REG - Hummingbird Res. - 2023 Updated Reserves and Resources Statements
13/09/2023 07:15
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RNS Number : 2346M Hummingbird Resources PLC 13 September 2023
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining
13 September 2023
Hummingbird Resources plc
("Hummingbird", the "Group" or the "Company")
2023 Updated Company Reserves and Resources Statements
Hummingbird Resources plc (AIM: HUM) is pleased to provide updated Reserves
and Resources Estimate Statements for the Company as at 31 December 2022.
Updated Group Reserves totalled 4.03 million ounces ("Moz") of gold and Group
Resources totalled 6.95 Moz, a net decrease of 98 thousand ounces ("Koz") and
327 Koz respectively, on the Company's 2022 Reserves and Resources statement
("2022 statement" or "2022").
Kouroussa Gold Mine, Guinea
· Reserves at the Kouroussa Gold Mine increased 28 Koz to 676 Koz
at 4.13g/t (2022 statement: 647 Koz at 4.15g/t) and total Resources also
increased 30 Koz to 1.23 Moz at 3.06g/t versus the previous statement (2022:
1.20 Moz at 3.02g/t).
· Under the current mine plan, Kouroussa has a defined life of mine
("LOM") of at least six years. The mine holds significant untapped exploration
upside with the Company planning on starting and executing exploration
campaigns over the next 12 months with the goal of lifting the LOM to 10-plus
years and increasing the Reserve profile to over 1.0 Moz.
Yanfolila Gold Mine, Mali
· Following the curtailing of exploration activities in 2022,
operational depletion, and re-interpreting geology from grade control drilling
and improved in-pit mapping that increased geological confidence for mining
plans, Yanfolila saw total Reserves decrease 126 Koz to 593 Koz at 2.64g/t
(2022: 719 Koz at 2.85g/t) and Resources decreased 360 Koz to 1.71 Moz at
2.21g/t (2022: 2.07 Moz at 2.22g/t).
· Yanfolila has a projected LOM of approximately six years based on
its existing Reserve profile. Despite the reduction in Yanfolila's Reserves
and Resources profile through 2022, the Company remains confident in its
ability to maintain and extend Yanfolila's LOM. Exploration plans on
greenfield and existing brownfield sites at Yanfolila are currently being
implemented and expected to add to the Mineral Resource base in H2-2023
through to 2024.
Dugbe Gold Project, Liberia
· Reserves remained as per last statements at 2.76 Moz at 1.30g/t
and Resources at 4.01 Moz at 1.27g/t, of which the Company retains a 51%
controlling interest.
Exploration activity
· As noted in the Q2-2023 Operational and Trading Update, the
Company is currently finalising its exploration plans at both Kouroussa and
Yanfolila, with extension drilling re-commenced at Yanfolila's Gonka and
Sanioumale West deposits. Further detail on the Group's exploration plans,
including updates on the completed extension drilling, are expected to be
provided later in the year.
· The core focus of the exploration programmes will be to increase
the respective Resource bases and, ultimately, enlarge the Reserves bases and
LOM at both assets. In particular, the Company believes there remains material
upside opportunity at Kouroussa, which is located within Guinea's gold
prolific Siguiri Basin.
2023 Company Reserves and Resources Summary Table
Company Reserves
Reserves Summary Net change from previous updates
Asset: kt g/t Koz Koz % change
Yanfolila, Mali 6,978 2.64 593 -126 -18%
Kouroussa, Guinea 5,093 4.13 676 28 4%
Dugbe, Liberia (100%) 66,000 1.30 2,760 0 0%
Total Company Reserves 78,071 1.60 4,028 -98 -2%
Company Resources
Resources Summary Net change from previous updates
Asset: kt g/t Koz Koz % change
Yanfolila, Mali 24,009 2.21 1,705 -360 -17%
Kouroussa, Guinea 12,506 3.06 1,230 30 2%
Dugbe, Liberia (100%) 98,100 1.27 4,013 0 0%
Total Company Resources 134,614 1.61 6,951 -327 -4%
All Company Resources and Reserves are shown on a 100% basis. Hummingbird has
a controlling interest in Dugbe of 51%.
Dan Betts, CEO of Hummingbird Resources, commented:
"The last 18 months have been a period of significant operational progress for
Hummingbird, with the construction and ramp-up of Kouroussa, which is expected
to reach steady state production in Q4-2023, and the successful return to more
consistent operational performance at Yanfolila. We are confident that our
asset base has material LOM upside, with exploration plans being developed, in
particular at Kouroussa, where we are targeting to increase Reserves to 1.0
Moz and a 10-plus year LOM."
