Information with respect to proven and probable ore reserves, mineralized material, and other resources is set forth below.
(as of December 31, 2011)
Tons |
Silver (oz/ton) |
Gold (oz/ton) |
Zinc (%) |
Lead (%) |
Silver (oz) |
Gold (oz) |
Zinc (tons) |
Lead (tons) |
|||
| Proven Reserves Probable Reserves Mineralized Material (1) Other Resources (2) |
2,345,500 1,345,300 18,857,800 4,396,900 |
12.6 14.7 6.3 9.7 |
– – – – |
3.0 3.2 2.0 2.0 |
7.8 9.3 9 4.2 6.4 |
29,573,900 19,746,200 118,773,700 42,531,600 |
– – – – |
70,160 42,890 369,960 87,300 |
183,100 124,720 783,650 279,770 |
(1) Measured and Indicated resources from Gold Hunter and Lucky Friday vein systems, diluted and factored for expected mining recovery.
(2) Inferred resources from Gold Hunter and Lucky Friday vein systems, diluted and factored for expected mining recovery.
The United States Securities and Exchange Commission permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this website, such as "resource," "other resources," and "mineralized materials" that the SEC guidelines strictly prohibit us from including in our filing with the SEC. U.S. investors are urged to consider closely the disclosure in our Form 10-K, included on this website.
geology
There have been two ore-bearing structures mined at the Lucky Friday unit. The first, mined through 2001, was the Lucky Friday vein, a fissure vein typical of many in the Coeur d’Alene Mining District. The orebody is located in the Revett Formation, which is known to provide excellent host rocks for a number of orebodies in the Coeur d’Alene Mining District. The Lucky Friday vein strikes northeasterly and dips steeply to the south with an average width of six to seven feet. Its principal ore minerals are galena and tetrahedrite with minor amounts of sphalerite and chalcopyrite. The ore occurs as a single continuous orebody in and along the Lucky Friday vein. The major part of the orebody has extended from the 1,200-foot level to and below the 6,020-foot level.
The second ore-bearing structure, known as the Lucky Friday Expansion Area, is located in the Wallace Formation. It has been mined since 1997 pursuant to an operating agreement with Silver Hunter Mining Company ("Silver Hunter"), our wholly owned subsidiary. During 1991, we discovered several mineralized structures containing some high-grade silver ores in an area known as the Gold Hunter property, approximately 5,000 feet northwest of the then existing Lucky Friday workings. This discovery led to the development of the Gold Hunter property on the 4900 level. On November 6, 2008, we, through Silver Hunter, completed the acquisition of substantially all of the assets of Independence Lead Mines Company ("Independence"), including all future interest or royalty obligations to Independence and the mining claims pertaining to the operating agreement with Hecla Limited that was assigned to Silver Hunter.
exploration
Drill results from the Lucky Friday mine remain strong. Definition drilling added approximately 7 million ounces of silver to reserves in 2011. The drilling focused on two resource areas: one to the west near the Silver Fault to the 6600 level in the mine, and the second was in a central portion of the deposit between the 6400 and 6900 levels of the mine. Drilling identified, refined, and upgraded the resource in the 30 Vein and a number of intermediate veins. The 30 Vein, which has demonstrated to contain higher silver grades, represents approximately 73% of current proven and probable ore reserve tonnages, while the remaining 27% of reserves are contained in various intermediate veins which have lower silver grades than the 30 Vein.
Underground exploration drilling defined 30 and intermediate vein mineralization below the 8000-foot level. Exploration drilling also targeted the ground in proximity to the Silver Fault to the west where higher-grade vein intercepts appear to correlate with the 30 Vein as well as intermediate veins. Recently intersected veins in the Silver Fault blocks from the 7600 to 7800 levels highlighted a 10.3 foot thickness which graded 18.4 ounces per ton silver, 15.3% lead, and 4.5% zinc.
Hecla completed approximately 37,472 feet of underground in-fill (definition) and underground drilling at the Lucky Friday through in 2011.
