Hecla’s exploration projects ensure our portfolio anticipates market shifts while meeting America’s critical mineral needs.
The San Juan Silver project is a 21-square-mile land package covering one of Colorado’s most prolific silver districts. Historically, the epithermal veins of the Creede Mining District have produced over 84 million ounces of silver from underground vein mining – the type of mining in which Hecla has specific expertise. The project represents the first time that the resources and geologic potential of this district have been under the control of a single owner/operator. Standing on the shoulders of Hecla’s 13-year tenure in the district, all permits for exploration and pre-development activities are current, and Hecla’s sustained commitment to environmental and community stewardship is visible in our collaborative relationship with a spectrum of stakeholders. As the largest primary silver producer in the U.S., Hecla recognizes the significant opportunity that the existing resources, and the projects’ large, prospective land package could provide as a future domestic supply of metals.
The Bulldog Mine is a center of gravity for the San Juan Silver project. Historically, the mine produced 25 million ounces of silver between 1969 and 1985, and Hecla has defined an Inferred Resource of 38 Moz. of silver, 49,400 tons of lead, and 39,850 tons of zinc of in-mine and near-mine exploration upside. Since 2011, Hecla has taken strategic steps towards accessing the Bulldog Mine underground infrastructure to confirm, upgrade, and potentially expand these significant resources. Hecla’s extensive property position covers approximately 30 miles of permissive strike length along known mineralized structures offering Hecla the opportunity for impactful discoveries. Surface exploration drilling in 2013 intersected high-grade mineralization on-trend and 1,400 feet north of the nearest Bulldog Mine workings, reinforcing the potential to bring new resources into the projects’ inventory.
Ongoing exploration at San Juan Silver focuses on near-mine and regional target areas within the land package. Field mapping, geochemical and geophysical surveys, and geological interpretation, and the development of 3-D geological models, are supporting the development of drilling targets near the known mines and initial drill testing of other targets in the district. Work also continues to receive and maintain all operational and exploration permits.
Information with respect to measured, indicated, and inferred resources is set forth below.
| Tons(000) | Silver(oz/ton) | Gold(oz/ton) | Lead(%) | Zinc(%) | Silver(000 oz) | Gold(000 oz) | Lead(Tons) | Zinc(Tons) | |
|---|---|---|---|---|---|---|---|---|---|
|
2,351 |
15.8 |
0.01
|
1.4 |
1.1 |
37,026
|
27 |
47,430 |
38,020
|
Note: All estimates are in-situ. Resources are exclusive of reserves.
(12) Mineral resources are based on $2,000/oz gold, $24/oz silver, $1.15/lb lead, $1.35/lb zinc and $4/lb copper, unless otherwise stated.
(25) Inferred resources reported at a minimum mining width of 6.0 feet for Bulldog and an NSR cut-off value of $200/ton and 5.0 feet for Equity and North Amethyst veins at an NSR cut-off value of $175/ton; Metallurgical recoveries based on grade dependent recovery curves; metal recoveries at the mean resource grade average 89% silver, 74% lead, and 81% zinc for the Bulldog and a constant 85% gold and 85% silver for North Amethyst and Equity.
The Coeur d’Alene Mining District, where Hecla was born in 1891, is located in North Idaho’s Silver Valley along Interstate 90. This district has produced more than 1.2 billion ounces of silver in its history, one of the most prolific silver districts in the world. Hecla’s Silver Valley/Star position consists of about 27-square miles, an area roughly the size of Manhattan. In aggregate, the historic mines in this position have produced more than 340 million ounces of silver, or about 25% of the entire historic production of the Silver Valley.
Exploration work continues in the Silver Valley with compilation of historic data, interpretation of geology, and developing a dynamic 3D geological model of Lucky Friday and the surrounding exploration properties for drill targeting. Focused surface reconnaissance, confirmation mapping, and geochemistry are increasing our knowledge of our many exploration targets in the Silver Valley.