Company Reserves Summary Table:
31st December 2022 Yanfolila, Mali Reserves Strip Ratio Au Oz Change in Au Oz from previous updates (net of depletions)
Deposit Location Classification kt Au (g/t) t:t Koz Koz
Komana West (KW) In Pit Proved 13 1.92 - 0.8 -
Probable 450 2.56 - 37.0 -
TOTAL: 463 2.54 16.5 37.8 -
3
7
.
4
Komana East (KE) In Pit Proved - - - - -
Probable 720 2.73 - 63.1 -
TOTAL: 720 2.73 6.4 63.1 -
4
2
.
6
Sanioumale West (SW) In Pit Proved 313 2.25 - 22.6 -
Probable 79 1.96 - 5.0 -
TOTAL: 392 2.19 6.0 27.6 -
2
7
.
7
Sanioumale East (SE) In Pit Proved - - - - -
Probable 1,230 2.57 - 101.5 -
TOTAL: 1,230 2.57 13.6 101.5 -
1
0
.
3
Gonka (GK) In Pit Proved - - - - -
Probable 327 3.01 - 31.7 -
TOTAL: 327 3.01 23.2 31.7 -
3
4
.
1
Guirin West (GW) In Pit Proved - - - - -
Probable 108 2.13 - 7.4 -
TOTAL: 108 2.13 8.4 7.4 7
.
4
Komana East Underground (KE U/G) U/G Proved - - - - -
Probable 2,050 4.02 - 265.1
TOTAL: 2,050 4.02 - 265.1 -
1
2
.
4
Run-of-Mine Stockpiles ROM Stockpile Proved 1,687 1.08 - 58.3 -
Probable - - - - -
TOTAL: 1,687 1.08 - 58.3 3
0
.
7
Total Yanfolila SUB-TOTAL: Proved 2,013 1.26 - 81.7 54.1
Probable 4,965 3.20 - 510.8 -180.5
TOTAL: 6,978 2.64 12.3 592.5 -126.4
Kouroussa, Guinea Reserves Strip Ratio Au Oz Change in Au Oz from previous updates (net of depletions)
Deposit Location Classification kt Au (g/t) t:t Koz Koz
Kinkine (KI) In Pit Proved - - - - -
Probable 1,234 2.56 - 101.4 -
TOTAL: 1,234 2.56 6.2 101.4 0
Koekoe (KK) In Pit Proved 16 1.73 - 0.9 -
Probable 3,842 4.64 - 573.2 -
TOTAL: 3,858 4.63 15.6 574.1 2
8
.
3
Total Kouroussa SUB-TOTAL: Proved 16 1.73 - 0.9 0.9
Probable 5,092 4.12 - 674.6 27.4
TOTAL: 5,108 4.11 13.3 675.5 28.3
Dugbe, Liberia Reserves Strip Ratio Au Oz Change in Au Oz from previous updates (net of depletions)
Deposit Location Classification kt Au (g/t) t:t Koz Koz
Dugbe F and Tuzon In Pit Proved - - - - -
Probable 66,000 1.30 - 2,760.0 -
TOTAL: 66,000 1.30 0.3 2,760.0 0
.
0
Total Company Reserves Strip Ratio Au Oz insitu Change in Au Oz from previous updates (net of depletions)
Location Classification kt Au (g/t) t:t Koz Koz
All Deposits (100% Attributable) In Pit Proved 342 2.21 - 24.3 -
Probable 7,991 3.58 13.5 920.3 -140.7
U/G Proved - - - - -
Probable 2,050 4.02 - 265.1 -12.4
Dugbe F and Tuzon Proved - - - - -
Probable 66,000 1.30 0.3 2,760.0 0.0
ROM Stockpile Proved 1,687 1.08 - 58.3 30.7
Probable - - - - -
TOTAL: Proved 2,029 1.08 - 82.6 55.0
Probable 76,041 1.61 - 3,945.4 -153.1
TOTAL: 78,070 1.60 1.8 4,028.0 -
9
8
.
1
Footnotes:
· Company Reserves are shown on a 100% basis. Hummingbird retains 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
December 2022. Dugbe Reserves effective date as completed by Pasofino is 01
May 2022. Rounding may produce slightly different sums.
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:
31st December 2022 Yanfolila, Mali Resources Au Oz Change in Au Oz from previous updates (net depletions)
Deposit Location Classification kt Au (g/t) Koz Koz
Komana West (KW) In Pit Measured 39 1.88 2.0 -
Indicated 1,654 2.11 112.0 -
Inferred 302 1.87 18.0 -
TOTAL: 1,994 2.07 133.0 -
2
2
0
.
