TIDMHUM
RNS Number : 5734T
Hummingbird Resources PLC
25 November 2021
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector:
Mining
25 November 2021
Hummingbird Resources plc
("Hummingbird" or the "Company")
2021 Company Reserve Update
1.12 million ounces of Company reserves
Hummingbird Resources plc (AIM: HUM) is pleased to provide an
updated JORC-compliant Company Reserve statement ("reserve
statement"), which includes a maiden reserve for the Kouroussa mine
in Guinea.
Hummingbird's updated reserves total 1.12 million ounces ("oz")
of gold ("Au"), a 438,600 oz increase to the previous Company
reserve statement in October 2019 of 672,000 oz.
2021 Company reserve highlights:
Company reserve update
-- Updated Company reserves as of 30 June 2021 total 1.12
million oz at 3.03 grams per tonne ("g/t"), comprising:
-- Yanfolila mine in Mali: 705,800 oz at 2.57 g/t, being a net
increase of 29,700 oz, including depleted reserves from mining
since the previous Company reserve statement in October 2019
o The Yanfolila mine reserves include both open pit reserves on
six deposits totalling 503,600 oz at 2.30 g/t (including
stockpiles) and a maiden underground reserve at Komana east
("KEUG") of 202,200 oz at 3.64 g/t
-- Kouroussa mine in Guinea: 408,900 oz at 4.38 g/t establishing
a maiden reserve at that asset
-- These reported reserves for both Yanfolila and Kouroussa have
upside potential as they do not include the 2021 drilling campaign
of 68,000 metres ("m") (44,000 m at Yanfolila and 24,000 m at
Kouroussa). The results of this year's drilling campaign will be
included in the 2022 updated Company Resource and Reserve
statements, scheduled to be released in Q2 2022
Yanfolila Mine, Mali
-- The majority of the JORC compliant Yanfolila reserves
increase has come from two key future mining deposits, including
the new underground reserves at KEUG and the maiden open pit
reserves at the Sanioumale East deposit ("SE")
-- Identification of reserves at both deposits are a result of
the Company's investment and focus on exploration in 2020 with a
total of 21,000 m being drilled, with potential for further
increases in reserves with a total of 41,000 m being drilled in
2021 at Yanfolila, but which is not included in this reserve
statement, as noted above. The new reserves at Yanfolila from these
deposits are split as follows:
o KEUG: 202,200 oz at 3.64 g/t (as highlighted above)
o SE: 100,300 oz at 2.64 g/t
Kouroussa Mine, Guinea
-- Kouroussa's maiden open pit reserve of 408,900 oz at 4.38
g/t, was from the main and largest deposit called Koekoe ("KK").
The reserve is supported by the JORC compliant resource statement
as completed by independent mining consultancy company, Mining
Plus, in May 2020
-- As stated above, there is upside potential to the Kouroussa
maiden reserve number in the 2022 Company Resource and Reserve
statements with the inclusion of the 2021 infill drilling campaign
of 24,000 m. Further, the Company expects the largest of the three
other key deposits at Kouroussa, called Kinkine, to have a maiden
reserve in the 2022 Company Resource and Reserve statements
Dugbe Mine, Liberia
-- We note the Company's Dugbe mine in Liberia is not included
in this year's Company Reserves statement. As per the release on 22
November 2021, the Company's earn-in partners on Dugbe, Pasofino
Gold Ltd ("Pasofino") released an updated Mineral Resource Estimate
("MRE") of 4.0 Moz, including 3.4 Moz is in the Measured and
Indicated category. The Company will provide a more detailed update
on Dugbe reserves once Pasofino completes the definitive
feasibility study ("DFS") scheduled for completion by Q2 2022,
providing further significant upside potential for the Company's
resource and reserves profile
Dan Betts, CEO of Hummingbird Resources, commented:
"Our exploration strategy in 2020 has delivered JORC compliant
reserves, extending Yanfolila's LOM and delivering a maiden reserve
at Kouroussa, our low cost/high margin operation which will more
than double Hummingbird's future gold production scheduled for
first gold pour the end of Q2 2023. This year's exploration
campaigns were three times larger in terms of metres drilled than
those in 2020, with the focus to further increase our Company
reserve and resource base in order to achieve the Company's
ambition of having LOMs in excess of 10 years from our assets.
