Business
Skeena Announces Maiden Resource for Snip
Skeena Announces Maiden Resource for Snip.
About this update from Hochschild Mining Plc
[{"type":"text","content":"\n \n \n RNS Number : 8271T\n Hochschild Mining PLC\n 23 July 2020\n \n \n \n \n \n \n \n \n \n \n \n ________________________________________________________________________________________\n \n \n \n \n \n 23 July 2020 \n \n \n Skeena Resources Announces Maiden Resource for Snip \n \n \n \n \n \n \n \n \n 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. \n \n \n \n \n \n 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]\n \n \n \n \n \n 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:\n \n \n \n \n \n · \n 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);\n \n \n · \n 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\n \n \n · \n provide 60% of the financial assurance required by governmental authorities for the Snip mining properties\n \n \n \n \n \n Snip Underground Resource Estimate\n \n \n 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 con...