Troy Mine

 

Status: Forecasted to resume production in 4th Quarter 2014
Location: Lincoln Co., Montana, USA 
Ownership: 100% by Revett Mining Company, Inc.
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 
Production Rate: 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 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. Late in 2012 the Company suspended operations.  Revett is now continuing development work on alternate access and haulage routes with hope to resume production in late 201.4  Based on the current mine plan with mining averaging 30 to 40 foot thick and production coming primarily from the topslice, once production resumes, mill throughput is anticipated to average 3,000 - 4,000 tpd.

Higher metal prices and a successful ongoing drill program have allowed the Company to add resources and reserves each year.  At the end of 2013 reserve estimates totaled 16.57 million tons which equates to a mine life of 12 years. Building on this exploration success and identifying additional reserves and resources, Revett has begun a development drift to continue its exporation and production activities in 2014.