Hudbay Minerals Inc. (“Hudbay” or the “company”)
(TSX, NYSE: HBM) today announced an
update on various exploration initiatives, including an initial
mineral resource estimate for the Llaguen copper deposit located in
the Otuzco province in the La Libertad region in Peru.
“We have a rich pipeline of organic copper
growth projects at Hudbay and our Llaguen property adds another
exciting opportunity to this pipeline,” said Peter Kukielski,
President and Chief Executive Officer. “Our pipeline also includes
the Maria Reyna and Caballito properties near Constancia where our
exploration team has confirmed copper mineralization that could add
meaningful long-term value for our Peru operations. We also
continue to have exploration success at our Copper World project in
Arizona and we look forward to an initial drill program to test the
down-dip extensions of Lalor at depth in 2023. The opportunities
arising from our pipeline of organic copper growth projects comes
at an opportune time with the global scarcity of new copper assets
and long-term global copper supply unable to meet the demands from
a low carbon future. We have an extremely talented exploration team
at Hudbay and we are excited to continue to add value to these
projects through the drill bit.”
“The initial mineral resource estimate for our
Llaguen project has confirmed the presence of a significant
copper-molybdenum porphyry deposit at a higher level of geological
confidence than we expected at this stage due to the continuous
nature of the mineralization,” said Andre Lauzon, Senior Vice
President and Chief Operating Officer. “The mineral resources
include a significant higher-grade component located near surface,
with a low 0.9 strip ratio and the potential to be mined in the
initial years of production to maximize the economics for the
project. This project benefits from its location at moderate
altitude, close to regional infrastructure and the city of
Trujillo.”
Llaguen Initial Mineral Resource
Estimate
The Llaguen project is 100% owned by Hudbay and
is located near the city of Trujillo, the third largest city in
Peru. The property is at moderate altitude in close proximity to
existing infrastructure, water and power supply, including the port
of Salaverry located 62 kilometres away and the Trujillo Nueva
electric substation located 40 kilometres away, as shown in Figure
1. The deposit is located on the western margin of the Miocene
epithermal-porphyry copper-gold belt of northern Peru.
Hudbay optioned the property from a Vale
subsidiary in 2017 and has since completed an exploration agreement
with the local community, conducted additional geological mapping
and geochemical sampling, and completed a 28-hole confirmatory
drill program during 2021 and 2022. Hudbay’s tenement comprises 12
mining concessions totaling 8,900 hectares and the mineralization
is fully contained within these 100%-controlled tenements. There
are no Indigenous communities in the area, and therefore, community
agreements are not subject to Peru’s Consulta Previa (prior
consultation) process.
Successful Confirmatory Drill Program
In the summer of 2021, Hudbay began a
confirmatory drilling campaign over a known copper and molybdenum
rich mineralized zone. The mineralized zone was previously
identified from a 23-hole historical drill program completed by
Vale from 2006 to 2008, which was based on a chargeability anomaly
identified from a ground geophysical survey. The porphyry
mineralization is hosted in tonalite rocks with late-stage
hydrothermal breccia with tourmaline and semi-massive molybdenite
veins along fractures. Hudbay’s exploration program at Llaguen
included an initial campaign of 28 diamond drill holes duplicating
and infilling the widely spaced holes historically drilled by
Vale.
Hudbay’s drilling confirmed and extended the
footprint of the known mineralization and highlighted the existence
of a high-grade tourmaline rich brecciated zone in the center of
the deposit, which starts from surface and is almost entirely
contained within the pit shell hosting the initial mineral resource
(please refer to Figure 2). The deposit is now defined by a total
of 51 drillholes all with mineralized intercepts. As illustrated in
Figure 3, the Llaguen mineralization in most cases starts from
surface with a low strip ratio of 0.9 and contains higher-grade
mineralization at the center of the deposit.
High-grade Mineral Resource Underlying the
Global Mineral Resource Estimate
Based on the assay results compiled and
validated as of August 31, 2022, the initial mineral resource
estimate for the Llaguen deposit contained within an economic pit
shell is summarized in Table 1 below.
Table 1: Llaguen Project Mineral Resource Estimate as at
November 1, 2022
Category |
Metric Tonnes |
Cu (%) |
Mo (g/t) |
Au (g/t) |
Ag (g/t) |
CuEq (%) |
Indicated Global (>= 0.14%
Cu) |
271,000,000 |
0.33 |
218 |
0.033 |
2.04 |
0.42 |
Including Indicated High-grade (>= 0.30% Cu) |
113,000,000 |
0.49 |
261 |
0.046 |
2.73 |
0.60 |
Inferred Global(>= 0.14%
Cu) |
83,000,000 |
0.24 |
127 |
0.024 |
1.47 |
0.30 |
Including Inferred High-grade (>= 0.30% Cu) |
16,000,000 |
0.45 |
141 |
0.038 |
2.60 |
0.52 |
Notes:1 CIM definitions were followed for the
estimation of mineral resources. Mineral resources that are not
mineral reserves do not have demonstrated economic viability.2
Mineral resources are reported within an economic envelope defined
by a pit shell optimization algorithm. This pit shell is defined by
a revenue factor of 0.33 assuming operating costs adjusted from
Hudbay’s Constancia open pit operation.3 Long-term metal prices of
$3.60 per pound copper, $11.00 per pound molybdenum, $1,650 per
ounce gold and $22.00 per ounce silver were used for the estimation
of mineral resources.4 Metal recovery estimates assume that this
mineralization would be processed at a combination of facilities,
including copper and molybdenum flotation.5 Copper-equivalent
(“CuEq”) grade is calculated assuming 85% copper recovery, 80%
molybdenum recovery, 60% gold recovery and 60% silver recovery.6
Specific gravity measurements were estimated by industry standard
laboratory measurements.
