Vortex intercepts high-grade silver with
gold
New target discovered east of
Brimstone
Central and Camel zones convert waste to
mineralization
WINNEMUCCA, Nev., Feb. 7, 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
additional results from Phase 1 of its 2022-2023 exploration drill
program. Core drilling results are still pending.
These drilling results and previously reported drilling results
are achieving the objectives of the 2022-2023 exploration drill
program. The drill program is designed to improve the
understanding of the higher-grade intercepts, better understand the
mineralization controls, and test exploration targets outside the
currently known resource. Through this work the Company hopes
to develop opportunities to mine higher-grade ore early in the mine
plan enhancing the project's economics.
Table 1 reflects the most recent 22 reverse circulation ("RC")
drill hole results received, while highlighted results (shown in
grams / metric ton "g/t") include:
- H22R-5700 (Vortex) returned 55 meters of 0.88 g/t gold and
396.93 g/t silver
-
- Including 9 meters of 1.25 g/t gold and 1,085.83 g/t
silver
- H22R-5700 (Vortex) also returned 20 meters of 2.24 g/t gold and
41.77 g/t silver
-
- Including 2 meters of 10.94 g/t gold and 18.00 g/t silver
- Including 11 meters of 2.36 g/t gold and 46.13 g/t silver
- H22R-5700 (Vortex) also returned 8 meters of 0.29 g/t gold and
145.08 g/t silver
- H22R-5679 (Brimstone) returned 29 meters of 0.979 g/t gold and
3.62 g/t silver
-
- Including 12.2 meters of 1.824 g/t gold and 5.43 g/t
silver
- H22R-5679 (Brimstone) also returned 12.2 meters of 0.787 g/t
gold and 1.98 g/t silver
- H22R-5724 (Camel) returned 212 meters of 0.45 g/t gold and 8.94
g/t silver
-
- Including 9 meters of 0.71 g/t gold and 42.57 g/t silver
- Including 24 meters of 0.68 g/t gold and 8.18 g/t silver
Alex Davidson, Vice President of
Exploration, commented, "We continue to receive exciting results
from Phase 1 of the drill program with respect to the higher-grade
opportunities within the Brimstone, Vortex, and Central
zones. Drill hole H22R-5679, intercepted 29 meters of
significant gold and silver mineralization east of the East Fault
which was previously considered to be the bounding limit of
Brimstone mineralization. Mineralization was intersected
approximately 150 meters beyond the current resource opening a new
target area for near-mine exploration. (See Figure 1 below.)
In the Vortex zone we are very excited with the results from drill
hole H22R-5700 which includes several higher-grade intercepts of
gold and very high-grade silver. Importantly, the intercepts
from this hole tie together the high-grade intercepts from the
drilling previously reported in late 2022. Drilling in both
the Camel and Central zones delivered great results as we were able
to convert material previously modeled as waste into
mineralization. Several holes in these zones upgraded
resource classification from inferred to indicated. These
upgrades will improve the economics of these zones."
Hole
ID
|
FROM
|
TO
|
INTERVAL
|
GRADE
|
(meters)
|
(meters)
|
(meters)
|
Au
(g/t)
|
Ag
(g/t)
|
Brimstone
|
|
|
|
|
|
H22R-5679
|
221.0
|
249.9
|
29.0
|
0.98
|
3.62
|
including
|
237.7
|
249.9
|
12.2
|
1.82
|
5.43
|
|
277.4
|
289.6
|
12.2
|
0.79
|
1.98
|
H22R-5702
|
179.8
|
192.0
|
12.2
|
0.38
|
189.71
|
including
|
179.8
|
185.9
|
6.1
|
0.29
|
363.45
|
H22R-5702
|
307.8
|
320.0
|
12.2
|
0.13
|
39.05
|
H22R-5703
|
221.0
|
242.3
|
21.3
|
0.54
|
15.87
|
H22R-5704
|
291.1
|
300.2
|
9.1
|
0.35
|
14.52
|
H22R-5739
|
93.0
|
121.9
|
29.0
|
0.41
|
13.86
|
|
147.8
|
157.0
|
9.1
|
0.41
|
7.72
|
|
243.8
|
256.0
|
12.2
