Bunker Hill Mining Corp. (“Bunker
Hill” or the
“Company”)
(TSXV:BNKR|OTCQX:BHLL) is pleased to report that in-mine
exploration is continuing to delineate targets designed to support
higher run-of-mine grade as we move towards production in H1|25.
The 8,000-foot (~2,440 metres) definition drill
campaign was initiated in May this year with the goal of converting
inferred mineralization into higher-confidence categories and
increasing reserves and mine life. A second drill campaign,
totaling approximately 3,000 feet (~910 metres), will commence in
Q1|25 to test the selected advanced target by Q2|25.
“Drill assays received to date continue to
return results that align with or exceed our original estimates. It
is anticipated that the drill program will positively impact the
short- to medium-term production profile and economics of Bunker
Hill, as presented in the 2022 Pre-Feasibility Study,” noted Sam
Ash, President and CEO. “The Company is on track to complete a
resource estimate update incorporating these results in the first
quarter of 2025”.
“Our exploration strategy focuses on delineating
resources from our large Inferred inventory in the short term while
preparing for medium and longer-term exploration success by
advancing exploration targets to the drill ready stage. Ongoing
datamining of the extensive historical database has defined a
high-grade, 5 to 10 ounces per tonne, approximately
500,000-to-1-million-ounce silver target that we are excited to
test in the first quarter of 2025. If successful, this would
represent a significant return on our exploration investment and
aligns with our strategic objective of boosting silver production
during ramp-up and commercial production while maintaining
steady-state silver production of at least 700,000 oz per annum
over the life of mine”.
Overview of
Exploration Targets
Based on the new drill data received and the
available historical geological data, the number of identified
exploration targets across the deposit has increased from 12 to 14,
with one of the new targets outlined below. Figure
1 below highlights the current resource delineation
program. Figure 2 below highlights the proposed
drill plan for the high-grade silver target between the 7 and 9
Levels.
Figure 1:
Map with 2024
drill results highlights
(Zinc and lead percentages and silver in ounces per
tonne)
Figure 2 - Drill plan for the recently
defined high-grade silver target (green proposed drill holes)
*
* note location of historic drill hole #3402
Figure 3 – Isometric view of rehab
progress with first production stope identified
2024
Exploration Program
The 2024 drill campaign, which totals 19 drill
holes (8,000 feet), will be completed at the end of December. It
aims to confirm historical drilling and contribute to an updated NI
43-101-compliant resource and reserves statement expected to be
published in Q1|25.
As detailed in Table
1 below, assays have been received for the first
six holes, highlights of which include:
Table 1 - Notable intercepts
from the ongoing
2024 drill
campaign
Hole ID |
From |
To |
Length (feet) |
Zn (%) |
Pb (%) |
Ag OPT |
7087 |
11.5 |
14.5 |
3 |
7.52 |
2.91 |
1.06 |
7088 |
63.5 |
67 |
3.5 |
7.81 |
5.56 |
2.19 |
7088 |
263 |
267.5 |
4.5 |
8.73 |
3.91 |
1.38 |
7089 |
245 |
250 |
5 |
11.8 |
3.63 |
1.31 |
7090 |
329.8 |
330.3 |
1 |
1 |
10.3 |
3.93 |
7091 |
18 |
21 |
3 |
4.19 |
2.21 |
1.25 |
7092 |
288.6 |
292 |
3.4 |
21.06 |
7.46 |
2.93 |
The full assay table is attached in Appendix
1.
An additional drill campaign, totaling 3,000
feet (~910 metres), is expected to commence in Q1|25. This program
will follow up on vein-type drill intercepts centred around the
historic drill hole #3402, completed before the closure of the mine
in 1982 (Table 2). Early indications are this
program, if successful, may significantly add to our current silver
resource. This material could be available for mining in 2025.
Table 2 - Historical drill intercepts
for high-grade silver target area
Hole ID |
From |
To |
Length (feet) |
Zn (%) |
Pb (%) |
Ag OPT |
3402 |
115.0 |
120.0 |
5.0 |
3.2 |
0.3 |
40.4 |
3402 |
120.0 |
124.5 |
4.5 |
2.6 |
0.11 |
6.2 |
3336 |
68.5 |
70.0 |
1.5 |
0.47 |
36.8 |
10.9 |
3347 |
175.2 |
180.0 |
4.8 |
0.25 |
11.8 |
10.9 |
3412 |
140.0 |
145.0 |
5.0 |
0.32 |
0.13 |
2.2 |
3415 |
70.0 |
73.4 |
3.4 |
11.8 |
1.7 |
2.6 |
NEXT STEPS:
- Completion of
the 2024 drill campaign, which focuses on the systematic in-fill
drilling and resource conversion in the Quill Newgaurd ore
body
- Updated mineral
resource and reserve issued in Q1|25
- Commencement of
exploration drilling in the newly identified high-grade silver
target with a preliminary 3,000-foot drill campaign in early
2025
- Continue
resource expansion and conversion drilling throughout 2025,
focusing on resource expansion and conversion of the Quill and
Newgard areas between the 6 and 10 levels
Neither TSX
Venture Exchange
nor its
Regulation Services
Provider accepts
responsibility for
the adequacy or
accuracy of this
release.
