REG - Hummingbird Res. - 2024 Company Reserves and Resources Statements
02/07/2024 07:15
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RNS Number : 6939U Hummingbird Resources PLC 02 July 2024
Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining
02 July 2024
Hummingbird Resources plc
("Hummingbird", the "Group" or the "Company")
2024 Updated Company Reserves and Resources Statements
Hummingbird Resources plc (AIM: HUM) is pleased to present the updated
Reserves and Resources Estimate Statements as of 31 December 2023. The Group's
updated Reserves total 3.94 million ounces ("Moz") of gold, with Resources
amounting to 6.66 Moz. All Resource figures quoted are inclusive of Reserves.
Kouroussa Gold Mine, Guinea ("Kouroussa")
· Reserves at Kouroussa increased 1% to 681 Koz at 3.85g/t (2023
Statement ("2023"): 676 Koz at 4.11g/t). Total Resources marginally decreased
to 1.22 Moz at 2.93g/t (2023: 1.23 Moz at 3.06g/t), a reduction of 8 Koz.
o The small increase in Kouroussa's Reserves and decrease in Resources
reflects the positive Reserve reconciliation and the impact of mining
depletion, respectively.
· Kouroussa's defined life of mine ("LOM") is currently six years
under the current mine plan. The mine holds significant untapped exploration
potential however, with ongoing campaigns aimed at increasing the LOM to over
10 years and the Reserve profile to over 1.0 Moz.
Yanfolila Gold Mine, Mali ("Yanfolila")
· Yanfolila's Reserves decreased to 493 Koz at 2.56g/t (2023: 593
Koz at 2.64g/t) due to mining depletions. Total Resources fell by 281 Koz to
1.42 Moz at 2.17g/t (2023: 1.71 Moz at 2.21g/t).
o In addition to mining depletion, the changes in Reserves and Resources at
Yanfolila are due to the remodelling of the Gonka Deposit and the reworking of
the Resource pit shell design parameters at Komana East to better align the
underground Reserve and Resources.
· Yanfolila's projected LOM is approximately five years based on
its existing Reserve profile. Despite the decline, the Company remains
confident in its ability to extend Yanfolila's LOM, particularly with the
significant underground potential across the deposits. Current exploration
activities focused on existing brownfield sites are expected to add to the
Mineral Resource base through 2024.
Dugbe Gold Project, Liberia ("Dugbe")
· Reserves and Resources at Dugbe remained unchanged, with Reserves
at 2.76 Moz at 1.30g/t and Resources at 4.01 Moz at 1.27g/t, respectively. The
Company retains a 53% controlling interest in Pasofino Gold, 100% owner of
Dugbe Gold Project.
Exploration Activity
As outlined in the Company's Exploration Plans for FY-2024, announced in
December 2023, exploration activities have commenced to expand the Resource
bases at both the Yanfolila and Kouroussa operations, with the strategic goal
of increasing the Reserve base and extending the LOM at both mines.
· Limited but successful exploration has been conducted at
Yanfolila in the first half of FY-2024, with extension drilling at Sanioumale
West at Yanfolila now completed and ongoing work at the Kabaya South deposit
expected to be completed within the second half of the year and incorporated
into next year's Resource Statement.
· Detailed group exploration targeting and planning are underway,
with work expected to commence in Q3-2024 after the wet season and will
accelerate once further cashflows are available.
· Diamond core drilling program was completed testing Dugbe's Bukon
Jedeh 'gold camp', with the ultimate aim of expanding the existing Resource
profile.
2024 Company Reserves and Resources Summary Table
Company Reserves
(net of mining depletions) Reserves Summary Net change from previous updates
Asset: Kt g/t Koz Koz % change
Yanfolila, Mali 5,993 2.56 493 -99 -17%
Kouroussa, Guinea 5,499 3.85 681 +6 +1%
Dugbe, Liberia (100%) 66,000 1.30 2,760 0 0%
Total Company Reserves 77,493 1.58 3,935 -93 -2%
Company Resources
(net of mining depletions) Resources Summary Net change from previous updates
Asset: Kt g/t Koz Koz % change
Yanfolila, Mali 20,416 2.17 1,424 -281 -16%
Kouroussa, Guinea 12,956 2.93 1,220 -8 -1%
Dugbe, Liberia (100%) 98,100 1.27 4,013 0 0%
Total Company Resources 131,471 1.58 6,657 -294 -4%
1. Historical Reserves and Resources statements dates differ in terms
of net change in ounces comparisons.
