Last checked at 30 Jun 2022 07:00
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining
30 June 2022
Hummingbird Resources plc
("Hummingbird" or the "Company")
2022 Updated Company Reserves and Resources Statements
4.13 million ounces of Company Reserves
7.28 million ounces of Company Resources
Hummingbird Resources plc (AIM: HUM) is pleased to provide updated Company Reserves and Resources Estimate statements for each of its three gold assets which include: Yanfolila in Mali; Kouroussa in Guinea, including a maiden Ore Reserve at the Kinkine deposit and higher-grade Ore Reserves at the Koekoe deposit; and maiden Reserves for Dugbe in Liberia, as announced on 13 June 2022.
Hummingbird's updated Company Reserves have increased materially to 4.13 million ounces ("Moz") of gold ("Au") from 1.12Moz, as reported in November 2021 and Resources have increased 8% to 7.28Moz of Au since previous statements, as summarised in the table and key highlights below for each asset.
Further, investors are welcome to attend an investor webinar on Tuesday 5th July 2022, at 17:30 BST via the VOX Markets platform. Presenters will include senior management and select members of the Hummingbird geology team. More information is provided below, however investors can register on the VOX Markets platform for free via this link.
2022 Company Reserves and Resources Summary Table and Highlights:
COMPANY RESERVES | Reserves Summary | Net change from previous updates | ||||
Asset: | kt | g/t | koz | koz | % Change | |
Yanfolila, Mali (net of depletions) | 7,853 | 2.85 | 719 | 13 | 2% | |
Kouroussa, Guinea | 4,856 | 4.15 | 647 | 238 | 58% | |
Dugbe, Liberia | 66,000 | 1.30 | 2,760 | 2,760 | - | |
Total Company Reserves | 78,709 | 1.63 | 4,126 | 3,011 | 270% | |
COMPANY RESOURCES | Resources Summary | Net change from previous updates | ||||
Asset: | kt | g/t | koz | koz | % Change | |
Yanfolila, Mali (net of depletions) | 28,946 | 2.22 | 2,065 | 100 | 5% | |
Kouroussa, Guinea | 12,365 | 3.02 | 1,200 | 22 | 2% | |
Dugbe, Liberia | 98,100 | 1.27 | 4,013 | 447 | 11% | |
Total Company Resources | 139,411 | 1.62 | 7,279 | 569 | 8% | |
All Company Resources and Reserves are shown on a 100% basis. Hummingbird will retain a controlling interest in Dugbe of 51%.
§ Yanfolila, Mali: Reserves and Resources total 719 thousand ounces ("koz"), an increase of 13koz (+2%) at 2.85 grams a tonne ("g/t"), and Resources of 2.07Moz at 2.22 g/t, an increase of 100koz (+5%) net of depletion from mining since the previous statements respectively. Notably underground Reserves at Komana East ("KEUG") increased by 75koz (+37%), to total 278koz at 3.94 g/t
o With Yanfolila's current Reserves and Resources profile, the Company is confident of a minimum seven-year life of mine ("LOM") based on a c.100koz annual production profile, with potential to maintain and extend Yanfolila's LOM with further drilling campaigns, in particular at the underground deposits which are of higher grade
§ Kouroussa, Guinea: Reserves and Resources total 647koz at 4.15 g/t, an increase of 238koz (+58%) and 1.20Moz at 3.02 g/t, an increase of 22koz (+2%) since the previous statements respectively. Notably, key deposit Koekoe's Reserves increased by 137koz (+33%) since last reported to total 546koz and at a higher-grade profile of 4.69 g/t (+7% versus the last statement at 4.38 g/t). Further, a maiden Reserve was established at the other key Kouroussa deposit, Kinkine, of 101koz at 2.56 g/t
o Kouroussa's Reserves profile provides the Company with increasing confidence of a robust and high-grade geology base as we move towards first gold pour by the end of Q2 2023. Further, given the significant exploration upside potential at Kouroussa, the Company is confident of extending the Reserves and LOM at this asset with further exploration, which is currently being evaluated
§ Dugbe, Liberia: A maiden Reserve of 2.76Moz and Resources of 4.0Moz as recently announced by our joint venture partners at Dugbe, Pasofino Gold Ltd ("Pasofino") on 13 June 2022, of which Hummingbird will retain a controlling interest in Dugbe of 51%
A core value-accretive strategy for Hummingbird has been to increase the Company's Reserves asset base through extensive drilling programmes. Today's announcement highlights the success of these campaigns, with material Company Reserves and Resources increases which provide further Life of Mine ("LOM") extensions to our asset base.
Dan Betts, CEO of Hummingbird Resources, commented:
"Two years ago, we set a key Company target to increase our overall Company Reserves profile to provide meaningful LOM extensions at our assets. In November 2021, we established maiden Reserves at Kouroussa in Guinea and added further Reserves at Yanfolila. In this update we have materially extended Kouroussa's Reserves profile to 647koz at 4.15g/t and added Reserves net of depletions at Yanfolila to total 719koz, including extending the underground Reserves profile of Yanfolila to 278koz at 3.94 g/t. Further, at Dugbe via our earn in partners Pasofino, final feasibility study results were recently announced, establishing a material maiden Reserves profile for the Project of 2.76Moz in which we will retain a controlling 51% interest.
