VALUE CREATION THROUGH EXPLORATION Join Executive Chairman Richard Williams, CEO Sam Ash, and Chief Geologist Mark Crouter for a live virtual event as they provide Bunker Hill Mining’s strategy for value creation through exploration.
0212740002-1170320570-47/2.0
VALUE CREATION THROUGH EXPLORATION
Join Executive Chairman Richard Williams, CEO Sam Ash, and Chief Geologist Mark Crouter for a live virtual event
as they provide Bunker Hill Mining’s strategy for value creation through exploration.
The event will be on Monday, January 22nd at 1 pm ET / 9 am PT and you can join by registering at this link.
AME Roundup Conference – Vancouver Conference Centre (22-25 Jan 2024)
• Bunker Hill Mining Corporation will be represented at its Company Stand 1525 within the Vancouver
Conference Centre, and attended by the Executive Chair, CEO, CFO and Director: Finance.
Project Update:
• Mine restart project advances on track and on budget, with primary focus being the preparation of the
Bunker Hill Yard for the start of construction of the Processing Facility and Tailings Filtration Plant.
• Arrival of Golden Sunlight’s Mill on track for delivery in January which supports 1800 TPD throughput
Value Creation through Exploration – key lines of activity in 2024:
• Concurrent with engineering, construction and other restart activities, the following will be conducted
during 2024:
(1) Planned Resource Conversion: 1250m of Infill holes from UG to improve confidence level of grade
and thickness of mineralization.
(2) Near Mine Exploration: 1250 m of drilling, leveraging historic mineralization trends to step out and
find additional resources close to existing UG infrastructure.
(3) New Target Exploration : Utilizing modern geophysics to refine and add to new, near -surface
exploration targets generated in 2022 within the 5,800-acre Land Package.
Key 2024 Exploration Milestone:
• Bunker Hill intends to issue updated resource during Q4 2024
TORONTO, Jan 19, 2024 – Bunker Hill Mining Corp. (the “Company”) (TSXV: BNKR) (OTCQB: BHLL) is pleased to
provide an update on its planned resource conversion and exploration activities for 2024.
Sam Ash, CEO, said: “In addition to restarting the Bunker Hill mine in 2024, the Company’s geologists, led by our
new Chief Geologist - Mark Crouter, intend to expand our resources as well as highlight some of the significant
geological upside potential contained within our 5,800 acre claim package. We look forward to discussing this on
the 6ix video call on Mo nday, or in person at the Bunker Hill Booth at the AME Roundup Conference in The
Vancouver Conference Centre next week.”
PROJECT UPDATE
Engineering of the main Process Plant is advancing on track with deep pier establishment scheduled to commence
in the next month as part of geotechnical stabilization and preparation of the land for the construction of the
Process Plant and Tailings Filtration Plant within the Bunker Hill Yard.
Preparations are ongoing to move all administrative and other staff out of the existing office buildings before they
are demolished next month. This will create extra space in the yard for the Tailings Filtration Plant and associated
material handling. Administrative and Technical Staff will be moving into new facilities, adjacent but outside to
the processing Yard, thereby reducing foot and vehicle traffic within the processing yard.
Up the hill from the Bunker Yard, and adjacent to the expanded Russell Tunnel, the Wardner Mining Operating
Yard has recently received an office building which was transferred from Teck’s Pend Oreille closed mine site. This
mining operating base is also benefiting from add itional investment into surface maintenance facilities and
supporting infrastructure, sufficient to support ongoing and planned refurbishment of the underground
infrastructure. This includes the installation of refurbished ventilation systems, before starting planned UG
Resource Conversion, Expansion and Exploration drilling.
Fig 1 – Enhanced Russell Tunnel and expanded facilities at the Wardner Mining Yard
All main civil, structural and mechanical outputs are on track to be at IFC before year end. Our long-lead item
procurement has resulted in purchase orders having already been issued for the Pre -Engineered Metal Building
(PEMB), Ore Silo, Conveyors, Ball Mill Starter Motor, Thickeners Tanks and Inching Drive. Refurbishment of the
Pend Oreille mill equipment – the source of most mill components – is advancing on track, concurrent with the
move to site of the Mill bought from the Golden Sunlight Mine in Montana by the end of January.