QA/QC
The Company has implemented QA/QC procedures,
including inserting blank, duplicate, and standard samples in all
sample lots sent to Silver Valley Laboratory (SVL) facilities in
Kellogg, Idaho, for sample preparation and assaying. The analytical
methods are microwave Digest and Inductively Coupled Plasma Optical
Emission Spectrometry (ICP) and select samples will use Fire Assay
with a gravimetric finish for silver.
QUALIFIED PERSON
Mr. Scott Wilson is an independent “qualified
person” as defined by NI 43-101 and is acting as the qualified
person for the Company. He has reviewed, verified and approved the
technical information summarized in this news release, including
the sampling, preparation, security and analytical procedures
underlying such information, and is not aware of any significant
risks and uncertainties that could be expected to affect the
reliability or confidence in the information discussed herein.
ABOUT BUNKER HILL MINING
CORP.
Under Idaho-based leadership, Bunker Hill
intends to sustainably restart and develop the Bunker Hill Mine as
the first step in consolidating and optimizing several mining
assets into a high-value portfolio of operations initially centered
in North America. Information about the Company is available on its
website, www.bunkerhillmining.com, or within the SEDAR+ and EDGAR
databases.
On behalf of Bunker Hill Mining
Corp.
Sam AshPresident and Chief Executive Officer
For additional information, please
contact:
Brenda DaytonVice President, Investor
RelationsT: 604.417.7952E: brenda.dayton@bunkerhillmining.com
Cautionary Statements
Neither the TSX-V nor its Regulation Services
Provider (as that term is defined in the policies of the TSX-V)
accepts responsibility for the adequacy or accuracy of this news
release.
Certain statements in this news release are
forward-looking and involve a number of risks and uncertainties.
Such forward-looking statements are within the meaning of that term
in Section 27A of the Securities Act and Section 21E of the U.S.
Securities Exchange Act of 1934, as amended, as well as within the
meaning of the phrase ‘forward-looking information’ in the Canadian
Securities Administrators’ National Instrument 51-102 – Continuous
Disclosure Obligations (collectively, “forward-looking
statements”). Forward-looking statements are not comprised
of historical facts. Forward-looking statements include estimates
and statements that describe the Company’s future plans, objectives
or goals, including words to the effect that the Company or
management expects a stated condition or result to occur.
Forward-looking statements may be identified by such terms as
“believes”, “anticipates”, “expects”, “estimates”, “may”, “could”,
“would”, “will”, “plan” or variations of such words and
phrases.
Forward-looking statements in this news release
include, but are not limited to, statements regarding: the
Company’s objectives, goals or future plans, including the restart
and development of the Bunker Hill Mine; the achievement of future
short-term, medium-term and long-term operational strategies; the
Silver Loan; the Company receiving TSX-V approval for the issuance
of the Warrants and the Warrant Shares. Factors that could cause
actual results to differ materially from such forward-looking
statements include, but are not limited to, those risks and
uncertainties identified in public filings made by Bunker Hill with
the U.S. Securities and Exchange Commission (the
“SEC”) and with applicable Canadian securities
regulatory authorities, and the following: the Company not
receiving the approval of the TSX-V for the issuance of the
Warrants and the Warrant Shares; the Company’s inability to raise