0
Komana East (KE) In Pit Measured - - - -
Indicated 2,932 3.47 327.0 -
Inferred 199 2.12 14.0 -
TOTAL: 3,131 3.38 340.0 2
2
5
.
0
Gonka (GK) In Pit Measured - - - -
Indicated 1,033 3.80 126.0 -
Inferred 425 4.81 66.0 -
TOTAL: 1,458 4.09 192.0 1
2
5
.
0
Sanioumale West (SW) In Pit Measured 520 2.13 36.0 -
Indicated 796 1.39 36.0 -
Inferred 760 1.47 36.0 -
TOTAL: 2,077 1.60 107.0 -
8
4
.
0
Sanioumale East (SE) In Pit Measured - - - -
Indicated 1,753 2.59 146.0 -
Inferred 180 2.54 15.0 -
TOTAL: 1,933 2.58 161.0 -
7
5
.
0
Komana West Underground (KW U/G) U/G Measured - - - -
Indicated 312 2.47 25.0 -
Inferred 405 3.04 40.0 -
TOTAL: 717 2.79 64.0 6
4
.
0
Komana East Underground (KE U/G) U/G Measured - - - -
Indicated 1,355 3.65 159.0 -
Inferred 845 3.57 97.0 -
TOTAL: 2,201 3.62 256.0 -
2
9
9
.
0
Gonka Underground (GK U/G) U/G Measured - - - -
Indicated 290 2.88 27.0 -
Inferred 467 3.58 54.0 -
TOTAL: 756 3.31 80.0 -
1
4
5
.
0
Sanioumale West Underground (SW U/G) U/G Measured 2 1.86 0.1 -
Indicated 188 2.21 13.0 -
Inferred 177 2.30 13.0 -
TOTAL: 366 2.25 26.0 2
6
.
0
Sanioumale East Underground (SE U/G) U/G Measured - - - -
Indicated 417 2.73 37.0 -
Inferred 196 2.62 16.0 -
TOTAL: 613 2.70 53.0 5
3
.
0
Guirin West (GW) In Pit Measured - - - -
Indicated 165 2.04 11.0 -
Inferred 66 1.81 4.0 -
TOTAL: 231 1.97 15.0 -
5
9
.
0
Kabaya South (KS) In Pit Measured - - - -
Indicated 1,370 1.42 62.0 -
Inferred 650 1.10 23.0 -
TOTAL: 2,020 1.31 85.0 0
.
0
Kabaya South (KS - non-code) Ex Pit Measured - - - -
Indicated - - - -
Inferred 950 1.50 46.0 -
TOTAL: 950 1.50 46.0 0
.
0
Badogo-Malikila (BM - non-code) In Pit Measured - - - -
Indicated - - - -
Inferred 2,347 0.81 61.0 -
TOTAL: 2,347 0.81 61.0 0
.
0
Run-of-Mine Stockpiles Stockpiles Measured 1,687 1.08 58.0 -
Indicated - - - -
Inferred - - - -
TOTAL: 1,687 1.08 58.0 3
0
.
0
Heap Leachable Stockpiles (HLS) Stockpiles Measured 1,528 0.57 28.0 -
Indicated - - - -
Inferred - - - -
TOTAL: 1,528 0.57 28.0 -
3
.
0
Total Yanfolila SUB-TOTAL: Measured 3,776 1.02 124.1 65.0
Indicated 12,265 2.74 1,081.0 -453.0
Inferred 7,969 1.96 503.0 31.0
SUB-TOTAL: 24,009 2.21 1,705.0 -
3
6
0
.
0
Kouroussa, Guinea Resources Au Oz Change in Au Oz from previous updates (net depletions)
Deposit Location Classification kt Au (g/t) Koz Koz
Kinkine (KI) In Pit Measured - - - -
Indicated 1,884 2.20 133.3 -
Inferred 63 1.60 3.3 -
TOTAL: 1,947 2.18 136.6 0
.
0
Koekoe (KK) In Pit Measured 33 1.64 2.0 -
Indicated 5,008 4.21 678.0 -
Inferred 1,039 2.51 84.0 -
TOTAL: 6,080 3.90 763.0 5
9
.
0
Bag Farm-Junction (BFJ) In Pit Measured - - - -
Indicated - - - -
Inferred 1,743 1.59 89.0 -
TOTAL: 1,743 1.59 89.0 0
.
