REG - Hummingbird Res. - Kouroussa, Guinea Drilling Update

Hummingbird ResourcesAnnouncement

22/10/2021 07:05

RNS Number : 8814P
  
Hummingbird Resources PLC
  
22 October 2021
  
 

Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining
 
22 October 2021
Hummingbird Resources plc 
('Hummingbird' or the 'Company') 
Kouroussa, Guinea Drilling Update
Significant high-grade infill drill results received  
 
Hummingbird Resources plc (AIM: HUM) is pleased to provide an update on the Company's 2021 infill drilling programme at the Kouroussa Gold Mine ("Kouroussa" or "the Project"), which is located within the prospective Siguiri Basin in Guinea. For the full release, including graphics, please follow the link here http://www.rns-pdf.londonstockexchange.com/rns/8814P_1-2021-10-21.pdf. 
The Company has received the first initial assay results on 53 new Reverse Circulation ("RC") drill holes and one diamond dual purpose hole, totalling approximately 3,800 metres ('m') drilled of a planned 24,000 m drill programme at one of Kouroussa's key deposits, KoeKoe ("KK").
KK Drilling highlights: 
§ Results show significant high-grade potential and mineralisation open at depth. Drilling intersection highlights include:




Drill Hole Number 


Depth from (m)


Depth to (m)


Intercept description




KGT024


59


62


3m @ 4.17 g/t




KRC1731


78


81


3m @ 4.16 g/t




KRC1750


33


36


3m @ 6.72 g/t




KRC1754


23


47


24m @ 7.37 g/t




KRC1758


4


8


4m @ 3.75 g/t




KRC1775A


83


87


4m @ 10.68 g/t




KRC1776


82


87


5m @ 37.11 g/t




KRC1780


51


69


18m @ 3.71 g/t




§ The 2021 infill drilling programme is focused on converting approximately 160,000 -180,000 ounces ('oz') of the current in-pit inferred material to indicated  
§ An updated Company reserves statement will be released later this quarter and will include a maiden reserve estimate for the KK deposit at Kouroussa 
§ The above results provide significant indications as to the high-grade nature of the KK mineralisation and once again highlight the prospective nature of the Siguiri Basin. The current drill programme has targeted the shallow mineralisation above 200m RL, and the Company is planning further exploration at depth in 2022.
Dan Betts, CEO of Hummingbird Resources, commented: 
"Extensive historical drilling results at Kouroussa have showcased multiple high-grade mineralisation zones, and we have focused on further developing these using modern techniques and industry experts to further define the resource. This set of updated results continue to show the high level of prospectively in the Siguiri Basin where the Kouroussa mine licenses are situated and the reason why there is significant activity within the region. Our near-term drilling goals at Kouroussa focus on converting the maximum amount of resources into reserves before we commence production in 2023.  From next year onwards we will also begin a new exploration drilling campaign to increase the overall resource base of the asset to further extend Kouroussa's mine life.  Our goal is to have a reserve base of +10 years on each of our assets and should we continue with these types of drilling results and those being seen from Yanfolila, Mali and Dugbe, Liberia, we believe this goal can be achieved in the medium term." 
Murray Paterson, Chief Geologist of Hummingbird, commented:
"The drilling at Kouroussa is extremely exciting and valuable to us in providing excellent geological information which will help refine our geological model of the deposit for future mining and exploration. Importantly these drill holes are intersecting the inferred mineralisation where it was interpreted to be in the current MRE model.  We are seeing numerous examples of visible gold that is highly encouraging and a sign of the overall excellent geological potential at Kouroussa." 
2021 Koekoe infill drill programme summary
Following the purchase of the Kouroussa gold project in September 2020, it was identified as a Company goal to increase the reserve base to +1Mozs as quickly as possible.  The first step in achieving this goal was to initially target the inferred material contained within the planned KK open pit (@$1,500/oz gold price).  Due to the tight spacing of drilling whereby indicated resources have a drill density of less than or equal to 25m x 25m, an infill drill programme was designed to allow for the conversion of the inferred material (drill density of 50m X 50m spacing) to Indicated.
A review of the KK drill database also showed that there were numerous mineralised zones not contained within the MRE grade domains and therefore represented excellent opportunities to add new shallow mineralised zones to the MRE on which to grow the resources and likely to add to future mineable reserves. 
The infill drill programme at KK, is for +24,000 m and approximately +300 holes, down to a maximum depth of 200m (drill hole depth).  Approximately 16,000 m of the 24,000 m drilling has been completed, and is on target to be completed by year end.  
KK is made up of multiple pits from five mineralised zones with many of these open ended along strike or down dip. The majority of the inferred mineral resources are contained within the Sanu Filanan zone (approx. 110kozs) located within the main pit and the planned drilling has mostly concentrated on this zone.  
The drilling is testing: the deeper inferred material within the main pit of the KK deposit; extensional drilling to further grow the current mineral resource base; testing for new shallow zones of open pit mineralisation; and drilling for initial indications of underground mineral resource potential,
Work has begun on preparing and planning for the 2022 exploration drill programme with the likely focus on increasing the economic mineral resources at the KK deposit and the other key deposit at Kouroussa, called Kinkine. 
An updated Company reserve statement is to be released later this quarter, to include a maiden reserve on the Kouroussa KK deposit to be based on the mineral resource estimate ('MRE') as at May 2020.  These and subsequent drill results for 2021 will be used in the 2022 updated Company resources and reserves statement to be released Q2 2022.    
Kouroussa's total current resource is 1.18Moz at +3 g/t (625,600oz indicated, 552,700oz inferred), with the KK's current resource at 846,000 oz at 3.54g/t (487,000 oz indicated, 359,000 oz inferred) as detailed in the table below.
Current Kouroussa Mineral Resource Estimate summary table - May 2020




