Hecla Reports Exploration Results and Mineral Reserves
Press Release
Feb. 12, 2025
COEUR D’ALENE, Idaho Hecla Mining Company (NYSE:HL) today reported exploration results and year-end mineral reserves. Significant exploration success at key properties provides the base for future resource growth while silver reserves reached the second highest in Hecla’s history.
HIGHLIGHTS
- Achieved near-record silver reserves, reaching 240 million ounces and approaching an all-time high
- Fully replaced silver production from reserves through strategic reserve replacement across operations
- Restored nearly all silver reserves at Greens Creek through targeted exploration
- Grew Keno Hill reserves by 17% to reach 64 million silver ounces
- Maintained gold reserves with production replaced and added 21 thousand ounces at Casa Berardi
- Demonstrated robust economics using conservative pricing ($22/oz silver, $1,900/oz gold)
- Disciplined resource estimation with updated cut-off grades reflecting current costs
- Discovered and expanded high-grade zones across multiple properties through focused drilling
- Accelerated development of high-priority exploration targets to drive future growth
“Hecla’s silver reserves stand at 240 million ounces, the second-highest level in our 134-year history and only 1 million ounces below our peak in 2022,” said Rob Krcmarov, President and CEO. “Our 2024 exploration program continued to deliver exceptional results at both Keno Hill and Greens Creek while Keno Hill reserves grew by over 17% and silver production was nearly replaced at Greens Creek. These achievements position Hecla for continued growth as the largest silver producer in the U.S. and Canada and lay the foundation for sustained future growth.”
Kurt Allen, Vice President of Exploration, commented on the exploration success: “The 2024 drilling program has significantly advanced our understanding of the high-grade mineralization controls at both Keno Hill and Greens Creek. At Keno Hill, the Bermingham Footwall and Main Vein zones continue to deliver exceptional silver grades over mineable widths and remain open for expansion. The emerging cluster of high-grade silver values beneath the Bermingham Deep Northeast Ore Zone is particularly exciting, suggesting proximity to a new ore-shoot that will be a key focus of our 2025 drilling program. At Greens Creek, the strong results from the West Zone and 5250 Zone support our view that this world-class deposit continues to hold significant exploration potential.”
EXPLORATION HIGHLIGHTS BY PROPERTY
Select drill highlights from the company’s exploration programs include the following drill holes, additional drill holes and details are included later in this release.
Keno Hill (Yukon Territory)
Bermingham Vein Zone – Notable Intercepts
- Bear Vein: 13.2 oz/ton silver, 2.6% lead, and 0.9% zinc over 7.5 feet
- Footwall Vein: 36.6 oz/ton silver, 3.0% lead, and 0.9% zinc over 11.2 feet
- Includes: 48.4 oz/ton silver, 3.7% lead, and 1.0% zinc over 8.1 feet
- Main Vein: 42.8 oz/ton silver, 9.3% lead, and 9.7% zinc over 6.8 feet
Operational Context:
Underground definition drilling continued to expand mineralization in the high-grade Bermingham Bear Zone Veins, while surface exploration focused on new discoveries. The Footwall and Main Vein mineralized zones remain open for expansion at depth, with further drilling planned in the first half of 2025.
Greens Creek (Alaska)
West Zone – Notable Intercepts:
- 34.6 oz/ton silver, 0.44 oz/ton gold, 2.8% lead and 5.9% zinc over 12.1 feet
- 40.1 oz/ton silver, 0.36 oz/ton gold, 4.3% lead and 8.2% zinc over 8.0 feet
9A Zone – Notable Intercepts:
- 10.8 oz/ton silver, 0.21 oz/ton gold, 4.5% lead, and 8.7% lead over 17.3 feet
- 11.1 oz/ton silver, 0.03 oz/ton gold, 4.9% lead, and 11.6% zinc over 18.5 feet
- 27.4 oz/ton silver, 0.03 oz/ton gold, 5.8% lead, and 11.5% zinc over 6.2 feet
5250 Zone – Notable Intercepts
- 24.3 oz/ton silver, 0.07 oz/ton gold, 4.3% lead and 9.2% zinc over 46.6 feet
- 29.7 oz/ton silver, 0.08 oz/ton gold, 3.4% lead and 4.4% zinc over 24.3 feet
RESERVES & RESOURCES HIGHLIGHTS
- Silver reserves at 240 million ounces, an increase of 1% over last year, with additions at Keno Hill.
- On a consolidated basis, while the Company mined 18.7 million ounces of silver during 2024, it successfully replaced 14.6 million ounces in reserves. The difference primarily reflects production from areas outside of reserve blocks.
- Keno Hill reserves increased almost 17% to 64 million silver ounces.
- Gold reserves are flat over last year with production replaced and a slight increase at Casa Berardi.
Reserves And Resources Summary
Year-End 2024 Position:
- Proven and Probable silver reserves: 240 million ounces
- Measured and Indicated silver resources: 180 million ounces
- Inferred silver resources: 492 million ounces
- Proven and Probable gold reserves: 2.2 million ounces
- Measured and Indicated gold resources: 4.3 million ounces
- Inferred gold resources: 6.2 million ounces
A breakdown of the Company’s reserves and resources along with metal price assumptions are set out in Table A at the end of this news release.
