Phillips S. Baker, Jr., the CEO and President of Hecla Mining Company (NYSE:HL) said that development and exploration drilling in the 148 Zone recorded impressive results. Grades came almost two to times higher as compared to the average grade at Casa Berardi. Infrastructure is nearing, which means that production could commence in a year.
Accolade for Lucky Friday Mine
In unrelated news, Hecla reported that its Lucky Friday Mine was announced the winner of 2018
Sentinels of Safety award by the National Mining Association for their exceptional safety record. This award is given once in a year to mines showing the best safety measures and that have recorded the most work hours without witnessing a lost-time injury. Lucky Friday mine was awarded in the small underground metal mine segment for recording 114,829 injury-free hours. The winning mine needs to have at least 4,000 injury-free hours.
Commenting on the win, the CEO of Hecla expressed that becoming the recipient of this award is not a coincidence. This award proves that they have made significant changes in their management and safety systems. Lucky Friday team embraced the positive changes, and they are delighted with this accomplishment.
Herbert Hoover coined the idea of the Sentinels of Safety award in 1925. Clayr Alexander, the GM at Lucky Friday, said that it is a team effort which fetched them this award. The team commitment and dedication to their efforts of working safely have paved the way for this recognition.
Preliminary production results for 3Q2019
Commenting on preliminary production results for 3Q2019, the CEO of Hecla said that as expected, their third-quarter financial and operating performance posted a strong show. The company managed to reduce its expenditures while met its planned sales and production targets, which have led to increased cash flow for the quarter. Silver production came at 3.3 million ounces, while gold production stood at 7,331 ounces for the third quarter. Cash/cash equivalents came at around $33 million, a jump of $24 million over the previous quarter.