Multiple zones of higher-grade silver
encountered
Higher gold and silver grades than resource average grade
Higher grade zones more continuous than previously
interpreted
WINNEMUCCA, Nev., Sept. 13,
2022 /PRNewswire/ -- Hycroft Mining Holding
Corporation (Nasdaq: HYMC) ("Hycroft" or the "Company"), a gold and
silver development company which owns the Hycroft Mine in the
prolific mining region of Northern
Nevada, is pleased to announce initial drill results from
its 2022-2023 exploration program.
Highlights of the initial results from our reverse circulation
("RC") drilling are noted below (grams / metric ton "g/t").
Full results received to date are reflected in Table 1 below.
- Hole 22R-5650 returned 82 meters of 1.03 g/t gold and 30.38 g/t
silver
-
- Including 3 meters of 1.20 g/t gold and 163.51 g/t silver
- Hole 22R-5647 returned 58 meters of 0.58 g/t gold and 24.07 g/t
silver
-
- Including 5 meters of 0.65 g/t gold and 171.02 g/t silver
- Hole 22R – 5644 returned 50 meters of 0.79 g/t gold and 38.74
g/t silver
-
- including 5 meters of 2.23 g/t gold and 84.69 g/t silver
- Hole 22R-5645 returned 20 meters of 0.10 g/t gold and 90.86 g/t
silver
-
- Including 34 meters of 3.77 g/t gold and 16.77 g/t silver
Alex Davidson, Vice President,
Exploration commented, "These initial drill results confirm the
higher-grade opportunities identified in the 2021 drill
program. While we have only just begun investigating the
planned targets of our 2022-23 drill program, these results are
very encouraging and further confirm the importance of additional
drilling to explore the untapped potential of the Hycroft
deposit. Importantly, we are observing the high-grade
zones are more continuous than previously interpreted in addition
to seeing silver and gold grades significantly higher than the
average grade at the Hycroft deposit."
In addition to the two RC rigs drilling in the Brimstone and
Central areas, the core rig is currently drilling the deeper areas
of the Hycroft system, primarily at the high-grade silver Vortex
area. In our first core hole we are seeing silicification,
banded silica veining, sulfide stockwork along with white clays
among other key indicators in the core.
We are currently following up on high grade intercepts within
the resource area and plan to begin targeted step-out drilling in
the fourth quarter within the more than 60,000 acres that has not
previously been explored.
We recently completed a hyperspectral flyover of the entire
Hycroft property (70,000 acres). This imaging technology has
important applications in our type of deposit. Hyperspectral
imaging helps identify potential minerals or deposits of minerals
and allows companies to hone-in on specific areas for
drilling. The geophysical studies indicate near vertical
strong silicification. This information will help guide our
upcoming surface mapping and soil sampling program to further
define our large unexplored land package.
Table 1: 2022-2023
Exploration Drilling Program – initial results
|
|
Higher grade zones
more continuous than previously interpreted
|
|
Hole
ID
|
FROM
|
TO
|
INTERVAL
|
GRADE
|
(meters)
|
(meters)
|
(meters)
|
Au
(g/t)
|
Ag
(g/t)
|
Au
(opt)
|
Ag
(opt)
|
Brimstone
Area
|
|
|
|
|
|
|
|
H22R-5644
|
37
|
87
|
50
|
0.79
|
38.74
|
0.023
|
1.130
|
including
|
74
|
79
|
5
|
2.23
|
84.69
|
0.065
|
2.470
|
H22R-5645
|
27
|
47
|
20
|
0.10
|
90.86
|
0.003
|
2.650
|
|
114
|
148
|
34
|
3.77
|
16.77
|
0.110
|
0.489
|
|
177
|
201
|
24
|
0.55
|
9.36
|
0.016
|
0.273
|
H22R-5650
|
0
|
82
|
82
|
1.03
|
30.38
|
0.030
|
0.886
|
including
|
21
|
24
|
3
|
1.20
|
163.51
|
0.035
|
4.770
|
|
87
|
107
|
20
|
0.96
|
25.30
|
0.028
|
0.738
|
|
122
|
149
|
27
|
0.62
|
6.27
|
0.018
|
0.183
|
H22R-5646
|
38
|
52
|
14
|
0.48
|
20.13
|
0.014
|
0.587
|
including
|
41
|
44
|
3
|
0.58
|
62.50
|
0.017
|
1.823
|
|
78
|
140
|
62
|
0.72
|
19.58
|
0.021
|
0.571
|
H22R-5647
|
72
|
130
|
58
|
0.48
|
12.58
|
0.014
|
0.367
|
|
142
|
200
|
58
|
0.58
|
24.07
|
0.017
|
0.702
|
including
|
183
|
188
|
5
|
0.65
|
171.02
|
0.019
|
4.988
|
H22R-5651
|
26
|
81
|
55
|
0.58
|
16.19
|
0.017
|
0.472
|
|
110
|
117
|
8
|
0.51
|
42.00
|
0.015
|
1.225
|
Central
Area
|
|
|
|
|
|
|
|
H22R-5656
|
0
|
78
|
78
|
0.55
|
9.46
|
0.016
|
0.276
|
including
|
0
|
12
|
12
|
0.96
|
21.02
|
0.028
|
0.613
|
|
32
|
41
|
9
|
0.69
|
12.00
|
0.020
|
0.350
|
|
While the initial drill locations have been focused on improving
our understanding and ability to project high-grade zones,
additional drill targets are designed to test:
- prospective target areas near the current resource;
- expansion of the current resource along strike and at
depth;
- targets identified through our recent geophysical work within
our 60,000 acres that have never been explored; and
- targets in areas with limited historical drilling.
