WINNEMUCCA, Nev., May 1, 2023
/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, announces the
initiation of Phase 2 of its 2022-2023 exploration drill
program.
Approximately 5,000 meters of reverse circulation ("RC")
drilling and 3,500 meters of core drilling are planned for Phase
2. The RC drill rig has arrived on site, and the core drill
rig is scheduled to arrive in mid-June. The objectives and specific
target areas of Phase 2 are designed to continue the success of
Phase 1 and for the first time, test new targets within the
Company's vast unexplored land position of over 60,000 acres.
Further details of the program include:
RC Drilling:
- Camel zone - the primary objective of drilling within the
current resource boundary is to focus on the overall mine economics
for the pre-feasibility study. The Camel zone is expected to
be one of the initial phases of mining sulfide ore. During
Phase 1 drilling in this area, the Company converted waste and
inferred material into measured and indicated classification and
saw an improvement in the internal mine plan economics as a
result. Phase 2 will continue this objective for further
enhancement of the economics.
Core Drilling:
- Vortex zone – following up Phase 1 drill hole H22R-5700 that
encountered 55 meters of 396 g/t silver at the bottom of the pit,
ending in ore mineralization. Vortex is a very high-grade
silver deposit and Phase 2 drilling will test deeper potential high
grades for both silver and gold.
- Brimstone zone – drilling to expand the new target that was
identified 150 meters east of the known resource. Drill hole
H22R-5679 (see press release dated February
7, 2023) confirmed our belief that there is mineralization
beyond the known resource.
- New high-priority targets to be tested within our unexplored
land position and beyond the current known resource. Prior
geophysics, recent hyperspectral analysis and recent ground-based
geology programs and analysis indicate these areas are of high
importance for potential new discoveries.
About the 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. The RC drilling for
Phase 2 is being conducted by Boart Longyear of West Valley City, UT, and core drilling for
Phase 2 will be conducted by Timberline Drilling Incorporated of
Elko, NV. Assays are being
completed by 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 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 10-Q for the quarter 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