Bunker Hill Mining Corp (the “Company”) (CSE:
BNKR) is pleased to report that it has commenced its first
high-grade silver focused exploration campaign at its Bunker Hill
Mine located in Idaho’s Silver Valley, USA. The exploration
campaign is being supported by the enhanced geological
understanding gained following the recently completed digitization
and 3D modeling of historic geological data which confirmed
numerous high-grade silver exploration targets.
This first high-grade silver exploration program
will consist of 4,570 meters (15,000 feet) of diamond drilling from
surface and underground focused on targets in the upper levels of
the mine located in close proximity to existing infrastructure.
Sam Ash, CEO of Bunker Hill Mining, stated: “We
are excited to commence our high-grade silver focused drilling
campaign as it is the culmination of six months of forensic work,
as we have analyzed over a 95-years of historical mine data to
identify and prioritize our targets. Following this analysis, we
made silver exploration our primary focus given the potential to
unlock significant value.”
In addition, the Company is pleased to report
that it has successfully verified the mineralization on which the
historic reserve was tabulated, based on the drilling, sampling,
and data review campaign conducted in Q2-2020 prior to its
strategic shift to high grade silver exploration. A total maiden
Inferred resource of 9Mt has been delineated, thereby boosting
confidence in the quality of historical data.
Commenting on the maiden Inferred resource, Sam
Ash, CEO of Bunker Hill Mining, added: “We are pleased to have
outlined this maiden resource as it boosts confidence in our
ability to delineate resources in a cost-effective manner by
leveraging historical mine data. While high grade silver remains
our main focus, this zinc-rich resource offers strategic
optionality”.
ABOUT THE
BUNKER HILL
GEOLOGY
The Bunker Hill Mine has exploited a series of
silver-lead-zinc veins hosted in quartzites of the Upper Revett
formation, which is a part of the Belt Supergroup, a thick package
of Precambrian siliciclastic sedimentary rocks deposited in a
continental-scale, low-energy basin. The Upper Revett formation
consists of interbedded hard, competent quartzite units and less
competent argillite and siltite units.
Historic mining at Bunker Hill exploited
distinct types of vein systems with different orientations,
mineralogies and structural controls. The earlier veins, referred
to as Bluebird type veins, strike WNW to NW, dip to the SW and
contain sphalerite-pyrite-siderite mineralization. Younger
predominately northeast to east-west striking veins containing
argentiferous galena and quartz mineralization that dip southerly
are collectively called silver-lead veins. The largest historically
mined material at Bunker Hill with the highest contained metal
values formed where the younger silver-lead veins intersected the
earlier more sideritic Bluebird veins resulting in a hybrid type of
mineralization. Although hybrid shoots formed within Bluebird vein
zones, the most important hybrid shoots are mainly silver- lead
mineralized bodies, even though some hybrid veins have important
quantities of zinc.
Over the course of several years in the late
1970s, a dedicated team of geologists conducted ground-breaking
research on the material controls of the veins. The research for
the first time defined distinct stratigraphic horizons in the upper
Revett formation that could be correlated and mapped over distances
of thousands of feet. The research showed that minerlized shoots
occur mainly in the hard, competent quartzitic stratigraphic units
in the Upper Revett formation. One of the most important
breakthroughs was that the research established that the veins
formed in association with distinct regional folding events. As
regional metamorphism transitioned from ductile to brittle
deformation, folding and vein formation ceased, and major faults
developed that segmented and offset some of the mineralized shoots.
The 1970s research ended shortly before the mine closed, and the
new concepts were never fully applied to exploration. Some of the
geologists from the original research team, who currently operate
as DJ Consulting, are working with the Company to utilize insights
from the 1970s and ongoing research to identify new exploration
vectors and targets.
Following the change in management in early
2020, a digitisation program was launched in Q2-2020 to leverage
the historical mine data collected over a 95-year period to
identify and prioritize high grade silver targets. Data has been
inputted from over 180,000 meters of drilling from 3,500 historic
drill-holes and hundreds of detailed historic mine geology maps
capturing all major faults and veins, alterations, mineralization
and stratigraphy.
The Company is therefore now employing 3D
geologic modeling to expand on these geologic concepts, enabling
reconstruction of the original position of the vein structures
prior to post-mineral segmentation by faulting. This will allow the
Company to project offset portions of known veins with historic
production and target previously unexplored vein intersections, as
well as targeting specific zones of higher-grade silver/lead
mineralization.