EXPLORATION UPDATE
Keno Hill, Yukon Territory
Fourth quarter drilling at Keno Hill substantially expanded high-grade mineralization through an aggressive dual-focus program of underground definition and surface exploration drilling. Underground drilling completed 7,100 feet, concentrating on resource conversion and expansion of the high-grade Bermingham Bear Zone Veins. Concurrent surface exploration deployed five core drills to complete 28,000 feet across multiple promising targets including the Bermingham Deep, Elsa 17-Dixie, Inca, and Hector-Calumet areas (Figure 1).
Definition drilling in the Bear Zone veins yielded significant results, particularly in the Footwall and Main Veins where high-grade mineralization was extended both at depth and along strike. While drilling in the Bear Vein identified narrow vein mineralization between the Ursa and Arctic faults, the most substantial gains came from the Footwall and Main Veins, where strong high-grade intercepts significantly expanded the known mineralized zones. Both the Footwall and Main Vein zones remain open at depth, with further drilling planned for the first half of 2025 to test their expansion potential. Assay highlights include (reported widths are estimates of true width):
- Bear Vein: 13.2 oz/ton silver, 2.6% lead, and 0.9% zinc over 7.5 feet
- Bear Vein: 12.6 oz/ton silver, 1.9% lead, and 0.1% zinc over 5.7 feet
- Footwall Vein: 37.3 oz/ton silver, 4.8% lead, and 1.2% zinc over 12.5 feet
- Includes: 117.2 oz/ton silver, 15.9% lead, and 10.2% zinc over 0.9 feet
- Footwall Vein: 36.6 oz/ton silver, 3.0% lead, and 0.9% zinc over 11.2 feet
- Includes: 48.4 oz/ton silver, 3.7% lead, and 1.0% zinc over 8.1 feet
- Main Vein: 42.8 oz/ton silver, 9.3% lead, and 9.7% zinc over 6.8 feet
- Main Vein: 23.8 oz/ton silver, 2.9% lead, and 0.9% zinc over 7.5 feet
Surface exploration drilling delivered exciting results from both the Bermingham system and Inca Vein target areas.
At Bermingham, drilling intercepted significant mineralization across multiple veins, highlighted by an 11.3-foot intersection in the Footwall Vein grading 11.1 oz/ton silver with associated base metals. This intercept, located beneath the northeastern edge of the Bermingham Deep Northeast Ore Zone, suggests proximity to a new ore-shoot controlled by an interpreted vein intersection. The area is slated for follow-up drilling in 2025.
At the Inca Vein target, initial drilling has outlined over 800 feet of mineralized strike length, delivering exceptional results including 22.3 feet grading 18.1 oz/ton silver, 16.1% zinc, and significant indium values. The zone remains open for expansion in all directions, demonstrating strong potential for resource growth. The best intercept included 14.3 feet grading 26.1 oz/ton silver and 20.9% zinc, with notable indium credits of 7.0 oz/ton.
Greens Creek, Alaska
At Greens Creek, two underground drilling rigs completed 27 drillholes, totaling 17,083 feet. Definition drilling was focused on resource conversion and exploration and resulted in extending mineralization from known resources. Underground definition drilling targeted the 9A, East, and Gallagher zones and exploration targeted the Gallagher Zone (Figure 5). Assay results were received during the quarter from the 5250, 9A, Gallagher, West, 200S, and UPP zones.
Underground definition drilling delivered mixed but overall positive results across multiple zones. At the Gallagher Zone, four drillholes across two sections encountered elevated alteration, with 61% of received assays from 23 holes expected to positively impact the resource. Highlights from this drilling include:
- 8.0 oz/ton silver, 0.15 oz/ton gold, 4.7% lead, and 10.4% zinc over 11.1 feet
During the quarter, assay results for the 5250 Zone were received for 22 drillholes, targeting 13 cross-sections, of which 41% are expected to have a positive impact on the resource. Highlights from this drilling include:
- 24.3 oz/ton silver, 0.07 oz/ton gold, 4.3% lead and 9.2% zinc over 46.6 feet
- 29.7 oz/ton silver, 0.08 oz/ton gold, 3.4% lead and 4.4% zinc over 24.3 feet
During the quarter, assay results for the West Zone were received for 15 drillholes, targeting eight cross-sections, of which 40% are expected to have a positive impact on the resource. Highlights from this drilling include:
- 34.6 oz/ton silver, 0.44 oz/ton gold, 2.8% lead and 5.9% zinc over 12.1 feet
- 40.1 oz/ton silver, 0.36 oz/ton gold, 4.3% lead and 8.2% zinc over 8.0 feet
The 9A Zone drilling campaign successfully established important continuity across several gaps within the zone. Highlights from this drilling include:
- 10.8 oz/ton silver, 0.21 oz/ton gold, 4.5% lead, and 8.7% lead over 17.3 feet
- 11.1 oz/ton silver, 0.03 oz/ton gold, 5.0% lead, and 11.6% zinc over 18.5 feet
- 27.4 oz/ton silver, 0.03 oz/ton gold, 5.8% lead, and 11.5% zinc over 6.2 feet
Detailed drill assay highlights can be found in Table B at the end of the release.
ABOUT HECLA
Founded in 1891, Hecla Mining Company (NYSE: HL) is the largest silver producer in the United States and Canada. In addition to operating mines in Alaska, Idaho, and Quebec, Canada, the Company is developing a mine in the Yukon, Canada, and owns a number of exploration and pre-development projects in world-class silver and gold mining districts throughout North America.
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