0
X-Vein (XV) In Pit Measured - - - -
Indicated - - - -
Inferred 354 7.33 83.0 -
TOTAL: 354 7.33 83.0 0
.
0
Kinkine Underground (KI U/G) U/G Measured - - - -
Indicated 97 1.70 5.3 -
Inferred 324 1.76 18.4 -
TOTAL: 421 1.75 23.7 0
.
0
Koekoe Underground (KK U/G) U/G Measured - - - -
Indicated 1,184 2.05 78.0 -
Inferred 777 2.24 56.0 -
TOTAL: 1,961 2.11 133.0 -
3
1
.
0
Total Kouroussa SUB-TOTAL: Measured 33 1.64 2.0 2.0
Indicated 8,172 3.40 894.6 19.0
Inferred 4,301 2.41 333.7 9.0
SUB-TOTAL: 12,506 3.06 1,230.3 3
0
.
0
Deposit Dugbe, Liberia Resources Au Oz Change in Au Oz from previous updates (net depletions)
Deposit Location Classification kt Au (g/t) Koz Koz
Dugbe F & Tuzon In Pit Measured 1,200 1.44 56.0 0.0
Indicated 80,000 1.30 3,340.0 0.0
Inferred 16,900 1.13 617.0 0.0
SUB-TOTAL: 98,100 1.27 4,013.0 0
.
0
Total Company Resources Au Oz Change in Au Oz from previous updates (net depletions)
Location Classification kt Au (g/t) Koz Koz
All Deposits (100% Attributable) In Pit Measured 592 2.10 40.0 40.0
Indicated 16,595 3.06 1,631.3 -97.0
Inferred 5,781 2.34 435.3 31.0
U/G Measured - - - -
Indicated 3,843 2.79 344.3 -337.0
Inferred 3,191 2.87 294.4 9.0
Yanfolila Measured - - - -
Non-code
Indicated - - - -
Inferred 3,297 1.01 107.0 0.0
Dugbe Measured 1,200 1.44 56.0 0.0
Indicated 80,000 1.30 3,340.0 0.0
Inferred 16,900 1.13 617.0 0.0
ROM Measured 1,687 1.08 58.0 30.0
Stockpiles
Indicated - - - -
Inferred - - - -
Heap Measured 1,528 0.57 28.0 -3.0
Leachable
Stockpiles
Indicated - - - -
Inferred - - - -
TOTAL: Measured 5,007 1.13 182.0 67.0
Indicated 100,437 1.65 5,315.6 -434.0
Inferred 29,170 1.55 1,453.7 40.0
TOTAL: 134,614 1.61 6,951.3 -
3
2
7
.
0
Footnotes:
· Mineral Resources are inclusive of Reserves.
· 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.
Other footnotes: Due to the length of the footnotes to the Resources summary
table, they are provided at the end of this document.
Yanfolila Gold Mine, Mali Reserves and Resources key highlights:
Reserves at Yanfolila totalled 593 Koz at 2.64g/t, a decrease of 126 Koz, and
Resources totalled 1.71 Moz at 2.21g/t, a decrease of 360 Koz. The decrease
has been primarily driven by the significant geological reinterpretation of
several deposits at Yanfolila utilising additional data captured through
detailed grade control drilling and improved in-pit mapping, increasing
geological confidence in Yanfolila's overall Resource base.
The Company remains confident in the ability to maintain and extend
Yanfolila's LOM, with property wide exploration plans being implemented and
expected to accelerate in H2-2023 and 2024.
The Yanfolila gold mine is located within the Yanfolila exploitation permit
area. This area contains the following key deposits, that are included within
the 2023 Company Reserves Statement:
· Komana West ("KW")
· Komana East ("KE")
· Sanioumale West ("SW")
· Sanioumale East ("SE")
· Gonka ("GK")
· Guirin West ("GW")
· Komana East Underground ("KEUG")
· Run-of-Mine Stockpiles ("ROM")
For the updated 2023 Yanfolila Resources Statement, the above deposits are
included in addition to the below:
· Komana West Underground ("KWUG")
· Gonka Underground ("GKUG")
· Sanioumale West Underground ("SWUG")
· Sanioumale East Underground ("SEUG")
· Kabaya South ("KS")
· Badogo-Malikila ("BM") (non-code compliant)
· Heap Leachable Stockpiles ("HLS")
KE and KEUG
The KE open pit deposit holds Reserves of 63 Koz (2.73g/t) and are included in
the KE open pit Resources of 340 Koz (3.38g/t) respectively. The remaining
Reserves for the KE open pit are located at the North and South ends of the
pit that are on strike with the mineralised trend. The KE open pit Resources
are reported within a US$1,800 per oz Au conceptual pit shell, resulting in a
deeper pit and bringing previous potential Underground Resources into the new
theoretical open pit, hence reducing the Underground Resource when compared
with the last Resource statement of 2022.
