Hecla Provides Exploration Update
September 14, 2021 at 06:30 AM EDT
Hecla Mining Company (NYSE:HL) today released an update on its latest exploration results.
“While focused, our exploration efforts have spanned our three operating mines and eight of our exploration properties,” said Phillips S. Baker, Jr., President and CEO. “As we have adapted to operating in a pandemic, we have been able to increase drilling and expect growth in reserves and resources. We continue to have exciting results in Nevada where at Midas we are seeing similar structural controls on high-grade mineralization at Green Racer Sinter as those observed at the mine’s historically producing veins leading us to add a third drill rig and at Hollister where underground drilling will begin soon. At Greens Creek, both underground and surface drilling are giving results that should lead to reserve replacement and additional drilling in the Lil’Sore area.”
At Midas, two core rigs focused on offsetting and expanding high-grade mineralization along strike and up and down dip at the Green Racer Sinter. A third core rig arrived at Midas in July, and all three core rigs are continuing to test the Green Racer Sinter structure and additional East Graben Corridor targets including the South Green Racer and Green Racer Sinter structural intersection, and Little Opal target areas.
Drilling at Midas continues to intersect high-grade gold and silver mineralization along the Sinter structure with recent drillhole intersections including 1.99 oz/ton gold and 8.2 oz/ton silver over 1.7 feet estimated true thickness and 0.30 oz/ton gold and 136.2 oz/ton silver over 0.9 feet estimated true thickness. Mineralization is hosted in quartz and carbonate veining within the Sinter structure which is locally fractured due to post-mineral fault movement. While still early in our exploration program, high-grade mineralization has been intersected over 2,000 feet of strike length, 1,250 feet of dip and continues to be open for expansion both along strike and dip.
Controls on mineralization at the Green Racer Sinter appear to be associated with a cymoid loop structural architecture, similar to the architecture controlling mineralization at the Colorado Grande and associated veins mined at Midas in the past. The geology of this architecture consists of narrow but high-grade en echelon vein segments that connect or intersect with a periodicity creating wider zones of high-grade mineralization. The current exploration program is designed to test this model.
Development drifting is advancing to the Hatter Graben with the first drill station now available for geotechnical and exploration drilling. Underground exploration drilling is planned to target additional veins south of the current resource model and intersect and confirm the upper portions of the veins in the current resource.
Drilling at Greens Creek is on track to replace reserves with two underground core rigs upgrading and expanding resources in the Upper Plate, 9A, and Northwest West zones. Upper Plate drilling targeted the southern portion of the zone along 100 feet of strike length and expands mineralization to the west and to the south. Highlights from this drilling include intercepts containing 28.29 oz/ton silver, 0.01 oz/ton gold, 4.69% zinc and 2.77% lead over 8.1 feet occurring within a zone of multiple tight folds. Drilling in the 9A Zone targeted the southern portion of the zone along 150 feet of strike length and includes intercepts containing 20.10 oz/ton silver, 0.08 oz/ton gold, 9.83% zinc and 6.09% lead over 24.3 feet and 40.81 oz/ton silver, 0.14 oz/ton gold, 3.96% zinc and 1.51% lead over 6.0 feet, both at the targeted horizon. Northwest West drilling focused on the northern portion of the zone along 150 feet of strike length and expands mineralization to the north. Highlights from this drilling include 24.99 oz/ton silver, 0.10 oz/ton gold, 3.89% zinc and 1.76% lead over 11.5 feet at the targeted horizon.
Two surface core rigs also began drill testing the Lil’Sore trend target located three miles north-northwest of the mine and a southerly extension of the mine’s 5250 Zone. Our second drillhole into the Lil’Sore target intersected four zones of mineralized footwall rocks consistent with VMS feeder zone ‘stringer’ style of mineralization. These intercepts include mineralized sericite phyllite grading 0.6 oz/ton silver, 12.2% zinc, and 0.8% copper over 6.6 feet true width and massive fine-grained base metal sulfide and mineralized chloritic rock containing 1.7 oz/ton silver, 4.4% zinc, and 6.6% copper over 3.3 feet true width. These copper and zinc-rich intercepts are hosted in footwall rocks showing a fertile feeder stockwork zone. As the entire stratigraphic package has been overturned after mineralization, these results indicate potential for a mineralized mine contact at depth or laterally.
