Last checked at 18 May 2021 14:30
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining
18 May 2021
Hummingbird Resources plc
('Hummingbird' or the 'Company')
Update on Dugbe Gold Project
Trenching Results Define New Targets on Strike from Tuzon
Hummingbird Resources plc (AIM:HUM) is pleased to provide the following update in relation to the Dugbe Gold Project (the "Project") in Liberia whereby Pasofino Gold Ltd ("Pasofino") (TSXV:VEIN) has announced results of trenching on strike from the Tuzon deposit. For the full Pasofino release details and graphics please follow the link here:
https://money.tmx.com/en/quote/VEIN/news/5994566837571052/Pasofino_Gold_Provides_Results_for_Trenches_Defining_New_Targets_on_Strike_from_Tuzon.
Pasofino has an earn-in agreement for a 49% stake in the Project, with Hummingbird maintaining a controlling interest of 51%. For further details on the option and earn-in agreement with Pasofino, please refer to the Company's RNS dated 4 June 2020.
Highlights from the Pasofino release include:
§ A six-kilometre ("km") long gold ("Au") in soil 'trend' extending south-westwards 'on-strike' from the two million ounce (Indicated Mineral Resource Estimate) Tuzon deposit* was recognised in January 2021. Three 'first pass' trenches were completed in February 2021 to test the trend. All three returned anomalous Au results - up to 2 grammes per tonne ("g/t") Au in bedrock and an interval of 36 m grading 0.6 g/t Au
§ These trench results are important as there has been no drilling on this trend; the soil anomaly is relatively subtle and was not previously targeted
§ At the west end of the trend there are two trenches dating from 2011 that have not been drill-tested to date, despite including a best interval of 26 m grading 0.79 g/t Au
§ These results highlight the potential for new discoveries within relative proximity to the existing deposits, within a trucking distance of the planned processing plant at Tuzon
Dan Betts, CEO of Hummingbird Resources, commented:
"We are encouraged by the trench results received at the Tuzon deposit, where initial results show potential for additional discoveries close to the existing deposit. We look forward to further updates from the Pasofino team on the Tuzon deposit and on progress to deliver a feasibility study at the Project."
Ian Stalker, CEO of Pasofino, commented:
"The trench results suggest that the mineralised layers hosting the Tuzon deposit may be more extensive than currently defined and provide us with some promising new drill targets. That these results are within six km of the 2.3 million ounce Indicated Resources we have at the Tuzon and Dugbe F deposits* makes it all the more meaningful and supports our view that there is more to be found on the 2,559 square kilometre land package."
· * Pasofino's Mineral Resources Estimate as at August 19, 2020 as completed by SRK (UK) Limited
Further Information (selected information from the Pasofino release):
Trench | Interval start (m) | Interval end (m) | Length (m) | Grade Au (g/t) | Material |
TZTR085 | 38.0 | 90.0 | 52.0 | 0.18 | Mottled zone (cover) |
including | 50.0 | 66.0 | 16.0 | 0.25 | Mottled zone (cover) |
|
|
|
|
|
|
TZTR087*1 | 0.0 | 10.0 | 10.0 | 0.13 | gneiss bedrock |
|
|
|
|
|
|
TZTR091 | 32.0 | 68.0 | 36.0 | 0.60 | gneiss bedrock |
including | 34.0 | 40.0 | 6.0 | 1.48 | gneiss bedrock |
|
|
|
|
|
|
KHTR008*2 | 52.0 | 78.0 | 26.0 | 0.79 | unknown |
KHTR007*2 | 116.0 | 126.0 | 10.0 | 0.95 | unknown |
*1 trench started in the anomalous zone *2 untested 2011 Trenches shown on figure 1 |
|
|
| ||
Trenching Overview
Pasofino completed the re-analysis of all historic soil geochemical data which highlighted several weak to moderate strength anomalies on strike of Tuzon and Dugbe F. To test these, three trenches were completed during February 2021.
The trenches are variably spaced along a 6.0 km subtle Au in soil anomaly defined by the 10 ppb contour, extending southwest from the Tuzon deposit. The 6.0 km long trend was not tested until now as the Au in soil values are less obvious than others on the project area. The results of the trenches have been analysed and support the possibility of a 'belt' mineralisation, located north of the Dugbe Shear Zone. Further drilling will be required to firm up on this concept.
At the western end of the trend, trenches KHTR007 and KHTR008 dating from 2011 returned excellent results (best being 26 m grading 0.79 g/t Au) but were never followed up. The new trench TZTR085 is located 500 m southwest of the Tuzon deposit and returned 52 m grading 0.18 g/t Au, this trench was sampled from mottled zone regolith as bedrock was not reached.
Sampling procedure and Quality Assurance and Quality Control (QAQC)
The trench start (collar) positions were determined using a handheld GPS and lidar data for elevation. Trenches were dug to 3 m or to 'refusal' (if bedrock reached) and were 200-204 m in length. Samples were all 2 m in length and taken from a horizontal channel 0.1 m above the trench floor. If an interval had bedrock in the floor of the trench, small chips were taken with a chisel along the interval. Samples were prepared at Liberia Geochemical Services (Inc. in Monrovia) and sent to be analyzed by ALS in Burkina Faso, a facility compliant to ISO 17025:2005 for the analytical methods used for the samples. A certified standard was inserted into every 100 samples and a blank was inserted every 50 samples. A duplicate trench sample was collected every 75th sample. The results of the QAQC samples are acceptable. All samples were stored and transported to the laboratory securely and accompanied by a company representative until arrival at the laboratory. All samples were analysed by fire assay with atomic absorption finish on a sample with 50g nominal weight. The Qualified Person has been unable to review QAQC data for the 2011 trenches but has observed them in the field.
Qualified Persons Statement
Scientific or technical information in this disclosure that relates to exploration results was prepared and approved by Mr. Andrew Pedley. Mr. Pedley is a full-time consultant of Pasofino Gold Ltd.'s wholly-owned subsidiary ARX Resources Limited, and has reviewed this announcement on Hummingbird's behalf. Mr. Pedley is a member in good standing with the South African Council for Natural Scientific Professions (SACNASP) and is as a Qualified Person under National Instrument 43-101.
**ENDS**
For further information please visit www.hummingbirdresources.co.uk or contact:
Daniel Betts, CEO Thomas Hill, FD 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 Thomas Diehl | Canaccord Genuity Limited Broker | Tel: +44 (0) 20 7523 8000 |
Tim Blythe Megan Ray Rachael Brooks | Blytheweigh Financial PR/IR | Tel: +44 (0) 20 7138 3205 |
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 highly 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.