Hecla acquired the Montanore project in September 2016 with the acquisition of Mines Management Inc. The Montanore project is located approximately five miles northeast of Noxon, Sanders 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.
In accordance with Canadian National Instrument 43-101, Mine Development Associates (MDA) of Reno, Nevada estimated the resource at Montanore as part of their study in 2005 and summarized the work in ‘Technical Report on the Copper and Silver Resources, Montanore Project, Lincoln and Sanders Counties, Montana’, Prepared for Mines Management Inc. October 14, 2005; Steve Ristorcelli, R.P. Geo; David Fitch.
Information with respect to Measured, Indicated and Inferred Mineral Resources is set forth below.
|(As of December 31, 2015 unless otherwise noted)|
|(000)||(oz/ton)||(oz/ton)||(%)||(%)||(%)||(000 oz)||(000 oz)||(Tons)||(Tons)||(Tons)|
Steve Ristorcelli, R.P. Geo., C.P.G. and David C. Fitch, C.P.G., of MDA are the qualified persons under Canadian National Instrument 43-101 for this resource estimate.
The Records of Decision (ROD) approving the evaluation phase of the Montanore project were issued by the U.S. Forest Service (USFS) and the Montana Department of Environmental Quality (MDEQ) in February 2016. Construction and operational activities are contingent upon meeting terms of the permits.