The exploration budget for Lucky Friday / Silver Valley in 2012 is approximately $6 million.
(Within Silver Fault Blocks - Q4 2011)
| Area |
Width (Feet) |
Level (Feet) |
Silver (oz/ton) |
Zinc (%) |
Lead (%) |
||
| 30 Vein 40 Vein 50 Vein |
6.0 3.9 14.5 |
11.0 8.0 7.8 |
8.8 2.5 3.5 |
1.1 9.5 7.2 |
latest assay table results – 7000 - 7200 levels
(Within Silver Fault Blocks – Q4 2011)
| Area |
Width (Feet) |
Level (Feet) |
Silver (oz/ton) |
Zinc (%) |
Lead (%) |
||
20 Vein 50 Vein 50 Vein |
4.5 2.8 2.1 |
7.6 18.2 27.2 |
7.6 10.2 19.2 |
6.3 15.1 1.1 |
latest assay table results – 6500 - 7200 levels
(Within Silver Fault Blocks – Q4 2011)
| Area |
Width (Feet) |
Level (Feet) |
Silver (oz/ton) |
Zinc (%) |
Lead (%) |
||
5 Vein 30 Vein 30 Vein 30 Vein 30 Vein 40 Vein 90 Vein
|
3.9 9.4 8.9 15.0 6.1 5.4 1.8 |
13.1 26.5 9.2 23.3 12.8 18.2 13.7 |
10.9 5.2 4.3 0.2 9.7 7.4 1.1 |
16.4 16.7 7.1 2.3 6.7 12.8 8.8 |
latest assay table results – 7500 - 8000 levels
(Drilling from 5900 #4 Shaft,
between western Silver Fault Splays – Q3 2011)
| Area |
Width (Feet) |
Level (Feet) |
Silver (oz/ton) |
Zinc (%) |
Lead (%) |
||
| 50 Vein 70 Vein 30 Vein 30 Vein 30 Vein 41 Vein 41 Vein 50 Vein 50 Vein |
7.8 1.2 6.8 10.3 8.9 1.1 1.3 8.0 7.2 |
7730 7900 7880 7790 7770 7760 7640 7590 7750 |
6.8 18.3 24.7 18.4 34.4 17.4 20.1 6.2 8.1 |
7.3 3.9 4.9 4.5 4.4 4.4 9.2 9.4 10.1 |
7.4 4.4 24.7 15.3 16.2 42.8 21.2 6.3 7.8 |
latest assay table results – 6400 - 6900 levels
(Drilling from 6400-55 Station - Central,
between western Silver Fault Splays – Q3 2011)
| Area |
Width (Feet) |
Level (Feet) |
Silver (oz/ton) |
Zinc (%) |
Lead (%) |
||
| 5 Vein 20 Vein |
1.3 5.3 |
6880 6880 |
5.8 4.6 |
0.6 9.7 |
7.0 4.3 |
latest assay table results – 6300 - 6600 levels
(Drilling from 6100-52 Station,
between western Silver Fault Splays – Q3 2011)
| Area |
Width (Feet) |
Level (Feet) |
Silver (oz/ton) |
Zinc (%) |
Lead (%) |
||
| 30 Vein 40 Vein 5 Vein |
6.6 5.7 4.2 |
6480 6380 6530 |
9.5 6.0 10.9 |
4.1 15.5 0.4 |
10.3 3.9 3.3 |
latest assay table results – 7000 - 8100 levels
(Drilling from 5900 #4 Shaft,
between western Silver Fault Splays – Q2 2011)
| Area |
Width (Feet) |
Silver (oz/ton) |
Zinc (%) |
Lead (%) |
||
| 30 Vein 30 Vein 50 Vein 50 Vein |
6.8 6.2 7.8 5.9 |
