Diane Garrett President and CEO HYCROFT MINING
Can you elaborate on the 2022 and 2023 drilling campaigns at Hycroft?
Phase One drilling at Hycroft aimed to determine whether the higher-grade intercepts were individual intercepts or if there was continuity between them. Our drilling determined there was indeed continuity, and this understanding of where the higher grades occur within our system has also aided in infill drilling, improving the economics of the mine’s first 10 years by converting waste to ore and reducing our strip ratio. The resource currently sits at approximately 15 million oz of gold equivalent in the measured and indicated category, plus an additional 5 million oz of inferred. It is one of the largest precious metals deposits in the world and we have nearly 500 million oz of silver.
Despite the vast resources at Hycroft, only 10% of our land package has been explored. We see a huge opportunity to tap into possible high-grade feeder zones or new higher-grade deposits by applying first principles to our land package and systematically doing the exploration work to test those targets.
What led Hycroft to acquire claims near the past-producing Rosebud mine?
These claims, acquired from Newmont and held in a 50-50 undivided interest with Hecla Mining, came with a wealth of data, including historical drilling, geophysics, soil sampling, and geochemical analysis. This data filled the gap between Hycroft and Rosebud, saving us millions of dollars if we were to conduct that work today. By combining this data with our own data in the area, we have identified three priority targets outside our existing resource at Hycroft: Wild Rose, adjacent to our high-grade silver deposit Vortex, Oscar and School Bus, both adjacent to Rosebud. These three targets hold great potential for future exploration. We have a large amount of infrastructure already in place, which puts us well ahead of any other development company in that regard.
John Swallow and Travis Swallow JS: President and CEO TS: Stakeholder & Corporate Development IDAHO STRATEGIC
Can you introduce us to Idaho Strategic Resources?
JS: Our business comprises two segments: We operate as a gold producer, being the sole underground primary gold producer in Idaho, and we have a significant focus on Rare Earth Elements (REE) and critical minerals, owning the largest land package for these resources in the country, with the majority located within Idaho. As of the beginning of 2023, we have shifted our focus to underground mining at Golden Chest - producing between 5,000 to 10,000 oz/y.
TS: Regarding our gold operations, we control an entire gold district and are vertically integrated, handling everything from exploration and drilling to our final concentrate production.
What makes your RRE side of the business interesting?
JS: With a watchful eye on critical minerals in Idaho, we waited for the situation involving China to unfold. Just before the onset of COVID, we took proactive measures by staking and acquiring REE properties, expanding our portfolio. Since then, we have intensified our focus on this side of our business and are advancing the Lemhi Pass, Diamond Creek, and Mineral Hill projects. To support this advancement of the REEs side, we have been utilizing cash flow generated from our gold operations.
TS: Our REE projects encompass approximately 18,000 acres distributed among our three projects. The exciting part about the central Idaho area where they are located is the renowned Idaho Cobalt Belt.
What is the focus of the company for the upcoming months?
TS: On the REE side, our upcoming work includes trenching, which is set to commence in July 2023. We have also obtained permits for drill plans, with drilling expected to occur later in 2023. These activities form a crucial part of our exploration efforts to understand further and assess the potential of our REE projects.