Mineral Resource Estimate for the Kouroussa Deposit - as at May 2020




Deposit


Type


Cut-off grade (g/t)


Indicated


Inferred


TOTAL




Tonnes


Grade 
(g/t)


Ounces


Tonnes


Grade
(g/t)


Ounces


Tonnes


Grade
(g/t)


Ounces




Koekoe


Open Pit


0.5


3,816,000


3.96


486,000


3,523,000


2.99


338,000


7,339,000


3.49


824,000




Underground


3.5


3,000


5.19


1,000


94,000


6.86


21,000


97,000


6.80


22,000




Bag Farm - Junction


Open Pit


0.5


-


-


-


1,743,000


1.59


89,000


1,743,000


1.59


89,000




X-Vein


Open Pit


0.5


-


-


-


354,000


7.33


83,000


354,000


7.33


83,000




Kinkine


Open Pit


 


1,883,900


2.20


133,300


63,200


1.60


3,300


1,947,100


2.18


136,600




Underground


 


96,500


1.70


5,300


324,400


1.76


17,700


420,900


1.75


23,000




Open Pit


Variable


5,699,900


3.38


619,300


5,683,200


2.81


513,300


11,383,100


3.09


1,132,600




Underground


Variable


99,500


1.97


6,300


418,400


2.93


39,400


517,900


2.74


45,700




Total Kouroussa


 


5,799,400


3.36


625,600


6,101,600


2.82


552,700


11,901,000


3.08


1,178,300




Note: Refer to 8 June 2020 release for more mineral resource reporting details on individual Kouroussa deposits
 
Koekoe selected drill results 




Drill Hole Number


Depth from (m)


Depth to (m)


Intercept description




KGT024


18


27


9m @ 0.47 g/t




KGT024


59


62


3m @ 4.17 g/t




KMW014


18


21


3m @ 1.22 g/t




KMW014A


12


15


3m @ 2.44 g/t




KMW015


42


45


3m @ 1.12 g/t




KRC1731


33


39


6m @ 1.41 g/t




KRC1731


78


81


3m @ 4.16 g/t




KRC1745


1


8


7m @ 0.66 g/t




KRC1746


37


44


7m @ 2.87 g/t




KRC1747


2


10


8m @ 0.43 g/t




KRC1749


73


78


5m @ 0.93 g/t




KRC1749


63


67


4m @ 1.22 g/t




KRC1750


33


36


3m @ 6.72 g/t




KRC1751


14


17


3m @ 2.20 g/t




KRC1752


43


46


3m @ 1.55 g/t




KRC1752


54


59


5m @ 1.21 g/t




KRC1753


7


11


4m @ 0.77 g/t




KRC1754


56


61


5m @ 0.71 g/t




KRC1754


23


47


24m @ 7.37 g/t




KRC1758


4


8


4m @ 3.75 g/t




KRC1759


5


12


7m @ 0.57 g/t




KRC1759


14


20


6m @ 0.89 g/t




KRC1760


36


44


8m @ 1.16 g/t




KRC1761


54


64


10m @ 1.70 g/t




KRC1763


62


65


3m @ 1.54 g/t




KRC1764


27


29


2m @ 2.37 g/t




KRC1764


15


17


2m @ 4.00 g/t




KRC1765


22


38


16m @ 1.85 g/t




KRC1766


25


30


5m @ 0.94 g/t




KRC1767


61


64


3m @ 1.61 g/t




KRC1775A


71


80


9m @ 1.52 g/t




KRC1775A


83


87


4m @ 10.68 g/t




KRC1776


82


87


5m @ 37.11 g/t




KRC1777


86


90


4m @ 1.30 g/t




KRC1780


51


69


18m @ 3.71 g/t




KRCD1725


87


89


2m @ 1.88 g/t




KRCD1725


12


15


3m @ 1.69 g/t




KRCD1725


91


94


3m @ 2.59 g/t




KRCD1726


11


19


8m @ 0.48 g/t




KRCD1726


51


55


4m @ 1.43 g/t




Note: Minimum Interval 2m Trigger value 0.3 g/t
 
Qualified Person Review:
Murray Paterson 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.  Murray Paterson is the Chief Geologist for the Company and is a member of good standing with the Australasian Institute of Mining and Metallurgy (MAusIMM).
**ENDS**
 For further information please visit www.hummingbirdresources.co.uk or contact:




Daniel Betts, CEO
Thomas Hill, FD
Anthony Kocken, COO
Edward Montgomery, CSO & ESG


Hummingbird Resources plc


Tel: +44 (0) 20 7409 6660




James Spinney
Ritchie Balmer
 


Strand Hanson Limited
Nominated Adviser


Tel: +44 (0) 20 7409 3494




James Asensio


Canaccord Genuity Limited
Broker


Tel: +44 (0) 20 7523 8000




Bobby Morse
Augustine Chipungu
James Husband


Buchanan
Financial PR/IR


Tel:  +44 (0) 20 7466 5000 




Notes to Editors:
Hummingbird Resources (AIM: HUM) is a leading multi-asset, multi-jurisdiction gold production, development and exploration company and member of the World Gold Council ('WGC').  Hummingbird's vision is to continue to grow its asset base, producing profitable ounces, while continuing to focus on its Environmental, Social & Governance ('ESG') policies and practices.  The Company currently has two core gold projects, the producing Yanfolila Gold Mine in Mali, and the Kouroussa gold development project in Guinea.  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.  
 

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