Hummingbird Resources Share News (HUM)

(Sharecast News) - Hummingbird Resources updated the market on the results of holes drilled at the Dugbe Gold Project by Pasofino Gold on Friday, reporting that all seven holes intersected gold mineralisation of the expected thickness and grade.
The AIM-traded firm said Pasofino was 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%.

It said the results had been received for the first drill holes of the planned 5,500 metre drill programme at the Dugbe F deposit.

Intersections of the flat-to-gently undulating layer included 26.7 metres at 1.44 grams of gold per tonne from 86.9 metres at hole DFDC338, and 10 metres at 1.48 grams per tonne from 67.9 metres in DFDC335.

Hummingbird also highlighted 14.6 metres at 1.30 grams of gold per tonne from 102 metres in hole DFDC335, and 4.1 metres at 2.17 grams per tonne from 16.9 metres at hole DFDC334.

It confirmed that all seven of the new holes intersected gold mineralisation of the expected range of thickness and grade, with gold bearing intersections being up to 26.7 metres in thickness.

The holes were the first drilled at Dugbe F since those drilled in 2014 by Hummingbird, with the results supporting the continuity of the deposit.

Hummingbird said additional shallow mineralised intervals were present above the main zone within the southern part of the deposit, which had the potential to add to the resource base.

The current infill drilling was intended to upgrade the inferred mineral resource estimate, with the objective of achieving an indicated estimate of between 0.6 million and one million ounces

Pasofino had started a preliminary economic assessment, to be released in due course, prior to the release of the definitive feasibility study.

"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," said chief executive officer Dan Betts.

"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."

Betts said the objective of the drill programme was to increase the indicated mineral resource estimate.

"The results we are already starting to see put Pasofino on track to delivering this, supporting the definitive feasibility study Pasofino are completing as part of its earn-in agreement."

At 1404 GMT, shares in Hummingbird Resources were down 2.34% at 21.49p.