"The results of these programmes will form the basis of the 2022
Company Resources and Reserve updates, which are scheduled to be
released in Q2 2022 where we see further upside potential from the
current Company reserves of 1.12 million ounces. Further, reserves
upside is expected from our Dugbe mine in Liberia once the DFS is
completed by earn-in partners Pasofino given the material 4.0 Moz
resource base, of which 3.4 Moz is in the Measured and Indicated
category."
Anthony Kocken, COO of Hummingbird Resources, commented:
"Significant Company resources have been focused on adding to
the mineral inventory as we work towards our goal of a 10 year LOM
at our assets. The geological, exploration, and technical teams
within Hummingbird and our business partners have worked
efficiently and effectively to produce positive results and we look
forward to the significant drilling investment in 2021 (circa
68,000 m) to further progress the Hummingbird reserves base as the
foundation to future growth and value creation."
2021 Company reserve summary
Deposit Insitu Resource @ Variable Au cut-off as at Ore Reserves @ Variable Au cut-off, incl. Waste Strip Au Oz Change in
30 June 2021 mine recovery and mine dilution as at 30 June Ratio insitu Au Oz
2021 insitu
from 2019
Reserve
Statement
--------------------------------------------- ---------------------------------------------
Location Classification kt Au (g/t) Location Classification kt Au (g/t) kt t:t k-oz k-oz
------ -------- --------
1. Komana In Pit Measured - - In Pit Proved - - -
West (KW)
---------- --------------- ------ -------- --------- -------------- -------- -------- ------- ----- -------
Indicated 1,537 2.75 Probable 1,649.6 2.46 130.7
--------------------------------------- ------ -------- --------- -------------- -------- -------- ------- ----- -------
TOTAL: 1,537 2.75 TOTAL: 1,649.6 2.46 17,172 10.4 130.7 -108.3
--------------------------- ------ -------- ------------------------- -------- -------- ------- ----- ------- ---------
2. Komana In Pit Measured - - In Pit Proved - - -
East (KE)
---------- --------------- ------ -------- --------- -------------- -------- -------- ------- ----- -------
Indicated 1,122 2.90 Probable 1,204.5 2.56 99.2
--------------------------------------- ------ -------- --------- -------------- -------- -------- ------- ----- -------
TOTAL: 1,122 2.90 TOTAL: 1,204.5 2.56 12,434 10.3 99.2 -176.0
------- ---------
3. In Pit Measured - - In Pit Proved - - -
Sanioumale
West (SW)
---------- --------------- -------- --------- -------- ------- ----- -------
Indicated 859 1.92 Probable 922.6 1.70 50.4
--------------------------------------- ------ -------- --------- -------------- -------- -------- ------- ----- -------
TOTAL: 859 1.92 TOTAL: 922.6 1.70 7,682 8.3 50.4 -12.6
--------------------------- ------ -------- ------------------------- -------- -------- ------- ----- ------- ---------
4. In Pit Measured - - In Pit Proved - - -
Sanioumale
East (SE)
---------- --------------- ------ -------- --------- -------------- -------- -------- ------- ----- -------
Indicated 1,100 2.99 Probable 1,180.7 2.64 100.3
--------------------------------------- ------ -------- --------- -------------- -------- -------- ------- ----- -------
TOTAL: 1,100 2.99 TOTAL: 1,180.7 2.64 21,218 18.0 100.3 100.3
--------------------------- ------ -------- ------------------------- -------- -------- ------- ----- ------- ---------
5. Gonka In Pit Measured - - In Pit Proved - - -
(GK)
---------- --------------- ------ -------- --------- -------------- -------- -------- ------- ----- -------
Indicated 877 3.24 Probable 941.1 2.86 86.6
--------------------------------------- ------ -------- --------- -------------- -------- -------- ------- ----- -------
TOTAL: 877 3.24 TOTAL: 941.1 2.86 22,124 23.5 86.6 8.4
--------------------------- ------ -------- ------------------------- -------- -------- ----- -------
6. Komana U/G Measured - - U/G Proved - - -
East
Underground
(KE U/G)
---------- --------------- ------ -------- --------- -------------- -------- -------- ----- -------
Indicated 2,722 4.01 Probable 1,725.6 3.64 202.2
--------------------------------------- ------ -------- --------- -------------- -------- -------- ----- -------
TOTAL: 2,722 4.01 TOTAL: 1,725.6 3.64 22,124 12.8 202.2 202.2
-------- -------- ----- ---------
7. Koekoe In Pit Measured - - In Pit Proved - - -
