REG - Hummingbird Res. - 2022 Updated Company Reserves and Resources
30/06/2022 07:15
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RNS Number : 7499Q Hummingbird Resources PLC 30 June 2022
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining
30 June 2022
Hummingbird Resources plc
("Hummingbird" or the "Company")
2022 Updated Company Reserves and Resources Statements
4.13 million ounces of Company Reserves
7.28 million ounces of Company Resources
Hummingbird Resources plc (AIM: HUM) is pleased to provide updated Company
Reserves and Resources Estimate statements for each of its three gold assets
which include: Yanfolila in Mali; Kouroussa in Guinea, including a maiden Ore
Reserve at the Kinkine deposit and higher-grade Ore Reserves at the Koekoe
deposit; and maiden Reserves for Dugbe in Liberia, as announced on 13 June
2022.
Hummingbird's updated Company Reserves have increased materially to 4.13
million ounces ("Moz") of gold ("Au") from 1.12Moz, as reported in November
2021 and Resources have increased 8% to 7.28Moz of Au since previous
statements, as summarised in the table and key highlights below for each
asset.
Further, investors are welcome to attend an investor webinar on Tuesday 5(th)
July 2022, at 17:30 BST via the VOX Markets platform. Presenters will
include senior management and select members of the Hummingbird geology team.
More information is provided below, however investors can register on the
VOX Markets platform for free via this link
(https://us02web.zoom.us/webinar/register/WN_GmNkb5LPQKyWJfqVOlkPpw) .
2022 Company Reserves and Resources Summary Table and Highlights:
COMPANY RESERVES Reserves Summary Net change from previous updates
Asset: kt g/t koz koz % Change
Yanfolila, Mali (net of depletions) 7,853 2.85 719 13 2%
Kouroussa, Guinea 4,856 4.15 647 238 58%
Dugbe, Liberia 66,000 1.30 2,760 2,760 -
Total Company Reserves 78,709 1.63 4,126 3,011 270%
COMPANY RESOURCES Resources Summary Net change from previous updates
Asset: kt g/t koz koz % Change
Yanfolila, Mali (net of depletions) 28,946 2.22 2,065 100 5%
Kouroussa, Guinea 12,365 3.02 1,200 22 2%
Dugbe, Liberia 98,100 1.27 4,013 447 11%
Total Company Resources 139,411 1.62 7,279 569 8%
All Company Resources and Reserves are shown on a 100% basis. Hummingbird will
retain a controlling interest in Dugbe of 51%.
§ Yanfolila, Mali: Reserves and Resources total 719 thousand ounces ("koz"),
an increase of 13koz (+2%) at 2.85 grams a tonne ("g/t"), and Resources of
2.07Moz at 2.22 g/t, an increase of 100koz (+5%) net of depletion from mining
since the previous statements respectively. Notably underground Reserves at
Komana East ("KEUG") increased by 75koz (+37%), to total 278koz at 3.94 g/t
o With Yanfolila's current Reserves and Resources profile, the Company is
confident of a minimum seven-year life of mine ("LOM") based on a c.100koz
annual production profile, with potential to maintain and extend Yanfolila's
LOM with further drilling campaigns, in particular at the underground deposits
which are of higher grade
§ Kouroussa, Guinea: Reserves and Resources total 647koz at 4.15 g/t, an
increase of 238koz (+58%) and 1.20Moz at 3.02 g/t, an increase of 22koz (+2%)
since the previous statements respectively. Notably, key deposit Koekoe's
Reserves increased by 137koz (+33%) since last reported to total 546koz and at
a higher-grade profile of 4.69 g/t (+7% versus the last statement at 4.38
g/t). Further, a maiden Reserve was established at the other key Kouroussa
deposit, Kinkine, of 101koz at 2.56 g/t
o Kouroussa's Reserves profile provides the Company with increasing
confidence of a robust and high-grade geology base as we move towards first
gold pour by the end of Q2 2023. Further, given the significant exploration
upside potential at Kouroussa, the Company is confident of extending the
Reserves and LOM at this asset with further exploration, which is currently
being evaluated
§ Dugbe, Liberia: A maiden Reserve of 2.76Moz and Resources of 4.0Moz as
recently announced by our joint venture partners at Dugbe, Pasofino Gold Ltd
("Pasofino") on 13 June 2022, of which Hummingbird will retain a controlling
interest in Dugbe of 51%
A core value-accretive strategy for Hummingbird has been to increase the
Company's Reserves asset base through extensive drilling programmes. Today's
announcement highlights the success of these campaigns, with material Company
Reserves and Resources increases which provide further Life of Mine ("LOM")
extensions to our asset base.
Dan Betts, CEO of Hummingbird Resources, commented:
"Two years ago, we set a key Company target to increase our overall Company
Reserves profile to provide meaningful LOM extensions at our assets. In
November 2021, we established maiden Reserves at Kouroussa in Guinea and added
further Reserves at Yanfolila. In this update we have materially extended
Kouroussa's Reserves profile to 647koz at 4.15g/t and added Reserves net of
depletions at Yanfolila to total 719koz, including extending the underground
Reserves profile of Yanfolila to 278koz at 3.94 g/t. Further, at Dugbe via our
earn in partners Pasofino, final feasibility study results were recently
announced, establishing a material maiden Reserves profile for the Project of
2.76Moz in which we will retain a controlling 51% interest.
