(Kitco News) - Hecla Mining (NYSE:HL) today reported the highest silver reserves in its more than 130-year history amounted to more than 240 million ounces in 2022.
Hecla said that on a consolidated basis, the company replaced the 14 million ounces of silver produced during the year and increased proven and probable reserves by 21%, or 41 million ounces over 2021.
"The increase was primarily due to the acquisition of Keno Hill in Canada's Yukon Territory," Hecla explained in a press release.
However, the company's gold production of more than 180,000 ounces was not replaced and proven and probable reserves declined 6% to 2.6 million ounces due to cost increases which increased the cut-off grade at Casa Berardi, it added.
Zinc production was replaced, and reserves increased 4% to 944 thousand tons. Lead production of 55 thousand tons was replaced with an increase of 7% to 785 thousand tons of reserves.
Hecla also reported that measured and indicated silver ounces increased 6% to 219 million ounces with increases at Greens Creek and the addition of Keno Hill which offset the decrease due to conversion of material to reserves at Lucky Friday.
Measured and indicated gold ounces also increased 6% to 3.7 million ounces due mostly to increases at Casa Berardi.
Inferred silver resources increased 3% to 504 million ounces while inferred gold resources increased 1% to 5.7 million ounces due to increases at Greens Creek, Casa Berardi, and the inclusion of Keno Hill.
"Hecla's silver reserves are an all-time high," stated Phillips S. Baker, Jr., President and CEO. "In the past 15 years, we have replaced the 213 million ounces mined and yet have almost 5 times the reserves we had at the start of 2008. That is over 400 million ounces of silver that we have replaced and grown. We now have a half dozen silver properties to explore, primarily in the US and Canada, the most recent addition being the 88 square mile Keno Hill project in the Yukon."
"Hecla has the largest silver reserve in the United States, the highest grade and largest primary silver reserve in Canada, the best silver exploration potential in both countries, and we produce 40% of all the silver mined on in the United States and expect to produce the same percentage of Canada's production next year. With silver's importance in the energy transition to renewables, Hecla is well positioned long into the future," Baker said.
Founded in 1891, Hecla Mining is the largest silver producer in the United States. In addition to operating mines in Alaska and Idaho, and Quebec, Canada, the company owns a number of exploration and pre-development properties in world-class silver and gold mining districts throughout North America.
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