Llaguen Remains Open and Several Regional
Exploration Targets Untested
The Llaguen mineralization defined by Hudbay’s
recent drilling campaign remains open at depth and to the northeast
and northwest in a new porphyry with disseminated mineralization.
In addition, mapping has confirmed the continuity of the
mineralized system to the southeast, coincident with geochemistry
and chargeability anomalies along a structural corridor with
several additional targets that have been identified and could be
tested in the future to further grow the mineral resource estimates
(please refer to Figure 4). The current mineral resource is also
surrounded by a large halo of low grade hypogene copper
mineralization, not currently included in the mineral resource
estimate, for which metallurgical test work could assess the
potential for sulfide heap leaching via commercially available
technologies.
Llaguen Next Steps
Hudbay has initiated preliminary technical
studies at Llaguen, including metallurgical test work as well as
geotechnical and hydrogeological studies, which are expected to be
incorporated into a preliminary economic assessment for the Llaguen
project. Additional exploration drilling is warranted on the
property to test the areas of the deposit that remain open and the
several untested geophysical targets in the area to fully define
the regional extent of the mineralization.
Early Exploration Activities Commence at
Maria Reyna and Caballito
Hudbay controls a large, contiguous block of
mineral rights with the potential to host mineral deposits within
trucking distance of the Constancia processing facility, including
the past producing Caballito property and the highly prospective
Maria Reyna property. Geophysical surveys indicate large-scale
potential at Maria Reyna and Caballito, as shown in Figure 5.
In August 2022, the company executed a surface
rights exploration agreement with the community of Uchucarcco that
allows for exploration of the Maria Reyna and Caballito properties.
Shortly after the agreement was completed, Hudbay commenced
baseline environmental and archaeological activities to advance the
permitting process to allow for drilling the property in the
future. The company’s geological team also commenced surface
investigation activities and field evidence confirms that both
Caballito and Maria Reyna host sulfide and oxide rich copper
mineralization in skarns, hydrothermal breccias and large porphyry
intrusive bodies.
Caballito
The past producing Caballito property is located
approximately five kilometres from Constancia and includes an open
pit mine (formerly called Katanga) that was operated by Mitsui
Mining and Smelting Co. (“Mitsui”) until the early 1990s. Hudbay
collected hand samples in the old Mitsui pit which confirmed the
mineralization is both copper oxides and sulfides rich with
extensive occurrence of chalcopyrite and bornite and copper oxides
in various forms. Please refer to Figure 6 for images of Hudbay’s
hand samples and the waste rock pile near the old Mitsui open pit.
Part of Hudbay’s immediate exploration plans consist of surveys and
the collection of samples from the historical waste stockpiles to
assess their size and composition.
A U.S. Geological Survey from 1990 estimated a
historical mineral resource estimate of 90.9 million tonnes at 2.3%
copperii for the Mitsui open pit mine. A qualified person has not
done sufficient work to verify this historical estimate and, as
such, Hudbay is not treating it as a current mineral resource for
purposes of National Instrument 43-101 – Standards of Disclosure
for Mineral Projects (“NI 43-101”). For more information regarding
historical estimates, see “Qualified Person and NI 43-101”.
Maria Reyna
The Maria Reyna property is located
approximately 10 kilometres from Constancia and hosts three types
of mineralization – skarn, hydrothermal breccia and porphyry – with
magnetite and garnet skarns and hydrothermal breccias having the
potential to host high grade zones, as shown in Figure 7. Artisanal
mining activity is present in these high-grade areas in the form of
small-scale selective mining operations reported by the local
operators to produce at an average grade ranging between 2% and 6%
copper from both oxide and sulfide mineralization. This local
production is currently exported by small haul truck to regional
processing facilities.
Historical drilling in the Maria Reyna
south-west zone completed by a previous owner consisted of 11
diamond drill holes covering a total of 5,585 meters. The
historical drill results include 136 metres at 0.61% CuEq, 106
metres at 0.55% CuEq and 160 metres at 1.03% CuEqiii. A qualified
person has not independently verified this historical data or the
quality assurance and quality control program that was applied
during the execution of this drill program. For more information
regarding historical estimates, see “Qualified Person and NI
43-101”.
Manitoba Exploration Continues to Grow
Resources and Find Extensions
Hudbay’s 2022 exploration efforts in Manitoba
have been focused on completing ongoing infill drilling at Lalor
and 1901 and confirmatory drilling at the Flin Flon Tailings
Impoundment System as part of the early technical evaluation of the
opportunity to reprocess tailings. Hudbay continues to have
resource conversion success at Lalor, which will be incorporated
into the company’s annual mineral resource and reserve estimate
update in the first quarter of 2023. Hudbay is also in the process
of planning a winter drill program to test the down-dip gold and
copper-gold extensions of the Lalor deposit in 2023, which will be
the first time the company has completed step-out drilling in the
deeper zones at Lalor since 2009.
Flin Flon Tailings Drilling Indicates Higher
Grade than Expected
In 2021, Hudbay identified the opportunity to
reprocess Flin Flon tailings where in excess of 100 million tonnes
of tailings have been deposited for over 90 years. The company
recently completed confirmatory drilling which covered about
two-thirds of the facility, as shown in Figure 8. The results
indicate higher zinc, copper and silver grades than predicted from
historical mill records while confirming the historical gold grade.
