Mr. Sam Ash reports
BUNKER HILL COMPLETES FIRST DRILLING CAMPAIGN UNDER NEW MANAGEMENT TEAM AND PROVIDES CORPORATE UPDATE
Bunker Hill Mining Corp. has provided a first progress update following the change in management, which occurred earlier this year.
Management's focus is to explore the high-grade silver potential of the Bunker Hill mine, which was previously operated as a lead metal mine for 95 years ended in 1981. A total of 162 million ounces of silver were produced as a byproduct over this period.
Historical drill intercepts have been identified in historic data. These are examples of the data that are being used to inform the next phase of silver-focused exploration.
Hole No. Interval in feet Silver opt Level
3183 5 98 12
3402 5 40.4 8
1746 5 33.5 9
3042 5 28.6 10
3219 7 28.4 12
2950 5 22 15
2872 5 21.3 10
2985 5 20.6 9
2875 5 18 10
2961 4 16.4 10
3073 15 15 10
2737 5 14.5 9
2803 10 14.1 11
3271 5 13.3 14
1724 5.7 11.8 13
3155 5 10.8 12
3226 7 10 12
2946 5 8 10
2985 4 7.1 9
It is noted that these drill results were not compiled under the supervision of a qualified person. Accordingly, there is no assurance that the information is necessarily indicative of the mineralization at the Bunker Hill mine complex. It is further noted that drill intervals may not indicate true width.
The drilling and sampling program supporting the planned exploration of the Quill, Newgard and UTZ mineralization above the 11 level of the mine has been completed at the Bunker Hill mine. This program included 8,797 feet (2,680 metres) of core drilling, primarily from underground, and collection of 755 channel samples. Laboratory analysis is currently under way. In addition to drilling and sampling, Bunker Hill initiated a continuing program to digitize the considerable amounts of historic mine data into 3-D format, providing the mine with the first version of a digital geologic model in the mine's history. It is noted that these drill results were not compiled under the supervision of a qualified person. Accordingly, there is no assurance that the information is necessarily indicative of the mineralization at the Bunker Hill mine complex. It is further noted that drill intervals may not indicate true width.
The company anticipates releasing these results in August, which, in conjunction with analysis of historic mine data, including previous untested silver exploration opportunities, will form the basis of a continuing plan of exploration, targeting the silver potential of the Bunker Hill mine.
Sam Ash, chief executive officer of Bunker Hill, stated:
"I am excited about the prospects of Bunker Hill. In April, I relocated to northern Idaho to focus on accelerating our preliminary exploration activity. As our understanding of the property increased throughout our first phase of data digitization and drilling, it is suggesting that Bunker Hill has a strong mineral endowment.
"Detailed analysis of the sources of the historical production of 162 million ounces of silver as a byproduct of lead and zinc production, and the open nature of many of the existing and partially mined mineral occurrences, particularly at depth, indicate that we could be sitting on a very prospective silver exploration target in the United States.
"We plan on focusing our exploration efforts to identify and test the deposit for silver and anticipate the discovery of significant silver mineralization within range of existing infrastructure."
In addition, the company has entered into a loan agreement with an arm's-length third party for an unsecured loan facility of $1.2-million (U.S.) due Aug. 31, 2020. As consideration for the loan, the company has agreed to pay the lender a one-time origination fee of $120,000 (U.S.).
The purpose of the loan is to provide the company with working capital pending the completion of an equity financing.
Scott E. Wilson, CPG, president of Resource Development Associates Inc., a consultant to the company, is an independent qualified person as defined by National Instrument 43-101 and is acting at the qualified person for the company. He has reviewed and approved the technical information summarized in this news release.
About Bunker Hill Mining Corp.
Bunker Hill has an option to acquire 100 per cent of the Bunker Hill mine. Information about the company is available on its website or within the SEDAR and EDGAR databases.
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