As we rapidly move towards our other key strategic goal of being a multi-asset, multi-jurisdiction gold producer, with Kouroussa advancing towards first gold pour by the end of Q2 2023, we are cognisant to maintain and improve our overall Company Reserves profile. With today's results, and a large body of work now complete by our geology teams, the next steps include the further analysis of our extensive geological base and associated mine plans, as well as the next phase of our exploration campaigns in Mali and Guinea."
Anthony Köcken, COO of Hummingbird Resources, commented:
"Exploration and Resources and Reserves growth are key to achieving Hummingbird's strategic growth plans and creating value for all of our stakeholders. We have increased Reserves net of mining depletions at Yanfolila, in particular extending the asset's underground profile; materially increased the Reserves profile at Kouroussa; and maiden Reserves have been established at Dugbe. Further growth to the Company's mineral inventory is under review, with several high-potential targets being evaluated, including further extending underground targets at Yanfolila and several other deposits at Kouroussa."
Retail Investor Webinar Details
The Company's will be holding an investor webinar on Tuesday 5th July 2022 at 17:30 BST via the VOX Markets platform. The event will be hosted by senior management and select members of the Hummingbird geology team. It is open to all existing and potential shareholders. Investors are welcome to submit questions prior to the event through the below link, emailing kperez@voxmarkets.co.uk or at any time during the event via the "Ask a Question" function.
Investors can register on the VOX Markets platform for free via this link.
COMPANY RESERVES SUMMMARY TABLE | ||||||
| Yanfolila, Mali Reserves |
| Change in Au Oz from previous updates (net of depletions) | |||
Deposit | Location | Classification | kt | Au (g/t) | Au koz | koz |
Komana West (KW) | In Pit | Proved | - | - | - |
|
Probable | 891.0 | 2.62 | 75.2 |
| ||
TOTAL: | 891.0 | 2.62 | 75.2 | -55.5 | ||
Komana East (KE) | In Pit | Proved | - | - | - |
|
Probable | 1,099.0 | 2.99 | 105.6 |
| ||
TOTAL: | 1,099.0 | 2.99 | 105.6 | 6.4 | ||
Sanioumale West (SW) | In Pit | Proved | - | - | - |
|
Probable | 922.0 | 1.86 | 55.3 |
| ||
TOTAL: | 922.0 | 1.86 | 55.3 | 4.9 | ||
Sanioumale East (SE) | In Pit | Proved | - | - | - |
|
Probable | 1,375.0 | 2.53 | 111.8 |
| ||
TOTAL: | 1,375.0 | 2.53 | 111.8 | 11.5 | ||
Gonka (GK) | In Pit | Proved | - | - | - |
|
Probable | 651.0 | 3.15 | 65.8 |
| ||
TOTAL: | 651.0 | 3.15 | 65.8 | -20.8 | ||
Komana East Underground (KE U/G) |
U/G |
Proved | - | - | - |
|
Probable | 2,148.0 | 3.94 | 277.5 |
| ||
TOTAL: | 2,192.0 | 3.94 | 277.5 | 75.3 | ||
Run-of-Mine Stockpiles | ROM Stockpile | Proved | 722.7 | 1.19 | 27.6 |
|
Probable | - | - | - |
| ||
TOTAL: | 722.7 | 1.19 | 27.6 | -8.7 | ||
Total Yanfolila | SUB-TOTAL: | Proved | 722.7 | 1.19 | 27.6 | -8.7 |
| Probable | 7,130.0 | 3.02 | 691.3 | 21.8 | |
|
| TOTAL: | 7,852.7 | 2.85 | 718.9 | 13.1 |
| Kouroussa, Guinea Reserves |
| Change in Au Oz from previous updates | |||
Deposit | Location | Classification | kt | Au (g/t) | Au koz | koz |
Kinkine (KI) | In Pit | Proved | - | - | - |
|
Probable | 1,234.0 | 2.56 | 101.4 |
| ||
TOTAL: | 1,234.0 | 2.56 | 101.4 | 101.4 | ||
Koekoe (KK) | In Pit | Proved | - | - | - |
|
Probable | 3,622.0 | 4.69 | 545.8 |
| ||
TOTAL: | 3,622.0 | 4.69 | 545.8 | 136.9 | ||
Total Kouroussa | TOTAL: | Proved | - | - | - |
|
| Probable | 4,856.0 | 4.15 | 647.2 | 238.3 | |
| Dugbe, Liberia Reserves |
| Change in Au Oz from previous updates | |||
Deposit | Location | Classification | kt | Au (g/t) | Au koz | koz |
Dugbe F and Tuzon | In Pit | Proved | - | - | - |
|
Probable | 66,000.0 | 1.30 | 2,760.0 |
| ||
TOTAL: | 66,000.0 | 1.30 | 2,760.0 |
2,760.0 | ||
| Total Company Reserves |
| Change in Au Oz from previous updates | |||
| Location | Classification | kt | Au (g/t) | Au koz | koz |
All Deposits | In Pit | Proved | - | - | - |
|
Probable | 9,794.0 | 3.37 | 1,061.0 | 184.8 | ||
U/G | Proved | - | - | - |
| |
Probable | 2,192.0 | 3.94 | 277.5 | 75.3 | ||
Dugbe | Proved | - | - | - |
| |
Probable | 66,000.0 | 1.30 | 2,760.0 | 2,760.0 | ||
ROM Stockpile | Proved | 723 | 1.19 | 27.6 | -8.7 | |
Probable | - | - | - |
| ||
TOTAL: | Proved | 723 | 1.19 | 27.6 | -8.7 | |
Probable | 77,986 | 1.63 | 4,098.5 | 3,020.1 | ||
TOTAL: | 78,709 | 1.63 | 4,126.1 | 3,011.4 | ||
Company Reserves are shown on a 100% basis. Hummingbird will retain a controlling interest in Dugbe of 51%.