At Casa Berardi, six underground and three surface core rigs focused on definition and exploration drilling in the West, Principal, and East Mine areas and is on track to replace reserves and expand resources by year end. Drilling in the WMCP Pit targeting infill and extensions to the current resource has expanded mineralization and improved the grade. Grade improvement is related to two wide high-grade infill drillhole intercepts including 0.25 oz/ton gold over 55.4 feet and 0.17 oz/ton gold over 11.2 feet. Expansion of mineralization in the WMCP Pit occurred from drilling to extend the current resource boundary up to the bedrock-overburden contact and intercepts include 0.05 oz/ton gold over 20.3 feet. Exploration drilling in the Lower 123 Zone, targeting multiple stacked ore lenses below and to the east of the current resource boundary expands mineralization in both directions with intersections of 0.17 oz/ton gold over 65.6 feet including 0.36 oz/ton gold over 13.1 feet.
Drilling at San Sebastian continued in both the El Bronco and El Toro vein systems. Drilling completed in the El Bronco vein targeted gaps in the drill data. While we have had good vein widths and grades at the current level of drilling at El Bronco, continuity of grade has been challenging. Analysis of the geochemistry, vein phase stratigraphy, and vein textures all indicate that the current levels of drilling at both the El Bronco and El Tigre veins are high in the epithermal system. Deeper drilling is now in progress at both the El Bronco and El Tigre veins targeting the more favorable levels at depth as well as feeder zones to the mineralization we have intersected to date.
Drilling at El Toro tested the down-faulted portion of the vein to the southeast of the resource area. Although both drillholes were low grade, the grades in this offset segment of the El Toro vein are increasing at depth so additional deeper drilling is planned.
More complete drill assay highlights can be found in Table A at the end of the release.
Exploration activities are ongoing at Lucky Friday, Heva-Hosco, Aurora, Fire Creek, Republic, and Kinskuch. The programs range from land acquisition to surface mapping and sampling to target identification and drilling. The programs are in locations with significant geologic potential, good infrastructure, and favorable jurisdictions.
Statements made which are not historical facts, such as strategies, plans, anticipated payments, litigation outcome (including settlement negotiations), production, sales of assets, exploration results and plans, costs, and prices or sales performance are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may”, “will”, “should”, “expects”, “intends”, “projects”, “believes”, “estimates”, “targets”, “anticipates” and similar expressions are used to identify these forward-looking statements. 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, environmental and litigation 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 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.
Qualified Person (QP) Pursuant to Canadian National Instrument 43-101
Kurt D. Allen, MSc., CPG, VP - Exploration of Hecla Mining Company and Keith Blair, MSc., CPG, Chief Geologist of Hecla Limited, who serve as a Qualified Person under National Instrument 43-101("NI 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 analytical or testing procedures for the Greens Creek Mine are contained in a technical report titled “Technical Report for the Greens Creek Mine” effective date December 31, 2018, and for the Lucky Friday Mine are contained in a technical report titled “Technical Report for the Lucky Friday Mine Shoshone County, Idaho, USA” effective date April 2, 2014, for Casa Berardi are contained in a technical report titled "Technical Report on the mineral resource and mineral reserve estimate for Casa Berardi Mine, Northwestern Quebec, Canada" effective date December 31, 2018 (the "Casa Berardi Technical Report"), and for the San Sebastian Mine, Mexico, 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. 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, 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. Copies of these technical reports are available under Hecla's and Klondex's profiles on SEDAR at www.sedar.com. Mr. Allen and Mr. Blair reviewed and verified information regarding drill sampling, data verification of all digitally collected data, drill surveys and specific gravity determinations relating to all the mines. 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.
Founded in 1891, Hecla Mining Company (NYSE:HL) is the largest silver producer in the United States. In addition to operating mines in Alaska, Idaho and Quebec, Canada, the Company owns a number of exploration properties and pre-development projects in world-class silver and gold mining districts throughout North America.
Table A – Assay Results – 2021
Category: Press Release