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Hecla Mining Company
Summary
| Project: | San Sebastian | |
|---|---|---|
| Deposit: | San Sebastian | |
| Location: | Mexico | |
| Commodities: | Silver-Gold | |
| Date: | 2/22/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 22-2-2017: Hecla Mining Company announces a Resource Estimation report for its San Sebastian deposit at the San Sebastian project. Updated Resources & Reserves + new drill results incl. 1.16m @ 23.94g/t Au, 6116g/t Ag from 234m. Hecla nearly replaced all | |
| Resources: | (Reserve, P+P): 326000t @ 17.2oz/t Ag, 0.11oz/t Au for 5.6Moz Ag, 37000oz Au 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. At San Sebastian, 143,300 tons were milled containing 36,300 ounces of gold and 4.57 million ounces of silver. Approximately one-half of 2016 silver and gold production from San Sebastian was replaced with new open-pit and underground reserves. Underground reserves were added along the Middle Vein, and underground rehabilitation and development have begun with the goal of beginning underground production by the end of 2017. Indicated mineral resources decreased 2% for gold and 11% for silver mostly due to conversion to underground mineral reserves at the West Middle Vein. Inferred resources decreased 4% for gold and increased 4% for silver overall with losses due to upgrading of portions of the Middle Vein to measured and indicated categories partially offset by increases along the Middle Vein and the new North Vein Hanging Wall structure. Due to significant drilling success over the past four years, near-surface, high-grade zones of the East Francine, Middle and North veins are being open pit mined. In the fourth quarter, four drills were active, and with recent drilling success nearly six miles of mineralized strike length has been defined. New high-grade reserves have been defined in the West Middle Vein and preparations have begun on the development of underground mining. As San Sebastian moves toward underground mine production, exploration activities in the fourth quarter were focused on defining new underground mineable resources. | |
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