Hecla Mining Says US Forest Service Issued Final Decision Notice on Libby Project

By Stephen Nakrosis

Hecla Mining said the U.S. Forest Service issued a final decision notice and finding of no significant impact for the Libby Exploration Project, advancing the exploration phase of the copper and silver deposit in Montana.

At the end of last year, the project, located southwest of Libby in Lincoln County, had an Inferred Resource of 112.2 million tons grading 0.7% copper and 1.6 ounces per ton silver, for contained metal of over 1.5 billion pounds of copper and 183 million ounces of silver, Hecla said.

Hecla acquired Mines Management in 2016 and the company later submitted a new plan of operations for the Libby Exploration Project, which was once the Montanore project under its previous ownership before those plans were withdrawn.

The evaluation project's objectives include determining the economic value of the mineralization, as well as analyzing samples to obtain geologic and metallurgical data. In addition, the project aims to collect data to evaluate geochemical and geotechnical conditions underground and to assess hydrologic conditions, Hecla said.

The Forest Service decision comes as the U.S. government works to acquire stakes in mining companies around the county. Secretary of the Interior Doug Burgum said the U. S. would take a stake in Vancouver Mining company Trilogy Metals, sending its shares up after-hours on Monday. Last week, the U.S. government said it would take a 5% stake in Vancouver's Lithium Americas. Earlier this year, the U.S. Defense Department, also known as the Department of War, said it would take a 15% stake in rare earth mining company MP Materials.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com