For more information, please see the table of drill hole
intersections provided at the end of this news release. Hudbay
plans to complete metallurgical test work on the Flin Flon tailings
to assess the processing viability.
Hudbay also intends to evaluate the opportunity
to reprocess the tailings at the Anderson facility in Snow Lake
given significant amounts of gold have been deposited over many
decades. The gold processing capacity in Snow Lake is enhanced with
the recent start-up of the New Britannia mill and Hudbay’s
initiatives underway to improve the gold recoveries at the Stall
mill.
Continued Exploration Success at Copper
World Increases the Size of Bolsa
Hudbay continues to have three drill rigs
turning at Copper World and recent drilling completed since the
preliminary economic assessment was published in June 2022 has
increased the extent of the mineralization at the Bolsa deposit.
Drilling has confirmed the continuity of the mineralization between
the Bolsa and East deposits and extended the width and depth of the
mineralized envelope, as shown in Figure 9. The gain in volume has
the potential to more than double the volume of the Bolsa deposit,
and while most of the increased mineralization is located on
patented mining claims, it is likely to only benefit the mine plan
during the second phase of the Copper World project given the first
phase already maximizes the use of available private land for
mining and waste disposal. The combined mineralized zone remains
open in several directions and at depth.
Nevada Regional Exploration
Update
A conductivity-resistivity IP ground survey
commenced in October 2022 at the Mason Valley properties located on
Hudbay’s private land claims near the Mason project. This work, in
combination with a re-interpretation of geological data from past
operating mines and previous exploration data, will be used to
finalize a drill plan to test high grade skarn targets in 2023. The
objective is to repeat the success of the Copper World discoveries
in a very similar geological setting with the same history of
small-scale operations extracting high-grade copper via small open
pit and underground mines in the early part of the 20th
century.
Qualified Person and NI
43-101
The scientific and technical information
contained in or incorporated by reference into this news release
has been prepared under the supervision of Olivier Tavchandjian, P.
Geo., Hudbay’s Vice President, Exploration and Technical Services.
Mr. Tavchandjian is a “qualified person” for purposes of NI
43-101.
At Llaguen, a total of 51 holes drilled by
Hudbay and previous owners of the project area have intersected
copper-molybdenum mineralization and were used to define the
Llaguen deposit. The Llaguen mineral resource estimates were
estimated assuming a selective mining unit of 20 metres x 20 metres
x 15 metres and within an economic pit shell defined by a Lerch
Grossman algorithm. Hudbay is not aware of any drilling, sampling,
recovery, or other factors that could materially affect the
accuracy or reliability of the Llaguen mineral resource estimate
disclosed in this news release.
The methodology followed to estimate mineral
resources at Llaguen is identical to the approach used for several
years at Hudbay’s Constancia mine in Peru where the mineral
resource and reserve estimates have shown good reconciliation
results with mill credited production (please refer to the NI
43-101 Technical Report for Constancia dated March 29, 2021 for
more details, which is available on the company’s SEDAR profile at
www.sedar.com).
Mr. Tavchandjian has verified the Llaguen
exploration data disclosed in this news release, including
sampling, analytical, and test data underlying the information or
opinions expressed herein. The data verification and quality
assurance / quality control (“QA/QC”) measures that were used as
part of the Llaguen drill program conducted by Hudbay since June
2021 are summarized below:
- Recent exploration core drilling
done by Hudbay at the Llaguen porphyry deposit was a combination of
HQ and NQ size. Drill core was removed from the core tube by
drilling contractors and placed in labelled core boxes. Core was
logged by geologist, photographed, tagged with sample tags
including drillhole number and depth. Core was cut in half and
placed in labeled sample bags with the sample tags weighed in a
digital balance and transported via commercial truck from the core
storage facilities in Trujillo to the analytical Laboratories in
Lima for preparation and analysis. For duplicate samples, the drill
core samples were cut for a second time, resulting in a ¼ drill
core sample. Two selected independent commercial analytical
laboratories were used: Bureau Veritas Lima (“BV”) and SGS Lima
(“SGS”). The remaining second half and ¼ of the core was securely
stored at the Trujillo storage facility for eventual verification
purposes and further analysis if required.
- Drill core samples were prepared
and assayed following industry standard analytical protocols at
each laboratory. Analyses were carried using multi acid digestion
to achieve near total dissolution with an ICP-AES finish (Methods
MA301 at BV and ICP40B at SGS). Gold was analyzed by fire assay
with AAS finish (Methods FA430 at BV and FAA313 at SGS). Samples
with concentration of Cu>10,000 ppm and Mo>10,000 ppm were
reanalyzed by resource grade multi acid digestion with ICP-AES
finish (Methods MA402 at BV and AAS41B at SGS). Three stages Cu
Sequential Analysis (sulfuric acid leach followed by sodium cyanide
leach followed by CuRes CLL) were analyzed by methods LH-SEQ at BV
and AAS73B at SGS. QA/QC included the insertion of 3% of samples as
blank material, 3% as standards (from 2 certified OREAS reference
materials) and 3% as ¼ drill core duplicates. Failure rates were
nominal in all cases and no significant QA/QC issue was
identified.
- The validity of using historical
Vale drilling, for which QA/QC results are not available, was
confirmed by conducting a global comparison of grade interpolation
using this data versus the recent drilling done by Hudbay.
Because of its early stage of development,
Hudbay does not consider the Llaguen deposit to be a material
mineral property for purposes of NI 43-101.