2. Total g/t is based on a total weighted average ounces calculation
per asset.
Aligned with best practice and to ensure that consistent and economic Resource
and Reserve numbers, the Company has reviewed its modelling gold price and
updated, where appropriate, to US$1,750/oz for Reserves and US$2,000/oz for
Resources.
Dan Betts, CEO of Hummingbird Resources, commented:
"Exploration remains pivotal to our future, and we are committed to unlocking
significant potential at both our Yanfolila Mine and new Kouroussa Mine with
the strategic aim of uplifting Reserves and extending mine lives. At
Kouroussa, we saw a small increase in Reserves, which is based upon our
conservative resource approach to account for the historic artisanal dilution
and highlights the golden opportunity for further near-term upside as we
continue our exploration push to almost double its LOM to 10-years plus. While
Yanfolila experienced some reductions due to mining and remodelling, we remain
confident in its long-term value.
This year our team has reviewed and updated our modelling parameters and gold
price assumptions to ensure our estimates are both consistent and economically
robust. With several highly targeted exploration campaigns, we are optimistic
about expanding our Resource base over the near term and accelerate our
programme once we have reached full commercial production at Kouroussa in Q3
2024. As we rapidly approach the point of Kouroussa reaching nameplate
production, and the favourable gold price environment, we are ideally
positioned to deliver strong returns to all our stakeholders."
Company Reserves Summary Table:
31st December 2023 Yanfolila, Mali Reserves Au Oz Change in Au Oz from previous updates (net of depletions)
Deposit Location Classification Kt g/t Koz Koz
Komana West In Pit Proved 16 1.73 0.9
Probable 387 2.31 28.8
TOTAL: 403 2.29 29.6 -
8
.
1
Komana East In Pit Proved - - -
Probable 371 2.25 26.8
TOTAL: 371 2.25 26.8 -
3
6
.
3
Sanioumale West In Pit Proved 21 1.95 1.3
Probable 93 2.09 6.2
TOTAL: 114 2.07 7.6 -
2
0
.
0
Sanioumale East In Pit Proved - - -
Probable 1,066 2.41 82.5
TOTAL: 1,066 2.41 82.5 -
1
9
.
0
Gonka In Pit Proved - - -
Probable 244 2.24 17.6
TOTAL: 244 2.24 17.6 -
1
4
.
1
Guirin West In Pit Proved - - -
Probable 113 2.08 7.6
TOTAL: 113 2.08 7.6 +
0
.
1
Komana East Underground U/G Proved
Probable 2,050 4.02 265.1
TOTAL: 2,050 4.02 265.1 0
.
0
Run-of-Mine Stockpiles ROM Stockpile Proved 1,633 1.08 56.6
Probable
TOTAL: 1,633 1.08 56.6 -
1
.
7
Total Yanfolila SUB-TOTAL: Proved 1,670 1.10 58.8 -22.9
Probable 4,323 3.13 434.5 -76.3
TOTAL: 5,993 2.56 493.3 -99.2
Kouroussa, Guinea Reserves Au Oz Change in Au Oz from previous updates (net of depletions)
Deposit Location Classification kt Au (g/t) k-oz k-oz
Kinkine In Pit Proved
Probable 1,327 2.44 103.9
TOTAL: 1,327 2.44 103.9 +
3
Koekoe In Pit Proved 6.23 1.48 0.3
Probable 4,166 4.31 577.1
TOTAL: 4,172 4.31 577.4 +
3
.
4
Stockpile Proven 0.1 1.90 0.0
Total Kouroussa SUB-TOTAL: Proved 6.3 1.48 0.3 -0.6
Probable 5,493 3.86 681.1 +6.5
TOTAL: 5,499 3.85 681.4 +5.9
Dugbe, Liberia Reserves Au Oz Change in Au Oz from previous updates (net of depletions)
Deposit Location Classification kt Au (g/t) k-oz k-oz
Dugbe F and Tuzon In Pit Proved
Probable 66,000 1.30 2,760.0
TOTAL: 66,000 1.30 2,760.0 0
.
0
Net attributable basis to Hummingbird In Pit Proved
Probable 33,660 1.30 1,407.6
TOTAL: 33,660 1.30 1,407.6 0
.
