Hochschild pulls plug on Skeena’s Snip option
London-listed Hochschild Mining has given notice to Canadian firm Skeena Resources to terminate its option to earn-in a 60% interest in the Snip gold project, in the Golden Triangle of British Columbia.
CEO Ignacio Bustamante says Hochschild enjoyed working in Canada, but that it is currently focusing its capital on later-stage projects in the portfolio, notably the Mara Rosa project in Brazil.
"We would like to express our gratitude for the support we have received from the Tahltan Nation, the British Columbia government, employees and suppliers during our one-and-a-half years working at the Snip gold project.”
Termination of the option is effective immediately and, as a result, Hochschild has no liability to complete the aggregate expenditure requirement. Hochschild also states that it has provided confirmation to Skeena that it has satisfied the minimum annual expenditure requirement in respect of the 12-month period that started on October 14. Accordingly, no cash payment is due from Hochschild to Skeena under the terms of the option agreement.
Skeena president and CEO Randy Reichert says the company plans to investigate opportunities to bolster the Eskay Creek mine life by processing Snip ore at the Eskay Creek mill.
"We are thrilled to have 100% of Snip back in our portfolio," he says.
Held by Skeena, Snip consists of one mining lease and eight mineral claims totalling 4 546 ha in the Tahltan Territory. Skeena acquired Snip from Barrick Gold in 2017.
The former Snip mine produced about one-million ounces of gold from 1991 until 1999 at an average gold grade of 27.5 g/t. Since then, the project has been improved with the recent construction of nearby infrastructure and substantially higher gold prices.
Comments
Research Reports
Projects
Showroom
Multotec, recognised industry leaders in metallurgy and process engineering help mining houses across the world process minerals more efficiently,...
VISIT SHOWROOM
Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
