Hochschild Mining PLC Skeena Announces Maiden Resource for Snip (8271T)
23 July 2020 - 4:00PM
UK Regulatory
TIDMHOC
RNS Number : 8271T
Hochschild Mining PLC
23 July 2020
________________________________________________________________________________________
23 July 2020
Skeena Resources Announces Maiden Resource for Snip
Hochschild Mining PLC ("Hochschild" or "the Company") is pleased
to report that its partner, Skeena Resources Limited ("Skeena"),
has recently achieved a maiden resource at their 100%-owned Snip
Gold Project ("Snip") in northwest British Columbia, Canada.
Hochschild notes the release of an announcement titled "Skeena
Announces Maiden Resource for Snip Gold Project" from 21 July 2020.
Selected text of the release is included below. [1]
As a reminder, in September 2018, Skeena granted Hochschild an
option to earn a 60% undivided interest in Snip by spending twice
the amount Skeena had spent since it originally optioned Snip from
Barrick. Under the Heads of Agreement agreed between Skeena and
Hochschild, Hochschild had three years from the closing (by 16
October 2021) to provide notice to Skeena that it wished to
exercise its option. Once exercised, Hochschild shall have three
years to:
-- incur expenditures on Snip that are no less than twice the
amount of such expenditures incurred by Skeena from March 23, 2016
up until the time of exercise of the Option by Hochschild. (As of
June 30 2020, Skeena had incurred C$18.9 million of expenditures at
Snip);
-- incur no less than C$7.5 million in exploration or
development expenditures on Snip in each 12-month period of the
Option Period; and
-- provide 60% of the financial assurance required by
governmental authorities for the Snip mining properties
Snip Underground Resource Estimate
The underground constrained Indicated resources include 244,000
ounces of gold hosted within 539,000 tonnes at an average gold
grade of 14.0 g/t Au. Resources within the Inferred category
include 402,000 ounces of gold hosted within 942,000 tonnes at an
average gold grade of 13.3 g/t Au (Table 1). In the determination
of reasonable prospects for economic extraction, long hole stoping
is contemplated. Sensitivities to the gold cut-off are presented in
Table 2.
Table 1: Snip Indicated and Inferred underground resources
reported undiluted at a 2.5 g/t Au cut-off grade within stope
optimised mining shapes.
Domain Tonnes (000) Contained Contained
Grade Au Metal Au
(g/t) (000 oz)
-----------------------------
Indicated Mineral Resources
----------- ------------- ---------- ----------
Main - V 165 12.8 68
----------------------------------------- ------------- ---------- ----------
Main - S 337 15.0 163
----------------------------------------- ------------- ---------- ----------
Twin West 37 10.4 12
----------------------------------------- ------------- ---------- ----------
Total Indicated 539 14.0 244
------------- ---------- ----------
Inferred Mineral Resources
----------- ------------- ---------- ----------
Main - V 287 13.1 121
----------------------------------------- ------------- ---------- ----------
Main - S 599 13.4 258
----------------------------------------- ------------- ---------- ----------
Twin West 56 12.4 23
----------------------------------------- ------------- ---------- ----------
Total Inferred 942 13.3 402
------------- ---------- ----------
Table 2: Snip Indicated and Inferred Resource sensitivities to
block cut-off grade
Cut-Off Grade Tonnes (000) Grade (g/t) Ounces (000)
Au (g/t)
--------------------
Indicated Category
----------------- ------------- ------------ -------------
>2 557 13.7 245
-------------------------------------- ------------- ------------ -------------
>2.5 (reported) 539 14.0 244
-------------------------------------- ------------- ------------ -------------
>3 518 14.5 242
-------------------------------------- ------------- ------------ -------------
>3.5 495 15.0 239
-------------------------------------- ------------- ------------ -------------
Inferred Category
----------------- ------------- ------------ -------------
>2 977 12.9 404
-------------------------------------- ------------- ------------ -------------
>2.5 (reported) 942 13.3 402
-------------------------------------- ------------- ------------ -------------
>3 911 13.6 399
-------------------------------------- ------------- ------------ -------------
Total Inferred >3.5 880 14.0 396
----------------- ------------- ------------ -------------
Next steps
A technical report will be filed on the Skeena's website within
45 days of the 21 July 2020 press release. Skeena intends to
commence drilling at Snip shortly to follow-up on the first
campaign from 2019 with the aim of expanding the resource.
Please also refer to the original Skeena press release for Snip
Mineral Resource Estimate Notes and a description of the Snip
Mineralisation.
https://www.skeenaresources.com/news/skeena-announces-maiden-resource-for-snip-gold-project
________________________________________________________________________________________
Enquiries:
Hochschild Mining PLC
Charles Gordon
+44 (0)20 3709 3264
Head of Investor Relations
Hudson Sandler
Charlie Jack +44 (0)207 796 4133
Public Relations
________________________________________________________________________________________
About Hochschild Mining PLC
Hochschild Mining PLC is a leading precious metals company
listed on the London Stock Exchange (HOCM.L / HOC LN) with a
primary focus on the exploration, mining, processing and sale of
silver and gold. Hochschild has over fifty years' experience in the
mining of precious metal epithermal vein deposits and currently
operates three underground epithermal vein mines, two located in
southern Peru and one in southern Argentina. Hochschild also has
numerous long-term projects throughout the Americas.
_____________________________________________________________________________________
LEI: 549300JK10TVQ3CCJQ89
- ends -
[1] Please note that Hochschild has not yet reviewed in detail
the results presented by Skeena
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