0
Total Company Reserves Au Oz insitu Change in Au Oz from previous updates (net of depletions)
Location Classification kt Au (g/t) k-oz k-oz
All Deposits (100% Attributable) In Pit Proved 43 1.80 2.5 -21.8
Probable 7,766 3.41 850.4 -69.9
U/G Proved
Probable 2,050 4.02 265.1 0.0
Dugbe F and Tuzon Proved
Probable 66,000 1.30 2,760.0 0.0
ROM Stockpile Proved 1,633 1.08 56.6 -1.7
Probable
TOTAL: Proved 1,676 1.08 59.1 -23.5
Probable 75,816 1.59 3,875.5 -69.9
TOTAL: 77,493 1.58 3,934.6 -
9
3
.
4
Footnotes:
· Company Reserves are shown on a 100% basis. Hummingbird retains a
controlling interest in Dugbe of 51%.
· Yanfolila and Kouroussa Whittle optimizations are based on a
US$1,500 Au price. The Cut-off grade was estimated based on a gold price of
US$1,750/oz Au. Dugbe Reserves are based on a US$1,600 Au price.
· Yanfolila and Kouroussa Reserves statements effective date is 31
December 2023. Dugbe Reserves effective date as completed by Pasofino is 01
May 2022.
· Dugbe Reserves and Resources are based on 51% of the total Dugbe
Reserves and Resources, being Hummingbird's majority ownership stake in the
asset. Post period, the Company increased its holdings in the Dugbe Gold
Project, via its shareholding in Pasofino Gold Limited, to 53%
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 2023 Yanfolila, Mali Resources Au Oz Change in Au Oz from previous updates (net of depletions)
Deposit Location Classification Kt g/t Koz Koz
Komana West In Pit Measured 48 1.93 3.0
Indicated 1,605 2.13 110.1
Inferred 392 2.38 30.0
TOTAL: 2,045 2.18 143.1 +
1
0
Komana East In Pit Measured
Indicated 380 2.50 30.5
Inferred 6 1.55 0.3
TOTAL: 386 2.48 30.8 -
3
0
9
Gonka In Pit Measured
Indicated 470 2.17 32.8
Inferred 162 1.98 10.3
TOTAL: 632 2.12 43.1 -
1
4
9
Sanioumale West In Pit Measured 197 1.94 12.3
Indicated 862 1.52 42.2
Inferred 730 1.70 39.9
TOTAL: 1,789 1.64 94.4 -
1
3
Sanioumale East In Pit Measured
Indicated 1,349 2.85 123.5
Inferred 172 2.83 15.6
TOTAL: 1,520 2.85 139.1 -
2
2
Komana West Underground U/G Measured
Indicated 119 2.87 11.0
Inferred 249 3.21 25.7
TOTAL: 368 3.10 36.7 -
2
7
Komana East Underground U/G Measured
Indicated 2,378 4.80 366.9
Inferred 804 3.95 102.0
TOTAL: 3,182 4.58 468.9 +
2
1
3
Gonka Underground U/G Measured
Indicated 522 4.06 68.1
Inferred 621 3.12 62.3
TOTAL: 1,143 3.55 130.5 +
5
0
Sanioumale West Underground U/G Measured 0.04 2.29 0.003
Indicated 22 2.23 1.6
Inferred 53 2.30 3.9
TOTAL: 75 2.28 5.5 -
2
1
Sanioumale East Underground U/G Measured
Indicated 230 3.04 22.4
Inferred 143 2.82 13.0
TOTAL: 373 2.96 35.4 -
1
8
Guirin West In Pit Measured
Indicated 168 2.15 11.6
Inferred 75 1.77 4.3
TOTAL: 243 2.03 15.9 +
1
Kabaya South In Pit Measured
Indicated 1,370 1.42 62.0
Inferred 650 1.10 23.0
TOTAL: 2,020 1.31 85.0 0
Kabaya South Ex Pit Measured
(non-code)
Indicated
Inferred 950 1.50 46.0
TOTAL: 950 1.50 46.0 0
Badogo-Malikila (non-code) In Pit Measured
Indicated
Inferred 2,347 0.81 61.0
TOTAL: 2,347 0.81 61.0 0
Run-of-Mine Stockpiles In Pit Measured 1,633 1.08 56.6
Indicated
Inferred