Fig 2 – Processing Plant and Tailings Filtration Plant to be in the Bunker Hill Yard.
EXPLORATION VALUE-CREATION STRATEGY
The graphic below outlines the three components of the planned 2024 exploration plan:
(1) Resource Conversion,
(2) Near Mine Resource Expansion and
(3) New Target Exploration.
Fig 3 – Key Components of 2024 Exploration Plan
The planned work program for 2024 is expected to cost $715K and is expected to include 2500m of core drilling.
2024 EXECUTION TIMELINE AND KEY CATALYSTS
This work will be led by Mark Crouter, the new Bunker Hill Chief Geologist , and will be conducted over the
following timetable, to deliver the exploration products listed below:
Fig 4 – Execution Timeline
RESOURCE CONVERSION
Following the establishment of upgraded UG ventilation systems, and starting in April 2024, a 2500m UG drilling
program is planned to commence which intends to convert 6.9M tons of inferred mineralization into M&I
resources. A conversion rate of >75% is anticipated, which has the potential to add >5 years to the current life of
mine.
Figure 5 opposite shows the
areas planned to be targeted for
resource conversion between
UG levels 5 -8 (all above the
water table, and accessed by
existing UG infrastructure).
The results of this drilling is
expected to inform an updated
resource statement which the
Company plans to issue in Q4 -
2024.
NEAR MINE EXPLORATION
The opportunity to apply
modern exploration techniques
in conjunction with over 100
years of detailed geologic
records presents a unique
opportunity to identify and test
high quality exploration targets
in close proximity to existing
mine workings. In addition to
resource conversion drilling , a
program of near mine
exploration drilling is being
planned for 2024. The focus of
this drilling will initially focus on
adding additional resources in
the upper levels of the mine
where the infrastructure is in
place to support drilling. Our
goal in 2024 is to add additional
resources to our mineral
inventory. Target Areas shown
in Orange Lozenges in Figure 6,
opposite.
NEW TARGET EXPLORATION
The existing mine footprint at Bunker Hill covers approximately 1/3 of the full claim package. Based on the exciting
results of a modern 3D geophysics survey conducted in 2021, we are generating high potential drill targets. The
potential associated with these targets – all near surface and close to existing infrastructure – could result in the
discovery of a completely new area of mineralization at Bunker Hill.
Fig 7 – Geophysics identified exploration targets for follow-up
QUALIFIED PERSON
Mr. Scott E. Wilson, CPG, President of RDA and a consultant to the Company, is an independent “qualified person”
as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and is acting
as the qualified person for the Company. He has reviewed and approved the technical information summarized in
this news release , including the sampling, preparation, security and analytical procedures underlying such
information, and is not aware of any significant risks and uncertainties that could be expected to affect the
reliability or confidence in the information discussed herein.
ABOUT BUNKER HILL MINING CORP.
Under new Idaho-based leadership, 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 mining assets with a balanced focus on
silver and critical metals. Information about the Company is available on its website, www.bunkerhillmining.com,
or within the SEDAR+ and EDGAR databases.
For additional information contact:
Corporate Secretary
+1 604 506 3613
Cautionary Statements
The TSX Venture Exchange (the “TSX-V”) has neither approved nor disapproved the contents of this news release.
Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy or accuracy of this release.
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 amended, as well as within the meaning of
the phrase ‘forward-looking information’ in the Canadian Securities Administrators’ National Instrument 51-102 –
Continuous Disclosure Obligations (collectively, “forward-looking statements”). Forward-looking statements are
not comprised of historical facts. Forward-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” or variations of such
words and phrases. 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 involved with forward-looking statements
could cause actual events, results, performance, prospects and opportunities to diff er materially from those
expressed or implied by such forward-looking statements.
