(Alliance News) - Hummingbird Resources PLC said Monday it has kept its production guidance for 2020, and outlined its operational plan for the period up to 2024.
The gold miner is targeting the production of 574,000 ounces in gold over the five year period to 2024, and has guided for 2020 output to be in the range of 110,000 - 125,000 ounces from the Yanfolila gold mine.
The all-in sustaining cost on gold dore sold for 2020 is expected to be between USD850 to USD895, base d on the spot gold price of USD1,350 and a diesel price of 70 US cents at the site.
Hummingbird Resources said it has laid down a threefold exploration strategy, which is focused on development both open pit and underground resources and reserves.
For Sanioumale East, which currently has a small oxide only indicated resources of 62,000 ounces, Hummingbird plans to drill the open mineralisation in the area to test the down dip and along strike extension of the main mineralised zone.
Defining an open pit reserve in the area would add additional optionality to the rolling mine plan, as well as extend the overall mine life.
At Komana East underground, the company is targeting additional high-grade indicated resources beneath the existing put to define new reserves that can be mined from underground.
Finally, Hummingbird has identified five high priority co-incident gold-in-soil targets in Yanfolila, which could be developed into open pit reserves and added to the rolling mine plan within a short time frame due to their location to the process plant.
The targets are centred around the intersection of the Siekorole Fault and the Sankarani Shear Zone.
"Following the announcement of our increased open pit reserves in December, we are pleased to provide an update to our 5 year rolling mine plan. It is important to stress this is considered to be a base case moving forward incorporating only current Reserves. In addition to the Reserves used in this plan, the mine still has considerable Resources both open pit and underground, which we will look to utilise in our exploration and development work in order to extend and improve the plan further," said Chief Executive Officer Dan Betts.
Shares in Hummingbird Resources - which is based in London - were down 1.0% at 23.27 pence on Tuesday.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Hummingbird (HUM)