(KK) -
Kouroussa,
Guinea
---------- --------------- ------ -------- --------- -------------- -------- -------- ------- ----- -------
Indicated 2,332 5.74 Probable 2,901.9 4.38 408.9
--------------------------------------- ------ -------- --------- -------------- -------- -------- ----- -------
TOTAL: 2,332 5.74 TOTAL: 2,901.9 4.38 77,246 26.6 408.9 408.9
--------------------------- ------ ------------------------- ----- ---------
All Deposits In Pit Measured - 2.14 In Pit Proved - - -
------------ --------------- ------ -------- --------- -------------- -------- -------- ------- ----- -------
Indicated 7,827 5.05 Probable 8,800.4 3.81 - 876.2 220.7
--------- -------- ---------
U/G Measured U/G Proved - - - -
------ -------- -------------- -------- -------- -------
Indicated 2,722 4.01 Probable 1,725.6 3.64 202.2 202.2 202.2
------ ----- ---------
Stockpile Measured 917.4 1.23 Stockpile Proved 917.4 1.23 36.3 15.7
---------------------------- -------- -------------- -------- -------- -------
Indicated Probable - - -
--------------- ------ -------- ------- ----- ------- ---------
TOTAL: Measured 917 1.23 TOTAL: Proved 917.4 1.23 36.3 15.7
---------------------------- -------- --------- -------------- -------- -------
Indicated 10,549 3.75 Probable 10,526.0 3.19 1,078.4 422.9
--------- -------- ---------
TOTAL: 11,466 3.55 TOTAL: 11,443.4 3.03 180,000 15.7 1,114.6 438.6
------ ------------------------- -------- ---------
Footnotes:
Y anfolila
1. Yanfolila Open Pits and KEUG reserves are based on US$1,500 per oz.
2. Cut-off grades are variable based on material type which are
Oxide, Transitional and Fresh ore types.
3. Metallurgical recovery at the process plant is 92%.
4. Processing costs are based upon material types at each
deposit and by distance from the process plant.
KEUG
1. Cut-off grade is 1.76 g/t Au contained all in the Fresh ore type.
2. Metallurgical recovery at the process plant is 92%.
Kouroussa Open Pits (KK)
1. Kouroussa reserves are based on US$1,500 per oz.
2. Cut-off grades are; 1.19 g/t Au for Oxide, 1.30 g/t Au for
Transitional and 1.54 g/t Au in Fresh ore types.
3. Metallurgical recovery at the process plant is 95% in Oxide
and Transitional, 96% in Fresh ore types.
4. Processing costs are based upon material types at each
deposit and by distance from the process plant.
Yanfolila, Mali Reserves
The Yanfolila gold mine is located within the Yanfolila
exploitation permit area. The permit area contains the following
six deposits that are being included within the 2021 Company
Reserve Statement:
-- Komana East ("KE")
-- Komana East Underground ("KEUG")
-- Komana West ("KW")
-- Gonka ("GK")
-- Sanioumale West ("SW")
-- Sanioumale East ("SE")
KE and KEUG
The KE deposit, with a current reserve of 99,200 oz as detailed
in the table above, is currently being mined as an open pit and has
been the principal source of ore to the process plant since the
operation commenced in December 2017. Delineation of the gold
mineralisation at KE has been limited previously by the lack of
drilling, with limited drilling piercing the ore body below 0 mRL
or 400m below surface.
However, in the last two years of exploration drilling by the
Company, testing for extensions below the base of the KE open pit
has been conducted in order to develop underground mining
potential. Per this year's Company Reserve Statement, the KEUG
deposit has a reserve of 202,200 oz at 3.64 g/t. Specific timing in
terms of when the KEUG will come into the future mine plans and the
economics are being analysed but are not yet fully decided on.
However, given the reserves as highlighted in this release and
grade profile, the KEUG is expected to provide a key future base
load production profile for the Company in future years.
With the success of the previous two years exploration drilling
proving up the KEUG, further work is being planned in 2022 that
will target the down plunge extensions of the high grade zones to
further give confidence to the long life and robust economics of an
underground operation.
KW
The KW deposit is made up of predominantly four open pit phases,
of which three are nearing completion with the remaining fourth
phase scheduled for mining in 2022, with a current reserve of
130,700 oz at a grade of 2.46 g/t. The deposit remains open at
depth and along strike to the south, with planning in place to be
tested in 2022.