As we rapidly move towards our other key strategic goal of being a
multi-asset, multi-jurisdiction gold producer, with Kouroussa advancing
towards first gold pour by the end of Q2 2023, we are cognisant to maintain
and improve our overall Company Reserves profile. With today's results, and a
large body of work now complete by our geology teams, the next steps include
the further analysis of our extensive geological base and associated mine
plans, as well as the next phase of our exploration campaigns in Mali and
Guinea."
Anthony Köcken, COO of Hummingbird Resources, commented:
"Exploration and Resources and Reserves growth are key to achieving
Hummingbird's strategic growth plans and creating value for all of our
stakeholders. We have increased Reserves net of mining depletions at
Yanfolila, in particular extending the asset's underground profile; materially
increased the Reserves profile at Kouroussa; and maiden Reserves have been
established at Dugbe. Further growth to the Company's mineral inventory is
under review, with several high-potential targets being evaluated, including
further extending underground targets at Yanfolila and several other deposits
at Kouroussa."
Retail Investor Webinar Details
The Company's will be holding an investor webinar on Tuesday 5(th) July
2022 at 17:30 BST via the VOX Markets platform. The event will be hosted
by senior management and select members of the Hummingbird geology team. It is
open to all existing and potential shareholders. Investors are welcome to
submit questions prior to the event through the below link,
emailing kperez@voxmarkets.co.uk (mailto:kperez@voxmarkets.co.uk) or at any
time during the event via the "Ask a Question" function.
Investors can register on the VOX Markets platform for free via this link.
(https://us02web.zoom.us/webinar/register/WN_GmNkb5LPQKyWJfqVOlkPpw)
COMPANY RESERVES SUMMMARY TABLE
Yanfolila, Mali Reserves Change in Au Oz from previous updates (net of depletions)
Deposit Location Classification kt Au (g/t) Au koz
koz
Komana West (KW) In Pit Proved - - -
Probable 891.0 2.62 75.2
TOTAL: 891.0 2.62 75.2 -
5
5
.
5
Komana East (KE) In Pit Proved - - -
Probable 1,099.0 2.99 105.6
TOTAL: 1,099.0 2.99 105.6 6
.
4
Sanioumale West (SW) In Pit Proved - - -
Probable 922.0 1.86 55.3
TOTAL: 922.0 1.86 55.3 4
.
9
Sanioumale East (SE) In Pit Proved - - -
Probable 1,375.0 2.53 111.8
TOTAL: 1,375.0 2.53 111.8 1
1
.
5
Gonka (GK) In Pit Proved - - -
Probable 651.0 3.15 65.8
TOTAL: 651.0 3.15 65.8 -
2
0
.
8
- - -
Komana East Underground (KE U/G) U/G Proved
Probable 2,148.0 3.94 277.5
TOTAL: 2,192.0 3.94 277.5 7
5
.
3
Run-of-Mine Stockpiles ROM Stockpile Proved 722.7 1.19 27.6
Probable - - -
TOTAL: 722.7 1.19 27.6 -8.7
Total Yanfolila SUB-TOTAL: Proved 722.7 1.19 27.6 -8.7
Probable 7,130.0 3.02 691.3 21.8
TOTAL: 7,852.7 2.85 718.9 13.1
Kouroussa, Guinea Reserves Change in Au Oz from previous updates
Deposit Location Classification kt Au (g/t) Au koz
koz
Kinkine (KI) In Pit Proved - - -
Probable 1,234.0 2.56 101.4
TOTAL: 1,234.0 2.56 101.4 1
0
1
.
4
Koekoe (KK) In Pit Proved - - -
Probable 3,622.0 4.69 545.8
TOTAL: 3,622.0 4.69 545.8 1
3
6
.
9
Total Kouroussa TOTAL: Proved - - -
Probable 4,856.0 4.15 647.2 238.3
Dugbe, Liberia Reserves Change in Au Oz from previous updates
Deposit Location Classification kt Au (g/t) Au koz
koz
Dugbe F and Tuzon In Pit Proved - - -
Probable 66,000.0 1.30 2,760.0
TOTAL: 66,000.0 1.30 2,760.0
2
,
7
6
0
.
0
Total Company Reserves Change in Au Oz from previous updates
Location Classification kt Au (g/t) Au koz
koz
All Deposits In Pit Proved - - -
Probable 9,794.0 3.37 1,061.0 184.8
U/G Proved - - -
Probable 2,192.0 3.94 277.5 75.3
Dugbe Proved - - -
Probable 66,000.0 1.30 2,760.0 2,760.0
ROM Stockpile Proved 723 1.19 27.6 -8.7
Probable - - -
TOTAL: Proved 723 1.19 27.6 -8.7
Probable 77,986 1.63 4,098.5 3,020.1
TOTAL: 78,709 1.63 4,126.1 3
,
0
1
1
.
4
Company Reserves are shown on a 100% basis. Hummingbird will retain a
controlling interest in Dugbe of 51%.
Yanfolila and Kouroussa Reserves are based on a US$1,500 Au price. Dugbe
Reserves are based on a US$1,600 Au price.
Yanfolila and Kouroussa Reserves statements effective date is 31.12.2021.
Dugbe Reserves effective date as completed by Pasofino is 01.05.2022.
Other footnotes: Due to the length of the footnotes to the Reserves summary
table, they are provided at the end of this document.