Information with respect to measured, indicated, and inferred resources is set forth below.
| Tons(000) | Silver(oz/ton) | Gold(oz/ton) | Lead(%) | Zinc(%) | Silver(000 oz) | Gold(000 oz) | Lead(Tons) | Zinc(Tons) | |
|---|---|---|---|---|---|---|---|---|---|
|
– |
– |
– |
– |
– |
– |
– |
– |
– | |
|
834 |
3.4
|
– |
7.2 |
8.5 |
2,820 |
– |
60,120 |
70,450 | |
|
834 |
3.4 |
– |
7.2 |
8.5 |
2,820
|
– |
60,120 |
70,450 | |
|
2,044 |
3.5 |
6.7 |
6.7 |
7,129 |
– |
137,040 |
137,570 |
Note: All estimates are in-situ. Resources are exclusive of reserves.
(12) Mineral resources are based on $2,000/oz gold, $24/oz silver, $1.15/lb lead, $1.35/lb zinc and $4/lb copper, unless otherwise stated.
(23) Indicated and Inferred resources at the Star property are reported using a minimum mining width of 4.3 feet and an NSR cut-off value of $200/ton; Metallurgical recovery: 93% for silver, 93% for lead, and 87% for zinc.
The Republic Mining District, located immediately north of the town of Republic, approximately 125 miles north-northwest of Spokane, Washington in Ferry County, holds the title as the largest historic gold producer in the State of Washington. Hecla controls 3,583 acres of surface and mineral interests over the most productive and most prospective ground in the Republic District, covering the major structural trends of the district including top producing mines such as Knob Hill, Surprise, Lone Pine-Last Chance, Tom Thumb, and the Golden Promise. Recent exploration has supported the potential for new discoveries, setting the stage for the next generation of organic growth in the Republic District.
Hecla’s exploration efforts since 2011 have confirmed the potential for additional high-grade underground and surface bulk-tonnage discoveries in the district. With significant portions of prospective terrain hidden by post-mineral cover, and the legacy discovery of the Golden Promise deposit as proof of concept, Hecla considers the exploration search-space to be much larger, and more robust, than history might suggest. With modern exploration tools, a robust historical dataset and abundant targets, Hecla is taking a fresh look at this storied district.
Hecla has made the first steps towards a new era of exploration in Republic with the continued integration of historical data, updating our 3D geological model of the district, completing geochemical and geophysical surveys over many target areas, and re-evaluating exploration strategies to bring our most prospective targets to a drill ready status.
The exploration program for Republic will continue to develop drill targets in the district with surface mapping and sampling along with review of the historic drill core, geological interpretation, and 3D modeling.
Kinskuch consists of 156 mining claims totaling 59,400 hectares. There are no NSRs or NPIs carried on the property. The Kinskuch property is favorably located within the Iskut-Stewart-Kitsault Belt north of the tidewater communities of Alice Arm and Kitsault with access to the western part of the property on a historic roadbed. Prospecting in the vicinity began as early as 1889. The property hosts potential for the discovery of epithermal silver-gold, gold-rich porphyry, and volcanogenic massive sulfide (VMS) deposits.
The advanced stage Heva-Hosco exploration property is located in the Joannes Township, 20 km (12.4 miles) east of Rouyn-Noranda. The property is up to 3 km wide (1.8 miles) and extends east-west for more than 8 km (5 miles) along the Cadillac-Larder Lake break (fault). The property is located in the Abitibi region near several world class gold mines as Laronde gold massive sulfide deposits and Canadian Malartic open pit and underground gold mines. The project comprises 102 mining claims covering 3,847 hectares (14.8 sq. miles). The property hosts two distinct gold deposits, the free-milling (gold, pyrrhotite, pyrite) mineralization at the Heva deposit, and the refractory (gold, arsenopyrite, pyrrhotite, pyrite) mineralization at the Hosco deposit.
The mining district along the Cadillac-Larder Lake break in the Abitibi region has high potential for new discoveries. Past exploration drilling only covers approximately one thousand feet down plunge of the break, leaving the depth of extension of known mineralization open at depth along the strike.
