Former meme inventory Hycroft Mining (NASDAQ:HYMC) -0.9% in Monday’s buying and selling after saying the launch of a brand new exploration program specializing in higher-grade alternatives at its Hycroft mine in Nevada.
Hycroft (HYMC) has not engaged in exploration drilling on the Nevada web site since 2014, however the firm mentioned it now will concentrate on the higher-grade alternatives recognized in a 2021 metallurgical drill program, and use the outcomes for technical research which can be underway for the corporate’s sulfide mill operation.
The corporate mentioned its 2022-23 exploration program on the Hycroft mine will encompass 125K ft of reverse circulation drilling and 20K ft of core drilling.
“Based mostly on the geology and surrounding drill outcomes, the corporate is optimistic that the extra restricted drilling might convert materials at the moment modeled as waste to an ore classification within the useful resource mannequin,” Hycroft mentioned.
Hycroft (HYMC) was thrust into the highlight earlier this yr when AMC Leisure Holdings surprised the market with a $27.9M funding within the firm.