TOTAL: 1,633 1.08 56.6 -
1
Heap Leachable Stockpiles In Pit Measured 1,710 0.58 32.1
Indicated
Inferred
TOTAL: 1,710 0.58 32.1 +
4
Total Yanfolila SUB-TOTAL: Measured 3,589 0.90 104.0 -20
Indicated 9,474 2.90 882.7 -198
Inferred 7,353 1.85 437.3 -66
SUB-TOTAL: 20,416 2.17 1,424.0 -
2
8
1
Kouroussa, Guinea Resources Au Oz Change in Au Oz from previous updates (net of depletions)
Deposit Location Classification Kt g/t Koz Koz
Kinkine In Pit Measured
Indicated 1,884 2.20 133.3
Inferred 63 1.60 3.3
TOTAL: 1,947 2.18 136.6 0
Koekoe In Pit Measured 11 1.44 0.5
Indicated 5,694 3.87 707.9
Inferred 1,044 2.50 83.7
TOTAL: 6,749 3.65 792.2 +
2
9
Bag Farm-Junction In Pit Measured
Indicated
Inferred 1,743 1.59 89.0
TOTAL: 1,743 1.59 89.0 0
X-Vein In Pit Measured
Indicated
Inferred 354 7.33 83.0
TOTAL: 354 7.33 83.0 0
Kinkine Underground U/G Measured
Indicated 97 1.70 5.3
Inferred 324 1.76 18.4
TOTAL: 421 1.75 23.7 0
Koekoe Underground U/G Measured
Indicated 681 1.80 39.4
Inferred 757 2.10 51.0
TOTAL: 1,438 1.96 90.5 -
4
3
Run-of-Mine Stockpiles In Pit Measured 304 0.56 5.5
Indicated
Inferred
TOTAL: 304 0.56 5.5 +
5
Total Kouroussa SUB-TOTAL: Measured 315 0.59 6.0 +4
Indicated 8,355 3.30 886.0 -9
Inferred 4,285 2.38 328.5 -5
SUB-TOTAL: 12,956 2.93 1,220.5 -
8
Deposit Dugbe, Liberia Resources Au Oz Change in Au Oz from previous updates (net of depletions)
Deposit Location Classification Kt g/t Koz Koz
Dugbe F and Tuzon In Pit Measured 1,200 1.44 56.0 0
Indicated 80,000 1.30 3,340.0 0
Inferred 16,900 1.13 617.0 0
SUB-TOTAL: 98,100 1.27 4,013.0 0
Net Attributable basis to Hummingbird @ 51% In Pit Measured 612 1.44 28.6 0
Indicated 40,800 1.30 1,703.4 0
Inferred 8,619 1.13 314.7 0
SUB-TOTAL: 50,031 1.27 2,046.6 0
Total Company Resources Au Oz Change in Au Oz from previous updates (net of depletions)
Location Classification Kt g/t Koz Koz
All Deposits (100% Attributable) In Pit Measured 257 1.92 15.8 -24.2
Indicated 13,782 2.83 1,254.0 -377
Inferred 5,390 2.21 382.4 -53
U/G Measured
Indicated 4,047 3.96 514.7 +170
Inferred 2,951 2.91 276.3 -18
Yanfolila Non-code Measured
Indicated
Inferred 3,297 1.01 107.0 0
Dugbe Measured 1,200 1.44 56.0 0
Indicated 80,000 1.30 3,340.0 0
Inferred 16,900 1.13 617.0 0
ROM Stockpiles Measured 1,937 1.00 62.1 +4
Indicated
Inferred
Heap Leachable Stockpiles Measured 1,710 0.58 32.1 +4
Indicated
Inferred
TOTAL: Measured 5,104 1.01 166.0 -16
Indicated 97,829 1.62 5,108.7 -207
Inferred 28,538 1.51 1,382.8 -71
TOTAL: 131,471 1.58 6,657.5 -
2
9
4
Footnotes:
· 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.
Footnotes to the Company Reserves Summary table as per above:
Yanfolila Open Pit
1. Mineral Reserves are reported within Komana East("KE"), Komana West
("KW"), Gonka ("GK"), Sanioumale West ("SW"), Sanioumale East ("SE"), and
Guirin West ("GW") ultimate pit designs, and classified as Proved and Probable
according to JORC 2012 guidelines. Mineral Reserves are defined within a mine
design guided by Lerch-Grossman (LG) Pit Shells, generated using a fixed gold
price of US$1,500/oz Au.
