REG - Hummingbird Res. - Kouroussa Update

Hummingbird ResourcesAnnouncement

10/01/2022 07:35

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220110:nRSJ9021Xa&default-theme=true

RNS Number : 9021X  Hummingbird Resources PLC  10 January 2022

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

10 January 2022

Hummingbird Resources plc

('Hummingbird' or the 'Company')

Kouroussa Update

Kouroussa construction Begins & Ongoing High-Grade Drilling Data 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, including a notable hole of 24 meters
("m") at 5.33 grams per tonne ("g/t") amongst others, at the Kouroussa Gold
Mine ("Kouroussa" or "the Project") in Guinea.

For the full release, including photos and graphics, please follow the
link here http://www.rns-pdf.londonstockexchange.com/rns/9021X_1-2022-1-10.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/9021X_1-2022-1-10.pdf) .

Kouroussa Construction Begins:

Construction at Kouroussa has commenced following the mobilisation of
equipment and personnel in December 2021. Key construction developments
include (see photos below for more details):

§ Commencement of ground clearing works for key infrastructure, mine camp and
processing plant

§ Further long lead item purchases are being finalised, including: SAG mill;
jaw crusher; ore feeders; agitators; interstage screens; tower crane; and
cyclone cluster

§ The pit dewatering team is on site, and works have commenced to further
stabilise the key mining deposits for future mining operations

§ Construction equipment, tooling, machinery, and consumables continue to
arrive and are in position on site for the overall build process

§ Process plant civil works are scheduled to commence in February once more
ground clearing works are completed

Kouroussa Drilling Highlights:

Hummingbird has received further assay results on 30 Reverse Circulation
("RC") and three diamond holes on the high-grade Koekoe ("KK") deposit,
delivering approximately 3,200 meters out of the Company's c.24,000m infill
drilling programme for 2021. To date, the Company has received c.10,050m of
assays from the 2021 programme, with more expected in Q1 2022.

§ Notable drill results from the KK deposit include:

§ 24m at 5.33 g/t from 28m (KRC1873)

§ 3m at 16.06 g/t from 118m (KRC1890)

§ 3m at 11.64 g/t from 55m (KRC1803)

§ 4m at 10.31 g/t from 89m (KRC1858)

§ 4m at 9.09 g/t from 49m (KRC1858)

§ 4m at 9.76 g/t from 146m (KRCD1878)

§ 2m at 8.48 g/t from 25m (KRC1824)

§ 8m at 7.77 g/t from 95m (KRC1864)

§ 4m at 6.17 g/t from 99m (KRC1890)

§ 4m at 4.28 g/t from 35m (KRC1854)

§ 8m at 3.22 g/t from 56m (KRC1874)

·      The Company continues to receive ongoing high-grade drill
intercepts, coupled with multiple thick mineralisation zones, from our infill
drilling campaign completed in 2021

·      These updated results continue to provide increasing confidence
and geological knowledge of the high-grade nature of Kouroussa's key deposit
KK

·      The KK deposit has a current maiden Reserve of 408,900 ounces
("oz") at 4.38 g/t, with upside potential once all the 2021 c.24,000 m infill
drilling data is analysed, and which will feed into our updated Company 2022
Resources and Reserves statements that are scheduled for release in Q2 2022

Political developments in Mali:

 

Additionally, the Company notes the announcement yesterday of
sanctions imposed on Mali, with immediate effect, by ECOWAS ("Economic
Community of West African States"), in response to the Government
of Mali's proposed timetable to hold elections.  The sanctions pertain to
restrictions on the movement of cash, people and goods, across borders, into
and out of Mali from the wider ECOWAS region. The Company is evaluating the
immediate risks to our supply chain and whilst all plans will be made to
minimise the potential impact it is too early to say how these sanctions may
potentially affect our business. Further updates will be provided as and when
appropriate.

Dan Betts, CEO of Hummingbird Resources, commented:

"We are pleased by the continued progress at Kouroussa and the commencement of
construction, following the deployment of key equipment and construction
personnel in December 2021. This marks another significant step towards our
strategic goal of becoming a multi-jurisdictional gold producer.

Furthermore, our infill drilling programme from 2021 has continued to show
significant high-grade intervals, allowing us to further strengthen our
knowledge base of the Kouroussa asset. This data will be analysed by our
technical team and provide a core component of our updated Company 2022
Resources and Reserves statements, scheduled for release in Q2 this year."

Noris Del Bel Belluz, Group Technical Services Manager of Hummingbird
Resources, commented:

"We continue to receive high-grade infill drilling results for Kouroussa's key
deposit Koekoe, giving us increasing confidence in the asset's geology and
grade profile. We are busy assessing the data, which will be key contributors
to the upcoming Resources and Reserves update and will play a pivotal role in
Kouroussa's future mine plans."

Koekoe selected drill results

 Hole ID   Depth From (m)  Depth To (m)  Intercept Description
 KRC1798   26              30            4m at 1.79 g/t
 KRC1803   55              58            3m at 11.64 g/t
 KRC1805   5               7             2m at 2.54 g/t
 KRC1808   45              46            1m at 10.72 g/t
 KRC1808   71              80            9m at 2.30 g/t
 KRC1808   87              90            3m at 2.45 g/t
 KRC1822   22              23            1m at 5.81g/t
 KRC1824   25              27            2m at 8.48 g/t
 KRC1824   67              68            1m at 5.11g/t
 KRC1827   106             116           10m at 1.94 g/t
 KRC1848   10              12            2m at 4.03 g/t
 KRC1852   51              53            2m at 4.40 g/t
 KRC1854   35              39            4m at 4.28 g/t
 KRC1854   56              63            7m at 1.52 g/t
 KRC1855   20              24            4m at 1.44 g/t
 KRC1855   29              32            3m at 3.34 g/t
 KRC1858   49              53            4m at 9.09 g/t
 KRC1858   89              93            4m at 10.31 g/t
 KRC1864   70              71            1m at 4.76 g/t
 KRC1864   95              103           8m at 7.77 g/t
 KRC1871   63              69            6m at 2.64 g/t
 KRC1873   28              52            24m at 5.33 g/t
 KRC1874   24              26            2m at 2.61 g/t
 KRC1874   34              39            5m at 2.72 g/t
 KRC1874   56              64            8m at 3.22 g/t
 KRC1874   60              64            4m at 1.59 g/t
 KRC1890   99              103           4m at 6.17 g/t
 KRC1890   118             121           3m at 16.06 g/t
 KRC1920   19              20            1m at 5.10 g/t
 KRCD1878  32              34            2m at 6.16 g/t
 KRCD1878  113             117           4m at 2.23 g/t
 KRCD1878  141             143           1.85m at 6.04 g/t
 KRCD1878  146             149           3.55m at 9.76 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 (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

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DRLSFFSWSEESEDF