TIDMHUM
RNS Number : 8814P
Hummingbird Resources PLC
22 October 2021
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector:
Mining
22 October 2021
Hummingbird Resources plc
('Hummingbird' or the 'Company')
Kouroussa, Guinea Drilling Update
Significant high-grade infill drill results received
Hummingbird Resources plc (AIM: HUM) is pleased to provide an
update on t he Company's 2021 infill drilling programme at the
Kouroussa Gold Mine ("Kouroussa" or "the Project"), which is
located within the prospective Siguiri Basin in Guinea . For the
full release, including graphics, please follow the link here
http://www.rns-pdf.londonstockexchange.com/rns/8814P_1-2021-10-21.pdf
.
The Company has received the first initial assay results on 53
new Reverse Circulation ("RC") drill holes and one diamond dual
purpose hole, totalling approximately 3,800 metres ('m') drilled of
a planned 24,000 m drill programme at one of Kouroussa's key
deposits, KoeKoe ("KK").
KK Drilling highlights :
-- Results show significant high-grade potential and
mineralisation open at depth. Drilling intersection highlights
include:
Depth from
Drill Hole Number (m) Depth to (m) Intercept description
KGT024 59 62 3m @ 4.17 g/t
----------- ------------- ----------------------
KRC1731 78 81 3m @ 4.16 g/t
----------- ------------- ----------------------
KRC1750 33 36 3m @ 6.72 g/t
----------- ------------- ----------------------
KRC1754 23 47 24m @ 7.37 g/t
----------- ------------- ----------------------
KRC1758 4 8 4m @ 3.75 g/t
----------- ------------- ----------------------
KRC1775A 83 87 4m @ 10.68 g/t
----------- ------------- ----------------------
KRC1776 82 87 5m @ 37.11 g/t
----------- ------------- ----------------------
KRC1780 51 69 18m @ 3.71 g/t
----------- ------------- ----------------------
-- The 2021 infill drilling programme is focused on converting
approximately 160,000 -180,000 ounces ('oz') of the current in-pit
inferred material to indicated
-- An updated Company reserves statement will be released later
this quarter and will include a maiden reserve estimate for the KK
deposit at Kouroussa
-- The above results provide significant indications as to the
high-grade nature of the KK mineralisation and once again highlight
the prospective nature of the Siguiri Basin. The current drill
programme has targeted the shallow mineralisation above 200m RL,
and the Company is planning further exploration at depth in
2022.
Dan Betts, CEO of Hummingbird Resources, commented:
"Extensive historical drilling results at Kouroussa have
showcased multiple high-grade mineralisation zones, and we have
focused on further developing these using modern techniques and
industry experts to further define the resource. This set of
updated results continue to show the high level of prospectively in
the Siguiri Basin where the Kouroussa mine licenses are situated
and the reason why there is significant activity within the region.
Our near-term drilling goals at Kouroussa focus on converting the
maximum amount of resources into reserves before we commence
production in 2023. From next year onwards we will also begin a new
exploration drilling campaign to increase the overall resource base
of the asset to further extend Kouroussa's mine life. Our goal is
to have a reserve base of +10 years on each of our assets and
should we continue with these types of drilling results and those
being seen from Yanfolila, Mali and Dugbe, Liberia, we believe this
goal can be achieved in the medium term."
Murray Paterson, Chief Geologist of Hummingbird, commented:
"The drilling at Kouroussa is extremely exciting and valuable to
us in providing excellent geological information which will help
refine our geological model of the deposit for future mining and
exploration. Importantly these drill holes are intersecting the
inferred mineralisation where it was interpreted to be in the
current MRE model. We are seeing numerous examples of visible gold
that is highly encouraging and a sign of the overall excellent
geological potential at Kouroussa."
2021 Koekoe infill drill programme summary
Following the purchase of the Kouroussa gold project in
September 2020, it was identified as a Company goal to increase the
reserve base to +1Mozs as quickly as possible. The first step in
achieving this goal was to initially target the inferred material
contained within the planned KK open pit (@$1,500/oz gold price).
Due to the tight spacing of drilling whereby indicated resources
have a drill density of less than or equal to 25m x 25m, an infill
drill programme was designed to allow for the conversion of the
inferred material (drill density of 50m X 50m spacing) to
Indicated.
