With the acquisition finalized, major invests in spin-out, leaving all parties satisfied.

After weeks of deliberation, Hecla Mining Company has finalized the acquisition of ATAC Resources Ltd. and the company's previously owned Rackla and Connaught properties in Yukon, Canada.

"With the ATAC acquisition, we continue to execute our strategy of acquiring large land packages with significant exploration potential in favorable mining jurisdictions," said Hecla Mining President and CEO Phillips Baker Jr. "The Rackla and Connaught properties in the Yukon are a massive land package of over 700 square miles (1,830 square kilometers), almost half the size of Rhode Island, with identified gold, silver, and base metal mineralization."

After more than a decade of exploring the Rackla project and setbacks that would have put lesser explorers under, ATAC Resources persevered to see its efforts carried forward by the largest silver producer in the United States.

In recent years, with progress toward developing a viable operation at Rackla stymied, ATAC expanded its portfolio with several new properties, including Connaught, Catch, and PIL, to name a few.

"As a result of previous investment in exploration by ATAC, Hecla is not obligated for the next decade to make significant expenditures to maintain control of the land package, so while we will advance the exploration as quickly as possible, we will have flexibility on our pace of spending," added Baker.

In addition to the roughly US$18.8 million buyout that involved Hecla issuing 3.7 million shares in exchange for shares held by ATAC stockholders, the Idaho-based silver miner invested C$2 million for a 19.9% stake in Cascadia Minerals Ltd., the new exploration company spun out to advance exploration of all ATAC's former projects except for Rackla and Connaught.

Cascadia will be helmed by the former management of ATAC, who desired to explore specific properties in the Yukon and British Columbia, with Hecla preserving the right to appoint two directors to Cascadia's board.

"The acquisition further cements our position in the Yukon, with our Keno Hill mine going into production in the third quarter," said Baker. "Keno Hill is expected to produce more than 2.5 million ounces of silver in 2023 and to become Canada's largest and highest-grade primary silver mine. We look forward to continuing to build our relationships with the Na-Cho Nyak Dun and Tr'ondek Hwech'in Han First Nations and the Yukon Territory through our work at Keno Hill and the Rackla and Connaught properties."

Cascadia Minerals

Cascadia Minerals is continuing exploration of the Catch (copper-gold), Rosy (gold-silver), and Idaho Creek (copper-gold) properties in the Yukon, as well as the PIL (copper-gold-silver-molybdenum) project in Northern BC.

Cascadia shares are expected to begin trading on the TSX Venture Exchange under the symbol CAM in late July.

"I am very excited to begin a new chapter of discovery with Cascadia," said Cascadia President and CEO Graham Downs. "With backing from Hecla as a strategic investor, and a strong and experienced management team, we are ready to hit the ground running with a robust exploration program for 2023."

With a sizable treasury, a significant exploration portfolio, and a wealth of experienced hands, Cascadia has come out with a fresh start.

Cascadia is currently carrying out prospecting at Rosy and plans to begin refining targets for 2024 drilling at PIL in the next two weeks. The ATAC spin-out also has contractors lined up to begin a maiden diamond drill program in August that will target coincident mineralized outcrop and geophysical anomalies at Catch.

"Building on our knowledge and understanding of northern BC and Yukon, we are well positioned to advance Cascadia's current properties and make new discoveries across underexplored portions of the Stikine terrane," said Downs.