Hummingbird Resources PLC - gold production, development and exploration focused on West Africa - Updates JORC-compliant company reserves to 1.12 million ounces of gold, a 438,600 ounces increase from 672,000 ounces from the reserve statement in October 2019.
The reserve statement includes a maiden resource estimate for the Kouroussa mine in Guinea at 408,900 ounces at 4.38 grams per tonne of gold.
However, there is potential for upside for Kouroussa and Yanfolila in Mali as the reserves statement does not include the 2021 drilling campaign of 68,000 metres for both mines.
Result for the drilling campaign are set to be published in the second quarter of 2022.
"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," says Chief Executive Officer Dan Betts.
Current stock price: 17.25 pence
Year-to-date change: down 48%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Hummingbird (HUM)