Last checked at 3 Jun 2013 07:00
3rd June 2013
Hummingbird Resources plc
("Hummingbird Resources" or the "Company") (AIM: HUM)
Further results from 2013 Infill Drill Campaign
Hummingbird Resources, the Liberian gold explorer with a 3.8 Moz gold Resource, announces initial results from a further 25 holes in the 2013 infill drill campaign. These holes represent a further 7,716 metres of drilling of the 15,802 metres drilled to date in the 2013 Tuzon infill drill programme.
Selected Tuzon Drilling Results
·; TDC082 11m @ 1.98g/t gold
·; TDC082 10.24m @ 1.72g/t gold
·; TDC082 13.01m @ 1.69 g/t gold
·; TDC086 15.6m @ 2.76g/t gold
·; TDC086 20.7m @ 1.51g/t gold
·; TDC091 12.4m @ 1.63 g/t
·; TDC092 18.8m @ 1.45g/t gold
·; TDC098 30m @ 1.89g/t gold
·; TDC107 17m @ 1.97g/t gold
·; TDC107 13.4m @ 1.81g/t gold
·; TDC110 9m @ 1.49g/t gold
The drill programme is focused on infill drilling the Company's NI 43-101 compliant Tuzon Inferred resource to increased levels of confidence ahead of a Feasibility Study on Hummingbird Resource's flagship Dugbe 1 Project, which incorporates both the Dugbe F and Tuzon deposits.
The recently published PEA outlined the current LOM head grade at 1.3g/t, with the first five years at 1.4g/t. The results announced today support the overall grade of the deposit as defined in the PEA, and indicates the potential for the existence of a higher grade zone that could be the focus of mining in the first years of operation.
Following the IFC investment and Anglo Pacific royalty agreement, the Company is fully funded for its 2013 work programme.
Dan Betts, Chief Executive of Hummingbird Resources, said:
"We continue to make excellent progress with the current infill drilling programme. The latest results show further encouraging intersections and continue to support our view that the Tuzon discovery has the potential for higher grade starter pits.
Whilst work continues we are looking forward to the results of our regional airborne magnetic survey and to the award of our Feasibility Study contract."
ENDS
Enquiries:
Hummingbird Resources plc
Daniel Betts, Chief Executive Officer
Thomas Hill, Finance Director
Robert Monro, Head of Business Development +44 (0) 203 416 3560
Liberum Capital Limited
Nominated Adviser and Joint Broker
Tom Fyson / Christopher Kololian +44 (0) 203 100 2222
FTI Consulting LLP
Financial PR
Ben Brewerton / Oliver Winters +44 (0) 207 831 3113
Notes to Editors
About Hummingbird Resources plc
Hummingbird Resources plc is an AIM quoted mineral exploration company incorporated in England and Wales and headquartered in London. Since its establishment in November 2005, the Company and its subsidiaries (the "Group") has been active in Liberia, West Africa, and is currently the holder of the largest area of mineral exploration ground in the highly prospective Birimian geological region of eastern Liberia. The Group's total Inferred Resource is 3,835,000 ounces of gold. The Group has published a PEA on its project showing on a 3.5Mtpa tank leach operations and NPV of US$337m on a Capex of US$212m for an IRR of 43.4%. This gives a payback period of 3 years and is based on a 10% discount rate and US$1,500 gold price (three year average gold price at time of release).
The Group has published a NI43-101 compliant Inferred Resource on its Dugbe F deposit of 43.01 million tonnes at 1.28 g/t Au to give 1,764,000 ounces of gold using a lower cut-off grade of 0.5 g/t Au and no upper cut-off grade. In addition, the Group has declared an Inferred Resource on its Tuzon project of 51.1 million tonnes at 1.26 g/t Au to give 2,071,000 ounces gold using a lower cut-off grade of 0.5 g/t Au and an upper cut-off grade of 7.0 g/t Au. Tuzon lies 2.6km to the east of the Dugbe F deposit. Exploration is being carried out to best industry practices.