The KEUG Reserves have been adjusted by depleting mineralisation that was
recovered in 2022 in the KE open pit, standing at 265 Koz (4.02g/t). The
Underground Reserves were estimated using a cut-off grade of 1.87g/t Au at an
input price of US$1,500 per oz Au. Remaining open pit reserves of the current
KE open pit are expected to be mined in FY-2024. Notably, there exists
potential for a longer LOM at KEUG, well above the deposit's current Reserves
and Resources profile which remains open at depth and to the north of the
deposit. This provides confidence that Reserves can be increased, and
Resources can be upgraded from Inferred Resources to the Measured and
Indicated category through additional drilling campaigns at KEUG.
KEUG is currently being developed in H2-2023, with the expectations that once
it enters production, further underground exploration drilling will take place
to extend the LOM for that deposit.
KW
The KW open pit deposit holds Reserves and Resources of 38 Koz (2.54g/t) and
133 Koz (2.07g/t) respectively, accounting for mining depletions and
geological reinterpretation since the previous statements. This deposit
retains its potential at depth and along its southern strike for LOM extension
with further exploration.
GK and GKUG
The GK open pit deposit currently holds Reserves and Resources of 32 Koz
(3.01g/t) and 192 Koz (4.09g/t) respectively, accounting for mining depletions
and the additional remodelling versus the 2022 statements. The GK deposit is
being gradually mined, providing ore to be processed at the mill.
For GKUG, there are no current Reserves, and Resources have decreased, now
standing at 80 Koz (3.31g/t) since the previous update. The primary cause for
the changes in Resources, beyond mining depletion, is the larger pit shell
using an input price of US$1,800 per ounce Au, increasing the proportion of
the Resources that are within the open pit.
The Company does not expect GKUG to be part of the mine plans for several
years, with additional technical studies and drilling currently being planned.
However, the Company views GKUG as a future high-grade ore source for the
processing plant, like KEUG, with the belief that further drilling is needed
to enhance its potential.
SE and SEUG
The SE deposit had a slightly reduced Reserves and Resources profile of 102
Koz (2.57g/t), and 161 Koz (2.58g/t) respectively versus the 2022 statements.
The increased reduction at SE was driven by optimisation of the mine design to
reflect an updated Yanfolila exploitation permit area. Additionally, a
Resource of 53 Koz (2.70g/t) was reported at SEUG. As with KEUG and GKUG, the
Company anticipates further potential for expansion of Resources and Reserves
with additional exploration drilling.
Mining at the SE open pit deposit commenced in Q2-2023, ahead of schedule, and
will provide increased ore to be processed through H2-2023. Over the near
term, the SE open pit will be a primary source of material for the processing
plant and the Company is looking to increase operational tonnages to improve
blending opportunities.
SW and SWUG
The SW open pit Reserves and Resources have decreased, now standing at 28 Koz
(2.19g/t) and 107 Koz (1.60g/t) respectively, after accounting for mining
depletion. The SW open pit remains a source of oxide ore material within the
current LOM plan.
A Resource estimate of 26 Koz (2.25g/t) has been established at SWUG. Like the
Company's other underground deposits, it expects there to be further potential
for open pit mineralisation through additional exploration drilling.
GW
A Maiden Reserve of 7 Koz (2.13g/t) has been reported for GW. The GW deposit
is located near to the processing plant and could provide a future source of
oxide material, with further exploration upside potential.
KS & BM
KS Resources classified under SAMREC protocols were maintained at 85 Koz
(1.31g/t). Additionally, the deposit includes non-code compliant Resources of
46.0 Koz (1.50g/t). BM holds a total non-code compliant Resources of 61 Koz
(0.81g/t).
HLS
HLS Resources have seen a slight reduction to 28 Koz (0.57g/t). Currently, HLS
is not included in the Yanfolila LOM plans. However, the Company believes
through additional studies, HLS Resources could be converted into Reserves,
making HLS a potentially viable ore source for processing in the upcoming
years.
ROM (stockpiles)
Presently, the ROM contains Reserves amounting to 58 Koz (1.08g/t), a rise of
31 Koz compared to the figures stated in previous statements. This increase is
due to improved geological confidence in the ability to profitably mine the
existing ROM stockpiles in the future.
