Last checked at 22 Oct 2021 07:01
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining
22 October 2021
Hummingbird Resources plc
('Hummingbird' or the 'Company')
Kouroussa, Guinea Drilling Update
Significant high-grade infill drill results received
Hummingbird Resources plc (AIM: HUM) is pleased to provide an update on the Company's 2021 infill drilling programme at the Kouroussa Gold Mine ("Kouroussa" or "the Project"), which is located within the prospective Siguiri Basin in Guinea. For the full release, including graphics, please follow the link here http://www.rns-pdf.londonstockexchange.com/rns/8814P_1-2021-10-21.pdf.
The Company has received the first initial assay results on 53 new Reverse Circulation ("RC") drill holes and one diamond dual purpose hole, totalling approximately 3,800 metres ('m') drilled of a planned 24,000 m drill programme at one of Kouroussa's key deposits, KoeKoe ("KK").
KK Drilling highlights:
§ Results show significant high-grade potential and mineralisation open at depth. Drilling intersection highlights include:
Drill Hole Number | Depth from (m) | Depth to (m) | Intercept description |
KGT024 | 59 | 62 | 3m @ 4.17 g/t |
KRC1731 | 78 | 81 | 3m @ 4.16 g/t |
KRC1750 | 33 | 36 | 3m @ 6.72 g/t |
KRC1754 | 23 | 47 | 24m @ 7.37 g/t |
KRC1758 | 4 | 8 | 4m @ 3.75 g/t |
KRC1775A | 83 | 87 | 4m @ 10.68 g/t |
KRC1776 | 82 | 87 | 5m @ 37.11 g/t |
KRC1780 | 51 | 69 | 18m @ 3.71 g/t |
§ The 2021 infill drilling programme is focused on converting approximately 160,000 -180,000 ounces ('oz') of the current in-pit inferred material to indicated
§ An updated Company reserves statement will be released later this quarter and will include a maiden reserve estimate for the KK deposit at Kouroussa
§ The above results provide significant indications as to the high-grade nature of the KK mineralisation and once again highlight the prospective nature of the Siguiri Basin. The current drill programme has targeted the shallow mineralisation above 200m RL, and the Company is planning further exploration at depth in 2022.
Dan Betts, CEO of Hummingbird Resources, commented:
"Extensive historical drilling results at Kouroussa have showcased multiple high-grade mineralisation zones, and we have focused on further developing these using modern techniques and industry experts to further define the resource. This set of updated results continue to show the high level of prospectively in the Siguiri Basin where the Kouroussa mine licenses are situated and the reason why there is significant activity within the region. Our near-term drilling goals at Kouroussa focus on converting the maximum amount of resources into reserves before we commence production in 2023. From next year onwards we will also begin a new exploration drilling campaign to increase the overall resource base of the asset to further extend Kouroussa's mine life. Our goal is to have a reserve base of +10 years on each of our assets and should we continue with these types of drilling results and those being seen from Yanfolila, Mali and Dugbe, Liberia, we believe this goal can be achieved in the medium term."
Murray Paterson, Chief Geologist of Hummingbird, commented:
"The drilling at Kouroussa is extremely exciting and valuable to us in providing excellent geological information which will help refine our geological model of the deposit for future mining and exploration. Importantly these drill holes are intersecting the inferred mineralisation where it was interpreted to be in the current MRE model. We are seeing numerous examples of visible gold that is highly encouraging and a sign of the overall excellent geological potential at Kouroussa."
2021 Koekoe infill drill programme summary
Following the purchase of the Kouroussa gold project in September 2020, it was identified as a Company goal to increase the reserve base to +1Mozs as quickly as possible. The first step in achieving this goal was to initially target the inferred material contained within the planned KK open pit (@$1,500/oz gold price). Due to the tight spacing of drilling whereby indicated resources have a drill density of less than or equal to 25m x 25m, an infill drill programme was designed to allow for the conversion of the inferred material (drill density of 50m X 50m spacing) to Indicated.