Yanfolila and Kouroussa Reserves are based on a US$1,500 Au price. Dugbe Reserves are based on a US$1,600 Au price.
Yanfolila and Kouroussa Reserves statements effective date is 31.12.2021. Dugbe Reserves effective date as completed by Pasofino is 01.05.2022.
Other footnotes: Due to the length of the footnotes to the Reserves summary table, they are provided at the end of this document.
COMPANY RESOURCES SUMMARY TABLE | ||||||
| Yanfolila, Mali Resources |
| Change in Au Oz from previous updates (net of depletions) | |||
Deposit | Location | Classification | kt | Au (g/t) | Au koz | koz |
Komana West (KW) | In Pit | Measured |
| |||
Indicated | 4,948 | 1.90 | 302 |
| ||
Inferred | 1,003 | 1.58 | 51 |
| ||
TOTAL: | 5,951 | 1.84 | 353 | -89 | ||
Komana East (KE) | In Pit | Measured |
| |||
Indicated | 1,114 | 3.20 | 115 |
| ||
Inferred | 2 | 1.83 | 0.1 |
| ||
TOTAL: | 1,116 | 3.20 | 115 | -19 | ||
Sanioumale West (SW) | In Pit | Measured |
| |||
Indicated | 2,403 | 1.71 | 132 |
| ||
Inferred | 1,059 | 1.73 | 59 |
| ||
TOTAL: | 3,462 | 1.72 | 191 | 27 | ||
Sanioumale East (SE) | In Pit | Measured |
| |||
Indicated | 2,305 | 2.60 | 192 |
| ||
Inferred | 644 | 2.09 | 43 |
| ||
TOTAL: | 2,949 | 2.49 | 236 | 32 | ||
Gonka (GK) | In Pit | Measured |
| |||
Indicated | 601 | 3.45 | 67 |
| ||
Inferred |
| |||||
TOTAL: | 601 | 3.45 | 67 | -69 | ||
Komana East Underground (KEUG) | U/G | Measured |
| |||
Indicated | 3,310 | 4.13 | 440 |
| ||
Inferred | 1,070 | 3.34 | 115 |
| ||
TOTAL: | 4,379 | 3.94 | 555 | 128 | ||
Gonka Underground (GKUG) | U/G | Measured |
| |||
Indicated | 1,385 | 3.38 | 151 |
| ||
Inferred | 295 | 7.82 | 74 |
| ||
TOTAL: | 1,680 | 4.16 | 225 | 68 | ||
Guirin West (GW) | In Pit | Measured |
| |||
Indicated | 1,161 | 1.98 | 74 |
| ||
Inferred |
| |||||
TOTAL: | 1,161 | 1.98 | 74 | 0 | ||
Kabaya South (KS) | In Pit | Measured |
| |||
Indicated | 1,370 | 1.42 | 62 |
| ||
Inferred | 650 | 1.10 | 23 |
| ||
TOTAL: | 2,020 | 1.31 | 85 | 0 | ||
Kabaya South (KS - non-code) | Ex Pit | Measured |
| |||
Indicated |
| |||||
Inferred | 950 | 1.50 | 46 |
| ||
TOTAL: | 950 | 1.50 | 46 | 0 | ||
Badogo-Malikila (BM - non-code) | In Pit | Measured |
| |||
Indicated |
| |||||
Inferred | 2,347 | 0.81 | 61 |
| ||
TOTAL: | 2,347 | 0.81 | 61 | 0 | ||
Run-of-Mine Stockpiles | In Pit | Measured | 722 | 1.19 | 28 |
|
Indicated |
| |||||
Inferred |
| |||||
TOTAL: | 722 | 1.19 | 28 | -9 | ||
Heap Leachable Stockpiles (HLS) | In Pit | Measured | 1,607 | 0.60 | 31 |
|
Indicated |
| |||||
Inferred |
| |||||
TOTAL: | 1,607 | 0.60 | 31 | 31 | ||
Total Yanfolila | SUB-TOTAL: | Measured | 2,329 | 0.79 | 59 | 23 |
Indicated | 18,597 | 2.57 | 1,534 | 59 | ||
Inferred | 8,020 | 1.83 | 472 | 19 | ||
SUB-TOTAL: | 28,946 | 2.22 | 2,065 | 100 | ||
| Kouroussa, Guinea Resources |
| Change in Au Oz from previous updates | |||
Deposit | Location | Classification | kt | Au (g/t) | Au koz | koz |
Kinkine (KI) | In Pit | Measured |
| |||
Indicated | 1,884 | 2.20 | 133 |
| ||
Inferred | 63 | 1.60 | 3 |
| ||
TOTAL: | 1,947 | 2.18 | 137 | 0 | ||
Koekoe (KK) | In Pit | Measured |
| |||
Indicated | 4,910 | 4.13 | 651 |
| ||
Inferred | 770 | 2.11 | 53 |
| ||
TOTAL: | 5,680 | 3.85 | 704 | -120 | ||
Bag Farm- Junction (BFJ) | In Pit | Measured |
| |||
Indicated |
| |||||
Inferred | 1,743 | 1.59 | 89 |
| ||
TOTAL: | 1,743 | 1.59 | 89 | 0 | ||
X-Vein (XV) | In Pit | Measured |
| |||
Indicated |
| |||||
Inferred | 354 | 7.33 | 83 |
| ||
TOTAL: | 354 | 7.33 | 83 | 0 | ||
Kinkine Underground (KIUG) | U/G | Measured |
| |||
Indicated | 97 | 1.70 | 5 |
| ||
Inferred | 324 | 1.76 | 18 |
| ||
TOTAL: | 421 | 1.75 | 24 | 0 | ||
Koekoe Underground (KKUG) | U/G | Measured |
| |||
Indicated | 1,280 | 2.09 | 86 |
| ||
Inferred | 940 | 2.58 | 78 |
| ||
TOTAL: | 2,220 | 2.30 | 164 | 142 | ||
Total Kouroussa | SUB-TOTAL: | Measured |