Certain information in this news release
regarding potential mineralization at Caballito and Maria Reyna is
based on information that has been obtained from publicly available
information and/or industry reports, which constitute “historical
estimates” for the purposes of NI 43-101. Such reports generally
state that the information contained therein has been obtained from
sources believed to be reliable, but the accuracy or completeness
of such information is not guaranteed. While the company considers
such historical estimates to be relevant for purposes of this news
release as they may indicate the presence of mineralization, the
qualified person for the company has not done sufficient work to
classify the historical estimates as current "mineral resources" or
"mineral reserves" (as defined in NI 43-101). The historical
estimates contained in this news release are not compliant with NI
43-101 and the company is not treating the historical estimates as
current "mineral resources" or "mineral reserves". A thorough
review of all historical data performed by a qualified person,
along with additional exploration work to confirm results, would be
required to produce a current mineral resource estimate prepared in
accordance with NI 43-101. The company has not independently
verified and cannot guarantee the accuracy or completeness of the
historical estimates and other third-party data contained in this
news release and investors should use caution in placing reliance
on such information.
Forward-Looking Information
This news release contains forward-looking
information within the meaning of applicable Canadian and United
States securities legislation. Forward-looking information
includes, but is not limited to, Hudbay’s expectations regarding
the future potential of the Llaguen deposit, its plans for
additional drilling and other exploration work on the Llaguen
property and the potential for a preliminary economic assessment of
the Llaguen project, its expectations regarding the ability to
conduct exploration work on the Maria Reyna and Caballito
properties, expectations regarding the prospective nature of the
Maria Reyna and Caballito properties, expectations regarding the
Copper World project and exploration at Lalor and in Nevada,
expectations resulting from the Flin Flon tailings drill program
and the evaluation of the opportunity to reprocess tailings, plans
to implement a winter drill program and other scoping studies in
Manitoba, the expected volume of the Bolsa deposit, estimation of
mineral reserves and mineral resources and economic outlook.
Forward-looking information is not, and cannot be, a guarantee of
future results or events. Forward-looking information is based on,
among other things, opinions, assumptions, estimates and analyses
that, while considered reasonable by the company at the date the
forward-looking information is provided, inherently are subject to
significant risks, uncertainties, contingencies and other factors
that may cause actual results and events to be materially different
from those expressed or implied by the forward-looking
information.
The risks, uncertainties, contingencies and
other factors that may cause actual results to differ materially
from those expressed or implied by the forward-looking information
may include, but are not limited to risks generally associated with
the mining industry and the current geopolitical environment, such
as economic factors (including future commodity prices, currency
fluctuations, energy prices and general cost escalation), risks
associated with the permitting process with respect to our
projects, uncertainties related to the development and operation of
our projects, uncertainty with respect to the political and social
environment in Peru and its potential impact on our mining
operations, as well as the risks discussed under the heading “Risk
Factors” in Hudbay’s most recent Annual Information Form.
Should one or more risk, uncertainty,
contingency or other factor materialize or should any factor or
assumption prove incorrect, actual results could vary materially
from those expressed or implied in the forward-looking information.
Accordingly, you should not place undue reliance on forward-looking
information. Hudbay does not assume any obligation to update or
revise any forward-looking information after the date of this news
release or to explain any material difference between subsequent
actual events and any forward-looking information, except as
required by applicable law.
About Hudbay
Hudbay (TSX, NYSE: HBM) is a diversified mining
company with long-life assets in North and South America. The
company’s operations in Cusco (Peru) produce copper with gold,
silver and molybdenum by-products. Its operations in Manitoba
(Canada) produce gold with copper, zinc and silver by-products.
Hudbay’s organic pipeline includes copper development projects in
Arizona and Nevada (United States), and its growth strategy is
focused on the exploration, development, operation, and
optimization of properties it already controls, as well as other
mineral assets it may acquire that fit its strategic criteria.
Hudbay’s mission is to create sustainable value through the
acquisition, development and operation of high-quality, long-life
deposits with exploration potential in jurisdictions that support
responsible mining, and to see the regions and communities in which
the company operates benefit from its presence. Further information
about Hudbay can be found on www.hudbay.com.
For further information, please
contact:
Candace BrûléVice President, Investor
Relations(416) 814-4387candace.brule@hudbay.com
Figure 1: General Location of the Llaguen
ProjectThe Llaguen project is located in the La Libertad
region in northwestern Peru. It is accessible by road and is in
close proximity to the Salaverry port and the Trujillo Nueva
electric substation.
https://www.globenewswire.com/NewsRoom/AttachmentNg/77b0a592-9726-4e2c-b420-89c3fb7a24aa
Figure 2: Isometric View of the Llaguen
Mineral Resource Estimate ShellThe high-grade (0.30%
copper grade) shell is displayed below, inside the 0.33
revenue-factor pit shell used to estimate mineral resources.
https://www.globenewswire.com/NewsRoom/AttachmentNg/3971f08b-45df-49ea-823a-6f734aa06c4d
Figure 3: Sectional View of the Llaguen
DepositThe Llaguen deposit hosts shallow mineralization
over a 1.3-kilometre strike length, with higher grade
mineralization located close to surface that has the potential to
be mined earlier in the mine life (section clipping is set to 90
metres).
https://www.globenewswire.com/NewsRoom/AttachmentNg/3ee3dfa0-01f1-4cd1-ae2c-a02ac3263906
Figure 4: Additional Exploration Potential
at LlaguenField mapping at Llaguen has confirmed the
continuity of the mineralized system, coincident with geochemistry
and chargeability anomalies, along a northwest-southeast structural
corridor.