COMPANY RESOURCES SUMMARY TABLE
Yanfolila, Mali Resources Change in Au Oz from previous updates (net of depletions)
Deposit Location Classification kt Au (g/t) Au koz
koz
Komana West (KW) In Pit Measured
Indicated 4,948 1.90 302
Inferred 1,003 1.58 51
TOTAL: 5,951 1.84 353 -
8
9
Komana East (KE) In Pit Measured
Indicated 1,114 3.20 115
Inferred 2 1.83 0.1
TOTAL: 1,116 3.20 115 -
1
9
Sanioumale West (SW) In Pit Measured
Indicated 2,403 1.71 132
Inferred 1,059 1.73 59
TOTAL: 3,462 1.72 191 2
7
Sanioumale East (SE) In Pit Measured
Indicated 2,305 2.60 192
Inferred 644 2.09 43
TOTAL: 2,949 2.49 236 3
2
Gonka (GK) In Pit Measured
Indicated 601 3.45 67
Inferred
TOTAL: 601 3.45 67 -
6
9
Komana East Underground (KEUG) U/G Measured
Indicated 3,310 4.13 440
Inferred 1,070 3.34 115
TOTAL: 4,379 3.94 555 1
2
8
Gonka Underground (GKUG) U/G Measured
Indicated 1,385 3.38 151
Inferred 295 7.82 74
TOTAL: 1,680 4.16 225 6
8
Guirin West (GW) In Pit Measured
Indicated 1,161 1.98 74
Inferred
TOTAL: 1,161 1.98 74 0
Kabaya South (KS) In Pit Measured
Indicated 1,370 1.42 62
Inferred 650 1.10 23
TOTAL: 2,020 1.31 85 0
Kabaya South (KS - non-code) Ex Pit Measured
Indicated
Inferred 950 1.50 46
TOTAL: 950 1.50 46 0
Badogo-Malikila (BM - non-code) In Pit Measured
Indicated
Inferred 2,347 0.81 61
TOTAL: 2,347 0.81 61 0
Run-of-Mine Stockpiles In Pit Measured 722 1.19 28
Indicated
Inferred
TOTAL: 722 1.19 28 -
9
Heap Leachable Stockpiles (HLS) In Pit Measured 1,607 0.60 31
Indicated
Inferred
TOTAL: 1,607 0.60 31 3
1
Total Yanfolila SUB-TOTAL: Measured 2,329 0.79 59 23
Indicated 18,597 2.57 1,534 59
Inferred 8,020 1.83 472 19
SUB-TOTAL: 28,946 2.22 2,065 1
0
0
Kouroussa, Guinea Resources Change in Au Oz from previous updates
Deposit Location Classification kt Au (g/t) Au koz
koz
Kinkine (KI) In Pit Measured
Indicated 1,884 2.20 133
Inferred 63 1.60 3
TOTAL: 1,947 2.18 137 0
Koekoe (KK) In Pit Measured
Indicated 4,910 4.13 651
Inferred 770 2.11 53
TOTAL: 5,680 3.85 704 -
1
2
0
Bag Farm- Junction (BFJ) In Pit Measured
Indicated
Inferred 1,743 1.59 89
TOTAL: 1,743 1.59 89 0
X-Vein (XV) In Pit Measured
Indicated
Inferred 354 7.33 83
TOTAL: 354 7.33 83 0
Kinkine Underground (KIUG) U/G Measured
Indicated 97 1.70 5
Inferred 324 1.76 18
TOTAL: 421 1.75 24 0
Koekoe Underground (KKUG) U/G Measured
Indicated 1,280 2.09 86
Inferred 940 2.58 78
TOTAL: 2,220 2.30 164 1
4
2
Total Kouroussa SUB-TOTAL: Measured
Indicated 8,170 3.33 876 250
Inferred 4,195 2.41 325 -228
SUB-TOTAL: 12,365 3.02 1,200 2
2
Deposit Dugbe, Liberia Resources Change in Au Oz from previous updates
Deposit Location Classification kt Au (g/t) Au koz
koz
Dugbe F and Tuzon In Pit Measured 1,200 1.44 56 56
Indicated 80,000 1.30 3,340 1,036
Inferred 16,900 1.13 617 -645
SUB-TOTAL: 98,100 1.27 4,013 4
4
7
Total Company Resources Change in Au Oz from previous updates
Location Classification kt Au (g/t) koz koz
All Deposits In Pit Measured
Indicated 20,696 2.60 1,728 80
Inferred 6,288 2.00 405 -318
U/G Measured
Indicated 6,072 3.49 682 229
Inferred 2,629 3.38 286 108
Yanfolila Non-code Measured
Indicated
Inferred 3,297 1.01 107 0
Dugbe Measured 1,200 1.44 56 56
Indicated 80,000 1.30 3,340 1,036
Inferred 16,900 1.13 617 -645
ROM Stockpiles Measured 722 1.19 28 -9
Indicated
Inferred
Heap Leachable Stockpiles Measured 1,607 0.60 31 31
Indicated
Inferred
TOTAL: Measured 3,529 1.01 115 79
Indicated 106,767 1.68 5,750 1,345
Inferred 29,115 1.51 1,414 -855
TOTAL: 139,411 1.62 7,279 5
6
9
Company Resources are shown on a 100% basis. Hummingbird will retain a
controlling interest in Dugbe of 51%.
Yanfolila and Kouroussa Resources effective date is 31.12.2021. Dugbe
Resources effective date as prepared by Pasofino is 17.11.2021.
Footnotes: Due to the length of the footnotes to the Resources summary table,
they are provided at the end of this document.
Yanfolila, Mali Reserves and Resources key highlights:
As per the highlights above, Reserves and Resources total 719koz at 2.85g/t,
an increase of 13koz (+2%), and Resources of 2.07Moz at 2.22 g/t, an increase
of 100koz (+5%) net of depletion from mining since the previous statements.