Figure 1: Isometric View of the Bunker Hill
Minehttps://www.globenewswire.com/NewsRoom/AttachmentNg/eb3df30b-1504-41b3-b19c-c337c739ba37
ABOUT THE MAIDEN
RESOURCE
The resource estimate was undertaken by Resource
Development Associates (“RDA”) of Denver, Colorado USA and is based
on RDA’s independently recommended program which verified the 1991
Bunker Hill historic reserves. Verification included the collection
of 753 drift rib and back channel samples, totalling 1,150 meters
(3,765 feet), taken from existing accessible open mining stopes, as
well as 43 diamond drill holes totalling approximately 2,800 meters
(9,200 feet) of drilling. Mineral Resources have been estimated in
accordance with National Instrument 43-101 (“43-101”) Standards of
disclosure for Mineral Projects and are presented in the table
below.
TABLE 1 – MINERAL
RESOURCE STATEMENT[Resource Development Associates], 28
September, 2020
Silver/Lead Resources |
|
Tons(x1,000) |
Ag opt |
Ag Ounces(x1,000) |
%Pb |
Pb Lbs(x1,000) |
Zn% |
Zn Lbs(x1,000) |
Inferred |
1,050 |
4.28 |
4,497 |
7.56 |
158,815 |
1.50 |
31,419 |
|
|
|
|
|
|
|
|
Silver/Zinc Resources |
|
Tons(x1,000) |
Ag opt |
Ag
Ounces(x1,000) |
%Pb |
Pb Lbs(x1,000) |
Zn% |
Zn Lbs(x1,000) |
Inferred |
7,801 |
0.86 |
6,743 |
1.61 |
250,740 |
5.44 |
848,259 |
|
|
|
|
|
|
|
|
Total Resources |
|
Tons(x1,000) |
Ag opt |
Ag Ounces(x1,000) |
%Pb |
Pb Lbs(x1,000) |
Zn% |
Zn Lbs(x1,000) |
Inferred |
8,851 |
1.27 |
11,240 |
2.31 |
409,555 |
4.97 |
879,678 |
* Resources
tabulated at 3.3% Zinc cutoff grade |
|
|
|
|
Mineral resources are not mineral reserves and
do not show demonstrated economic viability. All figures have been
rounded to reflect the relative accuracy of the estimates.
Underground mineral resources are reported at a cut-off grade of
3.3% ZnEq grade assuming: metal price of US$1.10 per pound of Zinc,
mining cost of US$50 per tonne, G&A cost of US$6 per tonne,
processing cost of US$10 tonne, and process recovery of 96
percent.
The grade estimation in this 43-101 resource was
arrived at by verifying the estimation process and comparing the
results to the estimation of the historic reserves. All mineralized
block calculations were reviewed and verified by RDA resulting
several mineralized blocks being excluded because historic estimate
calculations could not be found and verified.
Estimations were conducted by condensing and
translating drifts and stopes to vertical in sections on which
mineralized envelopes were drafted. The polygonal end area of the
mineralization was determined by the use of a planimeter and the
average grade of samples ware used for the grade estimate. Grade
estimates were updated quarterly, bi-annually and annually
depending upon the reporting requirements of the mine as well as
when reconciliation dictated.
The history of the estimation of mineral
resources at Bunker is well documented through the decades until
mine closed. Tens of thousands of assays were gathered through the
decades by well-established sample collection methods. Ore cars
were sampled on a continual basis throughout the mine every five
feet. Samples were assayed and results compiled by the mine’s
technical staff of engineers and geologists. Grade estimation
procedures were based on industry best practices at the time of
estimation.
As a perennial mining operation throughout the
1900’s Bunker Hill reported reserves in accordance with widely
accepted norms. Mining ceased at Bunker Hill in 1991, well before
the adoption of NI 43-101. Despite the mine being in care and
maintenance since 1991 the project still hosts estimated mineral
quantities that demonstrate reasonable prospects for eventual
economic extraction. Industry best practices suggest that resource
classification should consider the quantity and quality of
exploration data supporting the estimates, the confidence in the
geological continuity of the mineralized zones, the geostatistical
confidence in the tonnage and grade estimates, and the continuity
at the reporting cut-off grade. As Bunker continues to modernize
and digitize the voluminous historic data set, tests and verifies
mineralization through sampling and drilling programs, invests in
further exploration, and continues to conduct care and maintenance
activities at the mine, it is clear that at this time a 43-101
compliant resource based on historic reserves can be classified in
accordance with CIM definition standards. RDA recommends that the
historic reserves at Bunker Hill be classified as Inferred Mineral
Resources and will file a NI 43-101 technical report within the
required timeframe.
