REG - Hummingbird Res. - Pasofino Gold announces exploration update

Hummingbird ResourcesAnnouncement

27/02/2024 07:00

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RNS Number : 5160E  Hummingbird Resources PLC  27 February 2024

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

 

27 February 2024

Hummingbird Resources plc

("Hummingbird", the "Group" or the "Company")

Pasofino Gold Announces Exploration Update

Hummingbird (AIM: HUM) is pleased to note the recent announcement by Pasofino
Gold Limited ("Pasofino") regarding the commencement of exploration activities
at Bukon Jedeh, a high-priority target area within the Dugbe Gold Project
("Dugbe"), Liberia. Hummingbird currently holds a 53% shareholding in Pasofino
following the conversion of its controlling interest in Dugbe into a
controlling interest in Pasofino, and a further US$2 million investment
earlier this year.

Situated 8 km southeast of Dugbe Gold Project's Tuzon Deposit, Bukon Jedeh
lies along a 4.1 km trend known for its highly productive artisanal gold
mining operations. Previous Reverse Circulation ("RC") drilling conducted in
2012 and 2013 yielded promising results, including some notable high-grade
gold intervals. In August 2022, Pasofino conducted a visit to the area,
collecting rock samples that demonstrated up to 31 grams per tonne of gold.

Pasofino's exploration efforts will concentrate on geological mapping and the
collection of high-resolution ground magnetic survey data, activities which
have already commenced. Additionally, Pasofino plans to conduct approximately
1,400 meters of drilling across roughly 15 drillholes, slated to begin in
March 2024. This drilling campaign aims to test a selection of artisanal pits,
replicate some of the previous RC drill-hole results, and investigate a fold
hinge geological structure to enhance the understanding of this target area.

Per the 2022 Definitive Feasibility Study ("DFS"), the Dugbe Gold Project has
total Resources of 3.9 million ounces of gold ("Moz") and total Reserves of
2.3 Moz. As previously disclosed, Hummingbird and Pasofino have identified
several opportunities to maximise the value of Dugbe through the optimisation
of the completed DFS and additional exploration activities, which includes the
work at Bukon Jedeh, aimed at increasing the current Reserves and Resources,

Further details can be found in the announcement by Pasofino via the following
link: www.pasofinogold.com (http://www.pasofinogold.com/news)

Dan Betts, CEO of Hummingbird, commented:

"The initiation of exploration at Bukon Jedeh, a high priority target area,
underscores the opportunity to build additional Resources beyond the 3.9 Moz
Resource already identified, and in turn grow the existing 2.8 Moz Reserve. It
reaffirms Pasofino's focus on unlocking the full potential of the exceptional
Dugbe Gold Project and ultimately bringing this asset into full production,
further consolidating our presence as a growing precious metal miner in the
broader region."

**ENDS**

About the Dugbe Gold Project

The 2,302 km² Dugbe Gold Project is in southern Liberia and situated
within the southwestern corner of the Birimian Supergroup which is host to
most West African gold deposits. To date, two deposits have been identified on
the Dugbe Gold Project: Dugbe F and Tuzon discovered by Hummingbird entities
in 2009 and 2011 respectively. The deposits are located within 4 km of
the Dugbe Shear Zone which is thought to have played a role in large scale
gold mineralization in the area.

A significant amount of exploration in the area was conducted by Hummingbird
up until 2012 including 74,497 m of diamond coring. Pasofino drilled an
additional 14,584 metres at Tuzon and Dugbe F during 2021. Both deposits have
Mineral Resource Estimates dated November 17 2021, totalling 3.3 Moz gold in
the Measured plus Indicated categories, with an average grade of 1.37 g/t Au
using a 0.5 g/t cut-off grade, and an additional 0.6 Moz in Inferred.
Following the completion of the Feasibility Study in June 2022 a Mineral
Reserve Estimate was declared, based on the open-pit mining of both deposits
over a 14-year Life of Mine. A technical report for the Dugbe Gold
Project was prepared in accordance with National Instrument 43-101 and filed
on SEDAR+ at www.sedarplus.ca (http://www.sedarplus.ca/)  and on the
Pasofino's website.

About Pasofino Gold Limited.

Pasofino Gold Limited is a Canadian-based mineral exploration company listed
on the TSXV (VEIN).

Pasofino, through its wholly owned subsidiary, has consolidated its interest
in the Dugbe Gold Project and currently owns 100% of the Dugbe Gold
Project (prior to the issuance of the Government of Liberia's 10% carried
interest).

For further information, please visit www.pasofinogold.com
(http://www.pasofinogold.com/)

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). 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 via
its controlling shareholding of 53% in Pasofino Gold Limited, who are focused
on developing the project. The 2022 Feasibility Study on Dugbe showcased
2.76Moz in Reserves and strong economics, including as a 3.5-year capex
payback period at US$1,700/oz, 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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