Notably underground Reserves at KEUG increased by 75koz (+37%), to total
278koz at 3.94 g/t and Gonka underground Resources totalled 225koz at high
grades of 4.16 g/t, being an addition of 68koz (+43%) since the last
statement. With Yanfolila's current Reserves and Resources profile the
Company is confident of a minimum seven-year LOM based on a c.100koz annual
production profile, with potential to maintain and extend Yanfolila's LOM with
further drilling campaigns, in particular at the underground deposits which
are of a higher grade to the open pit operations.
The Yanfolila gold mine is located within the Yanfolila exploitation permit
area. The permit area contains the following six key deposits, that are
included within the 2022 Company Reserves Statement, including run of mine
("ROM") stockpiles:
§ Komana East ("KE")
§ Komana East Underground ("KEUG")
§ Komana West ("KW")
§ Gonka ("GK")
§ Sanioumale West ("SW")
§ Sanioumale East ("SE")
For the updated 2022 Yanfolila Resources Statement, the above deposits are
included in addition to the below:
§ Gonka Underground ("GKUG")
§ Guirin West ("GW")
§ Kabaya South ("KS")
§ Badogo-Malikila ("BM")
§ Heap leach Stockpiles ("HLS")
KE and KEUG
The KE open pit deposit has current Reserves and Resources of 106koz at 2.99
g/t and 115koz at 3.20 g/t respectively, net of mining depletions since last
statements. It continues to be mined and is a primary source of higher-grade
ore, in particular for the remainder of 2022 and into 1H2023 to the processing
plant. The open pit is scheduled to be fully mined during 1H2023 with other
open pits providing future ore to the processing plant when KE is depleted as
detailed below.
A key focus of our 2020 and 2021 drilling campaigns at Yanfolila has been to
increase the Reserves at KEUG to provide high-grade future LOM ore at the
asset. This has been achieved with KEUG Reserves and Resources increasing
75koz (+37%) to total 278koz at 3.94 g/t, and 128koz (+30%) to total 555koz at
3.94 g/t since last statements respectively.
There remains mineralisation extension potential at depth and to the north of
the deposit providing the Company with confidence that both Reserves and
Resources can continue to be extended with further drilling campaigns. KEUG is
expected be a key source of base load c.40-50koz per annum high-grade ore for
the processing plant in future years given the now material level of current
Reserves. With the 2022 KEUG Reserves now complete, we are finalising our
detailed analysis of the KEUG deposit in terms of economics, mining and when
to incorporate it into our future mine plans at Yanfolila. We will provide
more details of these plans once finalised.
KW
The KW open deposit has current Reserves and Resources of 75koz at 2.62 g/t
and 353koz at 1.84 g/t respectively, net of mining depletions since last
statements. It is a deposit which continues to be actively mined, being a pit
that has four open pit phases. The deposit remains open at depth and along
strike to the south, which our geology team are assessing the potential for
future extension drilling campaigns at the deposit.
GK and GKUG
GK open pit deposit has current Reserves and Resources of 66koz at 3.15 g/t
and 67koz at 3.45 g/t respectively, net of mining depletions since last
statements. The deposit is currently gradually being mined, providing
additional ore feed to the processing plant.
GKUG does not yet have a Reserve, however Resources increased by 68koz (+43%)
to total 225koz at 4.16 g/t since last statements. With further drilling, the
Company believes GKUG will be a future high-grade source of ore to the
processing plant, like the KEUG. GKUG is not expected to be in our future mine
plans for several years, with further technical studies and drilling expected
to be undertaken in 2023.
SE
SE open pit deposit has a current Reserves and Resources of 112koz at 2.53
g/t, adding 12koz (+10%) and 236koz at 2.49 g/t, adding 32koz (+16%) since
last statements respectively. The 2021 drilling campaign focussed on infill
drilling for upgrading Mineral Resources and resulted in the conversion of
50koz Inferred to Indicated Mineral Resources, of which a larger proportion
has the potential to be included in future Reserves dependent on economics.
The secondary focus of the drilling campaign was on the 1.2-kilometre ("km")
strike zone where the SE deposit lies in what is known as the Sankarani Shear
Zone which also hosts the KE and GK deposits. As it currently stands the SE
pit is made up of three pits, which are currently being prepared for mining.
Our geology team is evaluating the SE geology databases and the potential for
any of the three open pits to be connected into a larger pit formation, plus
the potential for future exploration campaigns at that deposit.
SW
SW open pit deposit has current Reserves and Resources of 55koz at 1.86 g/t,
being a net increase of 5koz (+10%) and 191koz at 1.72 g/t, being a net
increase of 27koz (+16%) since last statements respectively, net of mining
depletions. The focus of the 2021 drilling campaign was infill drilling to
increase confidence of the geology base, resulting in an upgrade of 29koz from
Inferred to Indicated Mineral Resources. SW is currently being mined and is a
source of oxide ore material within the current LOM plan.
HLS
The Company decided in 2021 to evaluate the potential for Heap Leach ("HL") at
Yanfolila given the availability of lower-grade and more marginal resource
stockpiles. The Company commissioned HL specialist consultants JUMPS and CSA
Global Pty Ltd to conduct feasibility studies for HL potential at Yanfolila,
which culminated in adding HLS Resources of 31koz at 0.60 g/t into the 2022
Company updated Resources statement. At this stage HL is not in Reserves and
is not in our current Yanfolila LOM plans. However, the Company believes
with further studies, Reserves for HL can be added to then allow HL to be a
viable source of ore feed to be processed in the coming years.
