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Further results from 2013 Infill Drill Campaign

3 Jun 2013 07:00

RNS Number : 0796G
Hummingbird Resources PLC
03 June 2013
 



 

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.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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