Since 2014 significant high-grade zones have been identified. Future exploration will target these mineralized zones at depth to upgrade the project by increasing the value of the free milling resources at Heva and Hosco North lens.
Information with respect to measured, indicated, and inferred resources is set forth below.
|
Heva | Tons(000) | Silver (oz/ton) | Gold(oz/ton) | Lead(%) | Zinc(%) | Silver(000 oz) | Gold(000 oz) | Lead(Tons) | Zinc(Tons) |
|---|---|---|---|---|---|---|---|---|---|
|
Measured Resources (22) |
– |
– |
– |
– |
– |
– |
– |
– |
– |
|
Indicated Resources (22) |
1,208 |
– |
0.05 |
– |
– |
– |
62 |
– |
– |
|
M&I Resources (22) |
1,208 |
– |
0.05 |
– |
– |
– |
62 |
– |
– |
|
Inferred Resources (22) |
1,615 |
– |
0.08 |
– |
– |
– |
136
|
– |
– |
|
Hosco | Tons(000) | Silver (oz/ton) | Gold(oz/ton) | Lead(%) | Zinc(%) | Silver(000 oz) | Gold(000 oz) | Lead(Tons) | Zinc(Tons) |
|---|---|---|---|---|---|---|---|---|---|
|
Measured Resources (22) |
– |
– |
– |
– |
– |
– |
– |
– |
– |
|
Indicated Resources (22) |
32,152 |
– |
0.03 |
– |
– |
– |
1,907 |
– |
– |
|
M&I Resources (22) |
32,152
|
– |
0.03 |
– |
– |
– |
1,097 |
– |
– |
|
Inferred Resources (22) |
14,460 |
– |
0.03 |
– |
– |
– |
461 |
– |
– |
(22)Mineral resources at Heva and Hosco are based on a gold cut-off grade of 0.011 oz/ton (0.37 g/tonnes) for open pit and 0.117 oz/ton (4 g/tonne) for underground and metallurgical recoveries of 95% for gold at Heva and 81.5% and 87.7% for gold at Hosco depending on zone. Heva and Hosco resources are diluted 20% and reported using a 7% mining loss.
The Opinaca-Wildcat project is located 320km (199 miles) north of the city of Matagami, in the James Bay territory. The project consists of two properties: the Opinaca property and Wildcat property. Together these two properties comprise 565 claims covering an area of 29,547 hectares (114.1 sq. miles) near Goldcorp’s Eleonore Mine property, a world-class lode gold type deposit that contains over 9 Moz. at 0.18 oz/ton gold. Both the Opinaca and Wildcat properties cover a highly prospective area and straddle the contact between the Opinaca and La Grande subprovinces, which is the regional gold metallotect in the James Bay area.
Several different styles of gold mineralization have been defined on the Opinaca and Wildcat properties. The main styles of gold mineralization are: Pyrrhotite dissemination within calc-silicate alteration zones, Arsenopyrite and tourmaline-bearing strain zones, Garnet-pyrrhotite-rich bands, Pyrrhotite and pyrite dissemination in silicified bands and Arsenopyrite and native bismuth dissemination in tourmaline-garnet-rich pegmatitic intrusions.
Future exploration is planned, consisting of prospecting and trenching the known gold favorable structure and continuing to compile geological data as lithogeochemistry, geophysic and structure to increase the knowledge of the geology for future discoveries.
San Sebastian is a silver and gold project located in Durango State Mexico, in the middle of the prolific Mexican Silver Belt. Mining of high-grade ore was conducted from 1995 to 2001 and again from 2015 to 2020. During the time of production, San Sebastian was one of the highest-grade silver producers in Mexico. The district remains highly prospective, and exploration activities remain active. Hecla’s concession holdings at San Sebastian cover approximately 42,000 hectares (162 square miles). Within this land position is the Francine Vein, Hugh Zone, Middle Vein, El Toro and Don Sergio-Andrea vein systems and several other underexplored target areas. Hecla received the 2022 Environmental and Sustainability Excellence Award from the American Exploration & Mining Association (AEMA) for our exemplary reclamation efforts to backfill the open pits at San Sebastian and return the land to agricultural use for the local community.