https://www.globenewswire.com/NewsRoom/AttachmentNg/aea87621-e9e9-4b93-b3da-98a6c1c0a87e
Figure 5: Constancia Satellite Exploration
TargetsGeophysics indicate several nearby exploration
targets within trucking distance of Constancia’s infrastructure
with Maria Reyna and Caballito having large-scale potential.
https://www.globenewswire.com/NewsRoom/AttachmentNg/f058182a-10ec-493c-b679-3d35c5f3eb68
Figure 6: Caballito Property High Grade Copper
SulfidesMitsui mined high grade copper sulfides rich with
chalcopyrite and bornite at Caballito until the early 1990s.
https://www.globenewswire.com/NewsRoom/AttachmentNg/9c83ca31-bce9-462c-8c35-3281321418c1
https://www.globenewswire.com/NewsRoom/AttachmentNg/8b105b79-c2ff-4e07-9362-385d9f1ef888
Figure 7: Maria Reyna Property High Grade Copper Oxides
and SulfidesMaria Reyna hosts three types of
mineralization – skarn, hydrothermal breccia and porphyry – with
skarns and hydrothermal breccias having the potential to host high
grade zones.
https://www.globenewswire.com/NewsRoom/AttachmentNg/8f76a157-4493-457d-876e-5cfb52a34c1a
https://www.globenewswire.com/NewsRoom/AttachmentNg/cca4e0b5-331c-4e07-978c-f97147cd389a
Figure 8: Recent Flin Flon Tailings Drill
ProgramConfirmatory drilling covering approximately
two-thirds of the FFTIS indicates higher zinc, copper and silver
grades than historical records and confirms expected gold grade
(drill hole assays are shown in the table at the end of this news
release).
https://www.globenewswire.com/NewsRoom/AttachmentNg/c3d6499c-3ec5-4a58-9b88-2633108902a7
Figure 9: Recent Exploration Success at
Copper World Increases the Size of BolsaDrilling completed
in 2022 confirms the continuity of mineralization between the Bolsa
and East deposits along the backbone fault and extends the width
and depth of the mineralized envelope, which is shown in grey in
the figure.
https://www.globenewswire.com/NewsRoom/AttachmentNg/92058c49-aa5b-455a-a2ff-c66ea7edcc15
https://www.globenewswire.com/NewsRoom/AttachmentNg/1e93b018-085c-495b-a79d-2816869dbd4f
https://www.globenewswire.com/NewsRoom/AttachmentNg/c7f6832d-9172-43ca-ae5d-0552e1c552fb
Flin Flon Tailings Drill Results
Drill Hole ID |
Year |
East |
North |
Elev. |
Length |
Zn % |
Cu % |
Au g/t |
Ag g/t |
FF17-BH04 |
2017 |
313,464 |
6,073,444 |
325.8 |
30.5 |
0.70 |
0.16 |
0.56 |
8.13 |
FF17-BH05 |
2017 |
313,191 |
6,073,346 |
327.5 |
25.9 |
0.85 |
0.19 |
0.52 |
7.89 |
FF17-BH06 |
2017 |
313,675 |
6,073,348 |
323.4 |
31.2 |
0.71 |
0.17 |
0.68 |
8.49 |
FF17-BH07 |
2017 |
313,450 |
6,073,253 |
325.0 |
32 |
0.71 |
0.18 |
0.65 |
8.46 |
FF17-BH08 |
2017 |
313,599 |
6,072,993 |
321.1 |
35.8 |
1.06 |
0.34 |
1.04 |
11.35 |
FF17-BH09 |
2017 |
313,821 |
6,072,913 |
318.6 |
16.8 |
1.10 |
0.37 |
0.92 |
11.04 |
FF17-BH10 |
2017 |
313,793 |
6,072,756 |
315.8 |
18.3 |
1.51 |
0.41 |
1.20 |
14.52 |
FF17-BH11 |
2017 |
313,355 |
6,072,819 |
323.1 |
29.7 |
0.65 |
0.19 |
0.73 |
7.74 |
FF17-BH12 |
2017 |
313,079 |
6,072,634 |
324.2 |
23.6 |
0.56 |
0.14 |
0.69 |
8.20 |
FF17-BH13 |
2017 |
313,273 |
6,072,575 |
321.1 |
25.9 |
0.60 |
0.14 |
0.59 |
7.99 |
FF17-BH14 |
2017 |
313,334 |
6,072,525 |
318.4 |
25.2 |
0.68 |
0.16 |
0.66 |
8.01 |
FF17-BH15 |
2017 |
313,334 |
6,072,525 |
318.6 |
22.9 |
0.79 |
0.20 |
0.70 |
8.69 |
FF17-BH16 |
2017 |
313,534 |
6,072,531 |
320.7 |
20.6 |
0.76 |
0.21 |
0.67 |
8.21 |
FF17-BH17 |
2017 |