A review of the KK drill database also showed that there were
numerous mineralised zones not contained within the MRE grade
domains and therefore represented excellent opportunities to add
new shallow mineralised zones to the MRE on which to grow the
resources and likely to add to future mineable reserves.
The infill drill programme at KK, is for +24,000 m and
approximately +300 holes, down to a maximum depth of 200m (drill
hole depth). Approximately 16,000 m of the 24,000 m drilling has
been completed, and is on target to be completed by year end.
KK is made up of multiple pits from five mineralised zones with
many of these open ended along strike or down dip. The majority of
the inferred mineral resources are contained within the Sanu
Filanan zone (approx. 110kozs) located within the main pit and the
planned drilling has mostly concentrated on this zone.
The drilling is testing: the deeper inferred material within the
main pit of the KK deposit; extensional drilling to further grow
the current mineral resource base; testing for new shallow zones of
open pit mineralisation; and drilling for initial indications of
underground mineral resource potential,
Work has begun on preparing and planning for the 2022
exploration drill programme with the likely focus on increasing the
economic mineral resources at the KK deposit and the other key
deposit at Kouroussa, called Kinkine.
An updated Company reserve statement is to be released later
this quarter, to include a maiden reserve on the Kouroussa KK
deposit to be based on the mineral resource estimate ('MRE') as at
May 2020. These and subsequent drill results for 2021 will be used
in the 2022 updated Company resources and reserves statement to be
released Q2 2022.
Kouroussa's total current resource is 1.18Moz at +3 g/t (
625,600oz indicated, 552,700oz inferred), with the KK's current
resource at 846,000 oz at 3.54g/t (487,000 oz indicated, 359,000 oz
inferred) as detailed in the table below.
Current Kouroussa Mineral Resource Estimate summary table - May
2020
Mineral Resource Estimate for the Kouroussa Deposit - as at May 2020
Deposit Type Cut-off Indicated Inferred TOTAL
grade
(g/t)
------------- --------- ---------------------------- ---------------------------- -------------------------------
Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces
(g/t) (g/t) (g/t)
------------- --------- ---------- ------ -------- ---------- ------ -------- ----------- ------ ----------
Koekoe Open Pit 0.5 3,816,000 3.96 486,000 3,523,000 2.99 338,000 7,339,000 3.49 824,000
------------- --------- ---------- ------ -------- ---------- ------ -------- ----------- ------ ----------
Underground 3.5 3,000 5.19 1,000 94,000 6.86 21,000 97,000 6.80 22,000
------------------------ --------- ---------- ------ -------- ---------- ------ -------- ----------- ------ ----------
Bag Farm
-
Junction Open Pit 0.5 - - - 1,743,000 1.59 89,000 1,743,000 1.59 89,000
------------- --------- ---------- ------ -------- ---------- ------ -------- ----------- ------ ----------
X-Vein Open Pit 0.5 - - - 354,000 7.33 83,000 354,000 7.33 83,000
------------- --------- ---------- ------ -------- ---------- ------ -------- ----------- ------ ----------
Kinkine Open Pit 1,883,900 2.20 133,300 63,200 1.60 3,300 1,947,100 2.18 136,600
------------- --------- ---------- ------ -------- ---------- ------ -------- ----------- ------ ----------
Underground 96,500 1.70 5,300 324,400 1.76 17,700 420,900 1.75 23,000
------------------------ --------- ---------- ------ -------- ---------- ------ -------- ----------- ------ ----------
Open Pit Variable 5,699,900 3.38 619,300 5,683,200 2.81 513,300 11,383,100 3.09 1,132,600
--------- ---------- ------ -------- ---------- ------ -------- ----------- ------ ----------
Underground Variable 99,500 1.97 6,300 418,400 2.93 39,400 517,900 2.74 45,700
--------- ---------- ------ -------- ---------- ------ -------- ----------- ------ ----------
Total Kouroussa 5,799,400 3.36 625,600 6,101,600 2.82 552,700 11,901,000 3.08 1,178,300
--------- ---------- ------ -------- ---------- ------ -------- ----------- ------ ----------
Note: Refer to 8 June 2020 release for more mineral resource
reporting details on individual Kouroussa deposits
Koekoe selected drill results
Drill Hole Number Depth from (m) Depth to (m) Intercept description