Recent exploration at San Sebastian targeted deeper mineralization in the Middle, North, Francine, La Roca, El Toro, El Tigre, and El Bronco vein systems as well as drill testing of Short Vertical Reverse Circulation (SVRC) anomalies and additional geologic studies.
The Company continues to explore this highly prospective land package and will evaluate further mining based on these exploration results and the existing mineral resources.
Information with respect to Inferred Mineral Resources is set forth below.
| Oxide | Tons (000) | Silver (oz/ton) | Gold (oz/ton) | Lead (%) | Zinc (%) | Copper (%) | Silver (000 oz) | Gold (000 oz) | Lead (Tons) | Zinc (Tons) | Copper (Tons) |
|
Measured Resources (17) |
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
– |
– |
|
Indicated Resources (17) |
1,233 |
6.6 |
0.10 |
– |
– |
– |
8,146 |
121 |
– |
– |
– |
|
M&I Resources (17) |
1,233 |
6.6 |
0.10 |
– |
– |
– |
8,146 |
121 |
– |
– |
– |
| Inferred Resources (17) |
2,163
|
7.1
|
0.06
|
–
|
–
|
–
|
15,364
|
134
|
–
|
–
|
–
|
|
Sulfide | Tons (000) | Silver (oz/ton) | Gold (oz/ton) | Lead % | Zinc % | Copper % | Silver (000 oz) | Gold (000 oz) | Lead (Tons) | Zinc (Tons) | Copper (Tons) |
|
Measured Resources (17) |
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
– |
– |
|
Indicated Resources (17) |
1,164 |
5.3 |
0.01 |
2.0 |
3.1 |
1.3 |
6,211 |
15 |
23,500 |
35,900 |
15,240 |
|
M&I Resources (17) |
1,164 |
5.3 |
0.01 |
2.0 |
3.1 |
1.3 |
6,211 |
15 |
23,500 |
35,900 |
15,240 |
|
Inferred Resources (17) |
326 |
4.3 |
0.01
|
1.7 |
1.7 |
0.9 |
1,388 |
4 |
5,680 |
8,420 |
3,090 |
Note: All estimates are in-situ. Resources are exclusive of reserves.
(17) Mineral resources for underground zones at San Sebastian reported at a cut-off grade of $158.8/ton ($175/tonne), open pit resources reported at a cut-off grade of $72.6/ton ($80/tonne); Metallurgical recoveries based on grade dependent recovery curves: recoveries at the mean resource grade average 89% for silver and 84% for gold for oxide material and 85% for silver, 83% for gold, 81% for lead, 86% for zinc, and 83% for copper for sulfide material. Resources reported at a minimum mining width of 8.2 feet (2.5m) for Middle Vein, North Vein, and East Francine, 6.5ft (1.98m) for El Toro, El Bronco, and El Tigre, and 4.9 feet (1.5 m) for Hugh Zone and Andrea.
Hecla acquired the Rock Creek project in June 2015 with the acquisition of Revett Mining Company. The Rock Creek project is located approximately five miles northeast of Noxon, Sanders County, Montana (about 50 miles north of the Lucky Friday mine in Idaho).
The project as proposed will encompass approximately 481 acres and be developed in two phases: (1) the construction and development of the evaluation adit, approximately 20 acres, and (2) the development of the mine and construction of the mill facilities. The evaluation program will further define the technical and economic aspects of the project and result in a feasibility study. Presuming a positive feasibility study, and the receipt of the necessary construction permits, Hecla intends to develop Rock Creek as an underground room and pillar mine with conventional crushing and flotation processing.
Consistent with Hecla’s core values, protection of the environment and wildlife is paramount, and the Rock Creek Grizzly Bear Mitigation plan will contribute to both the protection and recovery of the species.
