Bunker Hill Mining Corp. (BNKR:CSE; BHLL:OTCMKTS) reported in a news release that it has increased its mineral resource and identified new silver exploration targets at its Bunker Hill Mine situated in Idaho's Silver Valley.
Sam Ash, CEO of Bunker Hill Mining, stated in the release, "We are excited to see the results of our drilling campaign and continued digitization realized in this significant upgrade of the resource at Bunker Hill, building on the maiden resource we published less than a year ago. This demonstrates the mine's outstanding mineral potential, which we expect to be reflected in the PEA [preliminary economic assessment] assessing a rapid restart. This remains on track for delivery in early April."
The updated mineral resource contains an Indicated resource of 4.4 million tonnes containing 3.03 million ounces of silver, 487 million pounds of zinc and 176 pounds of lead, and an Inferred resource of 5.6 million tonnes containing 8.3 million ounces of silver, 548 million pounds of zinc and 312 million pounds of lead.
The company noted that the "geologic interpretation has resulted in both the addition resources and the conversion of Inferred resource to Indicated resource." Now 77% of the resource is classified as Indicated. The prior, 2020 resource consisted entirely of Inferred resources.
The Newgard, Quill, UTZ, Homestake and other stopes are included in the resource calculation.
Bunker Hill reported that new interpretation and analysis "based on developments in the geologic model have identified an exciting new Silver exploration opportunity in the hanging wall of the Cate Fault in the upper areas of the Bunker Hill Mine," leading the company to conclude that the "entire property is fully within the elevation and mineralogical zonation leading to silver, lead and zinc deposition."
"As part of the on-going campaign to add more silver to our resources, we have also identified some exciting new silver exploration targets in the upper levels of the mine which will be evaluated by drilling over the next few weeks," Ash stated.
The company noted that some of the first drill holes at Bunker Hill, dating back to 1898, found "impressive results including 12' @ 42.7% Pb and 18.6 opt Ag in DH-4, but mining largely shifted to below the 9 level after the Kellogg Tunnel was completed, and these holes were never followed up on."
Bunker Hill is now drilling these targets, and, according to the company, "the holes are intersecting encouraging structures and lithologies similar to what has been modeled."
The company noted, "Any mineralization encountered in these holes will be an entirely new vein system for Bunker Hill, not defined, named, mined or incorporated in any prior mine plans or resource estimates," and that any new mineralization defined could be "rapidly incorporated in an update to mine plans or mineral resources."
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