Hecla Mining Co., the largest U.S. silver producer, acquired the remaining 30 percent interest in a prolific Colorado silver project that it did not already own, the Idaho-based company said Tuesday.
The San Juan Silver project has a silver resource of approximately 37 million ounces and significant lead, said Hecla.
With 20 plus miles of the Bulldog, Amethyst, and Equity veins on the property, there is potential for considerably more silver and gold resources, Hecla said in a statement.
The property also encompasses the Bulldog mine, Equity ramp, and administration buildings. In addition, the Company maintains a 70 percent interest in an exploration joint venture that holds ancillary exploration property with numerous unexplored veins in the district.
In the last six months, Hecla received the permit to construct the new Bulldog decline to the mine workings, rehabilitated the Equity ramp and started underground drilling on the silver-gold targets in the Equity and Amethyst veins.
Shares of Hecla were up 14 cents, or 2.2 percent, to $6.40 in late morning trading.