Gold and silver development company Hycroft Mining Holding Corp. (HYMC:NASDAQ) today announced initial drill results from its 2022-2023 exploration program at the Hycroft Mine located in northern Nevada.
Hycroft Mining's President and CEO Diane R. Garrett stated, "We are very excited about these initial drill results and still have so many targets yet to drill.
The firm highlighted some of the initial assay results collected from four holes during its ongoing reverse circulation (RC) drilling work at the Hycroft Mine and commented that the data gathered overall demonstrates higher gold and silver grades than previously estimated.
The company advised that results from Hole 22R-5650 returned 82m (meters) of 1.03 g/t Au (grams per metric ton of gold) and 30.38 g/t Ag (silver), which included 3m of 1.20 g/t Au and 163.51 g/t Ag.
The firm noted that Hole 22R-5647 returned 58m of 0.58 g/t Au and 24.07 g/t Ag, which included a 5m segment of 0.65 g/t Au and 171.02 g/t Ag.
Hycroft added that assays from Hole 22R – 5644 returned 50m of 0.79 g/t Au and 38.74 g/t Ag, and a fourth drill hole, Hole 22R-5645, returned 20m of 0.10 g/t Au and 90.86 g/t Ag.
The company's vice president of Exploration, Alex Davidson, 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," Davidson added.
The company stated that it currently has two RC rigs in place that are focused on drilling in the Brimstone and Central areas, and another core rig is presently targeting the high-grade silver Vortex area, which lies deeper within the Hycroft system. The firm said it is now conducting follow-up drilling where it has already intersected high-grade ore and expects to move ahead with additional step-out drilling later this year.
The company noted that it recently completed an aerial hyperspectral imaging survey over the entire property and believes the data collected will be useful in planning and defining its upcoming surface mapping and soil sampling program.
Hycroft Mining's President and CEO Diane R. Garrett stated, "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."
Garrett continued, "Hycroft is one of the largest gold and silver deposits in the world located in the Tier-One mining jurisdiction of Nevada, U.S., and is permitted for both heap leach and milling operations."
The company mentioned that the Hycroft Mine's 2022–23 exploration program includes about 100,000 feet of RC drilling along with around 25,000 feet of core drilling. The firm advised that it has contracted with National EWP Inc. of Elko, Nevada, to conduct RC drilling efforts and has hired First Drilling LLC of Montrose, Colorado, to carry out core drilling work at the site.
Hycroft Mining is a gold and silver development company based in Winnemucca, Nev., that owns, explores, develops, and operates the Hycroft Mine in the world-class mining region of northern Nevada. The property encompasses around 71,000 acres and is located about 50 miles west of Winnemucca, Nev., on the western edge of the Kamma Mountains. The Hycroft Mine, which covers only 2% of the company's total land position, hosts a Measured & Indicated Resource of 446.0 Moz (million ounces) Ag and 9.65 Moz Au and an Inferred Resource of 150.4 Moz Ag and 5.0 Moz Au.
Hycroft started the day with a market cap of around $158.77 million with approximately 199.71 million shares outstanding and a short interest of about 4.0%. HYMC shares opened 17% higher today at $0.9329 (+$0.1379, +17.35%) over yesterday's $0.7950 closing price. The stock has traded today between $0.8675 and $1.10 per share and is currently trading at $0.89 (+$0.095, +11.95%).
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