313,569 |
6,072,443 |
317.6 |
25.1 |
0.63 |
0.20 |
0.80 |
10.02 |
FF17-BH18 |
2017 |
313,588 |
6,072,351 |
318.4 |
23.6 |
0.63 |
0.15 |
0.60 |
10.04 |
FF17-BH19 |
2017 |
313,734 |
6,072,382 |
312.8 |
30.5 |
0.85 |
0.21 |
0.75 |
12.31 |
FFT17-BH20 |
2017 |
313,700 |
6,072,487 |
312.9 |
32.7 |
0.89 |
0.23 |
0.78 |
12.23 |
FFT22-0002 |
2022 |
313,177 |
6,074,237 |
318.2 |
35.8 |
0.70 |
0.11 |
0.41 |
7.13 |
FFT22-0003 |
2022 |
313,303 |
6,074,246 |
321.6 |
29 |
0.61 |
0.13 |
0.47 |
7.84 |
FFT22-0004 |
2022 |
313,303 |
6,074,111 |
319.7 |
32.8 |
0.62 |
0.13 |
0.46 |
7.88 |
FFT22-0005 |
2022 |
313,144 |
6,074,098 |
319.5 |
33.5 |
0.69 |
0.13 |
0.48 |
7.51 |
FFT22-0008 |
2022 |
313,051 |
6,073,956 |
319.5 |
33.5 |
0.68 |
0.13 |
0.44 |
7.31 |
FFT22-0009 |
2022 |
313,175 |
6,073,930 |
320.8 |
31.2 |
0.62 |
0.12 |
0.47 |
7.62 |
FFT22-0010 |
2022 |
313,302 |
6,073,942 |
321.1 |
30.5 |
0.56 |
0.12 |
0.51 |
7.97 |
FFT22-0011 |
2022 |
313,448 |
6,073,948 |
330.2 |
13 |
0.53 |
0.12 |
0.53 |
8.46 |
FFT22-0012 |
2022 |
313,450 |
6,073,797 |
324.4 |
25.2 |
0.54 |
0.12 |
0.50 |
7.00 |
FFT22-0013 |
2022 |
313,308 |
6,073,799 |
323.5 |
26.2 |
0.57 |
0.12 |
0.51 |
8.20 |
FFT22-0014 |
2022 |
313,201 |
6,073,801 |
321.3 |
30.5 |
0.61 |
0.13 |
0.49 |
7.93 |
FFT22-0018 |
2022 |
312,691 |
6,073,654 |
331.1 |
12.2 |
0.48 |
0.12 |
0.53 |
7.59 |
FFT22-0019 |
2022 |
312,868 |
6,073,655 |
329.4 |
16 |
0.64 |
0.14 |
0.55 |
8.04 |
FFT22-0020 |
2022 |
312,998 |
6,073,658 |
329.6 |
14.5 |
0.49 |
0.11 |
0.54 |
7.15 |
FFT22-0021 |
2022 |
313,146 |
6,073,655 |
321.8 |
30.5 |
0.61 |
0.14 |
0.51 |
7.69 |
FFT22-0022 |
2022 |
313,306 |
6,073,652 |
323.1 |
27.7 |
0.52 |
0.12 |
0.53 |
7.25 |
FFT22-0023 |
2022 |
313,453 |
6,073,663 |
321.8 |
30.5 |
0.61 |
0.13 |
0.53 |
8.19 |
FFT22-0024 |
2022 |
313,597 |
6,073,658 |
322.9 |
29 |
0.52 |
0.12 |
0.48 |
6.70 |
FFT22-0025 |
2022 |
313,458 |
6,073,499 |
318.5 |
38.1 |
0.56 |
0.19 |
0.51 |
6.69 |
FFT22-0026 |
2022 |
313,300 |
6,073,494 |
321.7 |
31.2 |
0.57 |
0.14 |
0.60 |
7.63 |
FFT22-0027 |
2022 |
313,163 |
6,073,481 |
328.0 |
18.3 |
0.51 |
0.13 |
0.56 |
7.84 |
FFT22-0028 |
2022 |
312,994 |
6,073,501 |
331.8 |
11.4 |
0.49 |
0.12 |
0.57 |
8.09 |
FFT22-0029 |
2022 |
312,857 |
6,073,502 |
331.7 |
12.2 |
0.53 |
0.13 |
0.66 |
9.34 |
FFT22-0030 |
2022 |
312,675 |
6,073,505 |
325.7 |
23.6 |
0.41 |
0.10 |
0.51 |
7.15 |
FFT22-0031 |
2022 |
312,534 |
6,073,545 |
334.1 |
4.6 |
1.11 |
0.16 |
0.56 |
10.93 |
FFT22-0033 |
2022 |
312,634 |
6,073,667 |
335.0 |
4.6 |
0.62 |
0.13 |
0.42 |
8.37 |
FFT22-0034 |
2022 |
312,851 |
6,073,355 |
333.5 |
9.8 |
0.50 |
0.15 |
0.75 |
9.33 |
FFT22-0035 |
2022 |
312,999 |
6,073,359 |
327.7 |
20.4 |
0.58 |
0.14 |
0.58 |
7.73 |
FFT22-0036 |
2022 |
313,156 |
6,073,435 |
323.6 |
27.4 |
0.54 |
0.13 |
0.54 |
8.10 |
FFT22-0037 |
2022 |
313,305 |
6,073,352 |
320.6 |
36.6 |
0.67 |
0.14 |
0.61 |
8.37 |
FFT22-0038 |
2022 |
313,451 |
6,073,345 |
324.5 |
28.2 |
0.56 |
0.14 |
0.55 |
7.63 |
FFT22-0039 |
2022 |
313,602 |
6,073,340 |
317.6 |
42.7 |
0.60 |
0.14 |
0.64 |
9.18 |
FFT22-0040 |
2022 |
313,604 |
6,073,460 |
318.0 |
41.9 |
0.46 |
0.11 |
0.49 |
7.24 |
FFT22-0041 |
2022 |
313,606 |
6,073,196 |
316.1 |
45.7 |
0.77 |
0.19 |
0.76 |
11.82 |
FFT22-0042 |
2022 |
313,450 |
6,073,208 |
319.5 |
38.9 |
0.63 |
0.16 |
0.73 |
9.75 |
FFT22-0043 |
2022 |
313,483 |
6,073,271 |
321.1 |
39.6 |
0.57 |
0.14 |
0.58 |
