Hycroft Acquires New Claims Near Historic Gold Mine
Hycroft Mining (NASDAQ:HYMC) has acquired new claims near the historic gold 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”.
About the Historic Rosebud Mine
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, respectively.
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.
HYMC stock rose 1.60% on Monday and is currently down more than -31% this year-to-date.
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Latest HYMC Stock Updates
An analyst is predicting Hycroft Mining stock to soar more than 3,233% within a 12-month period.
HYMC stock is currently down more than -28% this year-to-date and is trading at $0.39 per share.
One analyst is offering a 12-month price forecasts for Hycroft Mining Holding Corporation with a median target of $13.00, a high estimate of $13.00 and a low estimate of $13.00.
The median estimate represents a +3,275.75% increase from Tuesday’s price of $0.39.
The current consensus among 1 polled investment analysts is to hold shares in Hycroft Mining Holding Corporation.
This rating has held steady since November, when it was downgraded from a buy rating.
If you’re new to the investment or are thinking buying, tread lightly.
The retail community has noted that analysts have begun to publish high stock predictions to attract retail money back to the markets only for prices to be attacked by institutional short sellers.
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