TIDMHUM
RNS Number : 0786S
Hummingbird Resources PLC
12 March 2021
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector:
Mining
12 March 2021
Hummingbird Resources plc
('Hummingbird' or the 'Company')
Drilling Update on the Dugbe Gold Project, Liberia
Hummingbird Resources plc (AIM:HUM) is pleased to note the
update from Pasofino Gold Ltd ("Pasofino") (TSXV:VEIN) on the
results of holes drilled at the Dugbe Gold Project (the "Project")
in Liberia. For the full Pasofino release details and graphics,
please follow the link here .
Pasofino is carrying out the drill programme, and covering all
associated costs, as part of its earn-in agreement for a 49% stake
in the Project, with Hummingbird maintaining a controlling interest
of 51%. For further details on the option and earn-in agreement
with Pasofino, please refer to the Company's RNS dated 4 June
2020.
Highlights from the Pasofino release include:
-- Results received for the first drill holes of the planned
5,500 metres drill programme at the Dugbe F deposit
-- Intersections of the flat to gently undulating layer
include;
-- 26.7 metres at 1.44 g/t gold from 86.9 metres in DFDC338
-- 10.0 metres at 1.48 g/t gold from 67.9 metres in DFDC335
-- 14.6 metres at 1.30 g/t gold from 102.0 metres in DFDC335
-- 4.1 metres at 2.17 g/t gold from 16.9 metres in DFDC334
-- All seven of the new drill holes intersected gold
mineralisation of the expected range of thickness and grade. Gold
bearing intersections being up to 26.7 meters in thickness
-- These are the first holes drilled at Dugbe F since those
drilled in 2014 by Hummingbird and the results support the
continuity of the deposit
-- Additional shallow mineralised intervals are present above
the main zone within the southern part of the deposit and have the
potential to add to the resource base
-- The current infill drilling is aimed at upgrading the
Inferred Mineral Resource Estimate ('MRE') with the objective of
achieving an Indicated MRE of between 0.6 and 1.0 million
ounces
-- Pasofino has initiated a Preliminary Economic Assessment
('PEA') and is to be released in due course, prior to the release
of the Definitive Feasibility Study ('DFS')
Dan Betts, CEO of Hummingbird Resources, commented:
"We are encouraged by the first set of results we are receiving
from Pasofino at the Dugbe F deposit and the progress being made at
the Project. This is the first drill programme at the deposit since
2014 and these initial results are already confirming the potential
of increasing the value of the Project. The objective of the drill
programme is to increase the Indicated MRE. The results we are
already starting to see put Pasofino on track to delivering this,
supporting the DFS Pasofino are completing as part of its earn-in
agreement."
Ian Stalker, CEO of Pasofino, commented:
"These intersections and the rate at which we are progressing
the drilling puts us on track to achieve our target of a 0.6 to 1.0
M ounces in the Indicated category at Dugbe F which would bring the
project total closer to 3 Moz in the Indicated Category. We have 3
rigs turning 24/7 at the moment and are completing 8 to 10 holes
per week. Two rigs will move over to the larger Tuzon deposit as
soon as access is ready."
Further information:
Dugbe F deposit overview (selected information from the Pasofino
release).
The deposit length as defined by the dimensions of the
conceptual pit is 2.5 km. The width of the deposit ranges from 1.3
km in the south to 200-300 m in the north. The current drilling
program is mostly infill drilling aimed at upgrading the Inferred
Mineral Resource.
The gold is hosted by a flat to undulating layer which outcrops
along the western side of the deposit and dips gently southeast to
a maximum of 120 m below surface within the conceptual pit. The
host rock is orthopyroxene gneiss with increased sulphide content
(visible pyrrhotite, arsenopyrite and pyrite) and seems to be a
largely stratiform layer close to the contact with overlying quartz
biotite gneiss. There is no discernable shear-related or other
structural control. The rocks are high grade metamorphic, and
structural controls may have been obliterated by later ductile
deformative events. Pegmatites may be found within or bounding the
mineralized layer but appear to be largely parallel or subparallel
with it.
As per the Pasofino release, refer below for the reported 7-hole
drill intersection data from the Dugbe F deposit:
Table 1. All intersections from the reported 7 holes. Drillholes
are estimated to be true thickness or close to true thickness
(within approximately 10%). * Note results below 113.6 m depth in
DFDC338 are pending.
BHID From To m Interval Au g/t
m (m)
DFDC334 16.9 21.0 4.1 2.17
------ ------- --------- -------
DFDC335 46.5 60.0 13.5 0.49
------ ------- --------- -------
and 67.9 77.9 10.0 1.48
------ ------- --------- -------
and 102.0 116.6 14.6 1.30
------ ------- --------- -------
DFDC336 67.0 73.5 6.5 1.15
------ ------- --------- -------
DFDC337 86.6 100.0 13.4 0.86
------ ------- --------- -------
DFDC338 70.4 72.8 2.4 1.20
------ ------- --------- -------
and 86.9 113.6* 26.7 1.44
------ ------- --------- -------
DFDC340 48.0 49.0 1.0 7.20
------ ------- --------- -------
and 71.6 76.0 4.4 1.08
------ ------- --------- -------
DFDC347 28.7 33.6 4.9 1.15
------ ------- --------- -------
Qualified Person sign off:
Murray Paterson has reviewed the technical information contained
within this announcement in his capacity as a Qualified Person, as
required under the AIM Rules for Companies. Murray Paterson is the
VP Geology for the Company and is a member of good standing with
the Australasian Institute of Mining and Metallurgy (MAusIMM), with
25 years' experience.
**ENDS**
For further information please visit
www.hummingbirdresources.co.uk or contact:
Daniel Betts, Hummingbird Resources Tel: +44 (0) 20 7409
CEO plc 6660
Thomas Hill, FD
Edward Montgomery,
CSO & ESG
James Spinney Strand Hanson Limited Tel: +44 (0) 20 7409
Ritchie Balmer Nominated Adviser 3494
-------------------------- ---------------------
James Asensio Canaccord Genuity Limited Tel: +44 (0) 20 7523
Thomas Diehl Broker 8000
-------------------------- ---------------------
Tim Blythe Blytheweigh Tel: +44 (0) 20 7138
Megan Ray Financial PR/IR 3205
Rachael Brooks
-------------------------- ---------------------
Notes to Editors :
Hummingbird Resources (AIM: HUM) is a leading multi-asset,
multi-jurisdiction gold production, development and exploration
company and member of the World Gold Council ("WGC"). Our vision is
to continue to grow our asset base, producing highly profitable
ounces, while central to all we do being our Environmental, Social
& Governance ("ESG") policies and practices. The Company
currently has two core gold projects, the Yanfolila Gold Mine in
Mali, and the Kouroussa Gold Project in Guinea. Further, the
Company has a controlling interest in the Dugbe Gold Project in
Liberia that is being developed by Pasofino Gold Limited through an
earn-in agreement. Construction of the Yanfolila mine, was on time
and on budget in December 2017 having produced to date in excess of
321 kozs (as end of December 2020). Mineable Reserves, as at 31
October 2019 Yanfolila were 7.9Mt of Reserve ore @ 2.66 g/t for
676,000ozs gold. At 31 March 2019 Yanfolila had a total Resource
base (inclusive of Reserves) of 28Mt of Ore @ 2.23 g/t for
2,005,300ozs gold. The Kouroussa Gold Project has a Mineral
Resource base of 1.18Moz @ 3.08 g/t, which we are working on to be
fast tracked to production, adding an additional c.100,000 oz of
gold per annum to the Company's production profile.
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