A review of the KK drill database also showed that there were numerous mineralised zones not contained within the MRE grade domains and therefore represented excellent opportunities to add new shallow mineralised zones to the MRE on which to grow the resources and likely to add to future mineable reserves.
The infill drill programme at KK, is for +24,000 m and approximately +300 holes, down to a maximum depth of 200m (drill hole depth). Approximately 16,000 m of the 24,000 m drilling has been completed, and is on target to be completed by year end.
KK is made up of multiple pits from five mineralised zones with many of these open ended along strike or down dip. The majority of the inferred mineral resources are contained within the Sanu Filanan zone (approx. 110kozs) located within the main pit and the planned drilling has mostly concentrated on this zone.
The drilling is testing: the deeper inferred material within the main pit of the KK deposit; extensional drilling to further grow the current mineral resource base; testing for new shallow zones of open pit mineralisation; and drilling for initial indications of underground mineral resource potential,
Work has begun on preparing and planning for the 2022 exploration drill programme with the likely focus on increasing the economic mineral resources at the KK deposit and the other key deposit at Kouroussa, called Kinkine.
An updated Company reserve statement is to be released later this quarter, to include a maiden reserve on the Kouroussa KK deposit to be based on the mineral resource estimate ('MRE') as at May 2020. These and subsequent drill results for 2021 will be used in the 2022 updated Company resources and reserves statement to be released Q2 2022.
Kouroussa's total current resource is 1.18Moz at +3 g/t (625,600oz indicated, 552,700oz inferred), with the KK's current resource at 846,000 oz at 3.54g/t (487,000 oz indicated, 359,000 oz inferred) as detailed in the table below.
Current Kouroussa Mineral Resource Estimate summary table - May 2020
Mineral Resource Estimate for the Kouroussa Deposit - as at May 2020 | |||||||||||
Deposit | Type | Cut-off grade (g/t) | Indicated | Inferred | TOTAL | ||||||
Tonnes | Grade (g/t) | Ounces | Tonnes | Grade (g/t) | Ounces | Tonnes | Grade (g/t) | Ounces | |||
Koekoe | Open Pit | 0.5 | 3,816,000 | 3.96 | 486,000 | 3,523,000 | 2.99 | 338,000 | 7,339,000 | 3.49 | 824,000 |
Underground | 3.5 | 3,000 | 5.19 | 1,000 | 94,000 | 6.86 | 21,000 | 97,000 | 6.80 | 22,000 | |
Bag Farm - Junction | Open Pit | 0.5 | - | - | - | 1,743,000 | 1.59 | 89,000 | 1,743,000 | 1.59 | 89,000 |
X-Vein | Open Pit | 0.5 | - | - | - | 354,000 | 7.33 | 83,000 | 354,000 | 7.33 | 83,000 |
Kinkine | Open Pit |
| 1,883,900 | 2.20 | 133,300 | 63,200 | 1.60 | 3,300 | 1,947,100 | 2.18 | 136,600 |
Underground |
| 96,500 | 1.70 | 5,300 | 324,400 | 1.76 | 17,700 | 420,900 | 1.75 | 23,000 | |
Open Pit | Variable | 5,699,900 | 3.38 | 619,300 | 5,683,200 | 2.81 | 513,300 | 11,383,100 | 3.09 | 1,132,600 | |
Underground | Variable | 99,500 | 1.97 | 6,300 | 418,400 | 2.93 | 39,400 | 517,900 | 2.74 | 45,700 | |
