Mine Type
Ownership
Silver
Lead
Zinc
***All metals reflect 2023 production
|
Tons
(000) |
Silver
(oz/ton) |
Gold
(oz/ton) |
Lead
(%) |
Zinc
(%) |
Silver
(000 oz) |
Gold
(000 oz) |
Lead
(Tons) |
Zinc
(Tons) | |
|---|---|---|---|---|---|---|---|---|---|
| Proven Reserves (2, 6) |
–
|
– |
–
|
– |
– |
– |
– |
– |
– |
| Probable Reserves (2, 6)
|
2,069
|
26.6 |
0.01
|
2.8 |
2.5 |
55,068
|
13 |
58,170 |
52,380 |
| Proven & Probable Reserves (2, 6)
|
2,069 |
26.6 |
0.01
|
2.8 |
2.5 |
55,068 |
13 |
58,170 |
52,380 |
| Measured Resources (12, 16) |
– |
– |
– |
– |
– |
– |
– |
– |
– |
| Indicated Resources (12, 16) |
4,504
|
7.5
|
0.006
|
0.9
|
3.5
|
33,926
|
26
|
41,120
|
157,350
|
| Measure & Indicated Resources (12, 16) |
4,504 |
7.5 |
0.006 |
0.9 |
3.5 |
33,926 |
26 |
41,120
|
157,350 |
| Inferred Resources (12, 16) |
2,836 |
11.2 |
0.003 |
1.1 |
1.8 |
31,791 |
9 |
32,040 |
51,870 |
Totals may not represent the sum of parts due to rounding.
(2) Mineral reserves are based on $17/oz silver, $1600/oz gold, $0.90/lb lead, $1.15/lb zinc, unless otherwise stated. All Mineral Reserves are reported in-situ with estimates of mining dilution and mining loss.
(6) The reserve NSR cut-off value at Keno Hill is $244.24/ton (CAN$350/tonne), Metallurgical recovery (actual 2023): 96% for silver, 93% for lead, 81% for zinc; US$/CAN$ exchange rate: 1:1.3.
Note: All estimates are in-situ except for the proven reserves at Greens Creek which are in surface stockpiles. Mineral resources are exclusive of reserves.
(12) Mineral resources for operating properties are based on $1,750/oz gold, $21/oz silver, $1.15/lb lead, $1.35/lb zinc and $3.00/lb copper, unless otherwise stated. Mineral resources for non-operating resource projects are based on $1,700/oz for gold, $21.00/oz for silver, $1.15/lb for lead, $1.35/lb for zinc and $3.00/lb for copper, unless otherwise stated.
(16) The resource NSR cut-off value at Keno Hill is $129.10/ton (CAN$185/tonne); using minimum width of 4.9 feet (1.5m); metallurgical recovery (actual 2023): 96% for silver, 93% for lead, 81% for zinc; US$/CAN$ exchange rate: 1:1.3.
Between 1913 and 1989, Keno Hill produced over 200 Moz of silver with average grades of 44 oz/t, making it the second-largest historical silver producer in Canada. Today, it boasts significant Mineral Resources at grades far higher than most of the world’s primary silver producers.
years ended December 31
|
2023
| |
|---|---|
|
Silver (ounces) | 1,502,577 |
|
Lead (tons) | 1,225 |
|
Zinc (tons) | 1,339 |
There has been active exploration and development of the Keno Hill Silver District since 2006. During that time, there has been several significant discoveries including the Flame and Moth and Bermingham deposits that form the backbone of Hecla Yukon’s current mining operations. This exploration success at the Bermingham and Flame & Moth deposits demonstrates the potential to continue growing the District’s mineral resource.
Under a unique contractual agreement with the Government of Canada, Hecla can explore, develop, and produce from historic and newly discovered deposits within the District. The Government of Canada indemnifies the potential liabilities associated with the historic operations in the District under the terms and conditions of the commercial agreement subject to the requirement for ERDC to develop, permit and implement the Site Reclamation Plan.
The underground definition and surface exploration drilling programs continued to be focused on extending mineralization, resource conversion in the high-grade Bermingham Bear Zone Veins (Bear, Footwall, and Main Vein Zones), and discovering and defining new mineral resources on other vein structures in the district. In 2024, of the $25.4 million planned for exploration and pre-development spend, 32% is planned for exploration at Keno Hill.
Keno Hill is expected to produce 2.7-3.0 million ounces of silver in 2024 as the mine ramps up production. The mine’s silver reserves at year-end 2023 were 55 million ounces and have increased by 45% over the reserves identified at the time of acquisition in September 2022. Reserves also contain 58.2 thousand tons of lead and 52.4 thousand tons of zinc. The mine life based on the current reserve for Keno Hill is 11 years. In addition, measured and indicated resources increased by 5%, and inferred resources increased by 25% over the prior year.
The Keno Hill Silver District is in the central Yukon, which is characterized by subarctic continental climate with cold winters and warm summers. Annual precipitation averages 28 cm and half of this falls as snow, which starts to accumulate in October and remains until May or June. The landscape of the District is characterized by rolling hills and mountains with a relief of up to 1,600 m, the highest of which is Keno Hill at 1,975 m.
Mineralization in the District is of the polymetallic silver-lead-zinc vein type where multiple pulses of hydrothermal fluids or fluid boiling, probably related to repeated reactivation and breccia formation along the host fault structures, have formed a series of vein stages with differing mineral assemblages and textures. Supergene alteration may have further changed the nature of the mineralogy in the veins. Much of the supergene zone may have been removed due to glacial erosion. In general, common gangue minerals include (manganiferous) siderite and, to a lesser extent, quartz, and calcite. Silver predominantly occurs in argentiferous galena and argentiferous tetrahedrite (freibergite).
In some assemblages, silver is also found as native silver, in polybasite, stephanite, and pyrargyrite. Lead occurs in galena and zinc in sphalerite, which can be either an iron-rich or iron-poor variety. Other sulphides include pyrite, pyrrhotite, arsenopyrite, and chalcopyrite. The Keno Hill mining camp has long been recognized as a polymetallic silver-lead-zinc vein district with characteristics similar to other well-known mining districts in the world.
