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Yanfolila Gold Project Grade Control

13 Jul 2015 07:00

RNS Number : 8039S
Hummingbird Resources PLC
13 July 2015
 

Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining

13 July 2015

Hummingbird Resources plc ('Hummingbird' or 'the Company')

 

Grade increase over grade control orientation panel at

Komana East pit at Yanfolila Gold Project, Mali

 

Hummingbird Resources plc (AIM: HUM), the West African gold exploration and development company, is pleased to announce a positive update from grade control orientation drilling at the Komana East pit, the first area to be targeted for mining at the Company's 1.8 million ounce Yanfolila Gold Project ('Yanfolila' or 'the Project') in Mali. Yanfolila is being developed as a high-grade, low cost gold mine with first production targeted for 2016.

 

Highlights

· 68% higher grade of 5.24 g/t compared to the entire Komana East pit that averages 3.12 g/t

· 15% increase in the like for like grade over the grade control orientation panel to 5.24 g/t Au

· Confirms high grade zone of 12,200 tonnes at 7.7g/t Au

· Confirms consistent mineralised host rock unit and mineralisation control throughout the southern mineable area of the Komana East pit

· Komana East contains 332,500 recovered ozs in current mine plan before the impact of positive grade control interpretation

 

Dan Betts, CEO of Hummingbird Resources, said: "The analysis of the infill drilling taken from a section of the first year mining pit at Komana East has shown a consistent increase in grade. This is excellent news, and if continuous throughout the pit could provide significant economic upside to the already robust project credentials of Yanfolila. We intend to execute a close spaced grade control drill programme across the deposit to confirm these higher grades, prior to the commencement of mining.

 

"On a wider level, plant earthworks are ongoing at Yanfolila and we look forward to updating the market further as we develop Yanfolila as a leading high grade, low cost gold mining project in West Africa."

 

Komana East Grade Control Orientation Drilling Reconciliation

 

Model

Tonnes

G/t

Ozs

G/t var %

Ozs var %

Mineral Resource at Optimisation Study over Grade Control Panel

19,500

4.57

2,870

Grade Control Orientation (5x5m)

19,800

5.24

3,330

15%

16%

*Full drill results can be found in the appendix, 0.9g/t cut off used.

 

Komana East Grade Control Orientation Drilling Interpretation

Grade Control ('GC') orientation drilling was completed over a 40m long panel at 5x5m intervals within the Phase 1 and first year mining volume. 35 holes for 1,004.13m of drilling were completed covering 30 vertical metres (3 benches). This GC orientation drilling has given mining-level confidence (equivalent to a Proven reserve) to the existing mineral resources delineated. The GC orientation drill results indicate the continuous nature of the higher grade zones within the mineral resource model and it has led to a 15% increase in the grade and an extra 16% additional gold ounces within the GC drilling study area. Further drilling will be required to confirm this potential resource increase and for the time being cannot be relied upon for economic purposes.

 

Please click on the following link to view figures 1 & 2 showing 3-D resource model of the grade control orientation panel.

http://www.rns-pdf.londonstockexchange.com/rns/8039S_-2015-7-10.pdf

 

 

Competent Persons Statement

The information in this document is based on information reviewed by Mr Murray Paterson who is a Member of the Australian Institute of Mining and Metallurgy. Mr Paterson is a consultant to the Company and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Accordingly, Mr Paterson is a Qualified Person in accordance with the guidance note for Mining, Oil & Gas Companies issued by the London Stock Exchange in respect of AIM Companies. Mr Paterson consents to the inclusion in this document of the matters based on his information in the form and context in which it appears.

Table 1 Drilling results at Komana East deposit:

 

Calculated at 0.5 g/t Au lower cut-off and Uncut high grade

Drill collar information

Hole ID

From (m)

To (m)

Interval

(m)

Grade

(g/t Au)

EUTM Survey

NUTM Survey

RL Survey

DIP

AZ

EOH (m)