In 2013 the Group is moving the Dugbe 1 Project towards feasibility and is currently infill drilling its existing Resources as well as continued regional exploration work.
The Group currently holds exploration licences covering approximately 7,000 square kilometres in total, which constitutes a significant proportion of eastern Liberia containing the Birimian sequence.
For more information, please visit www.hummingbirdresources.co.uk
Appendix of all 2013 drilling results (includes 6 holes released on 28th March):
Calculated at 0.5 g/t Au lower cut-off and 7.0 g/t Au upper cut-off | Drill collar information | ||||||||||
Hole ID | From (m) | To (m) | Interval (m) | Grade (g/t Au) | EUTM Survey | NUTM Survey | RL Survey | DIP | AZ | EOH | |
TDC078 | 39.2 | 40.1 | 1.0 | 0.52 | 555201 | 563098 | 113 | -60 | 295 | 234 | |
TDC079 | 1.2 | 3.2 | 2.0 | 0.8 | 555239 | 562994 | 114 | -60 | 295 | 254 | |
26.4 | 27.2 | 0.8 | 1.32 | ||||||||
31.0 | 33.0 | 2.0 | 4.45 | ||||||||
35.0 | 55.3 | 20.3 | 2.69 | ||||||||
56.3 | 69.7 | 13.4 | 1.36 | ||||||||
70.7 | 72.9 | 2.2 | 1.42 | ||||||||
174.9 | 175.9 | 1.0 | 1.18 | ||||||||
177.0 | 178.1 | 1.1 | 0.59 | ||||||||
179.6 | 180.2 | 0.6 | 2.06 | ||||||||
181.1 | 182.5 | 1.4 | 1.95 | ||||||||
186.7 | 187.9 | 1.2 | 1.79 | ||||||||
189.0 | 189.9 | 0.9 | 1.67 | ||||||||
193.4 | 194.2 | 0.8 | 0.91 | ||||||||
198.0 | 199.3 | 1.3 | 4.81 | ||||||||
201.4 | 205.0 | 3.6 | 1.72 | ||||||||
206.7 | 212.2 | 5.5 | 1.02 | ||||||||
217.3 | 219.0 | 1.7 | 0.8 | ||||||||
TDC080 | 0.0 | 1.8 | 1.8 | 0.77 | 555275 | 563070 | 110 | -60 | 295 | 333 | |
12.9 | 14.3 | 1.4 | 0.55 | ||||||||
32.6 | 45.0 | 12.4 | 1.23 | ||||||||
140.9 | 142.0 | 1.1 | 2.68 | ||||||||
154.9 | 157.9 | 3.0 | 2.88 | ||||||||
160.7 | 165.4 | 4.6 | 1.81 | ||||||||
191.1 | 194.3 | 3.2 | 0.68 | ||||||||
229.3 | 230.4 | 1.0 | 0.81 | ||||||||
232.3 | 234.3 | 2.0 | 0.7 | ||||||||
236.4 | 240.5 | 4.2 | 1.12 | ||||||||
241.5 | 266.5 | 25.0 | 1.45 | ||||||||
269.5 | 271.7 | 2.2 | 0.59 | ||||||||
274.0 | 282.0 | 8.0 | 0.86 | ||||||||
296.3 | 297.3 | 1.0 | 0.62 | ||||||||
300.3 | 301.3 | 1.0 | 1.19 | ||||||||
306.6 | 308.6 | 2.0 | 3.66 | ||||||||
312.8 | 315.8 | 2.9 | 2.46 | ||||||||