GK
GK deposit, contains 86,600 oz reserves at a grade of 2.86 g/t
which are contained within the $1,500 per oz pit design. The
deposit has recently started to be mined and the Company is
currently evaluating GK as a potential underground mining
operation. The Company is also considering adding new reserves in
2022 by converting the large Indicated high-grade resource beneath
the pit design to underground reserves.
SE
SE deposit, located approximately 20 kilometres ("km") from the
process plant, reported a maiden open pit reserve of 100,300 oz at
a grade of 2.64 g/t. SE has undergone a large resource infill and
extension campaign of approximately circa 15,000 m in 2021,
designed to increase the current deposit's reported reserves
number. The Sankarani Shear Zone, with mineralisation over 1.2 km
of the 3 km long structure that also hosts the KE and GK deposits,
is one of the geological structures in Mali the Company sees
potential for more future upside in both resources and
reserves.
SW
SW deposit, located some 25 km from the process plant, is a
source of oxide ore for the current LOM at Yanfolila. Drilling in
2020 and 2021 continues to show that mineralisation is open at
depth and to the North. We note that due to reclassification of
resources for SW, the reserve was 12,600 oz lower than reported in
2019. Additional resource drilling completed in 2021 is expected to
increase reserves to its original 2019 reserve number, or
potentially greater.
The Company has a focused plan on where the future reserves
growth will come from to achieve its stated goal of a minimum
10-year LOM in reserves at Yanfolila. This updated Company reserves
statement highlights Hummingbird has a variety of sources to
achieve this goal, including open pit, underground and under
evaluation heap leach options.
Hummingbird commissioned CSA Global Pty Ltd ("CSA Global"), an
ERM Group Company, to prepare a JORC-compliant Ore Reserve estimate
for the Yanfolila gold mine open pit deposits, and Mining Plus to
prepare a JORC-compliant Ore Reserve estimate for the Yanfolila
KEUG deposit.
An Ore Reserve estimate of 6.8 Mt at 2.30 g/t has been declared
and classified as Proved Ore Reserves of 0.9 Mt at 1.23 g/t and
Probable Ore Reserves of 5.9 Mt at 2.46 g/t Ore Reserve for the
Yanfolila Gold Mine, reported following the JORC Code (2012
Edition) and as shown below.
2021 Company reserve summary table for Yanfolila, Mali
Deposit Insitu Resource @ Variable Au cut-off as at Ore Reserves @ Variable Au cut-off, incl. Waste Strip Au Oz Change in
30 June 2021 mine recovery and mine dilution as at 30 Ratio insitu Au Oz
June 2021 insitu
from 2019
Reserve
Statement
--------------------------------------------
Location Classification kt Au (g/t) Location Classification kt Au (g/t) kt t:t k-oz k-oz
----------
1. Komana In Pit Measured - - In Pit Proved - - -
West (KW)
----------- ---------- -------- --------- -------- ------ ----- ------
Indicated 1,537 2.76 Probable 1,649.6 2.46 130.7
-------------------------------------- ----- -------- --------- -------------- ------- -------- ------ ----- ------
TOTAL: 1,537 2.76 TOTAL: 1,649.6 2.46 17,172 10.4 130.7 -108.3
--------------------------- ----- -------- ------------------------- ------- -------- ------ ----- ------ ---------
2. Komana In Pit Measured - - In Pit Proved - - -
East (KE)
---------- --------------- ----- -------- --------- -------------- ------- -------- ------ ----- ------
Indicated 1,122 2.90 Probable 1,204.5 2.56 99.2
-------------------------------------- ----- -------- --------- -------------- ------- -------- ------ ----- ------
TOTAL: 1,122 2.90 TOTAL: 1,204.5 2.56 12,434 10.3 99.2 -176.0
--------------------------- ---------
3. In Pit Measured - - In Pit Proved - - -
Sanioumale
West (SW)
---------- -------- --------- -------- ------ ----- ------
Indicated 859 1.92 Probable 922.6 1.70 50.4
-------------------------------------- ----- -------- --------- -------------- ------- -------- ------ ----- ------
TOTAL: 859 1.92 TOTAL: 922.6 1.70 7,682 8.3 50.4 -12.6
--------------------------- ----- -------- ------------------------- ------- -------- ------ ----- ------ ---------
4. In Pit Measured - - In Pit Proved - - -
Sanioumale
East (SE)
----------- ---------- --------------- ----- -------- --------- -------------- ------- -------- ------ ----- ------
