REG - Hummingbird Res. - Kouroussa Guinea Update

Hummingbird ResourcesAnnouncement

06/04/2022 07:00

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RNS Number : 3929H  Hummingbird Resources PLC  06 April 2022

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

6 April 2022

Hummingbird Resources plc

('Hummingbird' or the 'Company')

Kouroussa Guinea Update

Civil Works Begin & Material High-Grade Drilling Assays Received

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

For the full release, including photos and drilling graphics, please follow
the link

http://www.rns-pdf.londonstockexchange.com/rns/3929H_1-2022-4-5.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/3929H_1-2022-4-5.pdf)

Further, updated video footage of the Kouroussa development is available here
(https://www.hummingbirdresources.co.uk/corporate-videos/kouroussa-gold-mine-guinea-video-construction-update/)
, and an updated interview with COO, Anthony Köcken on the overall progress
at Kouroussa, can be viewed here
(https://www.voxmarkets.co.uk/articles/kourussa-gold-mine-guinea-construction-update-interview-with-coo-anthony-k-cken-edc674e)
.

Kouroussa Update:

The development and construction of Kouroussa continues to advance rapidly and
remains on track to achieve the scheduled first gold pour by the end of Q2
2023. The construction update is as follows:

·      Civil and construction works:

o  Civil works have begun, and earthworks are nearing completion at the
processing plant with mine camp site areas to then allow for cement foundation
works to begin

o  Foundation concrete and steel reinforcement work is taking place for the
CIL tanks installation

o  Mine camp for construction personnel is now operational, allowing the
Company to have more construction personnel on site versus housed in the local
areas, with over 350 construction, administrative and security personnel in
place for the overall construction process

·      Processing plant:

o  Fabrication of the CIL tanks have commenced on-site and are rapidly
advancing towards completion

o  Structural, mechanical, and piping works will begin following the
completion of foundation works at the process plant area

·      Long lead items, contracts, and community engagement:

o  Further long lead items have been purchased, including apron feeders, jaw
crusher, SAG mill, cyclone cluster and agitators

o  Construction equipment, tooling, machinery, personnel, and consumables
continue to arrive on-site and are in position for the next phase of the
overall build process

o  Power plant and mining contractor contracts are in the final stages of
negotiation and are expected to be awarded soon

o  Detailed community engagement is taking place with our on-site health,
safety, environmental and community ("HSEC") teams

 

Kouroussa Drilling Highlights:

Hummingbird has received assay results on a further 86 Reverse Circulation
("RC") and 12 diamond holes on the high-grade Koekoe ("KK") deposit,
delivering approximately 9,900 meters ("m") of the Company's c.24,000m infill
2021 drilling programme. The focus of this infill drilling programme has been
to convert current in-pit Inferred material to Indicated and build upon the
already extensive historical drilling to expand Kouroussa's life of mine and
overall Reserves base.

The Company is awaiting the final c.3,600m of assays, which are expected to be
received soon and will conclude the 2021 Kouroussa drilling results to be
received.

·      Notable drill results from the KK deposit include:

o  3m @ 18.63 g/t from 27m (KRC1953)

o  7m @ 2.98 g/t from 36m (KRC2003)

o  11m @ 5.62 g/t from 64m (KRC2036)

o  3m @ 34.84 g/t from 51m (KRC2041)

o  1m @ 47.60 g/t from 152m (KRC2042) *

o  9m @ 4.55 g/t from 34m (KRC2044)

o  2m @ 9.65 g/t from 120m (KRCD1886)

o  8.6m @ 6.31 g/t from 107.6m (KRCD1891)

o  7m @ 9.83 g/t from 101m (KRCD1896)

o  12.6m @ 5.11 g/t from 66.45m (KRCD1898)

*Note that Hole KRC2042 ended with mineralisation ongoing

These and previous results continue to show the significant gold endowment at
Kouroussa, with multiple high-grade zones that remain open.

 

These assays, alongside additional results from the Kouroussa and Yanfolila
drilling programmes will feed into the updated Company 2022 Resources and
Reserves statement that is expected to be released in Q2 2022.

