Bunker Hill Announces Exploration JV with Minewater ON London Mining GOLD District IN Colorado
BUNKER HILL ANNOUNCES EXPLORATION JV WITH MINEWATER ON
LONDON MINING GOLD DISTRICT IN COLORADO
Bunker Hill to Host a Webinar on Wednesday, October 6 @ 11:00am ET / 8:00am PT
HIGHLIGHTS:
• Bunker Hill secures exclusive option to earn 50% in a joint venture with MineWater Finance LLC to explore the
prospective gold-focused London Mining District in Colorado for US$3 million of exploration within four years
• District includes the London Mine which produced >650,000 gold ounces at an average grade of 23 g/t gold from
1875-1942 before being shut down by emergency wartime legislation; also contains other closed mine sites
• JV has exclusive rights to >3,000 acres of patented claim ground, containing intact underground access to known
mineralization, >220koz of historic reserves (non-NI 43-101 compliant), significant further exploration prospects
• Transaction expected to close, subject to final due diligence and documentation, by the end of the year
• Executive Chairman Richard Williams, CEO Sam Ash and CFO David Wiens to host live interactive 6ix virtual
investor event on Wednesday, October 6th at 11:00AM ET / 8:00AM PT. Investors are invited to register for
this event at: [LINK]
TORONTO, October 4, 2021 – Bunker Hill Mining Corp . (the “Company”) (CSE: BNKR , OTCQB: BHLL ) is pleased to
announce its intention to enter into a joint venture with MineWater Finance LLC (“MineWater”) to explore the mineral
potential of the London gold mine, and the surrounding district, in Colorado, USA. London Mining District produced
gold and silver from 1875 to 1942, including over 650,000 gold ounces from the London Mine.
Sam Ash, CEO of Bunker Hill Mining, stated: “We are delighted to announce this partnership with MineWater to explore
the prospective London Mining District in Colorado. This aligns with our strategy to grow the value of our company via
the regeneration of closed and undervalued precious metals assets in North America in ways that leverage advanced
mining, governance and sustainability practices. This partnership combines Bunker Hill ’s mining expertise with
MineWater’s superb track record of environmental remediation and stewardship, which is key to sustainably revitalizing
historic mining districts. While our near-term focus and capital allocation priority continues to be the rapid restart of
the Bunker Hill Mine, and its subsequent organic development, we are very excited to add this new option to our North
American value-creation pipeline.”
TRANSACTION OVERVIEW AND BACKGROUND
The Company has signed a term sheet to enter into a joint venture with MineWater, the current owner of the London
Mine and associated land package totaling over 3,000 acres of patented ground. Under the terms of the agreement,
the Company has the option to invest up to US$3 million over a four-year period to earn a 50% ownership position in
the joint venture. Upon completion of the definitive agreement, a Board of Directors will be formed to govern the joint
venture, to be comprised of 3 members to be appointed by the Company, and 2 members to be appointed by
MineWater.
MineWater acquired the surface, mineral and water rights to the London Mining District in 2016 in exchange for
performing environmental remediation of the site that improved water quality to meet regulatory requireme nts. By
2017, the State of Colorado declared the remediation work successful.
MineWater LLC, the sister company of MineWater Finance LLC, performed the environmental remediation work at the
London Mine, where it has also developed water resources subsequently purchased by the City of Aurora. Remediation,
coupled with dewatering of the London Mine, has been highly beneficial to the environmental status of Mosquito Creek
as shown by the EPA (NPDES) publicly available databa se. MineWater LLC was founded in 2016 by Joseph Harrington ,
who has been awarded 6 US patents for environmental technologies to address in situ metals immobilization in
underground mines, pit lakes and groundwater impacted by mining. Using these patents and other technologies,
MineWater LLC solves water issues related to mine sites, particularly arising from the mobility of dissolved heavy metals.
Prior to their work at London Mine, t he principals of MineWater LLC successfully remedia ted the Globe Smelter
Superfund Site in Denver, Colorado. MineWater has also developed water treatment plants for emergency response
programs at the Gold King Mine and the Captain Jack M ill/Big 5 Mines Complex , both US EPA Superfund Sites in
Colorado, USA, and is currently designing the in-mine water treatment system at the Bunker Hill Mine.
The agreement remains subject to final definitive documentation and due diligence and is expected to close by the end
of 2021.
LONDON MINE AND DISTRICT OVERVIEW
Located approximately 70 miles southwest of Denver, Colorado in Park County, the London Mine lies at an elevation of
11,000’ up south Mosquito Creek from the town of Alma. The London Mine sits in the heart of the Colorado Mineral
Belt, the prolific lineament stretching NE to SW across the state and is directly adjacent to the historic Leadville mining
district. The Climax molybdenum mine is located just 5 miles north of the London mine workings and many of the same
district scale structural features can be traced between the properties.
Figure 1: Satellite image showing close proximity of London Mining District to the Leadville and Climax Mining Districts
The London mine had been in full production from 1875 to 1942, producing over 650,000 gold ounces from more than
3km of strike length on multiple gold-quartz vein structures. Production ceased due to metals prices and government
production restrictions related to the War Powers Act. Small-scale mining operations continued after the cessation of
WWII through the end of the 1970’s and exploration activities were undertaken th rough 1991, when the exploration
agreement on the property was finally dropped by Lessees.
Exploration interest during the 1980’s saw numerous groups operating programs across the district and their work laid
the basis for developing a historic reserve (non-NI 43-101 compliant) estimate on the Property of roughly 120koz Au as
Proven and Probable Reserves with an additional 101koz Au as Possible Reserves in 1987 by Cobb Resources and Chrome
Corp. (operating as the London Mine Joint Venture) , a former Lessee (the “1987 reserves”). All majority of the 1987
reserves are contained within the historic London Mine footprint and are potentially accessible from existing
development.
