Hecla Mining Company, a silver producer in the U.S., has bought ATAC and its Rackla and Connaught projects in Yukon, Canada.
With this transaction, Hecla’s subsidiary will acquire all of the issued and outstanding shares of ATAC for a consideration of C$31 million ($23 million). Hecla will also invest $1.5 million in seed capital for a new exploration company, Cascadia Minerals Ltd.
“The acquisition of ATAC reflects the continued execution of our strategy of acquiring significant land packages in highly prospective and tier-one mining jurisdictions,” comments Phillips Baker Jr., president and CEO. “The Rackla and Connaught projects would further consolidate our position in Yukon after our strategic acquisition of Keno Hill, which we are developing, and is expected to be the largest and the highest grade primary silver mine in Canada.”