KGT024 18 27 9m @ 0.47 g/t
--------------- ------------- ----------------------
KGT024 59 62 3m @ 4.17 g/t
--------------- ------------- ----------------------
KMW014 18 21 3m @ 1.22 g/t
--------------- ------------- ----------------------
KMW014A 12 15 3m @ 2.44 g/t
--------------- ------------- ----------------------
KMW015 42 45 3m @ 1.12 g/t
--------------- ------------- ----------------------
KRC1731 33 39 6m @ 1.41 g/t
--------------- ------------- ----------------------
KRC1731 78 81 3m @ 4.16 g/t
--------------- ------------- ----------------------
KRC1745 1 8 7m @ 0.66 g/t
--------------- ------------- ----------------------
KRC1746 37 44 7m @ 2.87 g/t
--------------- ------------- ----------------------
KRC1747 2 10 8m @ 0.43 g/t
--------------- ------------- ----------------------
KRC1749 73 78 5m @ 0.93 g/t
--------------- ------------- ----------------------
KRC1749 63 67 4m @ 1.22 g/t
--------------- ------------- ----------------------
KRC1750 33 36 3m @ 6.72 g/t
--------------- ------------- ----------------------
KRC1751 14 17 3m @ 2.20 g/t
--------------- ------------- ----------------------
KRC1752 43 46 3m @ 1.55 g/t
--------------- ------------- ----------------------
KRC1752 54 59 5m @ 1.21 g/t
--------------- ------------- ----------------------
KRC1753 7 11 4m @ 0.77 g/t
--------------- ------------- ----------------------
KRC1754 56 61 5m @ 0.71 g/t
--------------- ------------- ----------------------
KRC1754 23 47 24m @ 7.37 g/t
--------------- ------------- ----------------------
KRC1758 4 8 4m @ 3.75 g/t
--------------- ------------- ----------------------
KRC1759 5 12 7m @ 0.57 g/t
--------------- ------------- ----------------------
KRC1759 14 20 6m @ 0.89 g/t
--------------- ------------- ----------------------
KRC1760 36 44 8m @ 1.16 g/t
--------------- ------------- ----------------------
KRC1761 54 64 10m @ 1.70 g/t
--------------- ------------- ----------------------
KRC1763 62 65 3m @ 1.54 g/t
--------------- ------------- ----------------------
KRC1764 27 29 2m @ 2.37 g/t
--------------- ------------- ----------------------
KRC1764 15 17 2m @ 4.00 g/t
--------------- ------------- ----------------------
KRC1765 22 38 16m @ 1.85 g/t
--------------- ------------- ----------------------
KRC1766 25 30 5m @ 0.94 g/t
--------------- ------------- ----------------------
KRC1767 61 64 3m @ 1.61 g/t
--------------- ------------- ----------------------
KRC1775A 71 80 9m @ 1.52 g/t
--------------- ------------- ----------------------
KRC1775A 83 87 4m @ 10.68 g/t
--------------- ------------- ----------------------
KRC1776 82 87 5m @ 37.11 g/t
--------------- ------------- ----------------------
KRC1777 86 90 4m @ 1.30 g/t
--------------- ------------- ----------------------
KRC1780 51 69 18m @ 3.71 g/t
--------------- ------------- ----------------------
KRCD1725 87 89 2m @ 1.88 g/t
--------------- ------------- ----------------------
KRCD1725 12 15 3m @ 1.69 g/t
--------------- ------------- ----------------------
KRCD1725 91 94 3m @ 2.59 g/t
--------------- ------------- ----------------------
KRCD1726 11 19 8m @ 0.48 g/t
--------------- ------------- ----------------------
KRCD1726 51 55 4m @ 1.43 g/t
--------------- ------------- ----------------------
Note: Minimum Interval 2m Trigger value 0.3 g/t
Qualified Person Review:
Murray Paterson has reviewed and approved 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 Chief Geologist for the Company and is a
member of good standing with the Australasian Institute of Mining
and Metallurgy (MAusIMM).
**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
Anthony Kocken,
COO
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
Broker 8000
-------------------------- ---------------------
Bobby Morse Buchanan Tel: +44 (0) 20 7466
Augustine Chipungu Financial PR/IR 5000
James Husband
-------------------------- ---------------------
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'). Hummingbird's
vision is to continue to grow its asset base, producing profitable
ounces, while continuing to focus on its Environmental, Social
& Governance ('ESG') policies and practices. The Company
currently has two core gold projects, the producing Yanfolila Gold
Mine in Mali, and the Kouroussa gold development 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.
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