Qualified Persons and Additional
Information
Mr. Scott E. Wilson, CPG (10965), Registered
Member of SME (4025107) and President of Resource Development
Associates Inc., is an independent consulting geologist
specializing in Mineral Reserve and Mineral Resource calculation
reporting, mining project analysis and due diligence evaluations.
He is acting as the Qualified Person, as defined in NI 43-101, and
is the primary author of the Technical Report for the Mineral
Resource estimate and has reviewed and approved the Mineral
Resource estimate in this news release. Mr. Wilson has over 31
years of experience in metal mining, mineral resource estimation
and strategic mine planning. Mr. Wilson is President of Resource
Development Associates Inc. and is independent of the Company under
NI 43-101.
Mr. Wilson, a qualified person, has verified the
data underlying the information disclosed herein, including
sampling, analytical and test data underlying the information by
reviewing the reports of ALS, methodologies, results and all
procedures undertaken for quality assurance and quality control in
a manner consistent with industry practice, and all matters were
consistent and accurate according to his professional judgement.
There were no limitations on the verification process. Mr. Wilson
has reviewed and approved all technical information contained in
this press release.
Figure 2: Surface Diamond Drill Rig at
Bunker Hill
Minehttps://www.globenewswire.com/NewsRoom/AttachmentNg/04e50690-d755-4064-a507-da5ee4b17cf3
Photo GalleryShareholders are
encouraged to follow the progress of the Bunker Hill Project in our
Photo Gallery on our website at www.bunkerhillmining.com
ABOUT BUNKER HILL MINING CORP.
Bunker Hill Mining Corp. has an option to
acquire 100% of all saleable assets at the Bunker Hill Mine.
Information about the Company is available on its website,
www.bunkerhillmining.com, or within the SEDAR and EDGAR
databases.
For additional information contact:
Sam Ash, President and Chief Executive Officer+1
208 786 6999sa@bunkerhillmining.com
Cautionary StatementsCertain
statements in this news release are forward-looking and involve a
number of risks and uncertainties. Such forward-looking statements
are within the meaning of that term in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, as well as within the
meaning of the phrase ‘forward-looking information’ in the Canadian
Securities Administrators’ National Instrument 51-102 – Continuous
Disclosure Obligations. Forward-looking statements are not
comprised of historical facts. Forward-looking statements include
estimates and statements that describe the Company’s future plans,
objectives or goals, including words to the effect that the Company
or management expects a stated condition or result to occur.
Forward-looking statements may be identified by such terms as
“believes”, “anticipates”, “expects”, “estimates”, “may”, “could”,
“would”, “will”, or “plan”. Since forward-looking statements are
based on assumptions and address future events and conditions, by
their very nature they involve inherent risks and uncertainties.
Although these statements are based on information currently
available to the Company, the Company provides no assurance that
actual results will meet management’s expectations. Risks,
uncertainties and other factors involved with forward-looking
information could cause actual events, results, performance,
prospects and opportunities to differ materially from those
expressed or implied by such forward-looking information. Forward
looking information in this news release includes, but is not
limited to, the Company’s intentions regarding its objectives,
goals or future plans and statements. Factors that could cause
actual results to differ materially from such forward-looking
information include, but are not limited to: the ability to predict
and counteract the effects of COVID-19 on the business of the
Company, including but not limited to the effects of COVID-19 on
the price of commodities, capital market conditions, restriction on
labour and international travel and supply chains; failure to
identify mineral resources; failure to convert estimated mineral
resources to reserves; the inability to complete a feasibility
study which recommends a production decision; the preliminary
nature of metallurgical test results; delays in obtaining or
failures to obtain required governmental, environmental or other
project approvals; political risks; changes in equity markets;
uncertainties relating to the availability and costs of financing
needed in the future; the inability of the Company to budget and
manage its liquidity in light of the failure to obtain additional
financing, including the ability of the Company to complete the
payments pursuant to the terms of the agreement to acquire the
Bunker Hill Mine Complex; inflation; changes in exchange rates;
fluctuations in commodity prices; delays in the development of
projects; capital, operating and reclamation costs varying
significantly from estimates and the other risks involved in the
mineral exploration and development industry; and those risks set
out in the Company’s public documents filed on SEDAR. Although the
Company believes that the assumptions and factors used in preparing
the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law. No stock exchange,
securities commission or other regulatory authority has approved or
disapproved the information contained herein.
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