Kouroussa Gold Mine, Guinea Reserves and Resources key highlights:
Kouroussa Reserves increased 28 Koz to 676 Koz at 4.11g/t and Resources
increased 30 Koz to 1.23 Moz at 3.06g/t from previous statements.
The project holds significant exploration upside both on site and in the
surrounding region. The Company remains confident in reaching its target of a
10+ year LOM and a 1.0 Moz Reserve at Kouroussa.
The current Kouroussa Reserves stated are for the Koekoe and Kinkine open pits
only. Resources are included for other deposits and potential underground
mineralisation below the Koekoe and Kinkine open pits for the following;
· Koekoe ("KK")
· Kinkine ("KI")
· Bag Farm-Junction ("BFJ")
· X-Vein ("XV")
· Koekoe underground ("KKUG")
· Kinkine underground ("KIUG")
KK and KKUG
Reserves at KK increased 28 Koz, to total 574 Koz (4.63g/t), while Resources
increased 59 Koz, to total 763 Koz (3.90g/t) from the previous statements. At
KKUG, Resources decreased to 133 Koz (2.11g/t) since the last statement. The
principal factors driving these changes were the inclusion of additional assay
results not included in the previous 2022 statement, as well as the
remodelling of the deposit which incorporated the shallower regions of the
KKUG deposit into the KK open pit model.
KI and KIUG
The Reserve at KI remained unchanged from the previous statements, totalling
101 Koz (2.56g/t), while Resources also remained steady at 137 Koz (2.18g/t).
Resources at KIUG have remained unchanged from the previous statements,
totalling 24 Koz (1.75g/t). The Company believes that there is potential to
grow the underground Resources at KIUG through additional exploration.
Bag Farm-Junction (BFJ) and X-Vein (XV)
The Resources for BFJ and XV have remained unchanged from the previous
statements, at 89 Koz (1.59g/t) and 83 Koz (7.33g/t) respectively. Both
deposits possess the potential to be develop into future mining deposits,
pending more detailed exploration.
Dugbe Gold Project, Liberia Reserves and Resources key highlights:
The Reserves and Resources for Dugbe have remained unchanged since the
previous statements, standing at 2.76 Moz and 4.01 Moz respectively.
Hummingbird retains a 51% controlling interest in the project.
A strategic review of the Dugbe Project remains ongoing with the Company's
joint venture partner, Pasofino Gold Limited ("Pasofino").
Footnotes to the Company Reserves Summary table as per
above:
Yanfolila
1. Mineral Reserves are reported within Komana East, Komana West,
Gonka, Sanioumale West, Sanioumale East and Guirin West ultimate pit designs,
using the marginal cut-off grade where the total ore-based cost, excluding
mining cost and classified as Measured or Indicated will be deemed as
processable and included within the mineral ore reserve estimate.
2. Mineral Reserves are defined within a mine plan, with phase designs
guided by Lerch-Grossman (LG) Pit Shells, generated using a fixed gold price
of US$1,500/oz Au. The total ore-based cost (including processing, G&A,
Grade control, ore differential costs and sustaining costs) is variable and
depends on the pit location and material type which is between US$37.26/t
milled to US$47.20/t milled.
3. The Overall inter-ramp open pit slopes varied from 37° to 50°
derived from geotechnical and hydrological studies.
4. Metallurgical processing recoveries have been estimated as 93.6%
across all material types.
5. Mining dilution estimated 10% for Komana East, Sanioumale West,
Gonka, Sanioumale East, Guirin West and 15% for Komana West. Mining Recovery
estimated 95% for all deposits, appropriate for the style of deposit, mining
method and mining fleet.
6. Rounding as required by reporting guidelines may result in apparent
summation differences between quantities, grades and contained metal.
7. Quantity and grade measurements are in metric units. Contained gold
is reported as troy ounces.
8. Topography as of 31 December 2022 was used for depletion in this
estimate.
9. The mineral reserve includes 1.69 Mt @1.08g/t of existing
stockpiles.
10. The Komana West marginal ore stockpile reported at a cut-off of
0.89g/t Au for fresh material; the cut-off calculated based on the rationalise
costs at the end of mine life when the material being process.
11. The Komana East, Komana West, Gonka and Sanioumale West open pit mines
have been depleted up to 31 December 2022.
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 in-situ crown pillar tonnes and
ounces.
· US$1500.00 Au price
2. Mine design criteria follow Geotechnical recommendations from Peter
Gash. PE.
