Hycroft Mining (NYSE:HYMC) stock jumped more than 25% on Tuesday when news surfaced that the company had discovered more gold, and more silver than anticipated.
Shares rose to $0.57 from a low of $0.44 the previous trading day.
AMC CEO Adam Aron made the exciting announcement on Twitter stating, “so far ALL 20 of the newly drilled bores contained gold/silver, and 14 of the 20 showed higher grades than previously known to Hycroft.
AMC acquired a 22% stake in the silver and gold mining company earlier this year when they received 23.4 million warrants in Hycroft at $1.07 per share.
The stock at the time surged to $1.70 after trading at $0.60 during the beginning of the year.
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Latest Hycroft News (HYMC Stock)
HYMC stock surged more than 25% on the successful drilling news.
Alex Davidson, Vice President, Exploration commented the following:
“The initial drilling campaign has focused on higher-grade opportunities primarily in the Brimstone, Vortex, and Central zones.
All 20 RC drill holes reported to date have returned ore grade mineralization, of which 14 holes have outperformed the model resulting in higher grades than previously estimated or known.
The results to date are very exciting as we established continuity between the higher-grade zones along structures.
In addition, we continue to enhance the project economics through in-fill drilling that have demonstrated mineralization in areas previously considered to be waste.”
Alex Davidson further stated, “Drilling in the Central zone is delivering ore grade mineralization where none was previously modeled.
The grades we are seeing in the Central zone are more than double the average resource grade and extends mineralization farther south than previously understood.”
Diane R. Garrett, President & CEO commented, “We continue to be extremely pleased with the positive results from our exploration program.
The second phase of the drill program will continue through the first half of 2023.
Once permits are received, we will be stepping out beyond the known resource area and drilling prospective high-grade targets identified within our vast land position.”
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Heavy buy IMO