Impact: Neutral
Bunker Hill Mining reported infill drill results for 7 of the 15 holes (5,996 ft. or 1,828m) drilled to date at its Bunker Hill Mine in Idaho. The drilling is taking place in the upper and de-watered part of the mine close to existing underground infrastructure and is expected to conclude this month. The 2024 program aims to explore a small portion of the existing 7M tons of inferred mineralization to upgrade it to higher confidence categories. Highlights include: 1) 14.7% Zn, 5.2% Pb and 2.10 Opt Ag over 13.2ft (DH 7099), 2) 8.83% Zn, 2.95% Pb and 0.85 Opt Ag over 13.5 ft (DH 7093), and 3) 4.99% Zn, 1.40% Pb and 0.48 Opt Ag over 8.8ft (DH 7097). Notably, hole 7099 intersected a high-grade Zn zone, which is the down-dip extent of the Quill zone – this suggests that Zn and Ag grades increase lower in the mineral system. This resource conversion program has only targeted ~5% of the inferred resource. An updated MRE is expected in Q1/25 and is expected to incorporate the results from this drill program. As we detailed in our recent note, the restart of the Bunker Hill Mine is now planned in Q2/25. We believe there is potential to realize additional value over the medium to long term through resource conversion, identification of higher-grade Ag mineralization at depth, and exploration across the larger claim package.