3. Mine design criteria follow hydrological recommendations from Alex
Gallagher of Hydrotechnica.
4. MRE resource models provided by Belinda van Lente of Hummingbird
Resources.
5. Cutoff grade is 1.87g/t Au contained all in the Fresh ore type.
6. Metallurgical recovery at the process plant is 92% and is all Fresh
material type.
7. Processing costs are US$37.67/t based on Fresh material
type.
Kouroussa Open Pits
1. Kinkine allows for mining ore loss of 5% and mining dilution of 5%.
There have been no changes for the reserves since June 30, 2022.
2. Koekoe has a regularised Model based on a selective mining unit
(SMU) which has internal mining dilution and ore losses.
3. The Ore Reserve estimate has been based on marginal cut-off grades.
4. Figures above may not sum due to rounding.
5. The mining block model at Koekoe has been depleted for artisanal
mining (orpaillage).
6. Due to no previous mining at Kouroussa (outside of the artisanal
mining), there are no site stockpiles to report.
7. Notes of particular importance are:
· Resource model for Koekoe has been prepared by Belinda van Lente
of Hummingbird Resources.
· Resource model for Kinkine has been prepared by Ben Parsons of
SRK Consulting and there have been no changes for 2022.
· A fixed gold price of US$1,500/oz for the pit optimisations as
advised by HUM.
· Discount rate used of 10%.
· Metallurgical processing recoveries have been estimated as 95%
for oxide and transitional material and 96% for fresh material.
· Mining assumptions and operating cost estimates are as advised by
HUM, based on a contract mining fleet and processing and selling costs from
operating site data.
· A direct economic cut-off grade has been applied for each block
whereby a block grade exceeding this cut-off grade and contained within the
pit design and classified as Measured or Indicated will be deemed as
processable and included within the ORE.
· Pit optimisations have been prepared by Mr Paul O'Callaghan of
OTC Mine Planning.
· Mine designs have been prepared by Mr Paul O'Callaghan of OTC
Mine Planning, based on the optimisation results.
· Schedule developed by KGM and used by Paul O'Callaghan of OTC
Mine Planning.
· Financial modelling has been prepared by HUM and reviewed by OTC
Mine Planning.
Dugbe Project
1. Reserves 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$1600.00 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:
Yanfolila
1. The MREs have been depleted for recorded mining and orpaillage at
end of 31 December 2022.
2. KE, KW & GK - Open pit reported at a cut-off of 0.75g/t Au for
oxide and transitional and 0.85g/t Au for fresh material, within a US$1,800/oz
gold conceptual pit shell, and Underground reported at a 1.40g/t Au cut-off
beneath the US$1,800/oz gold conceptual pit shell.
3. SE & SW - Open pit reported at a cut-off of 0.80g/t Au for
oxide and transitional and 0.90g/t Au for fresh material, within a US$1,800/oz
gold conceptual pit shell, and Underground reported at a 1.40g/t Au cut-off
beneath the US$1,800/oz gold conceptual pit shell.
4. GW - Open pit reported at a cut-off of 0.75g/t Au for oxide and
transitional and 0.85g/t Au for fresh material, within a US$1,800/oz gold
conceptual pit shell.
5. KE includes 4 Koz at 0.69g/t Au, KW includes 6 Koz at 0.59g/t Au,
GK includes 1 Koz at 0.52g/t Au, & GW includes 0.4 Koz at 0.53g/t Au
marginal material reported between 0.30 to 0.75g/t Au (oxide and transitional)
and between 0.30 to 0.85g/t Au (fresh), within the US$1,800/oz gold conceptual
pit shells, considered as potentially heap leachable.
6. SE includes 7 Koz at 0.60g/t Au & SW includes 11 Koz at 0.57g/t
Au marginal material reported between 0.30 to 0.80g/t Au (oxide and
transitional) and between 0.30 to 0.90g/t Au (fresh), within the US$1,800/oz
gold conceptual pit shells, considered as potentially heap leachable.
7. Hummingbird has 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.
8. The KS and BM non-code compliant Mineral Resources remain in the
current statement as no further exploration work has been carried out in these
areas since 2013. The Company intends to carry out further exploration work at
these deposits with the aim of converting these resources to JORC compliant
standards.
9. 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 0.30g/t. They are Measured
Resources since they have been drilled off, mined, measured, transported and
stockpiled separately since grades were too low to process in the CIL plant.
Studies are ongoing to convert these stockpiles to Reserves that can be
economically processed using Heap Leach methods.
