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Hecla Mining Company
Summary
| Project: | Montanore | |
|---|---|---|
| Deposit: | Montanore | |
| Location: | United States | |
| Commodities: | Silver-Copper | |
| Date: | 2/22/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Mine Development | |
| Report details: | 22-2-2017: Hecla Mining Company announces a Resource Estimation report for its Montanore deposit at the Montanore project. Updated mineral resource statement. Hecla nearly replaced all silver mine production in 2016 (combined 20.2 million silver oz contai | |
| Resources: | (Resource, Inf.): 112.185Mt @ 1.6oz/t Ag, 0.7% Cu for 183.346Moz Ag, 759.420kt Cu contained | |
| CP/QP: | [Resources]: Dean McDonald (Internal) | |
| ABSTRACT: | Hecla nearly replaced all silver mine production in 2016 (combined 20.2 million silver oz contained) as silver reserves decreased by only 2%, despite using silver reserve prices at $14.50/oz. Gold production was also nearly replaced (282,000 contained gold oz) as reserves decreased by only 3% over 2015, and gold reserve prices were calculated at $1,200/oz. “Hecla’s financial discipline focuses on profitable production, so we used the same silver price assumption as last year, $14.50, yet still essentially replaced production despite production being a 125-year record. Maybe most impressive is that it was done with the smallest exploration budget since 2009. The margins we expect to generate give us the flexibility to increase our exploration budget by about 80%, with a focus on extending mine lives, yet still generate positive cash flow in 2017,” said Phillips S. Baker, Jr., Hecla’s President and CEO. “At San Sebastian we are starting the year where we left off in 2016, with a significant drilling program designed to capitalize on our discovery success as we seek to expand our high-grade tonnage. The quality and quantity of the targets give us confidence that we may extend the mine life even further.” | |
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