Hycroft Mining Holding Corporation (Nasdaq: HYMC) ("Hycroft" or "the Company"), a gold and silver development company that owns the Hycroft Mine in the prolific mining region of Northern Nevada, is pleased to announce the acquisition of claims near the historic past-producing high-grade gold and silver 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".
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, respectively1. 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.
For additional information on these claims, please see the corporate presentation and related video on our website at www.hycroftmining.com.
1 Harvest Gold Technical Report on the Rosebud Property, Pershing County, Nevada, USA by Robert G. Cuffney, Certified Professional Geologist, Sept. 10, 2008.
