Four drill holes testing the expansion of Hecla Mining’s (NYSE) Lucky Friday silver mine have intersected high-grade silver mineralization beneath the adjacent Gold Hunter mine. Both projects are in the Coeur d’Alene district of northeastern Idaho.
A hole was drilled in 1993 to the 4,900-ft. level from the 4,050-ft. level and intercepted 13 ft. grading 23 oz. silver per ton and 13% lead. The hole tested the theory that Gold Hunter’s mineralization, which was mined out to the 1,800-ft. level, continued to the west.
The company then drifted 4,000 ft. out from the Lucky Friday shaft and towards the new zone.
This year, three holes were drilled from the 4,900-ft. level into the zone. One hole hit 26 ft. grading 16 oz. and 7% lead (including 7 ft. of 50 oz. and 17% lead); the second intersected 14 ft. grading 13 oz. and 7% lead; and the third showed 14 ft. of 7 oz. and 5% lead. The zone is open to the east and west, as well as updip and downdip.
The company plans to branch out at right angles to the end of the new drift and drill on 100-ft. centres. Over the next four months, it expects to conduct 20,000 ft. of diamond drilling to test the limits of the deposit.
Pending a positive feasibility study, the project’s second phase will include test mining and milling.
Hecla began its evaluation of the Gold Hunter area in 1991 and proceeded to mine the vein at the 4,050-ft. level. Based on drilling there and on the 4,900 ft. level, the deposit is estimated to contain a resource exceeding 47 million oz.
Added production from the new zone has the potential to reduce overall mining costs and boost annual production to 4-5 million oz. Ore from the new zone would be processed at the Lucky Friday mill.
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