|
|
|
|
Indicated | 8,170 | 3.33 | 876 | 250 | ||
Inferred | 4,195 | 2.41 | 325 | -228 | ||
SUB-TOTAL: | 12,365 | 3.02 | 1,200 | 22 | ||
Deposit | Dugbe, Liberia Resources |
| Change in Au Oz from previous updates | |||
Deposit | Location | Classification | kt | Au (g/t) | Au koz | koz |
Dugbe F and Tuzon | In Pit | Measured | 1,200 | 1.44 | 56 | 56 |
Indicated | 80,000 | 1.30 | 3,340 | 1,036 | ||
Inferred | 16,900 | 1.13 | 617 | -645 | ||
SUB-TOTAL: | 98,100 | 1.27 | 4,013 | 447 | ||
| Total Company Resources |
| Change in Au Oz from previous updates | |||
Location | Classification | kt | Au (g/t) | koz | koz | |
All Deposits | In Pit | Measured |
| |||
Indicated | 20,696 | 2.60 | 1,728 | 80 | ||
Inferred | 6,288 | 2.00 | 405 | -318 | ||
U/G | Measured |
| ||||
Indicated | 6,072 | 3.49 | 682 | 229 | ||
Inferred | 2,629 | 3.38 | 286 | 108 | ||
Yanfolila Non-code | Measured |
| ||||
Indicated |
| |||||
Inferred | 3,297 | 1.01 | 107 | 0 | ||
Dugbe | Measured | 1,200 | 1.44 | 56 | 56 | |
Indicated | 80,000 | 1.30 | 3,340 | 1,036 | ||
Inferred | 16,900 | 1.13 | 617 | -645 | ||
ROM Stockpiles | Measured | 722 | 1.19 | 28 | -9 | |
Indicated |
| |||||
Inferred |
| |||||
Heap Leachable Stockpiles | Measured | 1,607 | 0.60 | 31 | 31 | |
Indicated |
| |||||
Inferred |
| |||||
TOTAL: | Measured | 3,529 | 1.01 | 115 | 79 | |
Indicated | 106,767 | 1.68 | 5,750 | 1,345 | ||
Inferred | 29,115 | 1.51 | 1,414 | -855 | ||
TOTAL: | 139,411 | 1.62 | 7,279 | 569 | ||
Company Resources are shown on a 100% basis. Hummingbird will retain a controlling interest in Dugbe of 51%. Yanfolila and Kouroussa Resources effective date is 31.12.2021. Dugbe Resources effective date as prepared by Pasofino is 17.11.2021. Footnotes: Due to the length of the footnotes to the Resources summary table, they are provided at the end of this document. | ||||||
Yanfolila, Mali Reserves and Resources key highlights:
As per the highlights above, Reserves and Resources total 719koz at 2.85g/t, an increase of 13koz (+2%), and Resources of 2.07Moz at 2.22 g/t, an increase of 100koz (+5%) net of depletion from mining since the previous statements.
Notably underground Reserves at KEUG increased by 75koz (+37%), to total 278koz at 3.94 g/t and Gonka underground Resources totalled 225koz at high grades of 4.16 g/t, being an addition of 68koz (+43%) since the last statement. With Yanfolila's current Reserves and Resources profile the Company is confident of a minimum seven-year LOM based on a c.100koz annual production profile, with potential to maintain and extend Yanfolila's LOM with further drilling campaigns, in particular at the underground deposits which are of a higher grade to the open pit operations.
The Yanfolila gold mine is located within the Yanfolila exploitation permit area. The permit area contains the following six key deposits, that are included within the 2022 Company Reserves Statement, including run of mine ("ROM") stockpiles:
§ Komana East ("KE")
§ Komana East Underground ("KEUG")
§ Komana West ("KW")
§ Gonka ("GK")
§ Sanioumale West ("SW")
§ Sanioumale East ("SE")
For the updated 2022 Yanfolila Resources Statement, the above deposits are included in addition to the below:
§ Gonka Underground ("GKUG")
§ Guirin West ("GW")
§ Kabaya South ("KS")
§ Badogo-Malikila ("BM")
§ Heap leach Stockpiles ("HLS")
KE and KEUG
The KE open pit deposit has current Reserves and Resources of 106koz at 2.99 g/t and 115koz at 3.20 g/t respectively, net of mining depletions since last statements. It continues to be mined and is a primary source of higher-grade ore, in particular for the remainder of 2022 and into 1H2023 to the processing plant. The open pit is scheduled to be fully mined during 1H2023 with other open pits providing future ore to the processing plant when KE is depleted as detailed below.