7.30 |
FFT22-0056 |
2022 |
313,446 |
6,073,055 |
320.5 |
37.3 |
1.59 |
0.34 |
0.55 |
8.23 |
FFT22-0057 |
2022 |
313,599 |
6,073,054 |
316.8 |
45.7 |
0.90 |
0.22 |
0.78 |
12.05 |
FFT22-0073 |
2022 |
313,274 |
6,072,556 |
319.0 |
33.5 |
0.93 |
0.25 |
0.45 |
6.62 |
FFT22-0074 |
2022 |
313,149 |
6,072,510 |
324.2 |
18.3 |
0.55 |
0.16 |
0.48 |
6.01 |
FFT22-0075 |
2022 |
312,994 |
6,072,537 |
325.8 |
14.5 |
0.59 |
0.13 |
0.46 |
6.53 |
FFT22-0076 |
2022 |
312,901 |
6,072,523 |
329.6 |
6.1 |
0.88 |
0.28 |
0.37 |
5.97 |
FFT22-0077 |
2022 |
313,012 |
6,072,425 |
325.7 |
16.8 |
0.49 |
0.12 |
0.42 |
6.05 |
FFT22-0078 |
2022 |
313,146 |
6,072,409 |
323.6 |
21.3 |
0.52 |
0.12 |
0.48 |
6.96 |
FFT22-0079 |
2022 |
313,301 |
6,072,450 |
328.1 |
15.2 |
0.59 |
0.17 |
0.63 |
7.23 |
FFT22-0080 |
2022 |
313,450 |
6,072,447 |
327.8 |
13.7 |
0.65 |
0.20 |
0.64 |
7.73 |
FFT22-0081 |
2022 |
313,604 |
6,072,447 |
310.8 |
38.9 |
0.60 |
0.17 |
0.62 |
9.56 |
FFT22-0082 |
2022 |
313,742 |
6,072,442 |
313.1 |
32 |
1.08 |
0.25 |
1.08 |
14.20 |
FFT22-0083 |
2022 |
313,749 |
6,072,364 |
315.3 |
38.1 |
0.74 |
0.19 |
0.76 |
10.91 |
FFT22-0084 |
2022 |
313,580 |
6,072,323 |
316.9 |
27.4 |
0.64 |
0.17 |
0.61 |
10.34 |
FFT22-0085 |
2022 |
313,456 |
6,072,306 |
326.6 |
12.2 |
0.63 |
0.13 |
0.54 |
8.40 |
FFT22-0086 |
2022 |
313,270 |
6,072,380 |
329.1 |
13.7 |
0.65 |
0.31 |
0.40 |
5.54 |
FFT22-0088 |
2022 |
313,687 |
6,073,239 |
320.0 |
39.6 |
0.65 |
0.17 |
0.67 |
9.90 |
FFT22-0089 |
2022 |
313,524 |
6,074,033 |
328.1 |
19 |
0.52 |
0.13 |
0.54 |
7.78 |
FFT22-0090 |
2022 |
313,442 |
6,074,100 |
325.2 |
23.6 |
0.67 |
0.13 |
0.49 |
8.04 |
FFT22-0093 |
2022 |
313,539 |
6,073,874 |
324.1 |
27.4 |
0.52 |
0.11 |
0.49 |
6.67 |
FFT22-0095 |
2022 |
313,564 |
6,073,501 |
322.5 |
32 |
0.52 |
0.13 |
0.54 |
7.51 |
FFT22-0096 |
2022 |
313,438 |
6,074,253 |
328.5 |
17.7 |
0.57 |
0.12 |
0.52 |
8.03 |
FFT22-0097 |
2022 |
313,329 |
6,074,101 |
322.1 |
28.2 |
0.61 |
0.12 |
0.45 |
7.63 |
FFT22-0098 |
2022 |
313,354 |
6,074,101 |
323.5 |
25.9 |
0.58 |
0.13 |
0.49 |
7.32 |
FFT22-0099 |
2022 |
313,301 |
6,074,069 |
319.8 |
32.8 |
0.60 |
0.13 |
0.48 |
7.57 |
FFT22-0100 |
2022 |
313,298 |
6,074,031 |
319.5 |
33.5 |
0.58 |
0.13 |
0.48 |
7.34 |
FFT22-0101 |
2022 |
313,266 |
6,074,100 |
320.2 |
32 |
0.55 |
0.12 |
0.51 |
8.76 |
FFT22-0102 |
2022 |
313,241 |
6,074,095 |
319.0 |
34.3 |
0.63 |
0.13 |
0.45 |
7.91 |
FFT22-0103 |
2022 |
313,300 |
6,074,131 |
319.8 |
32.8 |
0.62 |
0.13 |
0.46 |
7.31 |
FFT22-0104 |
2022 |
313,300 |
6,074,160 |
320.5 |
31.2 |
0.67 |
0.13 |
0.49 |
8.31 |
FFT22-0200 |
2022 |
313,635 |
6,073,195 |
320.0 |
38.9 |
0.75 |
0.20 |
0.73 |
11.56 |
FFT22-0201 |
2022 |
313,658 |
6,073,214 |
318.5 |
41.9 |
0.72 |
0.20 |
0.64 |
9.50 |
FFT22-0202 |
2022 |
313,602 |
6,073,227 |
317.9 |
42.7 |
0.79 |
0.22 |
0.78 |
11.62 |
FFT22-0203 |
2022 |
313,613 |
6,073,252 |
318.0 |
42.7 |
0.68 |
0.17 |
0.70 |
11.26 |
FFT22-0204 |
2022 |
313,573 |
6,073,205 |
314.3 |
48.8 |
0.80 |
0.19 |
0.77 |
11.81 |
FFT22-0205 |
2022 |
313,545 |
6,073,196 |
317.5 |
41.2 |
0.67 |
0.18 |
0.66 |
10.79 |
FFT22-0206 |
2022 |
313,600 |
6,073,169 |
316.3 |
45.7 |
0.76 |
0.19 |
0.74 |
11.31 |
FFT22-0207 |
2022 |
313,600 |
6,073,143 |
315.9 |
46.5 |
0.84 |
0.21 |
0.79 |
13.24 |
FFT22-0208 |
2022 |
313,689 |
6,073,095 |
318.8 |
41.9 |
0.87 |
0.23 |
0.85 |
11.49 |
FFT22-076R |
2022 |
312,901 |
6,072,523 |
