Last checked at 4 Mar 2019 07:00
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining
Hummingbird Resources plc
("Hummingbird" or the "Company")
Update on Exploration Results
Hummingbird Resources (AIM:HUM) is pleased to announce its third set of drilling results from the recently completed exploration campaign at the Yanfolila Gold Mine in Mali, the main focus of which was to convert resources to reserves and, in time, extend the mine life.
The completed drilling programme largely focused around the resource definition at Gonka, with some further follow up drilling at Komana West. Hummingbird is pleased to report that the latest results demonstrate more high-grade potential and continued exploration potential at depth. Additionally, in December 2018, the Group announced a set of high-grade results, of which the stand-out intercept was 15 m @ 16.03 g/t.
Hummingbird is now focussed on integrating the positive results seen in its exploration programme into its mine plan. The Gonka deposit is situated just 5 km from the process plant, making it suitable to be included in the current mine plan. The deposit is fully permitted and within the mining license, which will allow mining to start immediately, once the resource modelling and mine planning is completed.
Drilling Highlights:
Gonka ('GK') Deposit
· 18 m @ 9.39 g/t from 156 m depth (GKRCD0023B)
· 4.3 m @ 29.74 g/t from 250 m depth (GKRCD0050)
· 6.5 m @ 6.55 g/t from 37.8 m depth (GKDD0031)
· 3 m @ 12.89 g/t from 137 m depth (GKRCD0041B)
· 10 m @ 3.13 g/t from 58 m depth (GKRCD0045)
· 13.6 m @ 2.56 g/t from 34 m depth (GKDD00011)
Murray Paterson, Chief Geologist for Hummingbird, commented:
"Following the conclusion of the drilling programme at Gonka, we have moved to the resource modelling phase as we look to publish a new and updated mineral resource for Gonka and the open pitable reserves. After this is completed the Company plans to release a new life of mine plan at Yanfolila.
"Our exploration team is reviewing the Gonka drilling data and is planning ahead for the coming 2019 drilling programme, which will target the down dip extensions to Gonka to expand the resource and reserves. A thorough review of the database to identify new greenfield targets is also underway and this is expected to yield high priority targets to drill test outside the current seven deposits that have resources associated with them."
Further information:
2018 Exploration Results
On the completion of the 2018 drilling programme the total metres drilled was 28,349 m.
A breakdown of the numbers is as follows;
Deposit | Drilling | Metres |
Gonka | Reverse Circulation | 6,836 |
Diamond Drill Hole | 13,930 | |
Komana West | Reverse Circulation | 3,091 |
