Hycroft hits bonanza gold grades at Nevada mine
Underground mining could bring richer material into production ahead of a much larger open-pit development, though Hycroft hasn’t established its economics.
Hycroft Mining has reported record-breaking gold grades at its Nevada mine, with hole H26D-6175A achieving 30.49 grams gold per tonne and 1,726.72 grams silver from 416.5 metres. CEO Diane Garrett stated that the high grades and longer intercepts suggest the company may be nearing a potential source of the Vortex system. Underground mining could bring richer material into production before the larger open-pit development, though the economics have not been established.
The latest result includes 1.7 metres grading 347.07 grams gold and 9,526.36 grams silver from 433.2 metres, with visible gold observed in the core. Hycroft is conducting follow-up drilling and has hired engineering consultancy Respec to develop a conceptual underground mine plan. Analyst Brian Quast has introduced a $24 share-price target, citing increased confidence in a restart, and estimates $10 million in refurbishment spending in the first half of next year.
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