Last checked at 11 Nov 2020 07:00
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining
11 November 2020
Hummingbird Resources plc
('Hummingbird' or the 'Company')
Update on the Dugbe Gold Project
Hummingbird Resources plc (AIM:HUM) is pleased to provide the following update in relation to the Dugbe Gold Project (the "Project") in Liberia.
Our earn in partner, Pasofino Gold Ltd ("Pasofino") (TSX-VEIN), has released an update on the Project announcing that, under its direction, the Company has exercised its option to acquire the "Central License" located and encompassed centrally within the Project. For Pasofino release details and graphics please follow the link here. For further details on the option and earn-in agreement with Pasofino, please refer to the Company's RNS dated 4 June 2020.
Dan Betts, CEO of Hummingbird Resources, commented:
"We believe the acquisition of the Central License represents a significant project enhancement with exceptional prospectively. The area is well known for its artisanal gold workings and additionally benefits from a previous drilling dataset of high-grade intersections. This, coupled with our already large drilling dataset adds to our knowledge, development and exploration potential for the region."
Central License Acquisition Highlights
§ Increases license area:
§ The Central License adds an additional 210km2 to the Project's license area and forms the 'core' to the southern part of the Project
§ The license includes an area known as 'Bukon Jedeh' located ~8 kms southeast of the Project's large Tuzon deposit
§ Gold mining has reportedly taken place here since 1935 with extensive historical artisanal mining in the region supporting the view of being a highly prospective area
§ Pasofino notes that approximately 16 km of prospective ground to be the area of focus for further exploration. Goal being to identify another open pit deposit that could be processed at the Tuzon-Dugbe mining complex once developed
§ In 2012 and 2013, ASX listed, Equator Resources Limited ("Equator") carried out soil geochemistry and reverse circulation drilling within the Bukon Jedeh area
§ 80 holes and approximately 6,500 metres were drilled producing significant results as shown by some key highlights below
§ Highlights of historical drill results produced by Equator::
§ 2 m @ 61.80 g/t Au from 74 m (BRC050)
§ 10 m @ 6.20 g/t Au from 11 M (BRC037)
§ 7 m @ 5.69 g/t Au from 10 m (BRC019)
§ 5 m @ 3.55 g/t Au from surface (BRC035)
§ Total project area increased:
§ Total project area under license increases from 2,355 km2 to 2,565 km2
**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 James Bellman | Strand Hanson Limited
Nominated Adviser | Tel: +44 (0) 20 7409 3494 |
James Asensio
| 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'). Our vision is to continue to grow our asset base, producing highly profitable ounces, while central to all we do being our Environmental, Social & Governance ('ESG') policies and practices. The Company currently has two core gold projects, the Yanfolila Gold Mine in Mali, and the recently acquired Kouroussa Gold 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. Construction of the Yanfolila mine, was on time and on budget in December 2017 having produced to date in excess of 270 kozs (as end of July 2020). Mineable Reserves, as at 31 October 2019 Yanfolila were 7.9Mt of Reserve ore @ 2.66 g/t for 676,000ozs gold. At 31 March 2019 Yanfolila had a total Resource base (inclusive of Reserves) of 28Mt of Ore @ 2.23 g/t for 2,005,300ozs gold. The Kouroussa Gold Project has a Mineral Resource base of 1.18Moz @ 3.08 g/t, which we are working on to be fast tracked to production, adding an additional c.100,000 oz of gold per annum to the Company's production profile. 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 43% IRR and US$337m NPV at a US$1,500 gold price.