2. The cut-off grade used for reserves reporting is 0.83 g/t for oxide
material, 0.82 g/t for transitional material and 0.95 g/t for fresh material
at Komana East, Gonka and Guirin West. Sanioumale East and West cut-off grade
are 0.92 g/t for oxide material, 0.92 g/t for transitional material and 1.04
g/t for fresh material. Komana West cut-off grade are 0.90 g/t for oxide
material, 0.88 g/t for transitional material and 1.01 g/t for fresh material,
using gold price of $1750/Oz.
3. The inter-ramp angle varies from 37° to 50°.
4. Metallurgical processing recoveries have been estimated at 93.6%
across all material types.
5. Mining dilution is estimated at 10% for Komana East, Sanioumale
West, Gonka, Sanioumale East, and Guirin West, and 15% for Komana West. Mining
recovery is estimated at 95% for all deposits, tailored to the deposit style,
mining method, and fleet.
6. Topography as of 31 December 2023 was utilised for this estimate.
7. The Komana West marginal ore stockpile is reported at a cut-off of
0.89 g/t Au for fresh material, calculated based on rationalised costs at the
end of mine life when the material will be processed.
8. Rounding as required by reporting guidelines may result in apparent
summation differences between quantities, grades, and contained
metal.
9. Quantity and grade measurements are in metric units, with contained
gold reported in troy ounces.
Yanfolila Underground
1. Mineral Reserves are reported using Komana East Underground
("KUEG") ultimate designs and classified as Proved and Probable according to
JORC 2012 guidelines.
2. Mineral reserves are determined considering an average dilution
rate of 15%, with zero-grade material outside stope shapes factored in. Mining
recovery is projected at 84%, ensuring geotechnical pillars remain intact
post-mining. Approximately 50% recovery is anticipated for in situ crown
pillar tonnes and ounces.
3. The cut-off grade for inclusion is set at 1.87 g/t Au, confined to
the Fresh ore type. These estimates are based on a fixed gold price assumption
of US$1,500 per ounce of gold.
4. Metallurgical processing recoveries have been estimated 92%
5. Rounding as required by reporting guidelines may result in apparent
summation differences between quantities, grades, and contained
metal.
6. Quantity and grade measurements are in metric units, with contained
gold reported in troy
ounces.
Kouroussa Open Pits
1. Mineral Reserves are reported within Kinkine ("KI") and Koekoe
("KK") pit designs, and classified as Proved and Probable according to JORC
2012 guidelines. Cut-off grade used for reserves reporting is 0.77 g/t for
oxide material, 0.87 g/t for transitional material and 1.05 g/t for fresh
material. KI cut-off grade are 0.83 g/t for oxide material, 0.92 g/t for
transitional material and 1.12 g/t for fresh material, using gold price of
$1750/Oz
2. KI allows for mining ore loss of 5% and mining dilution of 5%. KK
has a regularised model based on a selective mining unit (SMU), which includes
internal mining dilution and ore loss. A fixed gold price of US$1,500/oz has
been used for pit optimisations.
3. The mining block model at KK has been depleted due to artisanal
mining (orpaillage).
4. Pit optimisations and reserve estimation have been prepared by Mumba
Chitondo, the Group Senior Mining Engineer at Hummingbird resources, under the
supervision of Michael Alyoshin (CEng, MIMMM, MAusIMM), a Competent Person as
defined by JORC 2012.
5. Metallurgical processing recoveries have been estimated as 95% for
oxide and Transitional, and 96% for Fresh.
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, with contained
gold reported in troy
ounces.
Dugbe Gold Project
1. Mineral Reserves are reported within Dugbe F and Tuzon and are
based;
a. on an average dilution rate applied to Dugbe F is 10.1% and Tuzon
6.9%.
b. The average ore recovery applied to Dugbe F is 93.7% and for Tuzon
is 95%.
c. US$1,600/oz 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 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. Rounding as required by reporting guidelines may result in apparent
summation differences between quantities, grades, and contained
metal.
8. Quantity and grade measurements are in metric units, with contained
gold reported in troy
ounces.
