Hycroft Mining Holding Corporation (NASDAQ: HYMC) just received its juiciest core assay to date from its flagship mine site in the Silver State of Nevada.
On Tuesday, the precious metals miner reported a drill result containing 2,359.68 grams per tonne silver over 21.2 metres.
“Hole 6018 topped Hole 5753 [1,039 g/t Ag over 36 metres] as the best hole ever drilled at Hycroft in its [the mine’s] more than 40-year history,” exploration manager Alex Davidson said in a company release.
The news received a great deal of attention on X and LinkedIn. One of Hycroft’s posts regarding the core sample received over 600 likes and more than 200 reposts.
The Hycroft Mine is one of the world’s largest deposits of silver and gold, containing an estimated 361 million ounces of measured and indicated silver and 10.6 million ounces of the more valuable yellow metal.
Only a small portion of the Hycroft property has been explored, indicating that there is potential for additional discoveries. This latest result comes from drilling conducted during Hycroft’s exploration program last year, which saw over 9,000 metres completed.
Hycroft discovered the new high-grade silver system beneath the “Brimstone” pit, where the new core sample was pulled from, in late 2023. It is known to extend over 800 metres on strike.
Read more: Calibre Mining demonstrates gold standard for principled mining
Read more: Calibre Mining beats gold guidance for 2024 in Nevada and Nicaragua
Silver hit a 12-year high in October
By Halloween last year the metal ascended to US$35 per ounce, a high not observed since the 2010s.
It then slid slowly back down to its current price of approximately US$29.80 per ounce.
Nevada’s mining industry generated about US$9.5 billion from gold, silver and a plethora of other commodities the state holds in 2023.
There are currently 23 active gold and silver mines run by major operators such as Barrick Gold Corp (TSE: ABX) (NYSE: GOLD), Hycroft and Calibre Mining Corp (TSE: CXB) (OTCMKTS: CXBMF).
Nevada earned its nickname “the Silver State” because of the commodity’s crucial role in the state’s economic development beginning in the mid-nineteenth century.
Calibre Mining is a sponsor of Mugglehead news coverage
rowan@mugglehead.com
