|Interest||US$0.20/t Production Royalty|
|Counterparty||Hecla Mining Company|
Hecla acquired the Montanore project in September 2016 with the acquisition of Mines Management Inc. (“MMI”). The Montanore project is located approximately five miles northeast of Noxon, Sanders County, Montana and approximately 50 miles north of the Lucky Friday mine in Idaho. 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.
According to Hecla, the combined Montanore & Rock Creek projects are the 3rd largest undeveloped copper (silver) deposits in the United States (Source: Hecla 20 September 2020 investor presentation).
As the project’s prior operator, MMI released a Preliminary Economic Assessment (“PEA”) dated February 3, 2011 that contemplated a potential 12,500 short ton per day operation over a 15-year mine life for total life of mine mill feed of 58,873,000 tons @ 1.9oz/st silver and 0.7% copper.
For more information on the Montanore project, please visit Hecla’s website at www.hecla-mining.com