Dan Betts, CEO of Hummingbird Resources, commented:

"We are rapidly advancing into the next phase of the Kouroussa build process
with civil works now underway. We remain focused on delivering Kouroussa on
schedule and on budget for a first gold pour by the end of Q2 2023, which will
then more than double our current production profile.

Our 2021 Kouroussa drilling programme continues to deliver results that
highlight the significant gold endowment we have at Kouroussa. Our geology
team has also identified thicker mineralisation zones and shallower dipping
westerly zones than originally believed, which is a positive for future mining
at Kouroussa. These results continue to be analysed and incorporated into our
updated Company Resources and Reserves statement, which is expected to be
released at the end of Q2."

Anthony Köcken, COO of Hummingbird Resources, commented:

"Our Kouroussa construction team is working well in advancing the Project
towards the first gold pour. We are now in the civil work construction phase,
which involves a new level of technical expertise that our teams are now
bringing into the overall process. The awarding of power and mining contractor
contracts is nearing finalisation, which will also be a key milestone for
Kouroussa, allowing key infrastructure and mining processes to begin."

 

Kouroussa Drilling Results Summary

The 2021 Kouroussa infill drilling campaign was completed in December, and all
RC assay results have now been delivered, as we await the final diamond drill
hole assays of c.3,600m to be received and analysed.

The objectives of this infill drilling campaign have been to convert current
Inferred Mineral Resources within the KK open pits to Indicated Mineral
Resources and to include the multiple mineralisation zones not contained
within the current grade domains. Drilling was targeted at the deeper inferred
material within the main KK pit, extensions of the current Mineral Reserve
Estimate, shallow mineralised zones and initial testing of underground Mineral
Resource potential.

Given the results as seen from today's release, and those of the other four
Kouroussa drilling results we have released, as well as the historical
drilling results of over 300,000m, the Company believes that these objectives
have been achieved. Our geology team and external consultants are busy
collating the 2021 drilling data to be included in our upcoming Company
Resources and Reserves statement, scheduled for release in late Q2 2022.

Initial observations from this infill drilling programme indicate that there
are two predominant orientations of mineralisation, namely the subvertical
domains around the main shear zones and flatter lying domains to the west of
the main shear zone. The main shear zone domain in Sanu Filanan appears to be
wider, and the westerly zones shallower dipping than modelled in the original
interpretation. Much of the mineralisation appears to be open at depth. The
deepest drill holes were c.200m in length and several drill holes ended in
further mineralisation, which is encouraging.

Furthermore, the results show there is significant exploration potential along
strike and down plunge with several targets generated for future exploration
to expand the current Mineral Resource. There are also Inferred Mineral
Resources at deposits X Vein and Bag Farm Junction, which have historical
drilling completed, but no drilling has been completed by Hummingbird to date.

Koekoe selected drill results

 Hole ID   Depth From (m)  Depth To (m)  Intercept Description
 KRC1953   27              30            3m @ 18.63 g/t
 KRC1955   17              22            5m @ 2.99 g/t
 KRC1969   26              32            6m @ 1.94 g/t
 KRC1971   18              23            5m @ 2.16 g/t
 KRC1976   3               4             1m @ 19.13 g/t
 KRC1989   12              23            11m @ 1.36 g/t
 KRC2002   58              59            1m @ 11.10 g/t
 KRC2003   36              43            7m @ 2.98 g/t
 KRC2005   30              34            4m @ 2.71 g/t
 KRC2005   82              83            1m @ 12.10 g/t
 KRC2008   51              54            3m @ 4.03 g/t
 KRC2010   41              45            4m @ 3.11 g/t
 KRC2017   19              25            6m @ 3.01 g/t
 KRC2017   28              32            4m @ 3.46 g/t
 KRC2027   28              29            1m @ 11.30 g/t
 KRC2028   69              74            5m @ 2.42 g/t
 KRC2034   28              37            9m @ 1.86 g/t
 KRC2036   34              40            6m @ 3.13 g/t
 KRC2036   64              75            11m @ 5.62 g/t
 KRC2037   87              88            1m @ 18.50 g/t
 KRC2041   51              54            3m @ 34.84 g/t
 KRC2042   152             153           1m @ 47.60 g/t
 KRC2044   34              43            9m @ 4.55 g/t
 KRCD1886  120             122           2m @ 9.65 g/t
 KRCD1887  26.38           31            4.6m @ 2.29 g/t
 KRCD1888  134             140           6m @ 2.99 g/t
 KRCD1888  143             147.3         4.3m @ 3.67 g/t
 KRCD1891  107.6           116.2         8.6m @ 6.31 g/t
 KRCD1895  66.5            68            1.5m @ 7.07 g/t
 KRCD1896  101             108.03        7m @ 9.83 g/t
 KRCD1898  66.45           79            12.6m @ 5.11 g/t