additional capital for project activities, including through equity
financings, concentrate offtake financings or otherwise; the
fluctuating price of commodities; capital market conditions;
restrictions on labor and its effects on international travel and
supply chains; failure to identify mineral resources; failure to
convert estimated mineral resources to reserves; the preliminary
nature of metallurgical test results; the Company’s ability to
restart and develop the Bunker Hill Mine and the risks of not
basing a production decision on a feasibility study of mineral
reserves demonstrating economic and technical viability, resulting
in increased uncertainty due to multiple technical and economic
risks of failure which are associated with this production decision
including, among others, areas that are analyzed in more detail in
a feasibility study, such as applying economic analysis to
resources and reserves, more detailed metallurgy and a number of
specialized studies in areas such as mining and recovery methods,
market analysis, and environmental and community impacts and, as a
result, there may be an increased uncertainty of achieving any
particular level of recovery of minerals or the cost of such
recovery, including increased risks associated with developing a
commercially mineable deposit, with no guarantee that production
will begin as anticipated or at all or that anticipated production
costs will be achieved; failure to commence production would have a
material adverse impact on the Company's ability to generate
revenue and cash flow to fund operations; failure to achieve the
anticipated production costs would have a material adverse impact
on the Company’s cash flow and future profitability; delays in
obtaining or failures to obtain required governmental,
environmental or other project approvals; political risks; changes
in equity markets; uncertainties relating to the availability and
costs of financing needed in the future; the inability of the
Company to budget and manage its liquidity in light of the failure
to obtain additional financing, including the ability of the
Company to complete the payments pursuant to the terms of the
agreement to acquire the Bunker Hill Mine complex; inflation;
changes in exchange rates; fluctuations in commodity prices; delays
in the development of projects; and capital, operating and
reclamation costs varying significantly from estimates and the
other risks involved in the mineral exploration and development
industry. Although the Company believes that the assumptions and
factors used in preparing the forward-looking statements in this
news release are reasonable, undue reliance should not be placed on
such statements or information, which only applies as of the date
of this news release, and no assurance can be given that such
events will occur in the disclosed time frames or at all, including
as to whether or when the Company will achieve its project finance
initiatives, or as to the actual size or terms of those financing
initiatives. The Company disclaims any intention or obligation to
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, other than
as required by law. No stock exchange, securities commission or
other regulatory authority has approved or disapproved the
information contained herein.
Readers are cautioned that the foregoing risks
and uncertainties are not exhaustive. Additional information on
these and other risk factors that could affect the Company’s
operations or financial results are included in the Company’s
annual report and may be accessed through the SEDAR+ website
(www.sedarplus.ca) or EDGAR on the SEC website (www.sec.gov).
APPENDIX 1
Recently completed
drill program
Hole ID |