312.8 | 315.8 | 2.9 | 2.46 | ||||||||
TDC081 | 0.0 | 7.3 | 7.3 | 2.91 | 555171 | 562944 | 118 | -60 | 295 | 248 | |
8.4 | 18.8 | 10.4 | 1.16 | ||||||||
20.8 | 23.8 | 3.0 | 0.69 | ||||||||
TDC082 | 8.0 | 10.3 | 2.3 | 0.74 | 555240 | 562908 | 118 | -60 | 295 | 308 | |
14.0 | 15.0 | 1.0 | 1.81 | ||||||||
17.0 | 18.0 | 1.0 | 0.69 | ||||||||
64.7 | 66.9 | 2.2 | 1.13 | ||||||||
68.0 | 89.4 | 21.4 | 1.15 | ||||||||
90.4 | 94.7 | 4.3 | 2.17 | ||||||||
99.0 | 103.7 | 4.8 | 1.58 | ||||||||
179.1 | 189.3 | 10.2 | 1.72 | ||||||||
219.6 | 221.6 | 2.0 | 0.91 | ||||||||
228.0 | 230.1 | 2.1 | 0.84 | ||||||||
232.5 | 233.6 | 1.1 | 0.59 | ||||||||
259.4 | 261.5 | 2.1 | 1.48 | ||||||||
271.0 | 282.0 | 11.0 | 1.98 | ||||||||
285.3 | 289.5 | 4.1 | 0.6 | ||||||||
294.2 | 307.2 | 13.0 | 1.69 | ||||||||
TDC083 | 99.6 | 120.4 | 20.8 | 1.32 | 555247 | 562727 | 124 | -60 | 295 | 308 | |
122.4 | 124.2 | 1.8 | 0.72 | ||||||||
156.0 | 158.0 | 2.0 | 0.9 | ||||||||
178.4 | 182.1 | 3.7 | 1.13 | ||||||||
183.6 | 185.0 | 1.4 | 0.71 | ||||||||
188.0 | 191.7 | 3.7 | 1.46 | ||||||||
193.0 | 207.0 | 14.0 | 1.16 | ||||||||
209.1 | 211.4 | 2.2 | 0.71 | ||||||||
214.0 | 215.7 | 1.7 | 1.65 | ||||||||
TDC084 | 1.0 | 2.0 | 1.0 | 0.54 | 555319 | 562872 | 117 | -60 | 295 | 301 | |
14.4 | 15.0 | 0.6 | 1.95 | ||||||||
18.3 | 25.0 | 6.8 | 1.73 | ||||||||
30.0 | 37.0 | 7.0 | 2.02 | ||||||||
42.7 | 51.8 | 9.1 | 2.18 | ||||||||
111.0 | 112.0 | 1.0 | 5.17 | ||||||||
141.7 | 153.0 | 11.3 | 1.49 | ||||||||
299.0 | 300.2 | 1.2 | 0.74 | ||||||||
TDC085 | 2.0 | 7.3 | 5.3 | 0.67 | 555117 | 562794 | 104 | -60 | 295 | 224 | |
20.0 | 26.1 | 6.1 | 1.52 | ||||||||
28.6 | 46.0 | 17.4 | 1.21 | ||||||||
78.5 | 82.3 | 3.8 | 1.21 | ||||||||
159.6 | 160.6 | 1.0 | 0.61 | ||||||||
163.9 | 165.0 | 1.1 | 0.7 | ||||||||
TDC086 | 52.0 | 56.0 | 4.0 | 2.18 | 555175 | 562763 | 111 | -60 | 295 | 279 | |
72.0 | 76.0 | 4.0 | 0.84 | ||||||||
88.0 | 92.0 | 4.0 | 0.71 | ||||||||
98.0 | 118.7 | 20.7 | 1.51 | ||||||||
121.2 | 124.9 | 3.7 | 1.41 | ||||||||
126.0 | 141.6 | 15.6 | 2.76 | ||||||||
179.8 | 180.9 | 1.1 | 0.51 | ||||||||
196.9 | 201.4 | 4.5 | 1.57 | ||||||||
202.5 | 206.2 | 3.7 | 1.67 | ||||||||