A key focus of our 2020 and 2021 drilling campaigns at Yanfolila has been to increase the Reserves at KEUG to provide high-grade future LOM ore at the asset. This has been achieved with KEUG Reserves and Resources increasing 75koz (+37%) to total 278koz at 3.94 g/t, and 128koz (+30%) to total 555koz at 3.94 g/t since last statements respectively.
There remains mineralisation extension potential at depth and to the north of the deposit providing the Company with confidence that both Reserves and Resources can continue to be extended with further drilling campaigns. KEUG is expected be a key source of base load c.40-50koz per annum high-grade ore for the processing plant in future years given the now material level of current Reserves. With the 2022 KEUG Reserves now complete, we are finalising our detailed analysis of the KEUG deposit in terms of economics, mining and when to incorporate it into our future mine plans at Yanfolila. We will provide more details of these plans once finalised.
KW
The KW open deposit has current Reserves and Resources of 75koz at 2.62 g/t and 353koz at 1.84 g/t respectively, net of mining depletions since last statements. It is a deposit which continues to be actively mined, being a pit that has four open pit phases. The deposit remains open at depth and along strike to the south, which our geology team are assessing the potential for future extension drilling campaigns at the deposit.
GK and GKUG
GK open pit deposit has current Reserves and Resources of 66koz at 3.15 g/t and 67koz at 3.45 g/t respectively, net of mining depletions since last statements. The deposit is currently gradually being mined, providing additional ore feed to the processing plant.
GKUG does not yet have a Reserve, however Resources increased by 68koz (+43%) to total 225koz at 4.16 g/t since last statements. With further drilling, the Company believes GKUG will be a future high-grade source of ore to the processing plant, like the KEUG. GKUG is not expected to be in our future mine plans for several years, with further technical studies and drilling expected to be undertaken in 2023.
SE
SE open pit deposit has a current Reserves and Resources of 112koz at 2.53 g/t, adding 12koz (+10%) and 236koz at 2.49 g/t, adding 32koz (+16%) since last statements respectively. The 2021 drilling campaign focussed on infill drilling for upgrading Mineral Resources and resulted in the conversion of 50koz Inferred to Indicated Mineral Resources, of which a larger proportion has the potential to be included in future Reserves dependent on economics. The secondary focus of the drilling campaign was on the 1.2-kilometre ("km") strike zone where the SE deposit lies in what is known as the Sankarani Shear Zone which also hosts the KE and GK deposits. As it currently stands the SE pit is made up of three pits, which are currently being prepared for mining. Our geology team is evaluating the SE geology databases and the potential for any of the three open pits to be connected into a larger pit formation, plus the potential for future exploration campaigns at that deposit.
SW
SW open pit deposit has current Reserves and Resources of 55koz at 1.86 g/t, being a net increase of 5koz (+10%) and 191koz at 1.72 g/t, being a net increase of 27koz (+16%) since last statements respectively, net of mining depletions. The focus of the 2021 drilling campaign was infill drilling to increase confidence of the geology base, resulting in an upgrade of 29koz from Inferred to Indicated Mineral Resources. SW is currently being mined and is a source of oxide ore material within the current LOM plan.
HLS
The Company decided in 2021 to evaluate the potential for Heap Leach ("HL") at Yanfolila given the availability of lower-grade and more marginal resource stockpiles. The Company commissioned HL specialist consultants JUMPS and CSA Global Pty Ltd to conduct feasibility studies for HL potential at Yanfolila, which culminated in adding HLS Resources of 31koz at 0.60 g/t into the 2022 Company updated Resources statement. At this stage HL is not in Reserves and is not in our current Yanfolila LOM plans. However, the Company believes with further studies, Reserves for HL can be added to then allow HL to be a viable source of ore feed to be processed in the coming years.
Kouroussa, Guinea Reserves and Resources key highlights:
As per the highlights above, Kouroussa Reserves and Resources total 647koz at 4.15 g/t, an increase of 238koz (+58%) and 1.20Moz at 3.02 g/t, an increase of 22koz (+2%) since the previous statements respectively.
The current Kouroussa Reserves are in the following deposits:
§ Koekoe ("KK")
§ Kinkine ("KI")
For the updated 2022 Kouroussa Resources Statement, the above deposits are included in addition to the below:
§ Bag Farm-Junction ("BFJ")
§ X-Vein ("XV")
§ Koekoe underground ("KKUG")
§ Kinkine underground ("KIUG")
KK and KKUG
In our November 2021 Reserves statement, a maiden Kouroussa Reserve at KK was established with 409koz at 4.38 g/t. With a c.24,000 m infill drilling campaign completed in 2021 at Kouroussa, KK Reserves increased by 137koz (+33%) to now total 546koz at a higher-grade profile of 4.69 g/t (+7% versus the last statement at 4.38 g/t). Further of note, KKUG Resources increased materially by 142koz to total 164koz at 2.30 g/t since the last statement, providing confidence of underground mining potential at Kouroussa.
KI and KIUG
As noted in the highlights, a maiden Reserve at the KI deposit was established of 101koz at 2.56 g/t being another key notable success of this year's Reserves statement for Kouroussa.
The KI deposit is situated near the KK deposit and the processing plant, which is currently under construction. With further exploration, the Company is confident that the KI and KIUG deposits Reserves and Resources base can grow. Although Resources at KIUG remain relatively low at 24koz, additional exploration has the potential to increases the underground Resources.