KOMANA EAST GRADE CONTROL

KEGRC0002

12

20

8

11.29

566000

1243715

367

-55

270

20

KEGRC0003

19

24

5

9.08

566010

1243715

367

-55

270

35

27

28

1

3.48

KEGRC0004

12

13

1

0.59

566015

1243715

367

-55

270

40

25

32

7

7.68

KEGRC0005

13

18

5

5.78

566000

1243720

367

-55

270

20

KEGRC0006

18

29

11

8.22

566010

1243720

367

-55

270

35

KEGRC0007

0

1

1

0.89

566000

1243725

367

-55

270

21

14

15

1

1.55

KEGRC0008

13

25

12

3.99

566005

1243725

367

-55

270

27

KEGRC0009

19

30

11

6.71

566010

1243725

367

-55

270

35

32

33

1

0.52

KEGRC0010

14

19

5

2.71

566000

1243730

367

-55

270

20

KEGRC0011

13

14

1

0.89

566010

1243730

367

-55

270

35

19

26

7

8.52

KEGRC0012

15

16

1

0.56

566000

1243735

367

-55

270

26

KEGRC0013

13

20

7

11.64

566005

1243735

367

-55

270

30

KEGRC0014

0

1

1

0.65

566010

1243735

367

-55

270

36

12

13

1

0.79

20

31

11

4.07

KEGRC0015

12

13

1

0.85

565995

1243740

367

-55

270

24

KEGRC0016

15

17

2

8.27

566000

1243740

367

-55

270

24

KEGRC0017

14

15

1

0.89

566010

1243740

367

-55

270

36

19

32

13

6.49

KEGRC0018

0

2

2

0.58

565995

1243745

367

-55

270

23

KEGRC0019

14

16

2

2.4

566000

1243745

368

-55

270

20

KEGRC0020

14

23

9

4.35

566005

1243745

367

-55

270

28

26

27

1

0.56

KEGRC0021

0

1

1

0.6

566010

1243745

367

-55

270

35

19

35

16

6.72

KEGRC0022

14

15

1

0.78

565995

1243750

368

-55

270

27

KEGRC0023

0

1

1

0.57

566000

1243750

368

-55

270

24

7

8

1

0.9

13

19

6

1.34

KEGRC0024

17

31

14

4.83

566010

1243750

367

-55

270

35

33

34

1

0.5

KEGRC0025

0

1

1

0.62

566015

1243750

367

-55

270

40

25

37

12

2.31

KEGRC0026

12

13

1

0.51

565995

1243755

368

-55

270

30

KEGRC0027

13

17

4

1.98

566000

1243755

368

-55

270

24

KEGRC0028

12

22

10

4.73

566005

1243755

368

-55

270

29

KEGRC0029

12

13

1

1.38

566010

1243755

368

-55

270

35

18

29

11

3.62

KEGRC0030

24

33

9

16.33

566015

1243755

368

-55

270

40

36

40

4

1.73

KEGDD0031

13

14

1

0.62

566005

1243715

367

-55

270

27

18

23

5

14.75

KEGDD0032

15

23

8

9.83

566005

1243720

367

-55

270

28.5

24

25

1

0.79

KEGDD0033

14

23

9

1.42

566005

1243730

367

-55

270

25.5

KEGDD0034

14

21

7

4.03

566005

1243740

367

-55

270

27.13

KEGDD0035

14

22.5

8.5

2.56

566005

1243750

367

-55

270

29

 

 

**ENDS**

 

Enquiries:

 

Daniel Betts

Thomas Hill

Robert Monro

Hummingbird Resources plc

Tel: +44 (0) 203 416 3560

Stewart Dickson Jeremy Stephenson

 

Cantor Fitzgerald Europe

Nominated Adviser and Joint Broker

Tel: +44 (0) 207 894 7000

 

Jon Belliss

Beaufort Securities Limited

Joint Broker

Tel: +44 (0) 20 7382 8300

Lottie Brocklehurst

Felicity Winkles

Hugo de Salis

St Brides Partners Ltd

Financial PR/IR

Tel: +44 (0) 20 7236 1177

 

 

Notes to Editors

 

About Hummingbird Resources Plc

 

Notes to Editors

Hummingbird Resources (AIM: HUM) is building a leading gold production, development and exploration company. The Company has two core gold projects, the near-term production Yanfolila project in Mali and the Dugbe development project in Liberia. Its current focus is on bringing Yanfolila, which has a 1.8Moz gold inventory, to production in H1 2016. The high grade gold project has the potential to turn a profit in a varying gold price environment and will allow for quick returns with low operating costs. A US$75 million debt facility has been agreed with Taurus Mining and mine construction is now underway with the aim of commencing production in H1 2016.

 

The 4.2Moz Dugbe project in Liberia provides Hummingbird with excellent development upside. An optimisation of the DFS is on-going whilst Yanfolila is brought to production in the near-term. Additionally, the Company has 5,000km2 highly prospective exploration ground in Mali and Liberia and is constantly evaluating new quality assets.

 

For more information, please visit www.hummingbirdresources.co.uk

 

 

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