214.9 | 216.0 | 1.1 | 0.57 | ||||||||
257.1 | 258.0 | 0.9 | 0.53 | ||||||||
267.0 | 268.0 | 1.0 | 1.09 | ||||||||
TDC087 | 0.0 | 4.2 | 4.2 | 0.6 | 555010 | 562792 | 106 | -60 | 296 | 200 | |
22.1 | 23.3 | 1.2 | 0.56 | ||||||||
42.5 | 43.4 | 0.9 | 1.63 | ||||||||
55.7 | 56.4 | 0.7 | 28.6 | ||||||||
TDC088 | 1.1 | 10.0 | 8.9 | 1.78 | 554964 | 562683 | 102 | -60 | 295 | 230 | |
11.7 | 12.7 | 1.0 | 0.69 | ||||||||
27.7 | 28.8 | 1.1 | 1.29 | ||||||||
TDC089 | 104.0 | 106.0 | 2.0 | 1.11 | 555122 | 562604 | 105 | -60 | 295 | 299 | |
134.0 | 147.0 | 13.0 | 1.15 | ||||||||
150.0 | 154.0 | 4.0 | 0.69 | ||||||||
159.0 | 179.0 | 20.0 | 0.92 | ||||||||
197.0 | 199.0 | 2.0 | 0.74 | ||||||||
224.4 | 225.3 | 0.9 | 0.61 | ||||||||
235.0 | 238.0 | 3.0 | 1.28 | ||||||||
243.4 | 249.0 | 5.6 | 0.69 | ||||||||
265.0 | 269.0 | 4.0 | 0.51 | ||||||||
TDC090 | 4.0 | 6.0 | 2.0 | 0.63 | 555008 | 562581 | 105 | -60 | 292 | 218 | |
43.0 | 47.0 | 4.0 | 0.75 | ||||||||
71.0 | 72.0 | 1.0 | 1.74 | ||||||||
74.0 | 84.0 | 10.0 | 0.89 | ||||||||
90.0 | 92.0 | 2.0 | 0.69 | ||||||||
114.2 | 117.4 | 3.2 | 1.59 | ||||||||
TDC091 | 20.0 | 32.4 | 12.4 | 1.63 | 555064 | 562676 | 103 | -60 | 294 | 251 | |
55.0 | 66.0 | 11.0 | 1.19 | ||||||||
68.0 | 70.0 | 2.0 | 3.33 | ||||||||
79.0 | 86.9 | 7.9 | 1.29 | ||||||||
223.0 | 225.0 | 2.0 | 0.55 | ||||||||
TDC092 | 3.0 | 15.0 | 12.0 | 1.09 | 554892 | 562542 | 114 | -60 | 294 | 212 | |
39.0 | 40.0 | 1.0 | 0.7 | ||||||||
49.3 | 68.1 | 18.8 | 1.45 | ||||||||
TDC093 | 102.0 | 116.0 | 14.0 | 1.11 | 554964 | 562508 | 121 | -60 | 293 | 245 | |
TDC094 | 25.0 | 27.0 | 2.0 | 0.5 | 554801 | 562432 | 113 | -60 | 296 | 221 | |
58.0 | 59.0 | 1.0 | 4.19 | ||||||||
94.4 | 98.1 | 3.7 | 0.86 | ||||||||
101.5 | 102.7 | 1.2 | 0.71 | ||||||||
167.0 | 169.0 | 2.0 | 0.63 | ||||||||
TDC095 | 128.0 | 131.0 | 3.0 | 0.86 | 554952 | 562383 | 101 | -60 | 295 | 311 | |
144.0 | 146.0 | 2.0 | 1.29 | ||||||||
148.1 | 152.0 | 3.9 | 1.52 | ||||||||
170.0 | 179.0 | 9.0 | 1.01 | ||||||||
187.0 | 189.0 | 2.0 | 1.16 | ||||||||
212.8 | 223.0 | 10.2 | 1.32 | ||||||||
225.0 | 229.0 | 4.0 | 1.04 | ||||||||
235.0 | 237.0 | 2.0 | 1.86 | ||||||||
262.0 | 263.0 | 1.0 | 0.97 | ||||||||