From |
To |
Length |
Zn% |
Pb% |
Ag opt |
7086 |
52.0 |
54.0 |
2 |
4.16 |
0.56 |
0.67 |
7087 |
2.7 |
14.5 |
11.8 |
3.83 |
1.23 |
0.44 |
including |
6.7 |
7.5 |
0.8 |
7.25 |
2.85 |
1.03 |
and |
11.5 |
14.5 |
3 |
7.52 |
2.91 |
1.06 |
7087 |
68.0 |
71.0 |
3 |
4.28 |
0.48 |
0.22 |
7088 |
3.5 |
4.2 |
0.7 |
14.00 |
2.12 |
0.92 |
7088 |
6.0 |
6.5 |
0.5 |
12.70 |
2.00 |
0.79 |
7088 |
10.5 |
15.5 |
5 |
3.43 |
0.71 |
0.24 |
including |
10.5 |
13.0 |
2.5 |
4.35 |
1.08 |
0.37 |
7088 |
63.5 |
67.0 |
3.5 |
7.81 |
5.56 |
2.19 |
7088 |
253.0 |
261.0 |
8 |
3.63 |
2.18 |
0.69 |
including |
259.0 |
261.0 |
2 |
5.64 |
5.53 |
1.77 |
7088 |
263.0 |
267.5 |
4.5 |
8.73 |
3.91 |
1.38 |
including |
263.0 |
264.0 |
1 |
11.40 |
7.47 |
2.54 |
and |
265.0 |
266.0 |
1 |
18.10 |
6.21 |
2.37 |
7088 |
305.0 |
306.0 |
1 |
6.20 |
0.35 |
0.14 |
7089 |
7.0 |
8.3 |
1.3 |
7.81 |
2.01 |
0.81 |
7089 |
10.0 |
10.7 |
0.7 |
8.57 |
3.62 |
1.36 |
7089 |
17.0 |
21.7 |
4.7 |
4.50 |
1.74 |
0.56 |
including |
17.0 |
17.7 |
0.7 |
9.50 |
7.75 |
2.55 |
7089 |
29.5 |
31.0 |
1.5 |
6.15 |
4.96 |
1.88 |
7089 |
63.0 |
66.0 |
3 |
3.00 |
0.52 |
0.23 |
7089 |
240.3 |
243.0 |
2.7 |
6.20 |
1.27 |
0.45 |
including |
240.3 |
240.8 |
0.5 |
9.61 |
2.25 |
0.79 |
7089 |
245.0 |
250.0 |
5 |
11.80 |
3.63 |
1.31 |
including |
245.0 |
245.8 |
0.8 |
13.80 |
5.34 |
1.85 |
and |
245.8 |
247.8 |
2 |
19.70 |
4.43 |
1.65 |
7089 |
262.5 |
266.0 |
3.5 |
3.33 |
1.14 |
0.36 |
7089 |
270.0 |
272.7 |
2.7 |
10.15 |
4.00 |
1.39 |
including |
270.0 |
270.5 |
0.5 |
9.94 |
6.19 |
2.03 |
and |
272.0 |
272.7 |
0.7 |
24.60 |
5.63 |
2.03 |
7090 |
2.4 |
3.5 |
1.1 |
12.80 |
3.64 |
1.46 |
7090 |
6.5 |
7.0 |
0.5 |
10.00 |
1.60 |
0.68 |
7090 |
10.0 |
13.0 |
3 |
3.52 |
1.54 |
0.56 |
7090 |
20.5 |
22.0 |
1.5 |
3.02 |
0.66 |
0.21 |
7090 |
65.5 |
73.0 |
7.5 |
3.01 |
0.66 |
0.23 |
including |
65.5 |
66.0 |
0.5 |
6.11 |
2.86 |
0.90 |
and |
68.5 |
69.0 |
0.5 |
4.81 |
0.59 |
0.21 |
7090 |
170.0 |
180.0 |
5.5 |
4.48 |
2.79 |
0.88 |
including |
172.3 |
173.0 |
0.7 |
15.10 |
6.02 |
2.02 |
7090 |
208.4 |
209.0 |
0.6 |
5.62 |
8.09 |
2.27 |
7090 |
329.3 |
330.3 |
1 |
1.00 |
10.30 |
3.93 |
including |
329.8 |
330.3 |
0.5 |
2.84 |
16.90 |
6.40 |
7090 |
340.5 |
346.3 |
2.8 |
3.18 |
0.44 |
0.16 |
including |
340.5 |
341.0 |
0.5 |
6.67 |
2.26 |
1.46 |
7091 |
1.0 |
1.8 |
0.8 |
6.38 |
1.19 |
0.63 |
7091 |
6.2 |
7.0 |
0.8 |
17.60 |
5.98 |
2.45 |
7091 |
10.3 |
11.0 |
0.7 |
3.13 |
0.86 |
0.39 |
7091 |
18.0 |
21.0 |
3 |
9.07 |
3.40 |
1.25 |
including |
18.0 |
20.0 |
2 |
11.30 |
3.58 |
1.29 |
7091 |
215.0 |
217.0 |
2 |
4.14 |
0.47 |
0.37 |
7091 |
261.5 |
269.0 |
7.5 |
4.19 |
2.21 |
0.56 |
including |
265.5 |
267.0 |
1.5 |
6.17 |
1.80 |
0.49 |
and |
267.0 |
269.0 |
2 |
5.87 |
5.93 |
1.46 |
7092 |
0.0 |
2.0 |
2 |
5.25 |
0.53 |
0.28 |
7092 |
5.5 |
9.6 |
4.1 |
5.96 |
1.42 |
0.55 |
including |
5.5 |
6.0 |
0.5 |
17.10 |
6.25 |
2.52 |
and |
9.0 |
9.6 |
0.6 |
11.40 |
3.62 |
1.21 |
7092 |
10.9 |
11.4 |
0.5 |
4.66 |
0.73 |
0.36 |
7092 |
15.0 |
15.5 |
0.5 |
23.10 |
1.63 |
0.61 |
7092 |
237.9 |
238.5 |
0.6 |
3.36 |
0.60 |
0.16 |
7092 |
254.5 |
256.5 |
2 |
5.56 |
0.06 |
0.09 |
|
7092 |
288.6 |
292.0 |
3.4 |
21.06 |
7.46 |
2.93 |
|
7092 |
310.0 |
313.5 |
3.5 |
6.41 |
4.10 |
1.22 |
|
including |
312.5 |
313.5 |
1 |
11.00 |
4.51 |
1.37 |
|
- Cutoff 2% ZN
- Minimum Width 0.5 feet
- Samples are sample length and not
necessarily the true width of mineralization
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/3aaa1adb-b192-495c-abd7-364e77001ec1
https://www.globenewswire.com/NewsRoom/AttachmentNg/87c1ccfd-ac24-4b28-a8d5-a35fc5e49e5a
https://www.globenewswire.com/NewsRoom/AttachmentNg/4bf9814d-23ec-4b27-9322-093a48b7987e
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