Diamond Drill Hole | 2,536 | |
Guirin West | Reverse Circulation | 1,956 |
Total: | 28,349 |
Latest drill results - 1 m cut-off grade 0.5 g/t
Gonka
Hole_ID | Depth From (m) | Depth To (m) | Element | Interval Width (m) | Grade (g/t) |
GKDD0008 | 155 | 156 | Au_ppm | 1 | 2.05 |
GKDD0008 | 177 | 179 | Au_ppm | 2 | 1.74 |
GKDD0009 | 109 | 110 | Au_ppm | 1 | 2.97 |
GKDD0009 | 116 | 120 | Au_ppm | 4 | 1.49 |
GKDD0010 | 82 | 89 | Au_ppm | 7 | 1.81 |
GKDD0011 | 34 | 47.6 | Au_ppm | 13.6 | 2.56 |
GKDD0011 | 59.4 | 61 | Au_ppm | 1.6 | 1.17 |
GKDD0013 | 72 | 73 | Au_ppm | 1 | 1.47 |
GKDD0014 | 35 | 36 | Au_ppm | 1 | 0.77 |
GKDD0016 | 48.5 | 51.32 | Au_ppm | 2.82 | 0.49 |
GKDD0016 | 81 | 82.1 | Au_ppm | 1.1 | 1.21 |
GKDD0016 | 118 | 118.54 | Au_ppm | 0.54 | 50.1 |
GKDD0016 | 128 | 129 | Au_ppm | 1 | 0.5 |
GKDD0017 | 103 | 104 | Au_ppm | 1 | 0.52 |
GKDD0017 | 116.2 | 117.4 | Au_ppm | 1.2 | 0.87 |
GKDD0028 | 69.3 | 77.85 | Au_ppm | 8.55 | 7.06 |
GKDD0028 | 84.45 | 86 | Au_ppm | 1.55 | 1.47 |
GKDD0028 | 134 | 135 | Au_ppm | 1 | 3.79 |
GKDD0029 | 93 | 94 | Au_ppm | 1.82 | 1 |
GKDD0029 | 120 | 122 | Au_ppm | 3.07 | 2 |
GKDD0030 | 227.7 | 231 | Au_ppm | 3.3 | 0.64 |
GKDD0031 | 9 | 10 | Au_ppm | 1 | 0.62 |
GKDD0031 | 22 | 23 | Au_ppm | 1 | 0.66 |
GKDD0031 | 37.8 | 44.3 | Au_ppm | 6.5 | 6.55 |
GKDD0031 | 97.6 | 99.4 | Au_ppm | 1.8 | 1.5 |
GKRCD0001 | 167 | 168 | Au_ppm | 1 | 0.61 |
GKRCD0001B | 131 | 132 | Au_ppm | 1 | 1.35 |
GKRCD0002 | 169 | 171 | Au_ppm | 2 | 1.61 |
GKRCD0002B | 209 | 210 | Au_ppm | 1 | 9.21 |
GKRCD0002B | 335 | 338 | Au_ppm | 3 | 1.23 |
GKRCD0002B | 348 | 350 | Au_ppm | 2 | 0.96 |
GKRCD0003B | 162 | 163 | Au_ppm | 1 | 6.26 |
GKRCD0003B | 182 | 183 | Au_ppm | 1 | 0.64 |
GKRCD0006 | 159 | 160 | Au_ppm | 1 | 0.76 |
GKRCD0007 | 109 | 110 | Au_ppm | 1 | 1.06 |
GKRCD0007 | 123 | 132 | Au_ppm | 9 | 1.52 |
GKRCD0008 | 76 | 77 | Au_ppm | 1 | 5.56 |
GKRCD0012 | 57 | 58 | Au_ppm | 1 | 0.59 |
GKRCD0012 | 70 | 72 | Au_ppm | 2 | 1.54 |
GKRCD0012 | 135 | 136 | Au_ppm | 1 | 0.78 |
GKRCD0012 | 152 | 153 | Au_ppm | 1 | 0.82 |
GKRCD0013 | 25 | 26 | Au_ppm | 1 | 0.68 |
GKRCD0014 | 319 | 324 | Au_ppm | 5 | 0.7 |
GKRCD0015 | 122.3 | 123.63 | Au_ppm | 1.33 | 3.52 |
GKRCD0015 | 184 | 187.15 | Au_ppm | 3.15 | 1.13 |
GKRCD0015 | 197.55 | 199 | Au_ppm | 1.45 | 0.91 |
GKRCD0016 | 38 | 49 | Au_ppm | 11 | 1.78 |
GKRCD0016 | 125 | 126.5 | Au_ppm | 0.86 | 1.5 |
GKRCD0016 | 157 | 158.7 | Au_ppm | 1 | 1.7 |
GKRCD0017 | 98 | 99 | Au_ppm | 3.96 | 1 |
GKRCD0017 | 114 | 115 | Au_ppm | 0.59 | 1 |
GKRCD0017 | 119 | 121 | Au_ppm | 2.14 | 2 |
GKRCD0018 | 75 | 76 | Au_ppm | 1 | 0.5 |
GKRCD0018 | 81 | 82 | Au_ppm | 1 | 1.14 |
GKRCD0019 | 120 | 121 | Au_ppm | 1 | 7.75 |
