Hecla Mining Company (NYSE: HL) began a short week in positive territofy, on announcing exploration results from its Midas Project in Nevada, where initial drilling of the previously untested two mile long Pogo Trend has discovered high-grade gold mineralization with visible gold on a new structure.
Exploration success at the Midas gold-silver project in Nevada is validating the potential to restart operations at significantly lower capital intensity than comparable development projects, given the existing permitted 1,200 tpd mill and permitted tailings storage facility that remains substantially empty.
With the foundational infrastructure already in place and permitted, Nevada's supportive regulatory environment could facilitate timely permitting of additional requirements, positioning Midas as a low-capital-cost opportunity to expand the Company's production profile in a world-class mining district.
The Company also reported the successful identification of a potential new ore shoot at Keno Hill's Bermingham Deposit, expansion of mineralization at Greens Creek, and advancement of Aurora exploration permitting to FAST-41 Transparency status.
Among its Nevada holdings, for instance, the Midas mine, Two new high-grade structures were discovered in a 17-hole, 26,970-foot drilling program:
At the Pogo Discovery, first pass drilling of the two-mile Pogo Trend returned 0.95 oz/ton gold and 0.6 oz/ton silver over 2.2 feet (estimated true width), including 6.42 oz/ton gold and 3.5 oz/ton silver over 0.3 feet, from rocks with visible gold in vein fragments. The Pogo Structure remains open for further expansion with follow-up drilling in progress (assays pending).
HL shares jumped 57 cents, or 4.3%, to $13.94.
