Junior firm Bunker Hill Mining confirmed on Tuesday that it was in default of its lease with option to purchase agreement with Placer Mining, after it missed payments totalling $400 000.
The option is to acquire 100% of the Bunker Hill mine, which once was the largest producing mine in the Coeur D'Alene zinc, lead and silver mining district in northern Idaho.
As per the agreement, Bunker Hill Mining has 15 days, from September 28, to remedy the default by making the outstanding payment.
“Bunker Hill is working with urgency to resolve this matter,” the company stated.
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.