GKRCD0019 | 124 | 125.2 | Au_ppm | 1.2 | 1.05 |
GKRCD0019 | 129 | 130 | Au_ppm | 1 | 0.56 |
GKRCD0019 | 133.1 | 137 | Au_ppm | 3.9 | 1.82 |
GKRCD0020 | 4 | 8 | Au_ppm | 4 | 0.59 |
GKRCD0020 | 14 | 16 | Au_ppm | 2 | 6.35 |
GKRCD0020 | 39 | 40 | Au_ppm | 1 | 0.59 |
GKRCD0020 | 51 | 52 | Au_ppm | 1 | 0.67 |
GKRCD0020 | 62 | 65 | Au_ppm | 3 | 1.51 |
GKRCD0020 | 123 | 124 | Au_ppm | 1 | 0.67 |
GKRCD0020 | 140 | 142 | Au_ppm | 2 | 3.37 |
GKRCD0021 | 41 | 42 | Au_ppm | 1 | 3.6 |
GKRCD0021 | 168 | 170 | Au_ppm | 2 | 6.76 |
GKRCD0021 | 180 | 181 | Au_ppm | 1 | 1.36 |
GKRCD0021 | 186 | 187.4 | Au_ppm | 1.4 | 1.5 |
GKRCD0023B | 156 | 174 | Au_ppm | 18 | 9.39 |
GKRCD0023B | 178 | 179 | Au_ppm | 1 | 0.91 |
GKRCD0023B | 187 | 189 | Au_ppm | 2 | 0.65 |
GKRCD0023B | 216 | 221 | Au_ppm | 5 | 3.61 |
GKRCD0023B | 226.5 | 228 | Au_ppm | 1.5 | 1.42 |
GKRCD0024 | 168 | 170.3 | Au_ppm | 1.69 | 2.3 |
GKRCD0024 | 192 | 194.2 | Au_ppm | 8.91 | 2.2 |
GKRCD0024 | 199 | 200 | Au_ppm | 5.9 | 1 |
GKRCD0024 | 230 | 231 | Au_ppm | 0.97 | 1 |
GKRCD0024B | 171 | 172.7 | Au_ppm | 1.7 | 1.48 |
GKRCD0024B | 189 | 191.3 | Au_ppm | 2.3 | 0.63 |
GKRCD0024B | 194 | 198 | Au_ppm | 4 | 2.07 |
GKRCD0025 | 33 | 34 | Au_ppm | 1 | 2.04 |
GKRCD0026 | 129 | 130 | Au_ppm | 1 | 1.03 |
GKRCD0033 | 93 | 94 | Au_ppm | 4.5 | 1 |
GKRCD0033 | 109 | 110 | Au_ppm | 0.6 | 1 |
GKRCD0033 | 148.55 | 150.56 | Au_ppm | 1.94 | 2.01 |
GKRCD0034 | 137 | 143 | Au_ppm | 6 | 2.07 |
GKRCD0034 | 158 | 168 | Au_ppm | 10 | 2.79 |
GKRCD0035 | 180 | 181.2 | Au_ppm | 1.2 | 1.49 |
GKRCD0037 | 77 | 78 | Au_ppm | 1 | 0.52 |
GKRCD0037 | 85 | 86 | Au_ppm | 1 | 5.25 |
GKRCD0037 | 143 | 144 | Au_ppm | 1 | 1.98 |
GKRCD0038 | 183 | 186.1 | Au_ppm | 3.1 | 1.75 |
GKRCD0039 | 27 | 29 | Au_ppm | 2 | 0.99 |
GKRCD0039 | 33 | 35 | Au_ppm | 2 | 1.55 |
GKRCD0039 | 47 | 48 | Au_ppm | 1 | 4.7 |
GKRCD0039 | 196 | 198 | Au_ppm | 2.03 | 2 |
GKRCD0039 | 206 | 207 | Au_ppm | 0.57 | 1 |
GKRCD0040 | 5 | 7 | Au_ppm | 2 | 3.36 |
GKRCD0040 | 16 | 17 | Au_ppm | 1 | 2.98 |
GKRCD0040 | 77 | 80 | Au_ppm | 3 | 2.88 |
GKRCD0040 | 175 | 177 | Au_ppm | 2 | 6.11 |
GKRCD0040 | 191 | 192 | Au_ppm | 1 | 1.63 |
GKRCD0040 | 198 | 201 | Au_ppm | 3 | 0.73 |
GKRCD0040 | 234 | 235 | Au_ppm | 1 | 1.18 |
GKRCD0040 | 243 | 244 | Au_ppm | 1 | 0.5 |
GKRCD0041B | 97 | 98 | Au_ppm | 1 | 11 |
GKRCD0041B | 105 | 106 | Au_ppm | 1 | 3.45 |
GKRCD0041B | 137 | 140 | Au_ppm | 3 | 12.89 |
GKRCD0041B | 153 | 157 | Au_ppm | 4 | 1.51 |
GKRCD0041B | 175 | 176 | Au_ppm | 1 | 1.45 |
GKRCD0041B | 185 | 186 | Au_ppm | 1 | 0.59 |
GKRCD0043 | 116.5 | 119 | Au_ppm | 2.5 | 0.89 |
GKRCD0045 | 58 | 68 | Au_ppm | 10 | 3.13 |
GKRCD0045 | 180 | 182 | Au_ppm | 2 | 2.18 |
GKRCD0045 | 225.04 | 227 | Au_ppm | 1.96 | 0.62 |
GKRCD0046 | 49 | 50 | Au_ppm | 1 | 41.2 |