Hecla has withdrawn the Plan of Operations for Rock Creek from consideration by the United States Forest Service (USFS). This plan was prepared by the project’s prior owner and does not have the data necessary for Hecla to formulate a modern mine plan. The Company has submitted a new Plan of Operations for just the Montanore site that will be limited to geologic and environmental evaluation activities only. If approved and subsequent data collection and analysis activities suggest development of a mine is feasible and economic, then a new Plan of Operations for construction and development at Montanore would be submitted to the USFS. While no activities beyond care and maintenance are currently planned for Rock Creek, mineral and other property rights there will not be impacted.
The Revett acquisition also brought the Troy mine to Hecla, which was put on care-and-maintenance by Revett. In 2020, the Company completed reclamation on the 300-acre Troy Tailings Storage Facility (TSF). Hecla is returning the TSF to productive post-mining land uses and have partnered with local suppliers, contractors, and the Confederated Salish and Kootenai Tribes to harvest seed for, cultivate, and plant over 200,000 shrubs and trees. A self-sustaining native forest community and wildlife habitat is already growing and coming to life. In early 2021, the State of Montana reduced the required financial assurance by nearly $8 million because Hecla Montana met or exceeded reclamation requirements for the TSF.
Information with respect to Inferred Mineral Resources is set forth below.
|
Tons (000) |
Silver (oz/ton) |
Copper (%) |
Silver (000 oz) |
Copper (Tons) | |
|---|---|---|---|---|---|
|
99,997
|
1.5
|
0.7
|
148,688
|
658,410
|
Note: All estimates are in-situ. Resources are exclusive of reserves.
(12) Mineral resources are based on $2,000/oz gold, $24/oz silver, $1.15/lb lead, $1.35/lb zinc and $4/lb copper, unless otherwise stated.
(27) Inferred resource at Rock Creek reported at a minimum thickness of 15 feet and an NSR cut-off value of $31.50/ton; Metallurgical recoveries: 88% for silver and 92% for copper. Resources adjusted based on mining restrictions as defined by U.S. Forest Service, Kootenai National Forest in the June 2003 ‘Record of Decision, Rock Creek Project’.
Hecla acquired the Libby Exploration (Montanore) project in September 2016 with the acquisition of Mines Management Inc. The project is located approximately 23 miles south of Libby, Lincoln County, Montana (about 50 miles north of the Lucky Friday Mine in Idaho.
Geologically, the deposit is categorized as a stratabound sediment-hosted silver-copper deposit, and is one of three major deposits in the area, including the Troy Mine and Rock Creek deposit.
A new Plan of Operations for the Libby Exploration project limited to underground exploration and evaluation activities was submitted to the U.S. Forest Service and is currently under an Environmental Assessment review (“EA”) under the National Environmental Policy Act (“NEPA”). These actions reflect our consolidated ownership with Rock Creek and new ideas that we bring, rather than the separate ownership and ineffective strategies of the projects’ prior owners. Upon successful completion of the EA process under the NEPA, and if subsequent data collection and analysis activities suggest development of a mine is feasible, then it is anticipated that a new Plan of Operations for the construction and development of a mine at the Libby Exploration site would be submitted for approval.
Information with respect to Inferred Mineral Resources is set forth below.
|
Tons (000) |
Silver (oz/ton) |
Copper (%) |
Silver (000 oz) |
Copper (Tons) | |
|---|---|---|---|---|---|
|
112,185
|
1.6
|
0.7
|
183,346
|
759,420
|
Note: All estimates are in-situ. Resources are exclusive of reserves. Totals may not represent the sum of parts due to rounding.
(12) Mineral resources are based on $2,000/oz gold, $24/oz silver, $1.15/lb lead, $1.35/lb zinc and $4/lb copper, unless otherwise stated.
(28) Inferred resource at Libby reported at a minimum thickness of 15 feet and an NSR cut-off value of $31.50/ton NSR; Metallurgical recoveries: 88% for silver and 92% copper. Resources adjusted based on mining restrictions as 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’.
