Hycroft now says it has encountered ‘significant’ silver and gold as it expands its vortex by 100 meters, per fresh data.
Drill results have extended the Vortex mineralization by approximately 100 meters to the west and to the south.
Hycroft (HYMC) encountered elevated gold (“Au”) intercepts (including 1.5 meters of 4.78 g/t) in the silver (“Ag”) dominant Vortex trend.
The company also says it found a “potential feeder zone”, an underground area that indicates the potential for narrow, high-grade ore zones in a mine.
Due to the expansion of the vortex, results demonstrated a continuity of both high-grade silver and gold.
Alex Davidson , Vice President, Exploration commented: “We are very pleased with the assay results from the Vortex – Camel high-grade silver dominant trend.
The drilling was designed to test the west dipping low angle structures responsible for brecciation that is allowing for the significant mineralization at Vortex.
This new drilling not only adds significantly to the known high-grade silver mineralization by extending Vortex to the west and south, but also vertically ties together what were previously considered to be discrete zones of high-grade.
Furthermore, the drilling contributes significantly to our understanding of how these low angle structures open exploration potential to the east of the current resource.”
The Company’s unrestricted cash balance was $56 million at September 30, 2024 and is in compliance with its debt covenants.
CEO Diane Garrett stated: “Our primary objective is to deliver exceptional value to our shareholders.
From the start, we set out to do so by building a solid foundation for the next phase of operations and maintaining a strong balance sheet.
The team’s exceptional efforts are yielding strong results not only in exploration but also with the technical studies that are of critical importance.
We have a lot in store for the remainder of 2024 and 2025 and look forward to providing more updates in the near future.”
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