Hycroft Mining Holding Corp (HYMC)

[Saving Grace]

WINNEMUCCA, Nev., Feb. 13, 2024 /PRNewswire/ -- Hycroft Mining Holding Corporation (Nasdaq: HYMC) ("Hycroft" or "the Company") announces the start of the 2024 exploration drill program (the "2024 Drill Program") at the Hycroft Mine, located in Nevada, USA, a Tier-1 mining jurisdiction. The 2024 Drill Program encompasses approximately 4,500 meters of core drilling in a combination of step out and infill drilling with the objective of further defining the two new high-grade silver trends, Vortex-Brimstone and Vortex-Camel, discovered in late 2023. Crews are onsite, and drilling has begun.

Drill Program Details

Recent drilling and analysis showed significant high-grade silver mineralization (>137 g/t Ag) that has continuity with historical drilling, along trends not previously identified. The purpose of the 2024 Drill Program is to define the structural framework of the new trends and target areas that have not been drilled to establish continuity of the high-grade silver trends.

Vortex-Brimstone Trend: The 2023 assay results from the northeast Vortex-Brimstone trend returned values of several hundred grams/tonne silver including intervals in the several thousand grams/tonne silver (>11,000 g/t Ag). The drilling in Brimstone is targeting the structural complexity within the high-grade silver zone, which remains open along strike.

Vortex-Camel Trend: The northwest Vortex-Camel trend is similarly high-grade in silver. Drilling along this zone will focus on developing the structural controls of this trend, which is open along strike and in elevation.

Alex Davidson, Vice President, Exploration, stated: "The 2024 Drill Program is very exciting as it will put the pieces together in understanding the structural framework around these two previously unrecognized trends as well as expand the significantly mineralized trends. We are now able to integrate the historical geophysical and drilling data with the tremendous results from the 2023 drill program to focus this year's drilling on the new Hycroft story."

Diane Garrett, President and CEO, added: "Our first-principles approach at Hycroft has led us to understand the controls driving the Hycroft system in a new way, resulting in the spectacular results we saw in 2023. We looked at the deposit not only in terms of the gold but also with a focus on the occurrence of silver, an aspect we believe was overlooked previously. Now, in 2024, we will continue to build on those findings to fully understand the two new silver trends – Vortex-Brimstone and Vortex-Camel, expand those trends along strike, and determine if the two intersect or stand as their own trends. All of this work is driving value for shareholders by uncovering the true potential of this world-class deposit."

Ms. Garrett continued: "I also want to recognize our team for their incredible commitment to ensuring the health and safety of our employees and anyone who comes to the mine site. In addition to our exploration and development activities, we maintain a full mine site with heavy machinery, numerous on-site contractors as well as daily monitoring and maintenance activities. Safety is the number one priority for any mining project, no matter what phase the project is in, and I commend the team for always leading with this priority. At the end of 2023, I am proud to announce that we concluded two consecutive years with a Total Reportable Injury Frequency Rate of 0.00. As we continue to advance drilling on these high-grade silver discoveries as well as the engineering studies, which are ongoing and require extensive work and activity at the mine site, safety remains front and center for all of us at Hycroft. This strict adherence to safety discipline and culture within Hycroft will serve us well as we transition to the next phase of operations."

Drilling is being conducted by Timberline Drilling Incorporated of Elko, NV. Assays are being completed by Paragon Geochemical of Reno, NV. The Company's Qualified Person is Alex Davidson, Vice President, Exploration.

About Hycroft Mining Holding Corporation

Hycroft Mining Holding Corporation is a US-based gold and silver company exploring and developing the Hycroft Mine, one of the world's largest precious metals deposits located in northern Nevada, a Tier-1 mining jurisdiction. After a long history of oxide heap leaching operations, the Company is focused on completing the technical studies to transition the Hycroft Mine into a large-scale milling operation for processing the sulfide ore. In addition, the Company is engaged in a robust exploration drill program to unlock the full potential of our expansive +64,000-acre land package, of which less than 10% has been explored.

www.hycroftmining.com