The Company believes it has only just started its journey to tap the full exploration potential of the Kouroussa asset in the heavily gold endowed Siguiri Basin region. Underground extensions at both the KK and KI deposits exist with mineralisation remaining open at depth from multiple drill intercepts during the 2021 drilling campaign, in particular at the KK deposit. Further, other Kouroussa deposits, such as X-Vein and Bag Farm-Junction show potential to be future mining deposits yet to be fully explored. Future exploration plans are being formulated for Kouroussa, given the success of last year's infill drilling campaign, with the Company confident of reaching its strategic goal of having 10 years in Reserves mine life at this asset.
Dugbe, Liberia Reserves and Resources key highlights:
On 13 June 2022, Pasofino released the results of the Dugbe Gold Project Feasibility Study ("FS"). The release highlighted a material maiden Reserve of 2.76Moz and Resources of 4.01Moz being an increase of 447koz since Pasofino's last Mineral Resources Estimate ("MRE") update, of which Hummingbird will retain a 51% controlling interest in the project.
As detailed in the FS release, Dugbe is a large-scale gold asset with a 14-year LOM, low All In Sustaining Cost ("AISC") profile of US$1,005/oz, with material exploration upside potential given only six of the probable 100 targets have been explored over the 2,559km2 exploration license area.
With the FS complete, the Company is working with Pasofino to conduct a strategic review of our options to best realise the maximum value of Dugbe for all stakeholders.
Footnotes to the Company Reserves Summary table as per above:
Company Reserves are shown on a 100% basis. Hummingbird retains a majority interest in Dugbe of 51%.
Yanfolila
1) Yanfolila Reserves statement effective as at 31.12.2021. Yanfolila Reserves based on a 10% to 15% dilution rate at zero Au grade based on deposit. - 95% mining recovery. - US$1,500.00 Au price. |
2) MRE resource models provided by Belinda van Lente, and Dave Muir of Hummingbird Resources plc. |
3) Cut-off grades are variable based on material type which are Oxide, Transitional and Fresh ore types. |
4) Metallurgical processing recoveries have been estimated as 93.6% across all material types. |
5) Processing costs vary from US$37.26/t to US$47.20/t based upon material types at each deposit and by distance from the process plants. |
KEUG |
1) Reserves based on an average dilution rate of 15% at zero grade applied outside of stope shapes. - Ore recovery is 84% based on geotechnical pillars that must remain after mining is complete. - Approximately 50% recovery of the crown pillar tonnes and ounces. - US$1,500.00 Au price. |
2) MRE resource models provided by Belinda van Lente and Dave Muir of Hummingbird Resources plc. |
3) Cut-off grade is 1.87 g/t Au contained all in the Fresh ore type. |
4) Metallurgical recovery at the process plant is 92% and is all Fresh material type. |
5) Processing costs are US$37.67/t based on Fresh material type. |
Kouroussa Open Pits
1) Kouroussa Reserves Statements effective as at 31.12.2021. Kouroussa Reserves based on: - an average dilution rate of 5.1% at zero grade. - an average ore recovery of 86.3. - US$1500.00 Au price. |
2) MRE resource models provided by Martin Pittuck of SRK (UK) Consulting for Koekoe and Ben Parson of SRK Consulting (Denver) for Kinkine. |
3) Cut-off grades are Oxide = 0.90 g/t ; Transitional = 1.01 g/t; Fresh = 1.23 g/t Au. |
4) Metallurgical recovery at the process plant is 95% for oxide and transitional and 96% for fresh material types. |
5) Processing costs are US$37.87/t to US$52.89/t based upon material types at each deposit and by distance from the process plant. |
Dugbe Project
1) Dugbe Reserves effective as at 01.05.2022. See release dated 13th June 2022 for summary details. Dugbe Reserves shown on a 100% basis. Hummingbird will retain a controlling interest in Dugbe of 51%. They are based on: - an average dilution rate applied to Dugbe F is 10.1% and Tuzon 6.9%. - the average ore recovery applied to Dugbe F is 93.7% and for Tuzon is 95%. - US$1,600.00 Au price. |
2) Scientific or technical information that relates to mining results was reviewed by Mr Frikkie Fourie, an independent consultant for DRA Global (SA). |
3) Scientific or technical information that relates to metallurgy and processing results was reviewed by Mr Marius Phillips and Robin Welsh; full-time employees of DRA Global (SA). |
4) MRE resource models provided by Martin Pittuck of SRK (UK) Consulting. |
5) Mineral Reserves are reported at 0.50g/t Au cut-off grade. |
6) Metallurgical recovery at the process plant is 87% on average and is specific to material type. |
7) Processing cost has been determined to be US$10.71/t with additional G/A and other costs adding to US$7.22/t. |
.
