WINNEMUCCA, Nev., May 15, 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, is pleased to
announce the acquisition of claims near the historic past-producing
high-grade gold and silver mine, Rosebud.
The patented mining claims known as Lucky Boy 1, Lucky Boy 2,
and White Alps were acquired by the Company from Newmont
USA Limited ("Newmont") and are
part of a 50% undivided interest with Hecla Mining Company
("Hecla").
In addition to the claims, the Company also received a
significant amount of data covering over 10,000 acres of land
currently owned by Hycroft and adjacent to the known resource
area. The data includes information from approximately 230
drill holes, rock chip samples, soil geochemistry, geophysics, and
significant surface mapping.
Alex Davidson, Vice President of
Exploration, commented, "Not only do these patented claims improve
our land position but the high-quality data acquired with the
claims significantly improves our understanding of the Hycroft
deposit as well as our targets within the corridor between the
Hycroft Mine and the historical Rosebud Mine."
Diane Garrett, President &
CEO, commented: "As we progress the Hycroft Mine to its next phase
of commercial operations, this acquisition is part of our parallel
work to understand and explore the vast land position owned by
Hycroft. The significant amount of data obtained through this
transaction on the acquired patented claims and on land we
currently own, has been extremely valuable and correlates well with
the hyperspectral and fieldwork we have been conducting. This
newly acquired data has allowed us to prioritize many targets
within our land position".
The Rosebud Mine, which operated during 1997 – 2000 through a
joint venture between Newmont and Hecla, produced approximately
400,000 ounces of gold and over 2 million ounces of silver at an
average grade of over 14 grams and 83 grams per ton,
respectively1. The historical Rosebud Mine is
situated within the Company's land position and is the same
epithermal system as the Hycroft Mine. The proximity of
this very high-grade mine to the vast mineralized system at the
Hycroft Mine gives us confidence in finding higher-grade ore and
potential feeder systems. Mr. Alex
Davidson was the mine geologist at Rosebud during his tenure
with Hecla.
For additional information on these claims, please see the
corporate presentation and related video on our website at
www.hycroftmining.com.
1 Harvest Gold Technical Report on the Rosebud
Property, Pershing County, Nevada,
USA by Robert G. Cuffney, Certified
Professional Geologist, Sept. 10,
2008.
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" outlined in our Annual Report on Form 10-K for the
year ended December 31, 2022, our Quarterly Report on Form
10-Q for the periods 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 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