Kouroussa, Guinea Reserves and Resources key highlights:
As per the highlights above, Kouroussa Reserves and Resources total 647koz at
4.15 g/t, an increase of 238koz (+58%) and 1.20Moz at 3.02 g/t, an increase of
22koz (+2%) since the previous statements respectively.
The current Kouroussa Reserves are in the following deposits:
§ Koekoe ("KK")
§ Kinkine ("KI")
For the updated 2022 Kouroussa Resources Statement, the above deposits are
included in addition to the below:
§ Bag Farm-Junction ("BFJ")
§ X-Vein ("XV")
§ Koekoe underground ("KKUG")
§ Kinkine underground ("KIUG")
KK and KKUG
In our November 2021 Reserves statement, a maiden Kouroussa Reserve at KK was
established with 409koz at 4.38 g/t. With a c.24,000 m infill drilling
campaign completed in 2021 at Kouroussa, KK Reserves increased by 137koz
(+33%) to now total 546koz at a higher-grade profile of 4.69 g/t (+7% versus
the last statement at 4.38 g/t). Further of note, KKUG Resources increased
materially by 142koz to total 164koz at 2.30 g/t since the last statement,
providing confidence of underground mining potential at Kouroussa.
KI and KIUG
As noted in the highlights, a maiden Reserve at the KI deposit was established
of 101koz at 2.56 g/t being another key notable success of this year's
Reserves statement for Kouroussa.
The KI deposit is situated near the KK deposit and the processing plant, which
is currently under construction. With further exploration, the Company is
confident that the KI and KIUG deposits Reserves and Resources base can
grow. Although Resources at KIUG remain relatively low at 24koz, additional
exploration has the potential to increases the underground Resources.
The Company believes it has only just started its journey to tap the full
exploration potential of the Kouroussa asset in the heavily gold endowed
Siguiri Basin region. Underground extensions at both the KK and KI deposits
exist with mineralisation remaining open at depth from multiple drill
intercepts during the 2021 drilling campaign, in particular at the KK deposit.
Further, other Kouroussa deposits, such as X-Vein and Bag Farm-Junction show
potential to be future mining deposits yet to be fully explored. Future
exploration plans are being formulated for Kouroussa, given the success of
last year's infill drilling campaign, with the Company confident of reaching
its strategic goal of having 10 years in Reserves mine life at this asset.
Dugbe, Liberia Reserves and Resources key highlights:
On 13 June 2022, Pasofino released the results of the Dugbe Gold Project
Feasibility Study ("FS"). The release highlighted a material maiden Reserve of
2.76Moz and Resources of 4.01Moz being an increase of 447koz since Pasofino's
last Mineral Resources Estimate ("MRE") update, of which Hummingbird will
retain a 51% controlling interest in the project.
As detailed in the FS release, Dugbe is a large-scale gold asset with a
14-year LOM, low All In Sustaining Cost ("AISC") profile of US$1,005/oz, with
material exploration upside potential given only six of the probable 100
targets have been explored over the 2,559km(2) exploration license area.
With the FS complete, the Company is working with Pasofino to conduct a
strategic review of our options to best realise the maximum value of Dugbe for
all stakeholders.
Footnotes to the Company Reserves Summary table as per
above:
Company Reserves are shown on a 100% basis. Hummingbird retains a majority
interest in Dugbe of 51%.
Yanfolila
1) Yanfolila Reserves statement effective as at 31.12.2021. Yanfolila Reserves
based on a 10% to 15% dilution rate at zero Au grade based on
deposit.
- 95% mining recovery.
- US$1,500.00 Au price.
2) MRE resource models provided by Belinda van Lente, and Dave Muir of
Hummingbird Resources plc.
3) Cut-off grades are variable based on material type which are Oxide,
Transitional and Fresh ore types.
4) Metallurgical processing recoveries have been estimated as 93.6% across all
material types.
5) Processing costs vary from US$37.26/t to US$47.20/t based upon material
types at each deposit and by distance from the process plants.
KEUG
1) Reserves based on an average dilution rate of 15% at zero grade applied
outside of stope shapes.
- Ore recovery is 84% based on geotechnical pillars that must remain after
mining is
complete.
- Approximately 50% recovery of the crown pillar tonnes and ounces.
- US$1,500.00 Au price.
2) MRE resource models provided by Belinda van Lente and Dave Muir of
Hummingbird Resources plc.
3) Cut-off grade is 1.87 g/t Au contained all in the Fresh ore type.
4) Metallurgical recovery at the process plant is 92% and is all Fresh
material type.
5) Processing costs are US$37.67/t based on Fresh material type.
Kouroussa Open
Pits
1) Kouroussa Reserves Statements effective as at 31.12.2021.
Kouroussa Reserves based on:
- an average dilution rate of 5.1% at zero grade.
- an average ore recovery of
86.3.
- US$1500.00 Au price.
2) MRE resource models provided by Martin Pittuck of SRK (UK) Consulting for
Koekoe and Ben Parson of SRK Consulting (Denver) for Kinkine.
3) Cut-off grades are Oxide = 0.90 g/t ; Transitional = 1.01 g/t; Fresh = 1.23
g/t Au.
4) Metallurgical recovery at the process plant is 95% for oxide and
transitional and 96% for fresh material types.
5) Processing costs are US$37.87/t to US$52.89/t based upon material types at
each deposit and by distance from the process plant.
Dugbe
Project
1) Dugbe Reserves effective as at 01.05.2022. See release dated 13th June 2022
for summary details. Dugbe Reserves shown on a 100% basis. Hummingbird will
retain a controlling interest in Dugbe of 51%. They are based on:
- an average dilution rate applied to Dugbe F is 10.1% and Tuzon 6.9%.