The Rackla Gold Property was acquired with the acquisition of ATAC Resources Ltd in July, 2023. The property is in east-central Yukon and is a land package of approximately 660 square miles (1,700 km²) comprised of two separate projects: Nadaleen and Rau. The Nadaleen Project hosts Canada’s first Carlin-type gold discoveries at the Osiris Deposit. The Rau Project hosts the advanced-stage Tiger Gold Deposit thought to be a distal variety of the reduced intrusion related gold deposit model. Both projects have defined mineral resources and significant exploration potential, with numerous targets open to expansion and others not yet drill tested. In addition, the Rackla property also hosts silver-lead-zinc carbonate replacement, gold-copper skarn and orogenic gold occurrences.
Exploration work planned for the Rackla Project in 2024 includes data compilation and GIS work for addition target generation as well as continued evaluation of the resource models.
Information with respect to Inferred Mineral Resources is set forth below.
|
Tons (000) |
Silver (oz/ton) |
Gold (oz/ton) |
Lead (%) |
Zinc (%) |
Silver (000 oz) |
Gold (000 oz) |
Lead (Tons) |
Zinc (Tons) | |
|---|---|---|---|---|---|---|---|---|---|
|
Tiger Underground | |||||||||
|
Measured Resources (29) |
32 |
–
|
0.06
|
–
|
–
|
–
|
2 |
–
|
–
|
| Indicated Resources (29) |
960
|
–
|
0.08 |
–
|
–
|
–
|
76
|
–
|
–
|
|
M&I Resources (29) |
991 |
–
|
0.08 |
–
|
–
|
–
|
78
|
–
|
–
|
| Inferred Resources (29) |
153
|
–
|
0.07
|
–
|
–
|
–
|
11
|
–
|
–
|
|
Tiger Open Pit | |||||||||
| Measured Resources (29) |
881
|
–
|
0.09 |
–
|
–
|
–
|
– |
–
|
–
|
| Indicated Resources (29) |
3,116
|
–
|
0.10 |
–
|
–
|
–
|
311 |
–
|
–
|
| M&I Resources (29) |
3,997
|
–
|
0.10 |
–
|
–
|
–
|
386 |
–
|
–
|
| Inferred Resources (29) |
30
|
–
|
0.05
|
–
|
–
|
–
|
2
|
–
| |
|
Osiris Underground | |||||||||
|
Measured Resources (30) |
–
|
–
|
– |
–
|
–
|
–
|
– |
–
|
–
|
|
Indicated Resources (30) |
927
|
–
|
0.13 |
–
|
–
|
–
|
123
|
–
|
–
|
|
M&I Resources (30) |
927
|
–
|
0.12 |
–
|
–
|
–
|
123
|
–
|
–
|
| Inferred Resources (30) |
4,398
|
515
| |||||||
| Osiris Open Pit | |||||||||
|
Measured Resources (30) |
– |
–
|
– |
–
|
–
|
–
|
–
|
–
|
–
|
|
Indicated Resources (30) |
4,843
|
–
|
0.13 |
–
|
–
|
–
|
577 |
–
|
–
|
|
M&I Resources (30) |
4,843
|
–
|
0.10 |
–
|
–
|
–
|
577 |
–
|
–
|
|
Inferred Resources (30) |
5,919 |
–
|
0.09 |
–
|
–
|
–
|
529 |
–
|
–
|
Totals may not represent the sum of parts due to rounding.
(29) Mineral resources at the Rackla-Tiger Project are based on a gold price of $1,650/oz, metallurgical recovery of 95% for gold, and cut-off grades of 0.02 oz/ton gold for the open pit portion of the resources and 0.04 oz/ton gold for the underground portions of the resources; US$/CAD$ exchange rate: 1:1.3.
(30) Mineral resources at the Rackla-Osiris Project are based on a gold price of $1,850/oz, metallurgical recovery of 83% for gold, and cut-off grades of 0.03 oz/ton gold for the open pit portion of the resources and 0.06 oz/ton gold for the underground portions of the resources; US$/CAD$ exchange rate: 1:1.3.
