WINNEMUCCA, Nev., Feb. 13,
2024 /PRNewswire/ -- Hycroft Mining Holding
Corporation (Nasdaq: HYMC) ("Hycroft" or "the Company") announces
the start of the 2024 exploration drill program (the "2024 Drill
Program") at the Hycroft Mine, located in Nevada, USA, a Tier-1 mining jurisdiction. The
2024 Drill Program encompasses approximately 4,500 meters of core
drilling in a combination of step out and infill drilling with the
objective of further defining the two new high-grade silver trends,
Vortex-Brimstone and Vortex-Camel, discovered in late 2023. Crews
are onsite, and drilling has begun.
Drill Program Details
- Recent drilling and analysis showed significant high-grade
silver mineralization (>137 g/t Ag) that has continuity with
historical drilling, along trends not previously identified. The
purpose of the 2024 Drill Program is to define the structural
framework of the new trends and target areas that have not been
drilled to establish continuity of the high-grade silver
trends.
- Vortex-Brimstone Trend: The 2023 assay results from the
northeast Vortex-Brimstone trend returned values of several hundred
grams/tonne silver including intervals in the several thousand
grams/tonne silver (>11,000 g/t Ag). The drilling in Brimstone
is targeting the structural complexity within the high-grade silver
zone, which remains open along strike.
- Vortex-Camel Trend: The northwest Vortex-Camel trend is
similarly high-grade in silver. Drilling along this zone will focus
on developing the structural controls of this trend, which is open
along strike and in elevation.
Alex Davidson, Vice President,
Exploration, stated: "The 2024 Drill Program is very exciting as it
will put the pieces together in understanding the structural
framework around these two previously unrecognized trends as well
as expand the significantly mineralized trends. We are now able to
integrate the historical geophysical and drilling data with the
tremendous results from the 2023 drill program to focus this year's
drilling on the new Hycroft story."
Diane Garrett, President and CEO,
added: "Our first-principles approach at Hycroft has led us to
understand the controls driving the Hycroft system in a new way,
resulting in the spectacular results we saw in 2023. We looked at
the deposit not only in terms of the gold but also with a focus on
the occurrence of silver, an aspect we believe was overlooked
previously. Now, in 2024, we will continue to build on those
findings to fully understand the two new silver trends –
Vortex-Brimstone and Vortex-Camel, expand those trends along
strike, and determine if the two intersect or stand as their own
trends. All of this work is driving value for shareholders by
uncovering the true potential of this world-class deposit."
Ms. Garrett continued: "I also want to recognize our team for
their incredible commitment to ensuring the health and safety of
our employees and anyone who comes to the mine site. In addition to
our exploration and development activities, we maintain a full mine
site with heavy machinery, numerous on-site contractors as well as
daily monitoring and maintenance activities. Safety is the number
one priority for any mining project, no matter what phase the
project is in, and I commend the team for always leading with this
priority. At the end of 2023, I am proud to announce that we
concluded two consecutive years with a Total Reportable Injury
Frequency Rate of 0.00. As we continue to advance drilling on these
high-grade silver discoveries as well as the engineering studies,
which are ongoing and require extensive work and activity at the
mine site, safety remains front and center for all of us at
Hycroft. This strict adherence to safety discipline and culture
within Hycroft will serve us well as we transition to the next
phase of operations."
Drilling is being 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 Mining Holding Corporation is a US-based gold and silver
company exploring and developing the Hycroft Mine, one of the
world's largest precious metals deposits located in northern
Nevada, a Tier-1 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 a large-scale milling
operation for processing the sulfide ore. In addition, the Company
is engaged in a robust exploration drill program to unlock the full
potential of our expansive +64,000-acre land package, of which less
than 10% has been explored.
www.hycroftmining.com
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 period ended September 30,
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