Former meme stock Hycroft Mining ( NASDAQ: HYMC ) -0.9% in Monday's trading after announcing the launch of a new exploration program focusing on higher-grade opportunities at its Hycroft mine in Nevada.
Hycroft ( HYMC ) has not engaged in exploration drilling at the Nevada site since 2014, but the company said it now will focus on the higher-grade opportunities identified in a 2021 metallurgical drill program, and use the results for technical studies that are underway for the company's sulfide mill operation.
The company said its 2022-23 exploration program at the Hycroft mine will consist of 125K ft of reverse circulation drilling and 20K ft of core drilling.
"Based on the geology and surrounding drill results, the company is optimistic that the additional limited drilling could convert material currently modeled as waste to an ore classification in the resource model," Hycroft said.
Hycroft ( HYMC ) was thrust into the spotlight earlier this year when AMC Entertainment Holdings stunned the market with a $27.9M investment in the company .
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Hycroft Mining to start 'largest exploration program in nearly a decade'