|Status:||Forecasted to resume production early Q2 2013|
|Location:||Lincoln Co., Montana, USA|
|Ownership:||100% by Revett Silver|
|Project Type:||Underground Room & Pillar Mine / Conventional Flotation Processing|
|Products:||Silver & Copper Concentrates|
|Commodities:||Silver / Copper (40% Ag / 60% Cu by value)|
|Reserves (P&P):||11.07 million tons @ 1.01 opt Ag & 0.39% Cu|
4,000 tons per day
1.0 million oz Silver per annum (avg. at planned production)
8.0 million pounds Copper per annum
The Troy ore body was discovered by Bear Creek Mining (Kennecott) in the early 1960's, and was later optioned to ASARCO to develop and operate. Revett Silver acquired the property in two transactions in 1999 consolidating ownership to 100%. Previously Troy was held 75% by ASARCO and 25% by Kennecott.
Originally developed as an underground room and pillar operation, Asarco operated the Troy Mine from 1980 until early 1993. The mine plan was based on mining the 60 foot thick middle quartzite ore zone with a 20 foot thick topslice advanced first followed by the mining of a 40 foot bench, similar to an open pit operation. The thicker ore zone coupled with shorter haulage routes to the crusher provided a higher production rate of 8,000 tons per day (tpd). After mining the majority of the middle quartzite ore zone and a significant decline in metal prices, ASARCO shut down the mine and placed it on care-and-maintenance with the intent of reopening once economics warranted.
Late in 2003 as metals prices began to improve Revett made the decision to go back into production. Hiring and rehabilitation commenced in May 2004 with first concentrate being produced in December 2004. Since resuming production in late 2004, the Troy Mine has produced 8.4M ounces of silver and 69.5M pounds of copper. Based on the current mine plan with mining averaging 30 to 40 foot thick and production coming primarily from the topslice, mill throughput is anticipated to average 4,000 tpd for 2012.
Higher metal prices and a successful ongoing drill program have allowed the Company to add resources and reserves each year. At the end of 2012 reserve estimates totaled 11.07 million tons which equates to a mine life of 8 years. Building on this exploration success and identifying additional reserves and resources in the C Bed and I Bed, Revett is accelerating its 2013 drilling program in these areas as well as follow up drilling on the JF property previously drilled by ASARCO with a historic resource of 11 million ton grading 1.4 opt Ag and 0.40% Cu. Revett would like to take advantage of the additional mill throughput capacity through further exploration success in the immediate area beneath and adjacent to the mine.