Footnotes to the Company Resources Summary table as per above:
All Company Resources are shown on a 100% basis. Hummingbird will retain a controlling interest in Dugbe of 51%. Mineral Resources are not Mineral Reserves and have no demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, marketing, or other relevant issues. |
Tonnes have been rounded to the nearest 1,000 t; Ounces have been rounded to the nearest 100 oz. Numbers may not total due to rounding. |
Contained ounces have been calculated using 1 oz = 31.1035 g. |
Yanfolila |
1) The MREs have been depleted for recorded mining and orpaillage at 31 December 2021. |
2) KW In Pit - Oxide, transitional and fresh material reported at a cut-off of 0.70 g/t Au above an irregular surface boundary below which zone continuity deteriorates and which averages 185mRL (vertical depth 270 m). |
3) KW In Pit includes 3koz at 0.52 g/t Au marginal material reported between 0.30 to 0.70 g/t Au, within a pit design shell (US$1,500/oz), considered as potentially heap leachable. |
4) KE & GK In Pit - Oxide, transitional and fresh material constrained within a pit design shell (US$1,500/oz), reported at a 0.70 g/t Au cut-off. |
5) KE & GK U/G - Fresh material beneath the open pit design shell (US$1,500/oz), reported at a 1.20 g/t Au cut-off. |
6) SW & SE In Pit - Oxide, transitional and fresh material, reported at a 0.80 g/t Au cut-off to a depth of 240 vertical metres to reflect what may be considered a conceptual base of open pit mining (to the 142mRL). |
7) SW In Pit includes 8koz at 0.63 g/t Au & SE In Pit includes 2koz at 0.62 g/t Au marginal material reported between 0.30 to 0.80 g/t Au, within a pit design shell (US$1,500/oz), considered as potentially heap leachable. |
8) GW In Pit - Oxide and transitional material are unconstrained and reported at a cut-off of 0.60 g/t Au and 0.70 g/t Au, respectively. |
9) Hummingbird have not re-evaluated the historical Gold Fields Ltd Mineral Resources for KS or BM and continues to quote the Resources as announced in the RNS on 15th December 2015 and as previously announced in its purchase of the project in June 2014. |
10) The KS and BM non-code compliant Mineral Resources remain in the 2021 MRE as no exploration work was carried out in these areas during the 2021 exploration programme. The Company intends to carry out further exploration work at these deposits with the aim of converting these resources to JORC compliant standards. |
11) Heap Leachable stockpiles accumulated are low grade suitable for potential Heap Leaching and are classified as a Resource consistent with current classifications with a lower COG of 0.30 g/t. They are Measured Resources since they have been drilled off, sampled on a 10x5x5 metre pattern with RC drilling and stockpiled separately since grades were too low to process in the CIL plant. Studies are underway to convert these stockpiles to Reserves that can be economically processed using Heap Leach methods. |
12) Reported Mineral Resources for KW, KE, SW, SE and GK have been prepared in accordance with the JORC Code (2012 Edition) and are current as at 31 December 2021. |
13) Reported Mineral Resource for GW has been prepared in accordance with the JORC Code (2012 Edition) and was previously reported by Hummingbird via a press release in December 2015 which remain current. |
14) The MRE reported here for KE, SW and SE are based on information compiled under the supervision of Dr Belinda van Lente, Group Mineral Resource Geologist at Hummingbird Resources. Dr van Lente is a member of AIG and a Competent Person as defined by the JORC Code (2012 Edition). |
15) The MRE reported here for KW was based on information compiled under the supervision of Mr. Timothee Sogoba, previous Chief Mineral Resource Geologist at Hummingbird Resources plc. Mr. Sogoba is a member of the AusIMM and a Competent Person as defined by the JORC Code (2012 Edition). |
16) The MRE reported here for GW was based on information compiled under the supervision of Mr. Galen White, of CSA Global (UK) and Mr Mark Fleming, an independent consultant for Hummingbird Resources plc. He acted as the Competent Person, as defined by the JORC Code (2012 Edition). |
17) The MRE reported here for KS was based on information compiled under the supervision of Gold Fields Ltd Mineral Resource Group and the Competent Person (Mr. Alex Trueman), as defined by the SAMREC (2009 Edition) on behalf of Gold Fields Ltd. |
18) The reported Mineral Resource for BM was carried out by the Competent Person acting on behalf of Gold Field Ltd Mineral Resource Group. |
|
Kouroussa |
1) Reported Mineral Resources for KK have been prepared in accordance with the JORC Code (2012 Edition). |
2) The KI, BFJ and XV block models have not been reported in accordance with the JORC Code (2012), however the classification has been completed in accordance with the "Australasian Code for Reporting of Mineral Resources and Ore Reserves" (the JORC Code as prepared by the Joint Ore Reserve Committee of the AusIMM, AIG and MCA and updated in December 2012, (JORC., 2012)). The major classifications and terminologies have been adhered to. The resource classification has been applied to the MRE based on the data spacing, grade and geological continuity, and quality of the estimation. These resources have been prepared under the guidelines JORC (2012). |
3) The effective date of the KI MRE is 28 February 2012 and was previously reported by Hummingbird as announced in its purchase of the project in June 2020. |
4) The reported Mineral Resource for KI was carried out by Mr. Ben Parsons (MAusIMM) as an independent Qualified Person as this term is defined by NI 43-101. Mr. Parsons was an employee of SRK Consulting (UK) Ltd at the time of estimation and reporting. |
5) KI In Pit - Reported at a cut-off grade of 0.43 g/t for laterite and saprolite material, 0.48 g/t for transitional material and 0.53 g/t for fresh material, constrained within a conceptual pit shell (US$1,400/oz). |
