Toronto-headquartered Bunker Hill Mining on Monday confirmed that the lease with option to purchase agreement for the Bunker Hill mine had been terminated, owing to a missed property payment.
The CSE-listed company warned earlier this month that it was in default of its lease agreement with Placer Mining Corporation, after it missed payments totalling $400 000.
The option was to acquire 100% of the Bunker Hill mine, which was once the largest producing mine in the Coeur D'Alene zinc, lead and silver mining district in northern Idaho.
Historically, the Bunker Hill mine produced more than 35-million tons, grading on average 8.76% lead, 3.67% zinc and 155 g/t silver.