43.5 23.5 6.8 8.1 |
3.8 2,6 7.3 5.6 |
19.7 15.6 7.4 10.2 |
latest assay table results – 7000 - 8100 levels
(Drilling from 5900 #4 Shaft – Q2 2011)
| Area |
Width (Feet) |
Silver (oz/ton) |
Zinc (%) |
Lead (%) |
||
| 50 Vein 40 Vein 30 Vein 30 Vein 30 Vein 20 Vein |
5.7 6.9 8.1 5.4 4.4 8.8 |
8.3 4.9 14.3 14.0 14.9 5.9 |
4.5 5.4 1.9 4.5 7.2 7.9 |
9.3 4.8 19.0 11.1 8.6 5.0 |
(Q1 2011)
| Area |
Width (Feet) |
Silver (oz/ton) |
Zinc (%) |
Lead (%) |
||
| 40 Vein 40 Vein 30 Vein 30 Vein 30 Vein 20 Vein |
6.1 7.1 7.3 8.4 7.5 9.1 |
15.9 4.9 21.5 14.3 17.3 5.9 |
15.2 9.8 16.7 19.0 20.3 5.9 |
5.1 5.4 3.2 1.9 7.3 5.1 |
latest assay table results – 6400 - 6900 levels
(Drilling from 6400-55 Station - Central – Q3 2011)
| Area |
Width (Feet) |
Level (Feet) |
Silver (oz/ton) |
Zinc (%) |
Lead (%) |
||
20 Vein |
5.0 1.5 8.6 5.2 13.4 3.2 6.7 2.5 |
6560 6770 6750 6810 6470 6740 6800 6480 |
16.9 21.0 13.5 14.6 12.8 24.1 17.0 5.7 |
2.6 4.8 3.6 7.6 6.7 5.4 6.4 4.9 |
25.6 16.6 15.4 8.9 12.8 20.8 14.0 6.7 |
latest assay table results – 6300 - 6600 levels
(Drilling from 6100-52 Station - Q3 2011)
| Area |
Width (Feet) |
Level (Feet) |
Silver (oz/ton) |
Zinc (%) |
Lead (%) |
||
| 30 Vein 30 Vein 40 Vein 40 Vein |
6.1 5.8 13.4 2.7 |
6330 6500 6490 6420 |
9.4 9.3 7.5 5.6 |
4.5 14.7 6.8 3.3 |
7.7 7.9 7.8 6.2 |
latest assay table results – 6200 - 6500 levels
(Drilling from 6100 Level – Q2 2011)
| Area |
Width (Feet) |
Silver (oz/ton) |
Zinc (%) |
Lead (%) |
||
| 20 Vein 30 Vein 40 Vein 50 Vein |
0.9 11.3 4.6 0.2 |
5.4 12.2 2.0 11.1 |
20.0 6.2 3.3 0.1 |
6.2 9.8 1.8 23.0 |
latest assay table results – 3600 - 4400 levels
(Drilling from 4050 Level – Q2 2011)
| Area |
Width (Feet) |
Silver (oz/ton) |
Zinc (%) |
Lead (%) |
||
| 30 Vein 30 Vein 30 Vein 40 Vein 40 Vein 40 Vein 70 Vein 90 Vein |
6.8 3.0 3.5 3.7 4.1 2.7 11.8 1.5 |
22.6 13.9 18.4 8.6 10.3 16.8 14.1 72.5 |
3.3 0.1 3.7 0.1 0.1 0.1 1.3 4.2 |
12.6 5.3 14.7 5.7 6.2 13.0 9.2 2.9 |
(Drilling from 4050 Level – Q1 2011)
| Area |
Width (Feet) |
Silver (oz/ton) |
Zinc (%) |
Lead (%) |
||
| 20 Vein 30 Vein 40 Vein 60 Vein 60 Vein 90 Vein 90 Vein 110 Vein |
9.1 8.4 6.1 1.4 8.8 5.3 7.2 9.4 |
7.9 14.3 15.9 45.1 2.9 24.2 12.6 7.9 |
5.1 1.9 5.1 1.2 2.3 2.1 0.6 12.6 |
5.9 19.0 15.2 16.4 4.5 3.3 7.7 8.7 |