6) KI U/G - Reported at a cut-off grade of 1.25 g/t Au for laterite and saprolite material, 1.28 g/t Au for transitional material and 1.37 g/t Au for fresh material, beneath a conceptual pit shell (US$1,400/oz). |
7) The effective date of the KK MRE is 31 December 2021. The previous Mineral Resource for the KK Deposit was previously reported by Hummingbird as announced in its purchase of the project in June 2020. |
8) The Competent Person for the KK MRE is Mr. Martin Pittuck (CEng, MIMMM), an independent Competent Person as defined by the JORC Code (2012 Edition). Mr. Pittuck is an employee of SRK Consulting (UK) Ltd. |
9) KK In Pit - Reported at a cut-off grade of 0.75 g/t Au for oxide, 0.85 g/t Au for transition and 1.00 g/t Au for fresh material, within a US$1,800/oz gold conceptual pit shell. |
10) KK U/G - Reported at 1.80 g/t Au (operating cut-off grade) and 1.00 g/t Au (marginal cut-off grade), beneath a US$1,800/oz gold conceptual pit shell. |
11) The BFJ and XV Mineral Resources were previously reported by Hummingbird as announced in its purchase of the project in June 2020. |
12) The BFJ and XV Deposits were estimated by Mining Plus Pty Ltd and have been reported inside optimised pit shells (US$1,750/oz), at a cut-off grade of 0.50 g/t Au. |
13) The MRE for BFJ and XV Deposits relates to the Estimation and Reporting of Mineral Resources compiled by Mr. Richard Hingston (Chartered Professional and MAusIMM) in December 2018. At the time of reporting, Mr.Hingston was an employee of Mining Plus Pty Ltd and has acted as an independent consultant on the BFJ and XV deposits Mineral Resource estimation. |
Dugbe |
1) See Dugbe release dated 13th June 2022 for more details. |
2) The effective date of the Mineral Resource Estimate is 17 November 2021. |
3) The marginal cut-off grades for Tuzon are 0.34 g/t Au for fresh material and 0.39 g/t Au for weathered material. The marginal cut-off grades for Dugbe F are 0.36 g/t Au for fresh material and 0.40 g/t Au for weathered material. |
4) Mineral Resource estimates are stated within conceptual pit shells using the following main parameters: (i) Au price of US$1700/ounce; (ii) plant recovery of 90%; and (iii) mean specific gravity of 2.78 t/m3 for mineralised gneiss and 2.64 t/m3 for pegmatite in fresh rock and 2.1 t/m3 for oxide material. |
5) The Qualified Person is Mr. Martin Pittuck (CEng, MIMMM), an independent Qualified Person as this term is defined by NI 43-101. Mr. Pittuck is an employee of SRK Consulting (UK) Ltd. |
6) The Mineral Resource has been classified under the guidelines of the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) and undertaken within the context of the Canadian Securities Administrators' National Instrument 43-101 (NI 43-101). |
7) The previous Mineral Resource for the Dugbe Project was reported effective as at 19 August 2020 by Pasofino Gold Ltd, as filed on SEDAR. |
Competent Persons Review:
Reserves
Andri Wiratama (AusIMM) is the Manager of Technical Services at the Yanfolila project in Mali and is Competent Person as defined by the JORC Code (2012 Edition) for the updated Reserves at Yanfolila.
Paul O'Callaghan (FAUSIMM) is an independent consultant and Mine Engineer, and the Competent Person as defined by the JORC Code (2012 Edition) for the Maiden Reserves at Kinkine and updated Reserves at Koekoe in Kouroussa.
Frikkie Fourie (B.Eng, Pr.Eng, MSAIMM) is an independent consultant for DRA Global. Mr Fourie is a Professional Engineer in good standing with the Engineering Council of South Africa, is a Member of the South African Institute of Mining and Metallurgy and has sufficient experience to be considered as a Qualified Person under National Instrument 43-101 for the Dugbe project.
Resources
Dr. Belinda Van Lente (MAIG), the Group Mineral Resource Geologist at Hummingbird Resources, has prepared the Reported Mineral Resources for KE, SW, and SE and compiled the Reported Mineral Resources for KW, GK and GW in accordance with the JORC Code (2012 Edition). These Mineral Resources are current as at 31 December 2021. Dr van Lente is a Competent Person as defined by the JORC Code (2012 Edition).
Martin Pittuck (CEng, MIMMM) is the Independent Competent Person as defined by the JORC code (2012 edition) for the Koekoe Resource update, and sufficient credentials to be considered as the independent Qualified Person as this term is defined by NI 43-101 for the Dugbe Resource statement.
Ben Parsons (AusIMM) prepared the Kinkine Resource estimate in 2012 and is the Qualified Person as this term is defined by NI 43-101. Noris Del Bel Belluz (PGeo) is the Group Technical Services manager and is the Competent Person as defined by the JORC Code (2012 Edition) for the KW Marginal ore stockpile for the main feed source of the Yanfolila Heap Leach project.
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 CP according to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ("JORC Code, 2012 Edition") and a QP 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 plc (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. The final feasibility results on Dugbe showcase 2.76Moz in Reserves and strong economics such as a 3.5-year capex payback period once in production, 14-year life of mine at a low AISC profile of US$1,005/oz. 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.hummingbirdresources.co.uk or contact:
Daniel Betts, CEO Thomas Hill, FD Anthony Köcken, COO Edward Montgomery, CSO & ESG | Hummingbird Resources plc | Tel: +44 (0) 20 7409 6660 |
James Spinney Ritchie Balmer
| Strand Hanson Limited Nominated Adviser | Tel: +44 (0) 20 7409 3494 |
James Asensio Gordon Hamilton | Canaccord Genuity Limited Broker | Tel: +44 (0) 20 7523 8000 |
Bobby Morse Ariadna Peretz George Cleary | Buchanan Financial PR/IR | Tel: +44 (0) 20 7466 5000 Email: HUM@buchanan.uk.com |