REG - Hummingbird Res. - Kouroussa Gold Mine Update

Hummingbird ResourcesAnnouncement

01/09/2022 07:16

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RNS Number : 9025X  Hummingbird Resources PLC  01 September 2022

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

1 September 2022

Hummingbird Resources plc

("Hummingbird" or the "Company")

Kouroussa Gold Mine, Guinea Update

>50% Construction Completed & Additional High-Grade Assays Received

 

Hummingbird Resources plc (AIM: HUM) is pleased to provide an update on the
Company's mine development progress and results from the final
assays received from the 2021 Resources and Reserves infill drilling
programme at the Kouroussa Gold Mine ("Kouroussa" or "the Project")
in Guinea.

 

Further, updated video footage of Kouroussa's development is available here.
(https://www.hummingbirdresources.co.uk/corporate-videos/kouroussa-gold-mine-guinea-construction-update-august-2022/)

Kouroussa Update:

The development and construction of the Company's second gold mine, Kouroussa,
is now over 50% completed and remains on time and budget to achieve first gold
pour by the end of Q2 2023, which will more than double Hummingbird's gold
production profile.

Key construction updates are as follows:

§ Construction progress

 

·      Five CIL tanks and two leach tanks have been erected

·      Plant workshop completed and processing plant store nearing
completion, with construction of other processing plant building
infrastructure commencing

·      Tower crane operational and ready to be used for structural,
mechanical, and piping installations

·      Mining camp earthworks and all concrete slabs for building
infrastructure completed

·      Building and camp infrastructure has commenced for:
accommodation; camp mess facilities; offices; and main entrance road works

·      Civil works in progress in the following areas: oxide ore
crushing, reclaim, milling, reagents, oxygen plant, detox, and services

·      Structural steel installation and pre-assemblies commenced on the
oxygen plant and reagent areas

·      On track to reach over 1 million lost time injury ("LTI") free
hours in early September

 

§ Long lead items and operation readiness:

 

·      All long lead items for the project have been ordered with
increasing deliveries on site occurring for installation in H2 2022, in
particular from September onwards including:

§ SAG mill; Jaw crusher; CIL agitators; mineral sizer; vibrating grizzly
apron feeder; reclaim apron feeder; slurry and water pumps

·      Operation readiness programmes being finalised in preparation for
mining and first gold pour by the end of Q2 2023 including:

§ Mine plan; grade control drilling plans; mining contract award; overall
mining and power infrastructure implementation plans; and active recruitment
for key operational positions also underway

Further High-Grade Assay Results at Kouroussa Confirmed:

Hummingbird has received the final assay results from the 2021 infill drilling
campaign, which were not included in our 2022 Company Resources and Reserves
update as released on 30 June 2022. These final assay results relate to 27
drill holes totalling 4,138 meters ("m") at Kouroussa's key deposit Koekoe
("KK").

Notable drill results from the KK deposit include:

·      9.0m @ 32.60 grammes per tonne ("g/t") from 116m (KRCD1899)

·      12.3m @ 13.84 g/t from 69.7m (KRCD1901)

·      12.0m @ 4.14 g/t from 98m (KRCD1902)

·      6.0m @ 10.94 g/t from 122m (KRCD1902)

·      8.2m @ 10.29 g/t from 92m (KRCD1904A)

·      7.2m @ 10.46 g/t from 128.5m (KRCD1909)

·      2.0m @ 27.10 g/t from 40m (KRCD1914)

·      3.1m @ 14.28 g/t from 132m (KRCD1914)

·      2.0m @ 47.77 g/t from 154m (KRCD1915)

·      15.1m @ 3.48 g/t from 59m (KRCD1935)

·      These, coupled with previous high-grade results, continue to
demonstrate Kouroussa's significant gold endowment, which boasts multiple
high-grade zones that remain open at depth and provide further corroboration
of the updated block model

 

·      These new assays will feed into the Company's 2023 Resources and
Reserves statement, which is expected to be released in H1 2023

 

Dan Betts, CEO of Hummingbird Resources, commented:

"Hummingbird continues to move towards our key strategic goal of being a
multi-asset, multi-jurisdiction gold producer with a key milestone of over 50%
of construction now completed at our second gold mine, Kouroussa, located in
the prolific Siguiri Basin in Guinea.

In addition, the latest assay results from our 2021 infill drilling campaign
are very positive in terms of grade profile and confidence levels they provide
us as we move towards beginning to mine at Kouroussa later this year, ahead of
the all-important first gold pour by end of Q2 2023."

 

Kouroussa construction photos update:

CIL tanks and processing plant infrastructure construction.

 

Mine camp cement foundations and building infrastructure commencing.

Koekoe cross section of some notable drill assays received (and historical
drilling)

 

Koekoe selected drill results

 Hole ID    Depth From (m)  Depth To (m)  Intercept Description
 KRCD1858   82.4            85.2          2.9m @ 3.63 g/t
 KRCD1892   93.0            94.1          1.1m @ 11.30 g/t
 KRCD1892   151.2           156.0         4.8m @ 3.36 g/t
 KRCD1899   116.0           125.0         9.0m @ 32.60 g/t
 KRCD1900   158.5           159.9         1.4m @ 19.66 g/t
 KRCD1901   69.7            82.0          12.3m @ 13.84 g/t
 KRCD1901   112.8           113.8         1.0m @ 11.90 g/t
 KRCD1902   98.0            109.9         12.0m @ 4.14 g/t
 KRCD1902   122.0           128,0         6.0m @ 10.94 g/t
 KRCD1904A  92.0            100.2         8.2m @ 10.29 g/t
 KRCD1904A  137.0           138.0         1.0m @ 15.40 g/t
 KRCD1906   67.0            68.0          1.0m @ 12.30 g/t
 KRCD1909   39.0            40.0          1.0m @ 34.90 g/t
 KRCD1909   128.5           135.7         7.2m @ 10.46 g/t
 KRCD1909   138.0           139.6         1.6m @ 19.30 g/t
 KRCD1913   125.5           127.0         1.5m @ 7.90 g/t
 KRCD1913   151.0           152.0         1.0m @ 73.30 g/t
 KRCD1914   40.0            42.0          2.0m @ 27.10 g/t
 KRCD1914   132.0           135.1         3.1m @ 14.28 g/t
 KRCD1915   154.0           156.0         2.0m @ 47.77 g/t
 KRCD1935   59.0            74.1          15.1m @ 3.48 g/t
 KRCD1946   90.0            92.0          2.0m @ 5.01 g/t
 KRCD1959   43.0            45.0          2.0m @ 7.75 g/t
 KRCD2001   31.0            37.6          6.6m @ 2.64 g/t
 KRCD2047   61.0            65.7          4.7m @ 6.85 g/t

 

Qualified Person Review:

David Muir 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. David is the Group Database Manager for
Hummingbird, and is a "Competent Person", according to the Australasian Code
for Reporting of Exploration Results, Mineral Resources and Ore Reserves
("JORC Code, 2012 Edition") and is a member of good standing with
the Australian Institute of Geoscientists (AIG).

**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 (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 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, and a 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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