189 meters of 1.06 g/t gold and 58.33 g/t silver
including 67.1 meters of 1.15 g/t gold and 72.86 g/t silver
and 10.7 meters of 1.39 g/t gold and 354.29 g/t silver
WINNEMUCCA, Nev., Nov. 2, 2022 /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, is pleased to announce additional drill results from its 2022-2023 exploration program.
Highlights from the recent drilling results in Table 1 are noted below. Reporting units are in grams per tonne ("g/t")
H22R-5648 returned 189 meters of 1.06 g/t gold and 58.33 g/t silver
Including 67.1 meters of 1.15 g/t gold and 72.86 g/t silver
Including 10.7 meters of 1.39 g/t gold and 354.29 g/t silver
H22R-5649 returned 80.8 meters of 0.48 g/t gold and 50.11 g/t silver
Including 1.5 meters of 0.10 g/t gold and 358.00 g/t silver
H22R-5654 returned 35.1 meters of 0.31 g/t gold and 50.43 g/t silver
Including 3.0 meters of 0.35 g/t gold and 293.5 g/t silver
H22R-5669 returned 48.8 meters of 0.46 g/t gold and 75.79 g/t silver
Including 1.5 meters of 1.49 g/t gold and 852.0 g/t silver
Including 3.0 meters of 0.53 g/t gold and 222.5 g/t silver
H22R-5669 also returned a separate intercept of 3.0 meters of 0.90 g/t gold and 228.5 silver
Alex Davidson, Vice President, Exploration commented, "We continue to receive encouraging drill results confirming the higher-grade opportunities identified in the 2021 drill program. The drill results announced today continue to demonstrate improved continuity in the higher-grade areas as compared with the current model, and at much higher grades than the average grade modeled for the Hycroft deposit. Particularly exciting for the Hycroft team is RC hole H22R-5648 from the Brimstone area which has multiple intercepts that significantly outperform the model and are at very near true thickness."
Drilling from the Vortex area intercepted multiple ore zones down hole and returned gold values where previously little gold was identified or modeled as Vortex is known for being predominately a silver deposit. In particular, RC hole H22R-5669 in the Vortex area has several intercepts returning gold, where no gold was modeled previously. One of these intercepts has 48.8 meters of 0.46 g/t gold and 75.79 g/t silver.
The drill results to date have increased our understanding of the geologic setting of the Hycroft mineralization, both the higher-grade zones and the more disseminated areas throughout the property.
Diane R. Garrett, President & CEO commented "We are very excited about this next group of drill results that continue to support our belief in the untapped potential at Hycroft. Our objectives are multi-fold: (1) to improve the resource grade at Hycroft; (2) identify a higher-grade starter pit which would reduce upfront capital requirements for the next phase of operations; and (3) explore for new targets within our vast land position. Hycroft is one of the largest gold and silver deposits in the world located in the Tier-One mining jurisdiction of Nevada, USA and permitted for both heap leach and milling operations."
The two reverse circulation ("RC") drill rigs continue to drill in Brimstone, Central and Vortex areas. A second core drill arrived mid-September to support the core drilling program. Two core drill rigs from First Drilling are focused on the high-grade silver zone in Vortex, and higher-grade gold mineralization in Camel. Current core drilling continues to show interesting intervals with silica veining, sulfide stockwork, and visible silver minerals.
The results of this exploration program, together with the 2021 metallurgical drill program results will be used for the geologic modelling, updated resource models and mine planning activities associated with the technical studies underway for the conventional heap leach and sulfide mill operation. These exploration results do 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) 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 these results and further exploration will result in the estimation of a mineral resource.
About the 2022-2023 exploration program
The 2022 2023 exploration program at the Hycroft Mine comprises approximately 100,000 feet of reverse circulation drilling and approximately 25,000 feet of core drilling. The RC drilling is being conducted by National EWP Inc. of Elko, NV and the core drilling is being conducted by First Drilling LLC of Montrose, CO. Assays are being completed by Bureau Veritas and Paragon Geochemical of Reno, NV. The Company's Qualified Person is Mr. Alex Davidson, Vice President, Exploration.
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