- the average ore recovery applied to Dugbe F is 93.7% and for Tuzon is 95%.
- US$1,600.00 Au price.
2) Scientific or technical information that relates to mining results was
reviewed by Mr Frikkie Fourie, an independent consultant for DRA Global (SA).
3) Scientific or technical information that relates to metallurgy and
processing results was reviewed by Mr Marius Phillips and Robin Welsh;
full-time employees of DRA Global (SA).
4) MRE resource models provided by Martin Pittuck of SRK (UK) Consulting.
5) Mineral Reserves are reported at 0.50g/t Au cut-off grade.
6) Metallurgical recovery at the process plant is 87% on average and is
specific to material type.
7) Processing cost has been determined to be US$10.71/t with additional G/A
and other costs adding to US$7.22/t.
.
Footnotes to the Company Resources Summary table as per above:
All Company Resources are shown on a 100% basis. Hummingbird will retain a
controlling interest in Dugbe of 51%.
Mineral Resources are not Mineral Reserves and have no demonstrated economic
viability. The estimate of Mineral Resources may be materially affected by
environmental, permitting, legal, marketing, or other relevant issues.
Tonnes have been rounded to the nearest 1,000 t; Ounces have been rounded to
the nearest 100 oz. Numbers may not total due to rounding.
Contained ounces have been calculated using 1 oz = 31.1035 g.
Yanfolila
1) The MREs have been depleted for recorded mining and orpaillage at 31
December 2021.
2) KW In Pit - Oxide, transitional and fresh material reported at a cut-off of
0.70 g/t Au above an irregular surface boundary below which zone continuity
deteriorates and which averages 185mRL (vertical depth 270 m).
3) KW In Pit includes 3koz at 0.52 g/t Au marginal material reported between
0.30 to 0.70 g/t Au, within a pit design shell (US$1,500/oz), considered as
potentially heap leachable.
4) KE & GK In Pit - Oxide, transitional and fresh material constrained
within a pit design shell (US$1,500/oz), reported at a 0.70 g/t Au cut-off.
5) KE & GK U/G - Fresh material beneath the open pit design shell
(US$1,500/oz), reported at a 1.20 g/t Au cut-off.
6) SW & SE In Pit - Oxide, transitional and fresh material, reported at a
0.80 g/t Au cut-off to a depth of 240 vertical metres to reflect what may be
considered a conceptual base of open pit mining (to the 142mRL).
7) SW In Pit includes 8koz at 0.63 g/t Au & SE In Pit includes 2koz at
0.62 g/t Au marginal material reported between 0.30 to 0.80 g/t Au, within a
pit design shell (US$1,500/oz), considered as potentially heap leachable.
8) GW In Pit - Oxide and transitional material are unconstrained and reported
at a cut-off of 0.60 g/t Au and 0.70 g/t Au, respectively.
9) Hummingbird have not re-evaluated the historical Gold Fields Ltd Mineral
Resources for KS or BM and continues to quote the Resources as announced in
the RNS on 15th December 2015 and as previously announced in its purchase of
the project in June 2014.
10) The KS and BM non-code compliant Mineral Resources remain in the 2021 MRE
as no exploration work was carried out in these areas during the 2021
exploration programme. The Company intends to carry out further exploration
work at these deposits with the aim of converting these resources to JORC
compliant standards.
11) Heap Leachable stockpiles accumulated are low grade suitable for potential
Heap Leaching and are classified as a Resource consistent with current
classifications with a lower COG of 0.30 g/t. They are Measured Resources
since they have been drilled off, sampled on a 10x5x5 metre pattern with RC
drilling and stockpiled separately since grades were too low to process in the
CIL plant. Studies are underway to convert these stockpiles to Reserves that
can be economically processed using Heap Leach methods.
12) Reported Mineral Resources for KW, KE, SW, SE and GK have been prepared in
accordance with the JORC Code (2012 Edition) and are current as at 31 December
2021.
13) Reported Mineral Resource for GW has been prepared in accordance with the
JORC Code (2012 Edition) and was previously reported by Hummingbird via a
press release in December 2015 which remain current.
14) The MRE reported here for KE, SW and SE are based on information compiled
under the supervision of Dr Belinda van Lente, Group Mineral Resource
Geologist at Hummingbird Resources. Dr van Lente is a member of AIG and a
Competent Person as defined by the JORC Code (2012 Edition).
15) The MRE reported here for KW was based on information compiled under the
supervision of Mr. Timothee Sogoba, previous Chief Mineral Resource Geologist
at Hummingbird Resources plc. Mr. Sogoba is a member of the AusIMM and a
Competent Person as defined by the JORC Code (2012 Edition).
16) The MRE reported here for GW was based on information compiled under the
supervision of Mr. Galen White, of CSA Global (UK) and Mr Mark Fleming, an
independent consultant for Hummingbird Resources plc. He acted as the
Competent Person, as defined by the JORC Code (2012 Edition).
17) The MRE reported here for KS was based on information compiled under the
supervision of Gold Fields Ltd Mineral Resource Group and the Competent Person
(Mr. Alex Trueman), as defined by the SAMREC (2009 Edition) on behalf of Gold
Fields Ltd.
18) The reported Mineral Resource for BM was carried out by the Competent
Person acting on behalf of Gold Field Ltd Mineral Resource Group.
Kouroussa
1) Reported Mineral Resources for KK have been prepared in accordance with the
JORC Code (2012 Edition).
