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Hummingbird Resources PLC - gold production, development and exploration focused on West Africa - Notes announcement from Pasofino Gold Ltd, which holds a 49% economic interest in the Dugbe gold project in Libera, has released an updated mineral resource estimates for the Dugbe F and Tuzon deposits at the projects.
Using a 1.0 grams per tonne of gold cut off, measured and indicated part of the estimate boasts 2.88 million ounces of gold, contained in 56.6 million tonnes, grading 1.58 grams per tonne of gold.
However, using the lower marginal grams per tonne cut-off grade, ranging from 0.34 to 0.40 grams per tonne, measured and indicated tonnage is 81.2 million tonnes of 1.30 grams per tonne of gold, containing 3.40 million ounces of gold. This leads to a total estimate of 4.0 million ounces, both measured, indicated and inferred, up 1 million ounces from the last update.
"Pasofino's work to date demonstrates what we have always believed, which is Dugbe is underpinned by a robust mineral deposit. Of the total updated 4.0 Moz resource base, 3.4 Moz is in the Measured and Indicated category, which is a significant uplift on the previous MRE," says Chief Executive Officer Dan Betts.
"We are increasingly confident that Dugbe has all the hallmarks of a robust, large scale mine and remain very enthused by the upside potential to expand the resource base. We continue to see Dugbe as a very valuable asset within the Hummingbird portfolio which can help us to drive value for our shareholders as that value becomes more clearly articulated through the DFS work scheduled for completion in Q2 2022," Betts adds.
Current stock price: 17.00 pence
Year-to-date change: down 49%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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