Forward-looking statements in this news release include, but are not limited to : the Company’s intentions
regarding its objectives, goals or future plans and statements , including, without limitation, the expected timing,
budget and operating activities of the planned restart of the Bunker Hill Mine; the expected budget , completion
time and benefits of the UG upgrades, processing and tailing facilities, and operating yard, including further
geotechnical, design and engineering work in support thereof; the expected resource conversion and drilling
programs planned for 2024, including the conversion rate, benefits and results thereof; the expected delivery and
timing for the updated resource estimate; the planned exploration of new drilling targets and additional resources
based on testing and drilling of previous and new exploration targets; the procurement of purchase orders and the
timing for and installation of operational equipment; revenue potential opportunities from mining and the sale of
ore; increases in cash flow; and the Company’s seeking other value-creating opportunities. Factors that could cause
actual results to differ materially from such forward -looking statements include, but are not limited to the
Company’s inability to raise sufficient capital for its operations; further testing and drilling not yielding additional
mineral resources ; the fluctuating 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 mineral reserves at expected rates or at all ; the inability to complete a feasibility study which
recommends a production decision; the preliminary nature of metallurgical test results; the Company’s ability to
restart and develop the Bunker Hill Mine , including the possibility of further required financin gs, and the risks of
not basing a production decision on a feasibility study of mineral reserves demonstrating economic and technical
viability, resulting in increased uncertainty due to multiple technical and economic risks of failure which are
associated with this production decision , including, among others, areas that are analyzed in more detail in a
feasibility study, such as applying economic analysis to resources and reserves, more detailed metallurgy and a
number of specialized studies in areas such as mining and recovery methods, market analysis, and environmental
and community impacts and, as a result, there may be an increased uncertainty of achieving any particular level
of recovery of minerals or the cost of such recovery, including increased risks associated with developing a
commercially mineable deposit with no guarantee that production will begin as anticipated or at all or that
anticipated production costs will be achieved; failure to commence production would have a material adverse
impact on the Company's ability to generate revenue and cash flow to fund o perations; failure to achieve the
anticipated production costs would have a material adverse impact on the Company's cash flow and future
profitability; 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; cap ital, 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+ and EDGAR. Although the Company believes
that the assumptions and factors used in preparing the forward -looking statements 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 statements, whether as a
result of new information, future events or otherwise, other than as required by law. No stock exchange, securities
commission or other regulatory authority has approved or disapproved the information contained herein.
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Mineral
Resources
This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada,
which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all resource and reserve
estimates included in this news release have been disclosed in accordance with NI 43 -101 and the Canadian
Institute of Mining, Metallurgy, and Petroleum (“CIM”) Definition Standards on Mineral Resources and Mineral
Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for
all public disclosure an issuer makes of scientific and technical information concerning mineral projects. The terms
“mineral reserve,” “proven mineral reserve” and “probable mineral reserve” are Canadian mining terms as defined
in accordance with NI 43-101 and the CIM standards. Pursuant to subpart 1300 of Regulation S-K (“S-K 1300”), the
U.S. Securities and Exchange Commission (the “SEC”) now recognizes estimates of “measured mineral resources,”
“indicated mineral resources” and “inferred mineral resources.” In addition, the SEC has amended its definitions of
“proven mineral reserves” and “probable mineral reserves” to be substantially similar to the corresponding
standards of the CIM. Investors are cautioned that while terms are substantially similar to CIM standards, there
are differences in the definitions and standards under S -K 1300 and the CIM standards. Accordingly, there is no
assurance any mineral reserves or mineral resources that the Company may report as “proven reserves,” “probable
reserves,” “measured mineral resources,” “indicated mineral resources” and “inferred mineral resources” under NI
43-101 will be the same as the reserve or resource estimates prepared under the standards adopted under S -K
1300. Investors are also cautioned that while the SEC now recognizes “measured mineral resources,” “indicated
mineral resources” and “inferred mineral resources,” investors should not assume that any part or all of mineral
deposits in these categories will ever be converted into reserves. Mineralization described using these terms has a
great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility.
It cannot be assumed that all or any part of an “measured mineral r esource,” “indicated mineral resource” or
“inferred mineral resource” will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred
mineral resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. Investors are
cautioned not to assume that all or any part of an inferred mineral resource exists or is economically or legally
mineable. Disclosure of “contained ounces” in a resource is permitted disclosure under Canadian regulations;
however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC
standards as in place tonnage and grade without reference to unit measures. Accordingly, information concerning
mineral deposits contained in this news release may not be comparable with information made public by
companies that report in accordance with U.S. standards.