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Hochschild MiningPLC - Skeena Announces Maiden Resource for Snip

RNS Number : 8271T
Hochschild Mining PLC
23 July 2020
 

             

 

 

 

 

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 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 Grade Au (g/t)

Contained Metal   Au (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 Au (g/t)

Tonnes               (000)

Grade                   (g/t)

Ounces              (000)

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

 

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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

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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.

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LEI: 549300JK10TVQ3CCJQ89

 

 

- ends -

 

[1] Please note that Hochschild has not yet reviewed in detail the results presented by Skeena

 


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