Indicated 1,100 2.99 Probable 1,180.7 2.64 100.3
-------------------------------------- ----- -------- --------- -------------- ------- -------- ------ ----- ------
TOTAL: 1,100 2.99 TOTAL: 1,180.7 2.64 21,218 18.0 100.3 100.3
--------------------------- ----- -------- ------------------------- ------- -------- ------ ----- ------ ---------
5. Gonka In Pit Measured - - In Pit Proved - - -
(GK)
----------- ---------- --------------- ----- -------- --------- -------------- ------- -------- ------ ----- ------
Indicated 877 3.24 Probable 941.1 2.86 86.6
-------------------------------------- ----- -------- --------- -------------- ------- -------- ------ ----- ------
TOTAL: 877 3.24 TOTAL: 941.1 2.86 22,124 23.5 86.6 8.4
---------
6. Komana U/G Measured - - U/G Proved - - - -
East UG
----------- --------------- -------- -------- ------
Indicated 2,722 4.01 Probable 1,725.6 3.64 - 202.2
-------------------------------------- ----- -------- --------- -------------- ------- -------- ------ ----- ------
TOTAL: 2,722 4.01 TOTAL: 1,725.6 3.64 - - 202.2 202.2
--------------------------- ---------- ----- -------- --------- -------------- ------- -------- ------ ----- ------ ---------
All In Pit Measured - - In Pit Proved - - - -
Deposits
----------- --------------- ----- -------- -------------- ------- -------- ----- ------
Indicated 5,495 2.78 Probable 5,898.6 2.46 - 467.3 -188.2
------ ----- ------
U/G Measured - - U/G Proved - - -
--------------- ----- -------- -------------- ------- --------
Indicated 2,722 4.01 Probable 1,725.6 3.64 202.2 202.2
-------- ------ -----
Stockpile Measured 917 1.23 Stockpile Proved 917.4 1.23 36.3 15.7
---------- --------------------------- ----- -------- --------- -------------- ------- --------
Indicated Probable - - -
---------- --------- ------ ---------
TOTAL: Measured 917 1.23 TOTAL: Proved 917.4 1.23 36.3 15.7
---------- --------------------------- ----- -------- --------- -------------- ------- -------- ------ ---------
Indicated 8,217 3.19 Probable 7,624.2 2.73 669.5 14.0
---------
TOTAL: 9,134 2.99 TOTAL: 8,541.5 2.57 80,630 9.4 705.8 29.7
--------------------------- ----- ------------------------- ------- ---------
Footnotes: Refer to those above in the 2021 Company reserve
summary table
Kouroussa, Guinea reserves summary
The Company acquired the Kouroussa Gold Mine in September 2020
and is in the construction stage, scheduled for first gold pour the
end of Q2 2023. The mining licenses are in the prolific, gold rich
Siguiri Basin located within the West African nation of Guinea.
Kouroussa currently hosts a MRE of 1.177 Moz comprising 7.4 Mt at
3.54 g/t (Indicated of 3.8 Mt at 3.96 g/t and Inferred of 3.6 Mt at
3.09 g/t).
The Kouroussa mine is made up of four key known deposits where
resources have been defined and reported in the May 2020 MRE. In
this Company reserve statement, the key deposit, Koekoe has a
maiden reserve of 408,900 oz at 4.38 g/t. Only limited drilling at
depth has been carried out however, in 2022, the Company's geology
team is planning for further drill testing at depth to extend the
known resources and reserves for this deposit.
The other three key deposits at Kouroussa, Kinkine, X-Vein and
BagFarm-Junction, are all relatively smaller deposits to the main
deposit Koekoe and are currently limited by the shallow nature of
the drilling depths conducted so far. Collectively the three
deposits comprise an additional +200,000 oz in resources (reported
within a USD$1,750/oz pit shell as used for resources), however
with further geological study and analysis, future resource growth
is scheduled to be tested in 2022 and beyond.
The Company has been carrying out an infill drill programme in
2021 at Kouroussa of circa +24,000 m focusing on converting the
in-pit (contained within the $1,500 per oz pit design) inferred to
indicated resource base, of which there is approximately 200,000
oz. This 2021 drilling campaign will be included in the 2022
Company resource and reserve statements scheduled for release in Q2
2022.
Hummingbird requested CSA Global to provide an independent
maiden Ore Reserve statement prepared by a competent person
according to the Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves ("JORC Code, 2012
Edition").