266.0 | 268.0 | 2.0 | 0.81 | ||||||||
274.0 | 276.0 | 2.0 | 0.56 | ||||||||
306.7 | 311.4 | 4.7 | 1.41 | ||||||||
TDC096 | 68.0 | 72.0 | 4.0 | 1.02 | 554734 | 562392 | 108 | -60 | 295 | 217 | |
90.0 | 92.0 | 2.0 | 0.69 | ||||||||
97.0 | 101.0 | 4.0 | 0.56 | ||||||||
119.7 | 121.4 | 1.7 | 0.71 | ||||||||
133.0 | 134.0 | 1.0 | 1.1 | ||||||||
154.0 | 154.7 | 0.7 | 0.88 | ||||||||
183.0 | 184.9 | 1.9 | 0.89 | ||||||||
TDC097 | 25.5 | 28.2 | 2.7 | 1.52 | 554708 | 562315 | 100 | -60 | 295 | 236 | |
88.0 | 90.0 | 2.0 | 0.78 | ||||||||
105.4 | 108.0 | 2.6 | 0.89 | ||||||||
116.0 | 117.0 | 1.0 | 0.58 | ||||||||
143.0 | 146.7 | 3.7 | 0.69 | ||||||||
149.0 | 150.0 | 1.0 | 0.66 | ||||||||
163.1 | 164.5 | 1.4 | 0.65 | ||||||||
165.8 | 167.0 | 1.2 | 1.03 | ||||||||
221.0 | 223.0 | 2.0 | 0.55 | ||||||||
TDC098 | 62.0 | 71.8 | 9.8 | 1.46 | 554869 | 562422 | 114 | -60 | 295 | 267 | |
88.0 | 90.0 | 2.0 | 2.52 | ||||||||
95.0 | 125.0 | 30.0 | 1.89 | ||||||||
135.0 | 140.0 | 5.0 | 0.8 | ||||||||
TDC099 | 26.0 | 28.0 | 2.0 | 0.54 | 554880 | 562319 | 102 | -60 | 295 | 281 | |
150.9 | 154.0 | 3.1 | 1.35 | ||||||||
159.0 | 160.0 | 1.0 | 1.97 | ||||||||
175.0 | 180.0 | 5.0 | 0.66 | ||||||||
255.0 | 257.0 | 2.0 | 1.43 | ||||||||
TDC100 | 85.0 | 87.1 | 2.1 | 1.02 | 554810 | 562362 | 103 | -60 | 296 | 252 | |
89.0 | 90.0 | 1.0 | 0.71 | ||||||||
92.0 | 99.0 | 7.0 | 0.87 | ||||||||
103.0 | 108.0 | 5.0 | 1.24 | ||||||||
111.0 | 114.0 | 3.0 | 0.71 | ||||||||
128.0 | 142.0 | 14.0 | 0.87 | ||||||||
165.0 | 166.0 | 1.0 | 1.11 | ||||||||
TDC102 | 117.6 | 120.0 | 2.4 | 0.79 | 554675 | 562251 | 106 | -60 | 295 | 273 | |
125.0 | 126.6 | 1.6 | 0.66 | ||||||||
146.3 | 147.0 | 0.7 | 0.73 | ||||||||
154.0 | 156.0 | 2.0 | 0.64 | ||||||||
190.9 | 192.0 | 1.1 | 0.86 | ||||||||
204.0 | 205.0 | 1.0 | 2.15 | ||||||||
223.0 | 225.0 | 2.0 | 0.59 | ||||||||
251.1 | 253.0 | 1.9 | 0.73 | ||||||||
268.0 | 270.0 | 2.0 | 2.22 | ||||||||
TDC105 | 33.0 | 43.0 | 10.0 | 1.12 | 554839 | 562576 | 113 | -60 | 295 | 162 | |
92.0 | 93.0 | 1.0 | 0.58 | ||||||||
95.0 | 96.0 | 1.0 | 0.83 | ||||||||
98.9 | 99.9 | 1.0 | 0.9 | ||||||||
TDC103 | 80.0 | 81.0 | 1.0 | 0.71 | 554664 | 562161 | 101 | -60 | 295 | 252 | |