Footnotes to the Company Resources Summary table as per above:
Yanfolila
1. The MREs have been depleted for recorded mining and orpaillage as
at 31 December 2023.
2. KE - Open pit reported at a cut-off of 0.65 g/t Au for oxide and
transitional and 0.75 g/t Au for fresh material, within a US$1,500/oz gold pit
design, and underground reported at a 1.65 g/t Au cut-off for fresh material
beneath the US$1,500/oz gold pit design.
3. KW & GK - Open pit reported at a cut-off of 0.70 g/t Au for
oxide, 0.65 g/t Au for transitional and 0.75 g/t Au for fresh material, within
a US$2,000/oz gold conceptual pit shell, and underground reported at a 1.65
g/t Au cut-off for fresh material beneath the US$2,000/oz gold conceptual pit
shell.
4. SW - Open pit reported at a cut-off of 0.75 g/t Au for oxide and
transitional and 0.80 g/t Au for fresh material, within a US$2,000/oz gold
conceptual pit shell, and underground reported at a 1.65 g/t Au cut-off for
fresh material beneath the US$2,000/oz gold conceptual pit shell.
5. SE - Open pit reported at a cut-off of 0.75 g/t Au for oxide and
transitional and 0.85 g/t Au for fresh material, within a US$2,000/oz gold
conceptual pit shell, and underground reported at a 1.65 g/t Au cut-off for
fresh material beneath the US$2,000/oz gold conceptual pit shell.
6. GW - Open pit reported at a cut-off of 0.65 g/t Au for oxide and
transitional and 0.75 g/t Au for fresh material, within a US$2,000/oz gold
conceptual pit shell.
7. 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.
8. The Kabaya South ("KS") and Badogo-Malikila ("BM") Mineral
Resources have an effective date of 31st December 2012.
9. The KS and BM non-code compliant Mineral Resources remain in the
current statement as no further estimation 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.
10. 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, mined and measured 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.
11. 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 at
31 December 2023.
12. The MREs reported here for KE, KW, GK, SE, SW and GW are based on
information compiled under the supervision of Dr Belinda van Lente, Group
Mineral Resource Manager at Hummingbird Resources. Dr van Lente is a member of
AIG and a 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, Bag-Farm Junction ("BFJ") and X-Vein ("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 0.43 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 at US$1,400/oz Au.
6. Kinkine Underground) ("K 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 at
US$1,400/oz Au.
7. The effective date of the KK MRE is 31 December 2023, and has been
depleted for recorded mining and orpaillage at such date.
8. The MRE reported here for KK is based on information compiled under
the supervision of Dr Belinda van Lente, Group Mineral Resource Manager 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 0.70 g/t Au for oxide,
0.75 g/t Au for transition and 0.90 g/t Au for fresh material, within a
US$2,000/oz gold conceptual pit shell.
10. Koekoe underground ("KK U/G") - Reported at 1.65 g/t Au (operating
cut-off grade) and 0.90 g/t Au (marginal cut-off grade) for fresh material,
beneath a US$2,000/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 Au), 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 May 2020. 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 13th 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$1,700/ounce; (ii)
plant recovery of 90%; and (iii) mean specific gravity of 2.78 for mineralised
gneiss and 2.64 for pegmatite in fresh rock and 2.10 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) 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:
Reserves
Andri Wiratama (MAusIMM) is the Manager of Technical Services at the Yanfolila
Gold Mine in Mali and is the Competent Person as defined by the JORC Code
(2012 Edition) for the updated Reserves at Yanfolila.
Mumba Chitondo, the Hummingbird Group Senior Mining Engineer, is responsible
for pit optimisation and updated Reserves for the Kouroussa Gold Mine under
the supervision of
Michael Alyoshin (CEng, MIMMM, MAusIMM), a Competent Person as defined by JORC
2012. 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 Manager at
Hummingbird Resources, has compiled the Reported Mineral Resources for KE, KW,
SW, SE, GK, GW and KK in accordance with the JORC Code (2012 Edition). These
Mineral Resources are current as at 31 December 2023. 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 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:
Michael Alyoshin CEng MIMMM MAusIMM (CP), who is Managing Director, Technical
Services and Operational Support for Hummingbird Resources, has reviewed and
approved the technical information contained within this announcement. He has
coordinated the work of the Competent Persons and other involved professionals
(both external and internal) 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
Ana Ercegovic 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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