WINNEMUCCA, Nev., May 1, 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
operating and financial results for the quarter ended March 31, 2023. Today, the Company filed its
Quarterly Report on Form 10-Q for the period ended March 31, 2023, which is available at
www.sec.gov/edgar. See "Cautionary Note Regarding Forward Looking
Statements" below.
2023 Corporate Highlights:
- Safety: During the first three months of 2023,
the Company reported no lost time accidents. The Hycroft Mine's
total recordable injury frequency rate ("TRIFR") for the trailing
twelve months was ZERO at March 31,
2023 and December 31, 2022.
The mining industry TRIFR average for the period was 2.02.
- Cash Position: The Company ended the first
quarter of 2023 with $132 million of
unrestricted cash, $34 million of
restricted cash, and in compliance with debt covenants.
- Technical: The Company, along with its
third-party consultants, completed and filed the Hycroft Property
Initial Assessment Technical Report Summary Humboldt and
Pershing Counties, Nevada ("2023 Hycroft TRS") with an effective
date of March 27, 2023 for the
Hycroft Mine. The 2023 Hycroft TRS included measured and indicated
mineral resources of 10.6 million ounces of gold and 360.7 million
ounces of silver (15.2 million gold equivalent ounces) and inferred
mineral resources of 3.4 million ounces of gold and 96.1 million
ounces of silver (4.6 million gold equivalent ounces), that are
contained in oxide, transitional, and sulfide ores.
2022 Exploration Highlights:
- The Company launched its 2022-2023 Exploration Drill Program in
July 2022 constituting the largest
exploration program at the Hycroft Mine in nearly a decade. Phase 1
of the drill program completed approximately 25,000 meters of
reverse circulation ("RC") drilling and 4,000 meters of core
drilling in 2022. Details and highlights are available on the
Company's website.
- The most recent 2022 core drill hole results received are
reflected in Table 1 and highlighted results (shown in grams /
metric ton "g/t") include:
-
- H22C-5680 (Vortex) returned 30 meters of 0.46 g/t gold and
377.53 g/t silver
-
- Including 7meters of 0.29 g/t gold and 1,447.23 g/t silver
- H22C-5729 (Camel) returned 174 meters of 0.59 g/t gold and 7.32
g/t silver
-
- Including 26 meters of 0.78 g/t gold and 8.90 g/t silver
- H22C-5726 (Camel) returned 130 meters of 0.46 g/t gold and 5.50
g/t silver
-
- Including 45 meters of 0.60 g/t gold and 6.05 g/t silver
- H22C-5726 (Camel) also returned 82 meters of 0.34 g/t gold and
3.21 g/t silver
- H22C-5726 (Camel) also returned 77 meters of 0.51 g/t gold and
9.20 g/t silver
- H22C-5694 (Central) returned 52 meters of 0.25 g/t gold and
83.20 g/t silver
-
- Including 19 meters of 0.39 g/t gold and 171.34 g/t silver
Table
1
|
|
Hole
ID
|
FROM
|
TO
|
INTERVAL
|
GRADE
|
|
(meters)
|
(meters)
|
(meters)
|
Au
(g/t)
|
Ag
(g/t)
|
Vortex
|
|
|
|
|
|
H22C-5680
|
317.3
|
347.5
|
30.2
|
0.46
|
377.53
|
including
|
331.7
|
338.3
|
6.6
|
0.29
|
1,447.23
|
|
369.4
|
411.2
|
41.8
|
0.35
|
8.00
|
|
570.0
|
579.7
|
9.8
|
0.36
|
21.16
|
|
|
|
|
|
|
Camel
|
|
|
|
|
|
H22C-5729
|
45.1
|
218.8
|
173.7
|
0.59
|
7.32
|
including
|
110.6
|
136.6
|
25.9
|
0.78
|
8.90
|
|
261.5
|
279.8
|
18.3
|
0.38
|
6.35
|
|
346.9
|
363.6
|
16.7
|
0.43
|
4.07
|
H22C-5726
|
12.8
|
142.6
|
129.8
|
0.46
|
5.50
|
including
|
20.4
|
64.9
|
44.5
|
0.60
|
6.05
|
|
171.6
|
253.6
|
82.0
|
0.34
|
3.21
|
|
276.8
|
353.9
|
77.1
|
0.51
|
9.20
|
|
|
|
|
|
|
Central
|
|
|
|
|
|
H22C-5694
|
349.6
|
401.4
|
51.8
|
0.25
|
83.20
|
including
|
363.0
|
381.6
|
18.6
|
0.39
|
171.34
|
|
|
|
|
|
|
Brimstone
|
|
|
|
|
|
H22C-5738
|
117.0
|
123.4
|
6.5
|
0.41
|
48.44
|
|
142.5
|
162.5
|
19.9
|
0.46
|
45.41
|
Alex Davidson, Vice President of
Exploration, commented, "The initial results from core drilling
completed during Phase 1 of the 2022-2023 Exploration Drill Program
are coming back with equally exciting results as seen in the RC
drilling results reported late in 2022 and earlier in 2023.
Phase 1 of the 2022-2023 Exploration Drill Program core drilling
was designed to help us better understand what controls
mineralization within the deposit and improve continuity within the
Vortex, Brimstone, and Camel zones of the known Hycroft Mine
mineral resource. H22C-5680, drilled in the high-grade silver
Vortex zone, has three significant intercepts. The first intercept
is 30 meters of 377 g/t silver including six meters of 1,447g/t
silver, hosted in a strongly silicified hydrothermal breccia.
Additionally, H22C-5729 and H22C-5726 returned results that are
significantly thicker than previously modeled and converted
previously modeled inferred and waste to measured and indicated
mineral resource, improving project economics. H22C-5694
drilled in the Central zone returned silver results that were
significantly better than the model."
Diane R. Garrett, President and
CEO commented: "Our safety-focused team delivered a fifth
consecutive ZERO TRIFR quarter at Hycroft. I am extremely
pleased with the exploration drill results received to date.
Those results have demonstrated higher than modeled ore grades and
better than modeled continuity within the orebody. During the first
quarter of 2023, we completed the updated mineral resource estimate
for the 2023 Hycroft TRS, analyzed and interpreted drill results
from Phase 1 of the 2022-2023 Exploration Drill Program that will
guide Phase 2 exploration drilling and advanced the metallurgical
and variability test work necessary for designing a sulfide milling
operation. We expect Phase 2 exploration drilling will deliver
equally exciting results while our enthusiastic team continues to
focus on completing the technical work necessary to advance the
Hycroft Mine - a unique, world-class scale asset in a Tier 1 mining
jurisdiction. I am increasingly confident that our exploration and
technical work programs will deliver the results to unlock the
value at Hycroft."
About the Hycroft 2022-2023 Exploration Drill Program
The 2022 – 2023 Exploration Drill Program at the Hycroft Mine is
a two-phase project comprising approximately 30,000 meters of RC
drilling and approximately 7,500 meters of core drilling.
Phase 2 drilling is anticipated to begin in the second quarter of
2023 and includes (i) drilling outside the current plan of
operations for which permits are pending; and (ii) drilling
prospective high-grade targets within the plan of operation that
were refined based on assay results from Phase 1 drilling.
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.
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 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 March 31, 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.
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SOURCE Hycroft Mining Holding Corporation