329.6 |
6.1 |
0.96 |
0.34 |
0.43 |
7.52 |
FFT22-1051 |
2022 |
313,292 |
6,073,683 |
322.8 |
28.2 |
0.54 |
0.13 |
0.52 |
7.81 |
FFT22-1061 |
2022 |
313,279 |
6,073,710 |
320.8 |
32 |
0.53 |
0.12 |
0.50 |
7.51 |
FFT22-1071 |
2022 |
313,336 |
6,073,670 |
324.8 |
24.4 |
0.56 |
0.13 |
0.53 |
8.24 |
FFT22-1081 |
2022 |
313,355 |
6,073,680 |
323.1 |
27.9 |
0.54 |
0.12 |
0.50 |
7.91 |
FFT22-1091 |
2022 |
313,311 |
6,073,636 |
322.9 |
28.2 |
0.54 |
0.12 |
0.55 |
7.77 |
FFT22-1101 |
2022 |
313,331 |
6,073,602 |
321.4 |
31.2 |
0.59 |
0.13 |
0.56 |
8.40 |
FFT22-1111 |
2022 |
313,284 |
6,073,649 |
319.9 |
34.3 |
0.55 |
0.12 |
0.56 |
7.59 |
FFT22-1121 |
2022 |
313,249 |
6,073,624 |
320.3 |
33.5 |
0.56 |
0.13 |
0.51 |
7.60 |
FFT22-S010 |
2022 |
313,323 |
6,074,632 |
330.5 |
13 |
0.38 |
0.13 |
0.56 |
7.83 |
FFT22-S014 |
2022 |
313,298 |
6,074,552 |
325.7 |
21.3 |
0.56 |
0.12 |
0.50 |
9.68 |
FFT22-S018 |
2022 |
313,297 |
6,074,395 |
321.3 |
29.7 |
1.56 |
0.33 |
0.44 |
7.61 |
FFT22-S019 |
2022 |
313,394 |
6,074,381 |
325.6 |
22.9 |
0.71 |
0.17 |
0.65 |
8.15 |
BGC22-12 |
2022 |
313,601 |
6,072,896 |
319.1 |
41.8 |
0.84 |
0.22 |
0.83 |
11.49 |
BGC22-13 |
2022 |
313,389 |
6,073,135 |
321.8 |
36.4 |
0.58 |
0.14 |
0.62 |
8.38 |
BGC22-30 |
2022 |
313,447 |
6,074,454 |
325.8 |
24.3 |
0.73 |
0.16 |
0.60 |
7.35 |
Drilling Length Weighted Average Grade |
0.68 |
0.17 |
0.61 |
8.84 |
Notes:1 Drilling was completed with a LS250 Sonic
drill with samples vibrated out of the core barrel into a long
plastic bag and then cut in half, with one half going into a
plastic bag with the sample tag number written and sealed and the
other half of the sample kept for reference. QA/QC samples are
inserted at a rate of one standard, one blank and one duplicate
sample for each 20 samples collected. The insertion of QA/QC
samples is performed by the geologist logging the samples. 2 All
samples were sent to the Bureau Veritas laboratory in Vancouver and
were checked against the custody chain form. The sample preparation
includes weighing the sample, crushing 1 kg to minimum 80% passing
2 mm and a 250 g split crushed to minimum 85% passing 75 µm. Base
metals and other elements were analyzed with a modified aqua regia
digestion coupled with ICP-MS (method AQ251_EXT), total carbon and
sulphur (TC000), gold analysis with lead collection fire-assay with
AAS Finish (FA430) for all samples. Check samples were also
completed at SGS Canada laboratories with samples arriving checked
against the chain of custody form. 3 QA/QC results including
standards, blanks, duplicates and external checks did not reveal
any issue or concern for this drill program.
i For further information on the mineral resource
estimate and assumptions underlying the copper-equivalent grades,
please refer to the table on page 3 of this news release.ii Sourced
from U.S. Geological Survey’s Mineral Resource Data System (MRSD);
retrieved November 2, 2022, from
https://mrdata.usgs.gov/mrds/show-mrds.php?dep_id=10068767.iii For
additional information, including drill hole locations and the data
verification and quality assurance / quality control carried out by
the prior owner, please refer to Management’s Discussion and
Analysis for Indico Resources Ltd. (“Indico”) for the year ended
May 31, 2014, as filed by Indico on SEDAR on September 29,
2014.
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