2) The KI, BFJ and XV block models have not been reported in accordance with
the JORC Code (2012), however the classification has been completed in
accordance with the "Australasian Code for Reporting of Mineral Resources and
Ore Reserves" (the JORC Code as prepared by the Joint Ore Reserve Committee of
the AusIMM, AIG and MCA and updated in December 2012, (JORC., 2012)). The
major classifications and terminologies have been adhered to. The resource
classification has been applied to the MRE based on the data spacing, grade
and geological continuity, and quality of the estimation. These resources have
been prepared under the guidelines JORC (2012).
3) The effective date of the KI MRE is 28 February 2012 and was previously
reported by Hummingbird as announced in its purchase of the project in June
2020.
4) The reported Mineral Resource for KI was carried out by Mr. Ben Parsons
(MAusIMM) as an independent Qualified Person as this term is defined by NI
43-101. Mr. Parsons was an employee of SRK Consulting (UK) Ltd at the time of
estimation and reporting.
5) KI In Pit - Reported at a cut-off grade of 0.43 g/t for laterite and
saprolite material, 0.48 g/t for transitional material and 0.53 g/t for fresh
material, constrained within a conceptual pit shell (US$1,400/oz).
6) KI U/G - Reported at a cut-off grade of 1.25 g/t Au for laterite and
saprolite material, 1.28 g/t Au for transitional material and 1.37 g/t Au for
fresh material, beneath a conceptual pit shell (US$1,400/oz).
7) The effective date of the KK MRE is 31 December 2021. The previous Mineral
Resource for the KK Deposit was previously reported by Hummingbird as
announced in its purchase of the project in June 2020.
8) The Competent Person for the KK MRE is Mr. Martin Pittuck (CEng, MIMMM), an
independent Competent Person as defined by the JORC Code (2012 Edition). Mr.
Pittuck is an employee of SRK Consulting (UK) Ltd.
9) KK In Pit - Reported at a cut-off grade of 0.75 g/t Au for oxide, 0.85 g/t
Au for transition and 1.00 g/t Au for fresh material, within a US$1,800/oz
gold conceptual pit shell.
10) KK U/G - Reported at 1.80 g/t Au (operating cut-off grade) and 1.00 g/t Au
(marginal cut-off grade), beneath a US$1,800/oz gold conceptual pit shell.
11) The BFJ and XV Mineral Resources were previously reported by Hummingbird
as announced in its purchase of the project in June 2020.
12) The BFJ and XV Deposits were estimated by Mining Plus Pty Ltd and have
been reported inside optimised pit shells (US$1,750/oz), at a cut-off grade of
0.50 g/t Au.
13) The MRE for BFJ and XV Deposits relates to the Estimation and Reporting of
Mineral Resources compiled by Mr. Richard Hingston (Chartered Professional and
MAusIMM) in December 2018. At the time of reporting, Mr.Hingston was an
employee of Mining Plus Pty Ltd and has acted as an independent consultant on
the BFJ and XV deposits Mineral Resource estimation.
Dugbe
1) See Dugbe release dated 13(th) June 2022 for more details.
2) The effective date of the Mineral Resource Estimate is 17 November 2021.
3) The marginal cut-off grades for Tuzon are 0.34 g/t Au for fresh material
and 0.39 g/t Au for weathered material. The marginal cut-off grades for Dugbe
F are 0.36 g/t Au for fresh material and 0.40 g/t Au for weathered material.
4) Mineral Resource estimates are stated within conceptual pit shells using
the following main parameters: (i) Au price of US$1700/ounce; (ii) plant
recovery of 90%; and (iii) mean specific gravity of 2.78 t/m3 for mineralised
gneiss and 2.64 t/m3 for pegmatite in fresh rock and 2.1 t/m3 for oxide
material.
5) The Qualified Person is Mr. Martin Pittuck (CEng, MIMMM), an independent
Qualified Person as this term is defined by NI 43-101. Mr. Pittuck is an
employee of SRK Consulting (UK) Ltd.
6) The Mineral Resource has been classified under the guidelines of the
Canadian Institute of Mining, Metallurgy and Petroleum (CIM) and undertaken
within the context of the Canadian Securities Administrators' National
Instrument 43-101 (NI 43-101).
7) The previous Mineral Resource for the Dugbe Project was reported effective
as at 19 August 2020 by Pasofino Gold Ltd, as filed on SEDAR.
Competent Persons Review:
Reserves
Andri Wiratama (AusIMM) is the Manager of Technical Services at the Yanfolila
project in Mali and is Competent Person as defined by the JORC Code (2012
Edition) for the updated Reserves at Yanfolila.
Paul O'Callaghan (FAUSIMM) is an independent consultant and Mine Engineer, and
the Competent Person as defined by the JORC Code (2012 Edition) for the Maiden
Reserves at Kinkine and updated Reserves at Koekoe in Kouroussa.
Frikkie Fourie (B.Eng, Pr.Eng, MSAIMM) is an independent consultant for DRA
Global. Mr Fourie is a Professional Engineer in good standing with the
Engineering Council of South Africa, is a Member of the South African
Institute of Mining and Metallurgy and has sufficient experience to be
considered as a Qualified Person under National Instrument 43-101 for the
Dugbe project.
Resources
Dr. Belinda Van Lente (MAIG), the Group Mineral Resource Geologist at
Hummingbird Resources, has prepared the Reported Mineral Resources for KE, SW,
and SE and compiled the Reported Mineral Resources for KW, GK and GW in
accordance with the JORC Code (2012 Edition). These Mineral Resources are
current as at 31 December 2021. Dr van Lente is a Competent Person as defined
by the JORC Code (2012 Edition).