GKRCD0046 | 223 | 225 | Au_ppm | 2 | 13.71 |
GKRCD0046 | 231 | 233 | Au_ppm | 2 | 1.18 |
GKRCD0047 | 47 | 48 | Au_ppm | 1 | 0.62 |
GKRCD0047 | 53 | 54 | Au_ppm | 1 | 0.84 |
GKRCD0047 | 73 | 74 | Au_ppm | 1 | 0.5 |
GKRCD0048 | 29 | 31 | Au_ppm | 2 | 0.96 |
GKRCD0049 | 283 | 284.25 | Au_ppm | 1.25 | 6.78 |
GKRCD0050 | 244 | 248 | Au_ppm | 4 | 0.52 |
GKRCD0050 | 250 | 254.3 | Au_ppm | 4.3 | 29.74 |
GKRCD0051 | 117 | 118 | Au_ppm | 1 | 1.37 |
GKRCD0051 | 127 | 128 | Au_ppm | 1 | 0.8 |
GKRCD0051 | 199 | 201.1 | Au_ppm | 2.1 | 1.21 |
GKRCD0055 | 81 | 82 | Au_ppm | 1 | 1.29 |
GKRCD0055 | 113.4 | 115.6 | Au_ppm | 2.2 | 0.39 |
GKRCD0056 | 65.3 | 84 | Au_ppm | 18.7 | 7.29 |
GKRCD0056 | 99 | 100 | Au_ppm | 1 | 1.47 |
GKRCD0056 | 123 | 124 | Au_ppm | 1 | 0.92 |
GKRCD0058 | 264.5 | 265.85 | Au_ppm | 1.35 | 0.86 |
GKRCD0059 | 188 | 189.4 | Au_ppm | 1.4 | 1.22 |
GKRCD0059 | 243 | 245 | Au_ppm | 2 | 1.06 |
GKRCD0061 | 188 | 189.55 | Au_ppm | 1.55 | 2.25 |
Komana West
Hole_ID | Depth From (m) | Depth To (m) | Element | Interval Width (m) | Grade (g/t) | |
KWDD0615 | 56 | 57 | Au_ppm | 1 | 1.34 | |
KWDD0615 | 65 | 69 | Au_ppm | 4 | 1.42 | |
KWDD0615 | 78 | 79 | Au_ppm | 1 | 0.65 | |
KWDD0615 | 140.4 | 142 | Au_ppm | 1.6 | 0.76 |
Qualified Person Review
Murray Paterson has reviewed 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 Robert Monro, IR | Hummingbird Resources plc | Tel: +44 (0) 20 7409 6660 |
James Spinney Ritchie Balmer James Bellman | Strand Hanson Limited
Nominated Adviser | Tel: +44 (0) 20 7409 3494 |
Martin Davison James Asensio | Canaccord Genuity Limited Broker | Tel: +44 (0) 20 7523 8000 |
Gordon Poole Owen Roberts Ollie Head | Camarco
Financial PR/IR | Tel: +44 (0) 20 3 757 4980 |
About Hummingbird Resources Plc
Notes to Editors
Hummingbird Resources (AIM: HUM) is a leading gold production, development and exploration company. The Company has two core gold projects, the Yanfolila Gold Mine in Mali and the Dugbe Gold Project in Liberia. Yanfolila produced its first gold pour on time and budget in December 2017. Yanfolila held pre-production Probable Reserves of 709,800oz @ 3.14g/t, total Resources of 1.8Moz of gold and an additional 390,700oz of non-compliant exploration potential. The Dugbe Gold Project has Resources currently totalling 4.2Moz of gold and a completed NI 43-101 compliant PEA on the project showing a 29% IRR and US$186m NPV at a US$1,300 gold price.
In addition to Hummingbird's production and development assets, the Company also has an exploration footprint of ~4,000km2 and a 28% interest in AIM listed Cora Gold, which is advancing a portfolio of prospects in Mali and Senegal.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.