The results of this exploration program, together with the 2021
metallurgical drill program results will be used for the geologic
modelling, updated resource models and mine planning activities
associated with the technical studies underway for the sulfide mill
operation.
Diane R. Garrett, President &
CEO commented "We are very excited about these initial drill
results and still have so many targets yet to drill. This
supports our belief that there remains untapped potential at
Hycroft. With the largest exploration program in nearly a decade,
we are the first company to systematically explore this world-class
system to understand the genesis of this deposit, including
potential feeder systems. Hycroft is one of the largest
gold and silver deposits in the world located in the Tier-One
mining jurisdiction of Nevada, USA
and permitted for both heap leach and milling operations. "
About the 2022-2023 exploration
program
The 2022 – 2023 exploration program at the Hycroft Mine
comprises approximately 100,000 feet of reverse circulation
drilling and approximately 25,000 feet of core
drilling. The RC drilling is being conducted by
National EWP Inc. of Elko, NV and
the core drilling is being conducted by First Drilling LLC of
Montrose, CO. Assays are being completed by Bureau Veritas
and Paragon Geochemical of Reno,
NV. The Company's Qualified Person is Mr. Alex Davidson, Vice President, Exploration.
About Hycroft Mining Holding
Corporation
Hycroft is a US-based, gold and silver company developing the
Hycroft Mine located in the world-class mining region of
Northern Nevada.
FOR FURTHER INFORMATION contact info@hycroftmining.com or visit
our website at www.hycroftmining.com.
Diane R. Garrett,
President & CEO
(210) 621-4200
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within
the meaning of Section 27A of the United States Securities Act of
1933, as amended, Section 21E of the Unites States Securities
Exchange Act of 1934, as amended, or the Unites States Private
Securities Litigation Reform Act of 1995. All statements, other
than statements of historical facts, included herein and public
statements by our officers or representatives, that address
activities, events or developments that our management expects or
anticipates will or may occur in the future, are forward-looking
statements, including but not limited to such things as future
business strategy, plans and goals, competitive strengths and
expansion and growth of our business. The words "estimate", "plan",
"anticipate", "expect", "intend", "believe" "target", "budget",
"may", "can", "will", "would", "could", "should", "seeks", or
"scheduled to" and similar words or expressions, or negatives of
these terms or other variations of these terms or comparable
language or any discussion of strategy or intention identify
forward-looking statements. Forward-looking statements address
activities, events or developments that the Company expects or
anticipates will or may occur in the future and are based on
current expectations and assumptions. Forward-looking
statements include, but are not limited to (i) risks related to
changes in our operations at the Hycroft Mine including risks
associated with the cessation of mining operations at the Hycroft
Mine; uncertainties concerning estimates of mineral resources;
risks related to a lack of a completed feasibility study; and risks
related to our ability to re-establish commercially feasible mining
operations; (ii) industry related risks including fluctuations in
the price of gold and silver; the commercial success of, and risks
related to, our exploration and development activities;
uncertainties and risks related to our reliance on contractors and
consultants; availability and cost of equipment, supplies, energy,
or reagents. The exploration target does not represent, and
should not be construed to be, an estimate of a mineral resource or
mineral reserve, as ranges of potential tonnage and grade (or
quality) of the exploration target are conceptual in nature; there
has been insufficient exploration of the relevant property or
properties to estimate a mineral resource; and it is uncertain if
further exploration will result in the estimation of a mineral
resource. These risks may include the following and the
occurrence of one or more of the events or circumstances alone or
in combination with other events or circumstances, may have a
material adverse effect on the Company's business, cash flows,
financial condition and results of operations. Please see our "Risk
Factors" set forth our Annual Report on Form 10-K for the year
ended December 31, 2021, and other
reports filed with the SEC for more information about these and
other risks. You are cautioned against attributing undue certainty
to forward-looking statements. Although we have attempted to
identify important factors that could cause actual results to
differ materially from those described in forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended. Although these
forward-looking statements were based on assumptions that the
Company believes are reasonable when made, you are cautioned that
forward-looking statements are not guarantees of future performance
and that actual results, performance or achievements may differ
materially from those made in or suggested by the forward-looking
statements contained in this news release. In addition, even if our
results, performance, or achievements are consistent with the
forward-looking statements contained in this news release, those
results, performance or achievements may not be indicative of
results, performance or achievements in subsequent periods. Given
these risks and uncertainties, you are cautioned not to place undue
reliance on these forward-looking statements. Any forward-looking
statements made in this news release speak only as of the date of
those statements, and we undertake no obligation to update those
statements or to publicly announce the results of any revisions to
any of those statements to reflect future events or
developments.
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SOURCE Hycroft Mining Holding Corporation