10. Reported Mineral Resources for KE, KW, GK, SE, SW and GW have been
prepared in accordance with the JORC Code (2012 Edition) and are current as of
end 31 December 2022.
11. The MREs reported here for KE, KW, SE, SW and GW 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).
12. The MRE reported here for GK was based on information compiled under
the supervision of Mr. Timothee Sogoba, previous Chief Mineral Resource
Geologist at Hummingbird Resources, and Mr. Murray Paterson, previous Chief
Geologist at Hummingbird Resources. Mr. Paterson acted as the Competent
Person, as defined by the JORC Code (2012 Edition).
13. The historical 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.
14. The reported non-code historical Mineral Resources for BM and KS were
carried out by 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 JORC guidelines (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 0.43g/t for laterite and
saprolite material, 0.48g/t for transitional material and 0.53g/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 1.25g/t Au for laterite and
saprolite material, 1.28g/t Au for transitional material and 1.37g/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 2022.
8. The MRE reported here for KK is 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).
9. KK In Pit - Reported at a cut-off grade of 0.75g/t Au for oxide,
0.85g/t Au for transition and 1.00g/t Au for fresh material, within a
US$1,800/oz gold conceptual pit shell.
10. KK U/G - Reported at 1.80g/t Au (operating cut-off grade) and 1.00g/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
0.50g/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 0.34g/t Au for fresh
material and 0.39g/t Au for weathered material. The marginal cut-off grades
for Dugbe F are 0.36g/t Au for fresh material and 0.40g/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$1,700/ounce; (ii)
plant recovery of 90%; and (iii) mean specific gravity of 2.78 t/m(3) for
mineralised gneiss and 2.64 t/m(3) for pegmatite in fresh rock and 2.1 t/m(3)
for oxide material.
5. The reported Mineral Resource for Dugbe was carried out by Mr.
Martin Pittuck (CEng, MIMMM) as an independent Qualified Person as this term
is defined by NI 43-101. Mr. Pittuck was an employee of SRK Consulting (UK)
Ltd at the time of estimation and reporting.
6. The Mineral Resource has been classified under the guidelines of
the Canadian Institute of Mining, Metallurgy and Petroleum (CIM, 2014) and
undertaken within the context of the Canadian Securities Administrators'
National Instrument 43-101 (NI 43-101, 2011).
7. The previous Mineral Resource for the Dugbe Project was reported
effective as of 19 August 2020 by Pasofino Gold Ltd, as filed on
SEDAR.
Competent Persons:
Reserves
Andri Wiratama (MAusIMM) is the Manager of Technical Services at the Yanfolila
project in Mali and is the Competent Person as defined by the JORC Code (2012
Edition) for the updated Open Pit Reserves at Yanfolila.
Nick MacNulty (BSc Engineering, MSAIMM) is the Manager of Underground at
Hummingbird Resources and is the Competent Person as defined by JORC Code
(2012 Edition) and has estimated the Reserves for the updated Underground
Reserves for KE 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 compiled the Reported Mineral Resources for KE, KW,
SW, SE, GK and GW in accordance with the JORC Code (2012 Edition). These
Mineral Resources are current as of 31 December 2022. Additionally, Dr.
Belinda Van Lente prepared the updated resources for KK and KKUG. 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 Dugbe Resource update and has 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.
Competent Person Review:
Noris Del Bel Belluz (PGeo), who was the Group Technical Services Manager for
Hummingbird Resources and now working as a Senior Project Manager for Stantec
Consulting, has reviewed and approved the technical information contained
within this announcement. He has coordinated the work of Hummingbird's
Competent Persons and has verified that the Resource and Reserves work has
been completed according to JORC standards ("JORC Code, 2012 Edition"), as
required under the AIM Rules for Companies.
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 producing Company, member of the World Gold
Council and founding member of Single Mine Origin (www.singlemineorigin.com
(http://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
once at commercial production. Further, the Company has a controlling interest
in the Dugbe Gold Project in Liberia that is being developed by joint
venture partners, Pasofino Gold Limited. 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, and a 14-year life of mine at a low
AISC profile. 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 hummingbirdresources.co.uk
(https://www.hummingbirdresources.co.uk/) or contact:
Daniel Betts, CEO Hummingbird Resources plc Tel: +44 (0) 20 7409 6660
Thomas Hill, FD
Edward Montgomery, CD
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
Oonagh Reidy Financial PR/IR Email: HUM@buchanan.uk.com (mailto:HUM@buchanan.uk.com)
George Pope
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