equivalent cutoff grade of 0.297 oz/ton. The minimum mining width
is defined as four feet or the vein true thickness plus two feet,
whichever is greater. (11) Recoveries at Hollister for gold and
silver are 87% and 80%. Au equivalent cutoff grade of 0.352 oz/ton.
The minimum mining width is defined as four feet or the vein true
thickness plus two feet, whichever is greater. (12) Recoveries at
Midas for gold and silver are 93% and 88% Au equivalent cutoff
grade of 0.217 oz/ton. The minimum mining width is defined as four
feet or the vein true thickness plus two feet, whichever is
greater. (13) Indicated and inferred open-pit resources for Fire
Creek were calculated November 30, 2017 using recoveries for gold
and silver of 65% and 30% for oxide material and 60% and 25% for
mixed oxide-sulfide material. Open pit resources are calculated at
$1400 gold and $19.83 silver and cut-off grade of 0.01 Au
Equivalent oz/ton and is inclusive of 10% mining dilution and 5%
ore loss. Open pit mineral resources exclusive of underground
mineral resources. NI43-101 Technical Report for the Fire Creek
Project, Lander County, Nevada; Effective Date March 31, 2018;
prepared by Practical Mining LLC, Mark Odell, P.E. for Hecla Mining
Company, June28, 2018 (14) Measured, indicated and inferred
resources were estimated in by Goldminds Geoservices Inc. with
effective date 12-July-2013, and are based on $1,300 gold and a
US$/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) (15) 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. (16) Indicated and Inferred
resources reported using $21 silver, $0.95 lead, $1.10 zinc minimum
mining width of 4.3 feet. (17) Inferred resources reported at a
minimum mining width of 5.9 feet (1.8 m) for Hugh Zone, Middle
Vein, North Vein, and East Francine Vein and 4.9 feet (1.5 m) for
Andrea Vein. San Sebastian lead, zinc and copper grades are for
702,600 tons of inferred resource within the Middle Vein and the
Hugh Zone of the Francine Vein. (18) Inferred resources for the
Hatter Project at the Hollister Mine calculated using recoveries
for gold and silver of 82.7% and 71.8% and an Au equivalent cutoff
grade of 0.27 oz/ton. (19) 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. (20) Inferred resource reported at a minimum
mining width of 5.0 feet; resources based on $1400 Au, $26.5 Ag.
(21) Inferred resource at Rock Creek reported at a minimum
thickness of 15 feet and adjusted given mining restrictions as
defined by U.S. Forest Service, Kootenai National Forest in the
June 2003 'Record of Decision, Rock Creek Project'. (22) Inferred
resource at Montanore reported at a minimum thickness of 15 feet
and adjusted given mining restrictions defined by U.S. Forest
Service, Kootenai National Forest, Montana DEQ in December 2015
'Joint Final EIS, Montanore Project'. and the February 2016 U.S
Forest Service - Kootenai National Forest 'Record of Decision,
Montanore Project'.
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For further information, please contact:Mike WesterlundVice
President – Investor Relations800-HECLA91 (800-432-5291)Investor
RelationsEmail: hmc-info@hecla-mining.comWebsite:
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