Results demonstrate significantly improved
recoveries for both gold and silver
WINNEMUCCA, Nev., Sept. 6,
2023 /PRNewswire/ -- Hycroft Mining Holding
Corporation (Nasdaq: HYMC) ("Hycroft" or "the Company"), a gold
and silver development company that owns the Hycroft Mine in the
prolific mining region of Northern
Nevada, announces results for the Metallurgical Flotation
Variability Study (the "Study").
After comprehensive third-party laboratory testing, the Study
confirms average flotation recoveries of 89% for gold and 93% for
silver, increasing from 80% for both gold and silver in the
March 2023 Technical
Report1. The increased recoveries were due to
modifications to the grind size, reagents and retention time. The
results reflect a 20% mass pull into a sulfide concentrate
containing 8.5% sulfide sulfur. The variance of the recoveries was
+/- 4%.
With this phase of the metallurgical test work completed, the
bench-top autoclave testwork ("BTAC") has been initiated with
results expected in the fourth quarter. The results of the
flotation and BTAC metallurgical work will be used to design the
Hycroft processing facility for the next phase of commercial
operations.
"We are extremely pleased with these results because they
clearly demonstrate that we can achieve significant gold and silver
recoveries from Hycroft's sulfide ore," commented Diane R. Garrett, President and CEO of Hycroft.
"The gold and silver flotation recovery results averaged
approximately 10% higher than previously modeled with improved
flotation consistency across all geologic domains within the
projected mine plan.
"This is the culmination of two years of meticulous
metallurgical analysis, a critically important step in de-risking
the project as we finalize the prefeasibility study. In addition,
the ongoing exploration program is providing evidence of higher
grades, better continuity, and the conversion of waste and inferred
resources to measured or indicated resources, which is anticipated
to enhance the economics of the first 10 years of the mine plan.
Together these programs are delivering the results necessary to
move Hycroft up the value chain."
About the Metallurgical Flotation Variability
Study
In 2021 Hycroft initiated a $10
million metallurgical drill and variability testing program,
drilling across the entire Hycroft orebody and taking
representative samples from each of the geologic domains. A
comprehensive suite of metallurgical tests was conducted to ensure
the understanding of the Hycroft system and the variability in
performance throughout the deposit. Over 200 variability samples
were selected from core drilled along the three major fault zones
within the Hycroft ore body and included duplicate and triplicate
samples.
The work was conducted by FLSmidth, an industry leader in
metallurgical process development. The Company's Qualified Person
(QP) in Metallurgy is Mr. John
Marsden.
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.
www.hycroftmining.com
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 United States Securities
Exchange Act of 1934, as amended, or the United 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 in our Annual Report on Form 10-K for the
year ended December 31, 2022, our
Quarterly Report on Form 10-Q for the period ended June 30, 2023, 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. We undertake no obligation to
update those statements or publicly announce the results of any
revisions to any of those statements to reflect future events or
developments.
1 Hycroft Property Initial Assessment Technical
Report Summary with an effective date of March 27, 2023 (the "March
2023 TRS")
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SOURCE Hycroft Mining Holding Corporation