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(Kitco News) - Hecla Mining (NYSE: HL), one of the world's senior silver producers, today announced the completion of the ATAC acquisition.
Hecla said it acquired all the outstanding shares of ATAC for total consideration of approximately US$18.8 million in Hecla common stock.
Known for its discovery of Canada's first Carlin-type gold at its Rackla gold property in Yukon (Osiris deposit, 0.73 Moz indicated at 4.12 g/t Au, 1.04 Moz inferred at 3.47 g/t Au), ATAC recently diversified its property portfolio with additional copper assets and a project in British Columbia.
In addition to these projects, ATAC also holds the oxide gold Tiger deposit, with PEA-level economics yielding a pre-tax NPV(5%) of $118.2 M and an IRR of 54.5% at a US$1,400/oz gold price.
President and CEO Phillips S. Baker, Jr. commented, “With the ATAC acquisition, we continue to execute our strategy of acquiring large land packages with significant exploration potential in favorable mining jurisdictions.
“The Rackla and Connaught properties in the Yukon are a massive land package of over 700 square miles (1830 square kilometers), almost half the size of Rhode Island, with identified gold, silver, and base metal mineralization.”
“The acquisition further cements our position in the Yukon, with our Keno Hill mine going into production in the third quarter. Keno Hill is expected to produce more than 2.5 million ounces of silver in 2023 and to become Canada's largest and highest-grade primary silver mine,” he added.
Hecla also announced that its Casa Berardi gold mine in Quebec successfully restarted operations on June 29th following the partial lifting of Quebec's ban on access to the road to the mine. All mining and processing activities have resumed normally.
“The impact of the suspension and restart on Casa Berardi's production and cost guidance are expected to be updated in the second quarter earnings release,” the company added.
Founded in 1891, Hecla is the largest silver producer in the United States. In addition to operating mines in Alaska, Idaho, and Quebec, Canada, the company is developing a mine in the Yukon, Canada, and owns several exploration and pre-development projects in world-class silver and gold mining districts throughout North America.
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