Nevada represents a transformative opportunity within Hecla’s portfolio, with multiple high-grade projects offering near-term production potential and district-scale discovery opportunities. Our renewed strategic focus leverages existing infrastructure, proven high-grade systems, and vastly underexplored targets.
Aurora – Walker Lane’s Highest-Grade Historic Producer
Information with respect to proven and probable ore reserves; and 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)
|
|---|---|---|---|---|---|---|---|---|---|
| Measured Resources (18,19) |
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
| Indicated Resources (18,19) |
197
|
.8
|
0.37
|
–
|
–
|
162
|
73
|
–
|
–
|
| M&I Resources (18,19) |
197
|
0.8
|
0.37
|
–
|
–
|
162
|
73
|
–
|
–
|
| Inferred Resources (18,19) |
1,197
|
0.4
|
0.42
|
–
|
–
|
524
|
500
|
–
|
–
|
Note: All estimates are in-situ. Resources are exclusive of reserves.
(18) Mineral resources for Fire Creek, Hollister and Midas are reported using a minimum mining width of four feet or the vein true thickness plus two feet, whichever is greater.
Reporting requirements in the United States for disclosure of mineral properties are governed by the SEC and included in the SEC’s Securities Act Industry Guide 7, entitled “Description of Property by Issuers Engaged or to be Engaged in Significant Mining Operations” (Guide 7). However, the Company is also a “reporting issuer” under Canadian securities laws, which require estimates of mineral resources and reserves to be prepared in accordance with Canadian National Instrument 43-101 (NI 43-101). NI 43-101 requires all disclosure of estimates of potential mineral resources and reserves to be disclosed in accordance with its requirements. Such Canadian information is being included here to satisfy the Company’s “public disclosure” obligations under Regulation FD of the SEC and to provide U.S. holders with ready access to information publicly available in Canada.
Reporting requirements in the United States for disclosure of mineral properties under Guide 7 and the requirements in Canada under NI 43-101 standards are substantially different. This website contains a summary of certain estimates of the Company, not only of proven and probable reserves within the meaning of Guide 7, which requires the preparation of a “final” or “bankable” feasibility study demonstrating the economic feasibility of mining and processing the mineralization using the three-year historical average price for any reserve or cash flow analysis to designate reserves and that the primary environmental analysis or report be filed with the appropriate governmental authority, but also of mineral resource and mineral reserve estimates estimated in accordance with the definitional standards of the Canadian Institute of Mining, Metallurgy and Petroleum referred to in NI 43-101. The terms “measured resources”, “indicated resources,” and “inferred resources” are Canadian mining terms as defined in accordance with NI 43-101. These terms are not defined under Guide 7 and are not normally permitted to be used in reports and registration statements filed with the SEC in the United States, except where required to be disclosed by foreign law. The term “resource” does not equate to the term “reserve”. Under Guide 7, the material described herein as “indicated resources” and “measured resources” would be characterized as “mineralized material” and is permitted to be disclosed in tonnage and grade only, not ounces. The category of “inferred resources” is not recognized by Guide 7. Investors are cautioned not to assume that any part or all of the mineral deposits in such categories will ever be converted into proven or probable reserves. “Resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of such a “resource” will ever be upgraded to a higher category or will ever be economically extracted. Investors are cautioned not to assume that all or any part of a “resource” exists or is economically or legally mineable. Investors are also especially cautioned that the mere fact that such resources may be referred to in ounces of silver and/or gold, rather than in tons of mineralization and grades of silver and/or gold estimated per ton, is not an indication that such material will ever result in mined ore which is processed into commercial silver or gold.
|
|
Tons (000)
|
Silver (oz/ton) |
Gold (oz/ton) |
Lead (%) |
Zinc (%) |
Silver (000 oz)
|
Gold (000 oz)
|
Lead (Tons)
|
Zinc (Tons)
|
|---|---|---|---|---|---|---|---|---|---|
|
Inferred Resources (24) |
74,584 |
0.1 |
0.03 |
– |
– |
5,232
|
2,178
|
–
|
–
|
Note: All estimates are in-situ. Resources are exclusive of reserves.
(24) Inferred open-pit resources for Fire Creek calculated November 30, 2017, using gold and silver recoveries of 65% and 30% for oxide material and 60% and 25% for mixed oxide-sulfide material. Indicated Resources reclassified as Inferred in 2019. Open pit resources are calculated at $1,400 gold and $19.83 silver and cut-off grade of 0.01 Au Equivalent oz/ton and is inclusive of 10% mining dilution and 5% ore loss. Open pit mineral resources exclusive of underground mineral resources. NI43-101 Technical Report for the Fire Creek Project, Lander County, Nevada; Effective Date March 31, 2018; prepared by Practical Mining LLC, Mark Odell, P.E. for Hecla Mining Company, June 28, 2018.
Hollister – North America’s Third Highest Grade Gold Mine
Information with respect to measured, indicated, and inferred resources is set forth below.
|
Tons (000) |
Ag (oz/ton)
|
Au (oz/ton) |
Ag (000 oz) |
Au (000 oz) | |
|---|---|---|---|---|---|
| Measured Resources (18,20) |
19 |
4.7 |
0.57 |
88 |
11 |
| Indicated Resources (18,20) |
74
|
1.8
|
0.56
|
134
|
41
|
| M&I Resources (18,20) |
93
|
2.4
|
0.56
|
223
|
52
|
| Inferred Resources (18,20) |
742
|
2.7
|
0.40
|
2,037
|
294
|
Note: All estimates are in-situ. Resources are exclusive of reserves.
(18) Mineral resources for Fire Creek, Hollister and Midas are reported using a minimum mining width of four feet or the vein true thickness plus two feet, whichever is greater.
(20) Hollister mineral resources, including the Hatter Graben are reported at a gold equivalent cut-off grade of 0.21 oz/ton. Metallurgical recoveries: 88% for gold and 66% for silver.
Midas – Northern Nevada Rift’s Premier Asset
Information with respect to measured, indicated and inferred resources is set forth below.
|
Tons (000) |
Ag(oz/ton)
|
Au(oz/ton) |
Ag(000 oz) |
Au(000 oz) | |
|---|---|---|---|---|---|
| Measured Resources (18,21) |
2 |
7.1 |
0.62 |
15 |
1 |
| Indicated Resources (18,21) |
95
|
5.4
|
0.40
|
514
|
38
|
| M&I Resources (18,21) |
97
|
5.5
|
0.40
|
529
|
39
|
| Inferred Resources (18,21) |
1,480
|
5.3
|
0.44
|
7,918
|
657
|
Note: All estimates are in-situ. Resources are exclusive of reserves. Totals may not represent the sum of parts due to rounding.
(18) Mineral resources for Fire Creek, Hollister and Midas are reported using a minimum mining width of four feet or the vein true thickness plus two feet, whichever is greater.
(21) Midas mineral resources are reported at a gold equivalent cut-off grade of 0.20 oz/ton. Metallurgical recoveries: 90% for gold and 70% for silver. Inferred resources for the Sinter Zone are reported undiluted.
| Tons(000) | Silver(oz/ton) | Gold(oz/ton) | Lead(%) | Zinc(%) | Silver(000 oz) | Gold(000 oz) | Lead(Tons) | Zinc(Tons) | |
|---|---|---|---|---|---|---|---|---|---|
|
Inferred Resources (26) |
523
|
0.2
|
0.24
|
–
|
– |
126
|
101 |
–
|
–
|