Martin Pittuck (CEng, MIMMM) is the Independent Competent Person as defined by
the JORC code (2012 edition) for the Koekoe Resource update, and sufficient
credentials to be considered as the independent Qualified Person as this term
is defined by NI 43-101 for the Dugbe Resource statement.
Ben Parsons (AusIMM) prepared the Kinkine Resource estimate in 2012 and is the
Qualified Person as this term is defined by NI 43-101. Noris Del Bel Belluz
(PGeo) is the Group Technical Services manager and is the Competent Person as
defined by the JORC Code (2012 Edition) for the KW Marginal ore stockpile for
the main feed source of the Yanfolila Heap Leach project.
Qualified Person Review:
Noris Del Bel Belluz, 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. Noris is the Group Technical
Services Manager for the Hummingbird and is a CP according to the Australasian
Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves
("JORC Code, 2012 Edition") and a QP as defined by Part 1 of NI 43-101
Standards of Disclosure for Mineral Projects (30 June 2011 Edition).
Glossary of Technical Terms
"g" gram
"g/t" grams per tonne, equivalent to parts per million
"k" thousand
"km" kilometres
"m" metres
"M" million
"mt" million tonnes
"oz" troy ounce (31.103477 grams)
"t" tonnes
"Au" the chemical symbol on the periodic table for the precious metal, gold.
"Cut-off grade" the lowest or highest assay value that is included in a resource estimate.
"Deposit" mineralisation which has been outlined on surface and via underground work or
drilling sufficient for a Mineral Resource Estimate to be calculated with
tonnage and grade but where there has been no ore production.
"Indicated resource" that part of a Mineral Resource for which tonnage, densities, shape, physical
characteristics, grade, and mineral content can be estimated with a reasonable
level of confidence. It is based on exploration, sampling and testing
information gathered through appropriate techniques from locations such as
outcrops, trenches, pits, workings, and drill holes. The locations are too
widely or inappropriately spaced to confirm geological and/or grade continuity
but are spaced closely enough for continuity to be assumed.
"Inferred Resource" that part of a Mineral Resource for which tonnage, grade and mineral content
can be estimated from geological evidence and assumed but not verified
geological and/or grade continuity. It is based on information gathered
through appropriate techniques from locations such as outcrops, trenches,
pits, workings, and drill holes which is of uncertain quality and reliability.
"JORC" the Joint Ore Reserves Committee of the Australasian Institute of Mining and
Metallurgy, Australian Institute of Geoscientists and Mineral Council of
Australia.
"JORC 2012" the 2012 edition of the Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves.
"Measured Resource" that part of a Mineral Resource for which tonnage, densities, shape, physical
characteristics, grade, and mineral content can be estimated with a high level
of confidence. It is based on detailed and reliable exploration, sampling and
testing information gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings, and drill holes. The locations are
spaced closely enough to confirm geological and grade continuity.
"Mineral Resource" mineral of potential value but not necessarily proven as a reserve.
"Ore" mineral of proven economic value.
"Ore Reserve" the economically mineable part of a Measured and/or Indicated Mineral
Resource. It includes diluting materials and allowances for losses, which may
occur when the material is mined. Appropriate assessments and studies have
been carried out and include consideration of and modification by
realistically assumed mining, metallurgical, economic, marketing, legal,
environmental, social, and governmental factors. These assessments demonstrate
at the time of reporting that extraction could reasonably be justified. Ore
Reserves are sub-divided in order of increasing confidence into Probable Ore
Reserves and Proved Ore Reserves. A Probable Ore Reserve has a lower level of
confidence than a Proved Ore Reserve but is of sufficient quality to serve as
the basis for a decision on the development of the deposit.
"Probable Reserve" The economically mineable part of an Indicated, and in some circumstances, a
Measured Mineral Resource.
**ENDS**
Notes to Editors:
Hummingbird Resources plc (AIM: HUM) is a leading multi-asset,
multi-jurisdiction gold production, development and exploration Company,
member of the World Gold Council and founding member of Single Mine Origin
(www.singlemineorigin.com). The Company currently has two core gold projects,
the operational Yanfolila Gold Mine in Mali, and the Kouroussa Gold Mine in
Guinea, which will more than double current gold production when production,
scheduled for first gold pour end of Q2 2023. 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. The final
feasibility results on Dugbe showcase 2.76Moz in Reserves and strong economics
such as a 3.5-year capex payback period once in production, 14-year life of
mine at a low AISC profile of US$1,005/oz. Our vision is to continue to grow
our asset base, producing profitable ounces, while central to all we do being
our Environmental, Social & Governance ("ESG") policies and practices.
For further information please visit www.hummingbirdresources.co.uk
(http://www.hummingbirdresources.co.uk) or contact:
Daniel Betts, CEO Hummingbird Resources plc Tel: +44 (0) 20 7409 6660
Thomas Hill, FD
Anthony Köcken, COO
Edward Montgomery, CSO & ESG
James Spinney Strand Hanson Limited Tel: +44 (0) 20 7409 3494
Ritchie Balmer Nominated Adviser
James Asensio Canaccord Genuity Limited Tel: +44 (0) 20 7523 8000
Gordon Hamilton Broker
Bobby Morse Buchanan Tel: +44 (0) 20 7466 5000
Ariadna Peretz Financial PR/IR Email: HUM@buchanan.uk.com (mailto:HUM@buchanan.uk.com)
George Cleary
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