"My question is are we too deep already? What am I missing?"

You may not be missing anything, and I hope you are not.  However, the description of that hole begins as follows:

'"Hole two (HM-001) was collared 0.6 miles east of hole one on Colina limestone outcrop showing polymetallic leakage textures at surface. These rusty patches show elevated lead, zinc, molybdenum and sometimes copper. Despite the collar of this hole being almost the same elevation as that of hole one, this gave the company the advantage of beginning the hole around 1350’ deeper into the stratigraphy than hole one."'  [Emphasis added.]

So my question to you is, is the depth of the hole 3,000 feet, or is it 3,000 feet less 1,350?

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