21.2 meters of 2,359.68 g/t
silver
Multiple intervals exceeding 6,000 g/t
silver
WINNEMUCCA, Nev., Jan. 14,
2025 /PRNewswire/ -- Hycroft Mining Holding
Corporation (Nasdaq: HYMC) ("Hycroft" or "the Company")
announces additional drill results from the 2024 exploration drill
program (the "Drill Program") at the Hycroft Mine, located in
Nevada, a Tier-1 mining
jurisdiction.
Highlights from the drilling include:
- Hole H24D-6018 was drilled to the southeast approximately 60
meters from Hole H24D-6010 designed to test the extension of
Brimstone up-dip
- Robust drill results continue to confirm continuity of
Brimstone high-grade silver dominant trend, extending
mineralization along strike and up-dip
- See Table 1 for additional information
Brimstone drill highlights:
21.2 meters of 2,359.68 g/t Ag and 0.38 g/t Au
(30.81 g/t AuEq) Including:
- 7.3 meters of 6,278.23 g/t Ag and 0.59 g/t Au (81.55 g/t
AuEq)
- including 0.2 meters of 80,017.00 g/t Ag and 1.62 g/t Au
(1,033.42 g/t AuEq)
Alex Davidson, Vice President,
Exploration commented: "Hole 6018 topped Hole 5753 as the best hole
ever drilled at Hycroft in its more than 40-year history. The
results from this Brimstone hole firmly establish high-grade
continuity up-dip approximately 60 meters from Hole 6010, reported
October 16, 2024. Our strategy
of using a multi-disciplined approach, utilizing geochemical,
structural, assay, and geophysical data collected from this year
for exploration is paying off as we continue to define the geometry
of Brimstone. The presence of coarse grain
argentotetrahedrite and chalcopyrite crystals and aligned
geochemistry from the high-grade zone suggests that Brimstone is
derived from and more proximal to a magmatic source as previously
mentioned in the October 16, 2024,
news release. This is important because it is a significant
shift from what the Hycroft deposit has been previously described
as - a low sulfidation system. We are continuing to gain a clearer
picture of the substantial opportunities for high-grade
mineralization in the significantly under-explored Hycroft
system".
Diane R. Garrett, President and
CEO commented: "As we have said before – Hycroft is an untold
story and the drill results to date confirm that. Hycroft was
always considered a large low-grade system but the two high-grade
silver dominant trend discoveries over the past year are dispelling
that view. In addition to the excellent performance by our
exploration team, the final metallurgical test work for the
engineering study is progressing positively.
Congratulations to the entire Hycroft team for concluding another
year maintaining a TRIFR (total reportable injury frequency rate)
of 0.00 and achieving more than 1,500 days of no
lost-time-incidents ("LTI's")".
Table 1.
Significant intercepts from 2024 Drill Program,
Brimstone
Gold Equivalent ("AuEq") is calculated at
a gold-to-silver ratio of 77.55:1 (based on $1900 gold and $24.50 silver)
Hole
ID
|
FROM
|
TO
|
INTERVAL
|
GRADE
|
(meters)
|
(meters)
|
(meters)
|
Ag
(g/t)
|
Au
(g/t)
|
AuEQ
(g/t)
|
Brimstone
|
|
|
|
|
|
|
H24D-6018
|
73.8
|
91.4
|
17.6
|
23.68
|
0.49
|
0.79
|
Including
|
74.6
|
75.0
|
0.3
|
274.00
|
1.37
|
4.90
|
|
222.9
|
228.8
|
5.9
|
30.53
|
0.37
|
0.77
|
|
306.6
|
327.9
|
21.2
|
2,359.68
|
0.38
|
30.81
|
Including
|
317.4
|
324.7
|
7.3
|
6,278.23
|
0.59
|
81.55
|
Also
Including
|
317.4
|
317.6
|
0.2
|
80,017.00
|
1.62
|
1,033.42
|
Exploration Drill Program
The Drill Program was designed to improve continuity within the
recently discovered high-grade silver trends (Vortex and
Brimstone), extend mineralization along strike and at depth, and
test new exhibiting potential for high-grade within and outside the
currently known resource. Through this work, the Company hopes to
develop opportunities to mine higher-grade ore early in the mine
plan, thereby enhancing project economics. The Drill Program
completed 9,058 meters of core drilling. The drilling
is being conducted by Timberline Drilling Incorporated
of Elko, NV. Assays are being completed by ALS
Geochemistry of Reno, NV. The Company's Qualified Person
is Alex Davidson, Vice President, Exploration.
Corporate Update
The Company has concluded the 2024 exploration drill program
completing 9,058 meters of core drilling. Additional assays
are pending. The program was hugely successful in continuing
to expand the two-silver dominant high-grade trends at both
Brimstone and Vortex. The technical team is assimilating the
drill data, geophysics, mapping and surface samples to further
enhance its new and evolving understanding of the Hycroft system
and select prospective targets for a future drill program.
The Company ended 2024 with approximately $49.6 million in unrestricted cash and remains in
compliance with its debt covenants.
About Hycroft Mining Holding Corporation
Hycroft Mining Holding Corporation is a US-based gold and silver
company developing the Hycroft Mine, among the world's largest
precious metals deposits located in northern Nevada, a
Tier-One mining jurisdiction. After a long history of oxide heap
leaching operations, the Company is focused on completing the
technical studies to transition the Hycroft Mine into the next
phase of commercial operations for processing the sulfide ore. In
addition, the Company is engaged in a robust exploration drill
program to further expand the newly discovered high-grade dominant
silver systems and unlock the full potential of this worldclass
asset.
For further information, please contact:
info@hycroftmining.com
www.hycroftmining.com
Cautionary Note Regarding Forward-Looking Statements
This news release may contain "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which are intended to be covered by the safe harbor
created by such sections and other applicable laws. Such
forward-looking statements may include, without limitation,
estimates and expectations of future production, reserve estimates,
exploration outlook and expected expenditure, and operational and
financial performance. 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. Where the Company expresses or implies an
expectation or belief as to future events or results, such
expectation or belief is expressed in good faith and believed to
have a reasonable basis. However, such statements are subject to
risks, uncertainties, assumptions and other factors, which could
cause actual results to differ materially from future results
expressed or implied by the "forward-looking statements". Such
assumptions, include, but are not limited to the key assumptions
set forth on page 4 hereof. Investors are also encouraged to refer
to the Company's Form 10-K for its fiscal year 2023, filed with the
SEC on March 14, 2024 , as updated by Form 10-Q for the
quarterly periods ended March 31, 2024, June 30, 2024,
and September 30, 2024 filed with the
SEC on May 7, 2024, August 6, 2024, and November 5, 2024, respectively, as well as
Hycroft's other SEC filings for additional information. The Company
does not undertake any obligation to release publicly revisions to
any "forward-looking statement," including, without limitation,
outlook, to reflect events or circumstances after the date of this
news release, or to reflect the occurrence of unanticipated events,
except as may be required under applicable securities laws.
Investors should not assume that any lack of update to a previously
issued "forward-looking statement" constitutes a reaffirmation of
that statement. Continued reliance on "forward-looking statements"
is at investors' own risk.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/hycroft-once-again-drills-best-hole-ever-302350231.html
SOURCE Hycroft Mining Holding Corporation