The Company believes the 1987 reserve estimate reflects mineralization across the land package associated with the
joint venture. The 1987 reserve estimate is historic in nature and does not reflect the classification standards associated
with NI 43-101. The Company also notes that a q ualified person has not done sufficient work to classify the historical
estimate as current mineral reserves under NI 43-101, and the Company is not treating the historical estimate as such.
Confirmatory geologic drilling and sampling are required to verify the mineralization contained within the historical
reserve estimate as an NI 43-101 compliant mineral resource.
Through the investigation of historical exploration and production reports, the Company has identified 3 main zones to
target with future exploration. From north to south , these are the Ag -Pb-Zn-Cu (Base-Metal Sulphide) Replacement
area, West London exploration area and the South Butte veins. Each of the 3 zones represent different styles of
mineralization and warrant separate exploration methodologies. The shallow nature of the northern base -metal
sulphide replacement zone and the Au breccias of the West London area allow for surface drill operations and are
deposit styles with previously proven geophysical responses in the District. MineWater is planning for separate tunnel
development efforts over the next 2 years targeting the West London Zone for synergistic mineral and water resource
development. This planned effort will save the JV costs and place underground workings directly beneath historic high
grade gold mineralized intercepts.
Figure 2: Map showing the London Mine land package and identified exploration target areas.
The South Butte area is a direct extension of known vein structures from the Butte Mine. Results from a 1988 exploration
mapping and drilling program proved the down-plunge extension of Au mineralization beyond historic workings which
remains open both along strike, over 7,000’ of patented ground to the south, and also at dep th. The relatively recent
rehabilitation work on historic development will allow for rapid re -entry to the area and continuation of exploration
drilling.
Figure 3: Section view through the London Mine showing depth profile and location of identified ex ploration zones
relative to historic development.
Similar to work already completed at the Bunker Hill Mine, the next steps will be to compile and geo-reference historic
data on the property into 3D space. Modeling historic workings and drill data related to the London Mine across the
district will allow for more detailed exploration drill planning and remote sensing program assignments to be ready for
future field seasons.
QUALIFIED PERSON
Mr. Scott E. Wilson, CPG, President of Resource Development Associates Inc. and a consultant to the Company, is an
Independent “Qualified Person” as defined by NI 43-101 and is acting at the Qualified Person for the Company. He has
reviewed and approved the technical information summarized in this news release.
UPCOMING EVENTS
Natural Resources Forum ESG Week
ESG Panel: What It Takes To Get It Right?
October 5, 2021 @ 9:30am ET
Join Us: REGISTER NOW
6ix Investor Event
October 6, 2021 at 11:00am ET / 8:00am PT
Join Us: [LINK]
ABOUT BUNKER HILL MINING CORP.
Under new Idaho-based leadership the Bunker Hill Mining Corp, intends to sustainably restart and develop the Bunker
Hill Mine as the first step in consolidating a portfolio of North American precious-metal assets with a focus on silver.
Information about the Company is available on its website, www.bunkerhillmining.com, or within the SEDAR and EDGAR
databases.
For additional information contact:
David Wiens, CFA
CFO & Corporate Secretary
+1 208 370 3665
CAUTIONARY STATEMENTS
Certain statements in this news release are forward-looking and involve a number of risks and uncertainties. Such
forward-looking statements are within the meaning of that term in Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amende d, as well as within the meaning of the phrase
‘forward-looking information’ in the Canadian Securities Administrators’ National Instrument 51 -102 – Continuous
Disclosure Obligations. Forward-looking statements are not comprised of historical facts. Forwar d-looking statements
include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the
effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may
be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or
“plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their
very nature they involve inherent risks and uncertainties. Although these statements are based on information currently
available to the Company, the Company provides no assurance that actual results will meet management’s expectations.
Risks, uncertainties and other factors i nvolved with forward -looking information could cause actual events, results,
performance, prospects and opportunities to differ materially from those expressed or implied by such forward -looking
information. Forward looking information in this news release includes, but is not limited to, the Company’s intentions
regarding its objectives, goals or future plans and statements , the Company’s ability to restart and develop the Bunker
Hill Mine, the Company’s ability to purchase the Land, the Land’s use as security for the Loan, the finalization of the data
from the geophysics survey, the utility of the data from the geophysics survey to identify potential near-surface drill
targets, the ability for the Company to secure longer-term, non-dilutive financing. Factors that could cause actual results
to differ materially from such forward -looking information include, but are not limited to: the ability to predict and
counteract the effects of COVID-19 on the business of the Company, including but not limited to the effects of COVID-19
on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains;
failure to identify mineral resources; failure to convert estimated mineral resources to reserves; the inability to complete
a feasibility study which recommends a production decision; the preliminary nature of metallurgical test results; delays
in obtaining or failures to obtain required governmental, environmental or other project approvals; political risks;
changes in equity markets; uncertainties relating to the availability and costs of financing needed in the future; the
inability of the Company to budget and manage its liquidity in light of the failure to obtain additional financing, including
the ability of the Company to complete the payments pursuant to the terms of the agreement to acquire the Bunker Hill
Mine Complex; inflation; changes in exchange rates; fluctuations in commodity prices; delays in the development of
projects; capital, operating and reclamation costs varying significantly from estimates and the other risks involved in the
mineral exploration and development industry; and those risks set out in the Company’s public documents filed on SEDAR.
Although the Company believes that the assumptions and factors used in preparing the forward-looking information in
this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the
date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at
all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as
a result of new information, future events or otherwise, other than as required by law. N o stock exchange, securities
commission or other regulatory authority has approved or disapproved the information contained herein.