Trigger 1 g/t, 1m minimum interval, 2m maximum internal waste

 Koekoe summary of previously released Hummingbird selected drill results

 Hole ID     Depth From (m)  Depth To (m)  Intercept Description
 KRC1754     27              47            20m @ 7.96 g/t
 KRC1776     82              87            5m @ 37.11 g/t
 KRC1778     96              101           5m @ 19.02 g/t
 KRC1780     56              63            7m @ 8.71 g/t
 KRC1831     57              63            6m @ 18.80 g/t
 KRC1839     74              92            18m @ 7.37 g/t
 KRC1840     46              64            18m @ 4.12 g/t
 KRC1844     65              69            4m @ 53.84 g/t
 KRC1844     133             140           7m @ 9.78 g/t
 KRC1849     55              69            14m @ 21.85 g/t
 KRC1853     52              61            9m @ 6.74 g/t
 KRC1853     93              104           11m @ 5.25 g/t
 KRC1856     90              99            9m @ 36.35 g/t
 KRC1857     49              57            8m @ 9.35 g/t
 KRC1864     95              103           8m @ 7.77 g/t
 KRC1866     76              104           28m @ 9.35 g/t
 KRC1903     96              105           9m @ 30.58 g/t
 KRC1917     92              99            7m @ 10.14 g/t
 KRC1921     89              99            10m @ 7.34 g/t
 KRC1924     53              63            10m @ 10.26 g/t
 KRC1941     11              19            8m @ 7.50 g/t
 KRC1953     27              30            3m @ 18.63 g/t
 KRC2041     51              54            3m @ 34.84 g/t
 KRCD1729A*  84              114           30m @ 64.31 g/t
 KRCD1728*   135             147           12m @ 5.39 g/t
 KRCD1869    123.6           126           2.4m @ 22.58 g/t
 KRCD1873    28              52            24m @ 5.33 g/t
 KRCD1880    94.1            98.8          4.7m @ 15.82 g/t
 KRCD1883    147             152.6         5.6m @ 9.31 g/t
 KRCD1884    12.9            23.9          11m @ 5.35 g/t
 KRCD1884    36              41            5m @ 11.11 g/t
 KRCD1891    107.6           116.2         8.6m @ 6.31 g/t
 KRCD1896    101             108           7m @ 9.83 g/t
 KRCD1898    66.5            79            12.6m @ 5.11 g/t

* Downhole length of metallurgical hole intercept (not true width)

Trigger 1 g/t, 1m minimum interval, 2m maximum internal waste

 

 

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).

Notes to Editors:

Hummingbird Resources (AIM: HUM) is a multi-asset, multi-jurisdiction gold
production, development and exploration Company, a member of the World Gold
Council and a founding member of Single Mine Origin (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 in 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. Our vision is to continue to grow our asset base,
producing profitable ounces while placing our Environmental, Social &
Governance ('ESG') policies and practices at the heart of all we do.

For further information, please visit hummingbirdresources.co.uk
(https://www.hummingbirdresources.co.uk/)  or subscribe to our investor
releases via investor email alerts
(https://www.hummingbirdresources.co.uk/investors/regulatory-news-alerts/#subscribe)
 

 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

 Thomas Diehl                       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)

 James Husband

 

 

 

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