An Ore Reserve estimate of 2.9 Mt at 4.38 g/t has been declared
as a Probable Ore Reserve for the Kouroussa Gold Project, reported
in accordance with the JORC Code (2012 Edition) and as shown
below.
2021 Company reserve summary table for Kouroussa, Guinea
Deposit Insitu Resource @ Variable Au cut-off as at 30 Ore Reserves @ Variable Au cut-off, incl. mine Au Oz Change in
June 2021 recovery and mine dilution as at 30 June 2021 insitu Au Oz
insitu
from 2019
Reserve
Statement
-------------------------------------------------- ------------------------------------------------
Location Classification kt Au (g/t) Location Classification kt Au (g/t) k-oz k-oz
------- ----------
1. Koekoe In Pit Measured - - In Pit Proved - - -
(KK)
----------- --------- ---------- --------- -------
Indicated 2,331.8 5.74 Probable 2,901.9 4.38 408.9
--------------------------------------- -------- --------- ---------- --------------- -------- --------- -------
TOTAL: 2,331.8 5.74 TOTAL: 2,901.9 4.38 408.9 408.9
----------------------------- -------- --------- --------------------------- -------- --------- -------
All In Pit Measured - - In Pit Proved - - -
Deposits
---------- ----------- ---------------- -------- --------- ---------- --------------- -------- --------- -------
Indicated 2,331.8 5.74 Probable 2,901.9 4.38 408.9 408.9
-------- --------- ---------- --------------- -------- --------- -------
Stockpile Measured Stockpile Proved - - -
----------- ---------- --------------- -------
Indicated Probable - - -
----------- ---------------- ---------- --------------- -------
TOTAL: Measured - - TOTAL: Proved - - -
---------------- --------------- -------
Indicated 2,331.8 5.74 Probable 2,901.9 4.38 408.9 408.9
-------
TOTAL: 2,331.8 5.74 TOTAL: 2,901.9 4.38 408.9 408.9
----------------------------- -------- --------------------------- -------- -------
Footnotes: Refer to those above in the 2021 Company reserve
summary table
Competent Persons Review:
The information in this section that relates to Ore Reserves for
the open pits at Yanfolila and Kouroussa is based on information
compiled and reviewed by Mr Paul O'Callaghan, a full-time employee
of CSA Global. Mr O'Callaghan takes overall responsibility for the
report as Competent Person. Mr O'Callaghan is a Fellow of the
AusIMM (FAusIMM) and has sufficient experience, which is relevant
to the style of mineralisation and type of deposit under
consideration, and to the activity he is undertaking, to qualify as
a Competent Person in terms of the JORC Code (2012 Edition). The
Competent Person, Mr O'Callaghan has reviewed the Ore Reserve
statement and given permission for the publication of this
information in the form and context within which it appears.
The information in this section that relates to Ore Reserves for
the Underground deposit at Komana East at Yanfolila is based on
information compiled and reviewed by Mr Nigel Bennett, a full-time
employee of Mining Plus. Mr Bennett takes overall responsibility
for the report as Competent Person. Mr Bennett is a member of the
AusIMM (FAusIMM) and has sufficient experience, which is relevant
to the style of mineralisation and type of deposit under
consideration, and to the activity he is undertaking, to qualify as
a Competent Person in terms of the JORC Code (2012 Edition). The
Competent Person, Mr Bennett has reviewed the Ore Reserve statement
and given permission for the publication of this information in the
form and context within which it appears.
Qualified Person Review:
Noris Del Bel Belluz, 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.
Noris is the Group Technical Services Manager for the Hummingbird,
and is a qualified person, according to the Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore
Reserves ("JORC Code, 2012 Edition") and "Qualified Person" as
defined by Part 1 of NI 43-101 Standards of Disclosure for Mineral
Projects (30 June, 2011 Edition) .