90.0 | 92.0 | 2.0 | 0.51 | ||||||||
127.0 | 129.0 | 2.0 | 0.92 | ||||||||
144.0 | 151.0 | 7.0 | 0.58 | ||||||||
241.0 | 243.0 | 2.0 | 1.43 | ||||||||
248.6 | 250.0 | 1.4 | 0.79 | ||||||||
TDC104 | 0.0 | 8.0 | 8.0 | 0.95 | 554902 | 562710 | 105 | -60 | 295 | 153 | |
44.9 | 47.0 | 2.1 | 0.97 | ||||||||
TDC106 | 47.0 | 53.0 | 6.0 | 0.93 | 554804 | 562509 | 120 | -60 | 295 | 161 | |
55.0 | 59.0 | 4.0 | 0.85 | ||||||||
104.0 | 107.0 | 3.0 | 0.66 | ||||||||
115.0 | 117.0 | 2.0 | 0.74 | ||||||||
TDC107 | 58.0 | 59.0 | 1.0 | 1.32 | 555053 | 562469 | 108 | -60 | 295 | 306 | |
61.0 | 65.0 | 4.0 | 1.94 | ||||||||
68.9 | 70.0 | 1.1 | 1.57 | ||||||||
83.0 | 85.0 | 2.0 | 0.87 | ||||||||
130.0 | 136.0 | 6.0 | 1.4 | ||||||||
138.0 | 145.0 | 7.0 | 1.94 | ||||||||
151.0 | 168.0 | 17.0 | 1.97 | ||||||||
171.2 | 175.0 | 3.8 | 0.72 | ||||||||
177.0 | 182.0 | 5.0 | 1.65 | ||||||||
184.0 | 186.0 | 2.0 | 0.51 | ||||||||
197.6 | 211.0 | 13.4 | 1.81 | ||||||||
213.0 | 219.0 | 6.0 | 0.65 | ||||||||
221.0 | 241.0 | 20.0 | 1.2 | ||||||||
243.1 | 246.0 | 2.9 | 0.95 | ||||||||
262.9 | 272.0 | 9.1 | 1.01 | ||||||||
274.6 | 276.0 | 1.4 | 0.57 | ||||||||
280.2 | 286.7 | 6.5 | 1.12 | ||||||||
295.8 | 296.8 | 1.0 | 0.64 | ||||||||
TDC108 | 32.0 | 34.0 | 2.0 | 0.99 | 554753 | 562486 | 116 | -60 | 295 | 141 | |
60.0 | 61.0 | 1.0 | 0.52 | ||||||||
63.0 | 64.0 | 1.0 | 0.5 | ||||||||
117.0 | 118.0 | 1.0 | 0.97 | ||||||||
TDC110 | 108.0 | 110.0 | 2.0 | 0.64 | 555194 | 562587 | 108 | -60 | 295 | 279 | |
119.0 | 122.0 | 3.0 | 1.07 | ||||||||
130.0 | 131.0 | 1.0 | 0.76 | ||||||||
133.0 | 135.0 | 2.0 | 1.23 | ||||||||
158.0 | 167.0 | 9.0 | 1.49 | ||||||||
228.0 | 229.0 | 1.0 | 0.72 | ||||||||
TDC111 | 41.0 | 42.0 | 1.0 | 0.5 | 555060 | 562651 | 103 | -60 | 295 | 229 | |
62.8 | 67.0 | 4.2 | 1.3 | ||||||||
72.2 | 74.0 | 1.8 | 1.12 | ||||||||
84.0 | 89.0 | 5.0 | 1.35 | ||||||||
208.0 | 209.0 | 1.0 | 1.65 | ||||||||
Note: David Pelham has reviewed and approved the technical information contained within this announcement in his capacity as a qualified person, as required under the AIM rules. David Pelham is Technical Director of the Company and is a member of the Institute of Materials, Minerals and Mining.