|
0.46
|
99.44
|
|
307.8
|
364.2
|
56.4
|
0.43
|
4.50
|
|
|
|
|
|
|
Vortex
|
|
|
|
|
|
H22R-5700
|
74.7
|
111.3
|
36.6
|
0.37
|
37.70
|
including
|
74.7
|
82.3
|
7.6
|
0.91
|
0.82
|
including
|
97.5
|
105.2
|
7.6
|
0.29
|
145.08
|
|
370.3
|
422.1
|
51.8
|
0.38
|
15.06
|
including
|
396.2
|
402.3
|
6.1
|
0.47
|
66.38
|
|
489.2
|
509.0
|
19.8
|
2.24
|
41.77
|
including
|
481.6
|
483.1
|
1.5
|
10.94
|
18.00
|
including
|
489.2
|
499.9
|
10.7
|
2.36
|
46.13
|
|
524.3
|
579.1
|
54.9
|
0.88
|
396.93
|
including
|
536.4
|
545.6
|
9.1
|
1.25
|
1,085.83
|
H22R-5708
|
103.6
|
106.7
|
3.0
|
0.19
|
32.80
|
|
163.1
|
178.3
|
15.2
|
0.41
|
6.55
|
|
192.0
|
219.5
|
27.4
|
0.38
|
7.94
|
|
254.5
|
278.9
|
24.4
|
0.38
|
14.61
|
|
|
|
|
|
|
Central
|
|
|
|
|
|
H22R-5696
|
187.5
|
190.5
|
3.0
|
0.16
|
164.50
|
|
221.0
|
240.8
|
19.8
|
0.49
|
11.24
|
|
249.9
|
275.8
|
25.9
|
0.33
|
4.98
|
H22R-5697
|
0.0
|
24.4
|
24.4
|
0.54
|
8.88
|
including
|
0.0
|
7.6
|
7.6
|
0.94
|
16.56
|
|
205.7
|
219.5
|
13.7
|
0.39
|
23.02
|
including
|
210.3
|
213.4
|
3.0
|
0.39
|
46.15
|
|
245.4
|
298.7
|
53.3
|
0.48
|
5.41
|
including
|
286.5
|
298.7
|
12.2
|
0.69
|
3.83
|
|
|
|
|
|
|
Camel
|
|
|
|
|
|
H22R-5723
|
4.6
|
32.0
|
27.4
|
0.21
|
29.56
|
|
135.6
|
202.7
|
67.1
|
0.44
|
5.01
|
H22R-5724
|
21.3
|
233.2
|
211.8
|
0.45
|
8.94
|
including
|
21.3
|
29.0
|
7.6
|
0.20
|
35.00
|
including
|
76.2
|
85.3
|
9.1
|
0.71
|
42.57
|
including
|
103.6
|
128.0
|
24.4
|
0.68
|
8.18
|
H22R-5725
|
125.0
|
185.9
|
61.0
|
0.50
|
5.26
|
H22R-5727
|
137.2
|
202.7
|
65.5
|
0.50
|
8.25
|
including
|
150.9
|
173.7
|
22.9
|
0.62
|
5.41
|
including
|
198.1
|
202.7
|
4.6
|
0.21
|
44.50
|
|
|
|
|
|
|
Hole
ID
|
FROM
|
TO
|
INTERVAL
|
GRADE
|
(meters)
|
(meters)
|
(meters)
|
Au
(g/t)
|
Ag
(g/t)
|
Camel
Cont.
|
|
|
|
|
|
H22R-5728
|
134.1
|
234.7
|
100.6
|
0.40
|
6.21
|
|
281.9
|
315.5
|
33.5
|
0.37
|
4.50
|
|
396.2
|
432.8
|
36.6
|
0.55
|
3.81
|
H22R-5730
|
76.2
|
190.5
|
114.3
|
0.40
|
14.89
|
including
|
76.2
|
79.2
|
3.0
|
0.20
|
358.45
|
|
216.4
|
240.8
|
24.4
|
0.42
|
2.67
|
H22R-5731
|
202.7
|
227.1
|
24.4
|
0.53
|
3.88
|
H22R-5732
|
111.3
|
131.1
|
19.8
|
0.41
|
4.61
|
|
219.5
|
237.7
|
18.3
|
0.39
|
3.48
|
H22R-5733
|
272.8
|
338.3
|
65.5
|
0.37
|
2.30
|
H22R-5734
|
19.8
|
36.6
|
16.8
|
0.35
|
5.56
|
|
213.4
|
256.0
|
42.7
|
0.43
|
3.66
|
|
301.8
|
317.0
|
15.2
|
0.35
|
8.13
|
|
327.7
|
364.2
|
36.6
|
0.44
|
5.52
|
H22R-5735
|
22.9
|
25.9
|
3.0
|
0.32
|
205.15
|
|
59.4
|
108.2
|
48.8
|
0.37
|
5.38
|
|
150.9
|
198.1
|
47.2
|
0.49
|
7.33
|
including
|
182.9
|
195.1
|
12.2
|
0.62
|
13.30
|
H22R-5736
|
128.0
|
242.3
|
114.3
|
0.41
|
3.90
|
|
265.2
|
304.8
|
39.6
|
0.38
|
3.19
|
H22R-5737
|
208.8
|
259.1
|
50.3
|
0.50
|
4.42
|
including
|
254.5
|
259.1
|
4.6
|
1.16
|
4.07
|
About the Hycroft 2022-2023 Exploration Drill Program
The 2022 – 2023 exploration drill program at the Hycroft Mine
comprises approximately 30,000 meters of RC drilling and
approximately 7,500 meters of core drilling.
Phase 1 drilling was completed in December
2022 with remaining assay results expected by the end of
February 2023. The Company anticipates receiving the new
drill rigs and initiating Phase 2 drilling early in the second
quarter of 2023. The RC drilling and core drilling were
conducted by National EWP Inc. of Elko, NV. Assays are being completed by
Bureau Veritas and Paragon Geochemical of Reno, NV. The Company's Qualified Person
is 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
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, our
Quarterly Report on Form 10-Q for the periods ended September 30, 2022, 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