Glossary of Technical Terms
"g" gram;
"g/t" grams per tonne, equivalent to parts per million;
--------------------------------------------------
"k" thousand;
--------------------------------------------------
"km" kilometres;
--------------------------------------------------
"m" metres;
--------------------------------------------------
"M" million;
--------------------------------------------------
"mt" million tonnes;
--------------------------------------------------
"oz" troy ounce (31.103477 grams);
--------------------------------------------------
"t" tonnes;
--------------------------------------------------
"Au" the chemical symbol on the periodic table for the precious metal, gold;
"Cut-off grade" the lowest or highest assay value that is included in a resource estimate;
-----------------------------------------------------------------------------------------------
"Deposit" mineralisation which has been outlined on surface and via underground work or drilling
sufficient
for a Mineral Resource Estimate to be calculated with tonnage and grade but where there has
been no ore production;
-----------------------------------------------------------------------------------------------
"Indicated resource" that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics,
grade, and mineral content can be estimated with a reasonable level of confidence. It is based
on exploration, sampling and testing information gathered through appropriate techniques from
locations such as outcrops, trenches, pits, workings, and drill holes. The locations are too
widely or inappropriately spaced to confirm geological and/or grade continuity but are spaced
closely enough for continuity to be assumed;
-----------------------------------------------------------------------------------------------
"Inferred Resource" that part of a Mineral Resource for which tonnage, grade and mineral content can be estimated
from geological evidence and assumed but not verified geological and/or grade continuity.
It is based on information gathered through appropriate techniques from locations such as
outcrops, trenches, pits, workings, and drill holes which is of uncertain quality and
reliability;
-----------------------------------------------------------------------------------------------
"JORC" the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy,
Australian
Institute of Geoscientists and Mineral Council of Australia;
-----------------------------------------------------------------------------------------------
"JORC 2012" the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral
Resources
and Ore Reserves;
-----------------------------------------------------------------------------------------------
"Measured Resource" that part of a Mineral Resource for which tonnage, densities, shape, physical characteristics,
grade, and mineral content can be estimated with a high level of confidence. It is based on
detailed and reliable exploration, sampling and testing information gathered through
appropriate
techniques from locations such as outcrops, trenches, pits, workings, and drill holes. The
locations are spaced closely enough to confirm geological and grade continuity;
-----------------------------------------------------------------------------------------------
"Mineral Resource" mineral of potential value but not necessarily proven as a reserve;
-----------------------------------------------------------------------------------------------
"Ore" mineral of proven economic value;
-----------------------------------------------------------------------------------------------
"Ore Reserve" the economically mineable part of a Measured and/or Indicated Mineral Resource. It includes
diluting materials and allowances for losses, which may occur when the material is mined.
Appropriate assessments and studies have been carried out and include consideration of and
modification by realistically assumed mining, metallurgical, economic, marketing, legal,
environmental,
social, and governmental factors. These assessments demonstrate at the time of reporting that
extraction could reasonably be justified. Ore Reserves are sub-divided in order of increasing
confidence into Probable Ore Reserves and Proved Ore Reserves. A Probable Ore Reserve has
a lower level of confidence than a Proved Ore Reserve but is of sufficient quality to serve
as the basis for a decision on the development of the deposit.
-----------------------------------------------------------------------------------------------
"Probable Reserve" The economically mineable part of an Indicated, and in some circumstances, a Measured Mineral
Resource;
-----------------------------------------------------------------------------------------------
**ENDS**
Notes to Editors:
Hummingbird Resources (AIM: HUM) is a leading multi-asset,
multi-jurisdiction gold production, development and exploration
Company, member of the World Gold Council and founding member of
Single Mine Origin (www.singlemineorigin.com). The Company
currently has two core gold projects, the operational Yanfolila
Gold Mine in Mali, and the Kouroussa Gold Mine in Guinea, which
will more than double current gold production when production,
scheduled for first gold pour end of Q2 2023. 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. Our vision is to continue to grow our asset base,
producing profitable ounces, while central to all we do being our
Environmental, Social & Governance ('ESG') policies and
practices.
For further information please visit www.hummingbird.com or contact:
Daniel Betts, CEO Hummingbird Resources plc Tel: +44 (0) 20 7409 6660
Thomas Hill, FD
Anthony Kocken, COO
Edward Montgomery, CSO & ESG
James Spinney Strand Hanson Limited Tel: +44 (0) 20 7409 3494
Ritchie Balmer Nominated Adviser
-------------------------- ----------------------------
James Asensio Canaccord Genuity Limited Tel: +44 (0) 20 7523 8000
Thomas Diehl Broker
-------------------------- ----------------------------
Bobby Morse Buchanan Tel: +44 (0) 20 7466 5000
Ariadna Peretz Financial PR/IR Email: HUM@buchanan.uk.com
James Husband
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(END) Dow Jones Newswires
November 25, 2021 02:00 ET (07:00 GMT)
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