Huldra Silver (HDA.V) has announced an update on their production status and outlined their exploration plans for next year.
The company is still on track to extract 60,000 tonnes of ore this year as the drawdown of Stope 1 has been completed. Huldra expects to complete the drawdown of Stope 3 by the end of this year, and will meanwhile be mining Stope 2.
The mill is currently running 24/7 and Huldra has completed its first concentrate shipment. The company announced will update the market on a monthly basis by providing production numbers and we can only applaud this level of transparency.
Huldra announced they will drill-test from levels 1 to 20 meters below level 2 for mineralization which should ultimately result in a NI43 compliant resource estimate. The company plans to drill 61 holes from Level 1 to 20 metres below level 2 for a total of 4400 meters. We expect this drill program to cost approximately C$1.3M, which should be funded through the cash flow Huldra will be generating at their Merrit mill. It’s always difficult to put a number forward, but we expect them to find between 3 and 4Moz between the first level and second level (production to date not included), and the drilling will then continue on lower levels.
Disclosure: The author holds a long position in Huldra Silver Inc. Please see our disclaimer for current positions.