Total Kouroussa |
| 5,799,400 | 3.36 | 625,600 | 6,101,600 | 2.82 | 552,700 | 11,901,000 | 3.08 | 1,178,300 | |
Note: Refer to 8 June 2020 release for more mineral resource reporting details on individual Kouroussa deposits
Koekoe selected drill results
Drill Hole Number | Depth from (m) | Depth to (m) | Intercept description |
KGT024 | 18 | 27 | 9m @ 0.47 g/t |
KGT024 | 59 | 62 | 3m @ 4.17 g/t |
KMW014 | 18 | 21 | 3m @ 1.22 g/t |
KMW014A | 12 | 15 | 3m @ 2.44 g/t |
KMW015 | 42 | 45 | 3m @ 1.12 g/t |
KRC1731 | 33 | 39 | 6m @ 1.41 g/t |
KRC1731 | 78 | 81 | 3m @ 4.16 g/t |
KRC1745 | 1 | 8 | 7m @ 0.66 g/t |
KRC1746 | 37 | 44 | 7m @ 2.87 g/t |
KRC1747 | 2 | 10 | 8m @ 0.43 g/t |
KRC1749 | 73 | 78 | 5m @ 0.93 g/t |
KRC1749 | 63 | 67 | 4m @ 1.22 g/t |
KRC1750 | 33 | 36 | 3m @ 6.72 g/t |
KRC1751 | 14 | 17 | 3m @ 2.20 g/t |
KRC1752 | 43 | 46 | 3m @ 1.55 g/t |
KRC1752 | 54 | 59 | 5m @ 1.21 g/t |
KRC1753 | 7 | 11 | 4m @ 0.77 g/t |
KRC1754 | 56 | 61 | 5m @ 0.71 g/t |
KRC1754 | 23 | 47 | 24m @ 7.37 g/t |
KRC1758 | 4 | 8 | 4m @ 3.75 g/t |
KRC1759 | 5 | 12 | 7m @ 0.57 g/t |
KRC1759 | 14 | 20 | 6m @ 0.89 g/t |
KRC1760 | 36 | 44 | 8m @ 1.16 g/t |
KRC1761 | 54 | 64 | 10m @ 1.70 g/t |
KRC1763 | 62 | 65 | 3m @ 1.54 g/t |
KRC1764 | 27 | 29 | 2m @ 2.37 g/t |
KRC1764 | 15 | 17 | 2m @ 4.00 g/t |
KRC1765 | 22 | 38 | 16m @ 1.85 g/t |
KRC1766 | 25 | 30 | 5m @ 0.94 g/t |
KRC1767 | 61 | 64 | 3m @ 1.61 g/t |
KRC1775A | 71 | 80 | 9m @ 1.52 g/t |
KRC1775A | 83 | 87 | 4m @ 10.68 g/t |
KRC1776 | 82 | 87 | 5m @ 37.11 g/t |
KRC1777 | 86 | 90 | 4m @ 1.30 g/t |
KRC1780 | 51 | 69 | 18m @ 3.71 g/t |
KRCD1725 | 87 | 89 | 2m @ 1.88 g/t |
KRCD1725 | 12 | 15 | 3m @ 1.69 g/t |
KRCD1725 | 91 | 94 | 3m @ 2.59 g/t |
KRCD1726 | 11 | 19 | 8m @ 0.48 g/t |
KRCD1726 | 51 | 55 | 4m @ 1.43 g/t |
Note: Minimum Interval 2m Trigger value 0.3 g/t
Qualified Person Review:
Murray Paterson 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. Murray Paterson is the Chief Geologist for the Company and is a member of good standing with the Australasian Institute of Mining and Metallurgy (MAusIMM).
**ENDS**
For further information please visit www.hummingbirdresources.co.uk or contact:
Daniel Betts, CEO Thomas Hill, FD Anthony Kocken, 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 | Canaccord Genuity Limited Broker | Tel: +44 (0) 20 7523 8000 |
Bobby Morse Augustine Chipungu James Husband | Buchanan Financial PR/IR | Tel: +44 (0) 20 7466 5000 |
Notes to Editors:
Hummingbird Resources (AIM: HUM) is a leading multi-asset, multi-jurisdiction gold production, development and exploration company and member of the World Gold Council ('WGC'). Hummingbird's vision is to continue to grow its asset base, producing profitable ounces, while continuing to focus on its Environmental, Social & Governance ('ESG') policies and practices. The Company currently has two core gold projects, the producing Yanfolila Gold Mine in Mali, and the Kouroussa gold development project in Guinea. 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.