REG - Hummingbird Res. - Yanfolila exploration and drilling update

Hummingbird ResourcesAnnouncement

23/12/2020 08:00

RNS Number : 6517J
  
Hummingbird Resources PLC
  
23 December 2020
  
 

Hummingbird Resources plc / Ticker: HUM / Index: AIM / Sector: Mining
23 December 2020
Hummingbird Resources plc
("Hummingbird" or the "Company") 
 
Yanfolila exploration and drilling update
 
Hummingbird Resources plc (AIM:HUM) is pleased to provide an update on its exploration and drilling programme relating to the Sanioumale East ("SE") deposit at Yanfolila in Mali. To view the RNS with illustrative maps and drill intersections please use this link: http://www.rns-pdf.londonstockexchange.com/rns/6517J_1-2020-12-23.pdf.    
 
SE deposit drilling results highlights: 
§ 7 m at 3.72 g/t from 45 m depth (SNERC0308) 
§ 16 m at 9.64 g/t from 47 m depth (SNERC0317)
§ 18m at 2.83 g/t from 49 m depth (SNERC0338) 
§ 7 m at 7.83 g/t from 21 m depth (SNERC0342) 
§ 13 m at 2.22 g/t from 55 m depth (SNERC0344) 
§ 8 m at 3.57 g/t from 36 m depth (SNERC0370)
§ 23 m at 1.96 g/t from 87 m depth (SNERC0370)
§ 8 m at 2.68 g/t from 112 m depth (SNERC0370) *
* New zone of mineralisation intersected outside the mineral resource model with the hole ending in mineralisation 
§ Due to new zones of mineralisation intersected and the improved grade continuing at depth, the Company has extended its SE drilling campaign 
§ The Company anticipates this new set of drilling to be finalised shortly, and will complete the 2020 exploration and drilling programmes.  This data will be used to update the Yanfolila mineral resource models which Hummingbird expects to release by the end of Q1 2021 
§ The above drilling results for SE and those recently released from Sanioumale West ("SW") and Komana East Underground ("KEUG") demonstrate potential mine life extension options at the Company's existing deposits.  For more details on these results and drill intersections see the maps below and follow the link here for further drilling updates from the Company 
 
Dan Betts, CEO of Hummingbird, commented:
"The purpose of our 2020 exploration and drilling programmes was primarily to upgrade our confidence levels in known mineral resources. It is clear from these results and those previously released that we have been able to achieve this and I am confident that we will be adding to the known mineral resources at Yanfolila.  We are now modelling this years' drilling results in order to update our mineral resource models which we aim to release in Q1 next year." 
 
Murray Paterson, Chief Geologist of Hummingbird, commented:
"I am pleased with the initial SE drilling results.  We have encountered multiple zones of mineralisation containing high grades with several remaining open at depth that require further drill testing in 2021.  We are now eagerly finalising our 2021 exploration and drilling strategy not only for Yanfolila but at our new Guinea gold project, Kouroussa." 
 
SE DEPOSIT - Gramme per metre plan including the 2020 drill intercepts  
 
SE DEPOSIT - Long section through the central zone
  
SE DEPOSIT - Drilling Cross Sections # 1 
 
SE DEPOSIT - Drilling Cross Sections # 2
 
SE  - Drilling intersection #3
 
 
 
 
Qualified Person sign off
 
Murray Paterson has reviewed 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 VP Geology for the Company and is a member of good standing with the Australasian Institute of Mining and Metallurgy (MAusIMM), with 25 years' experience.
 
**ENDS**
 For further information please visit www.hummingbirdresources.co.uk or contact:




Daniel Betts, CEO
Thomas Hill, FD
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
Thomas Diehl


Canaccord Genuity Limited
Broker


Tel: +44 (0) 20 7523 8000




Tim Blythe
Megan Ray
Rachael Brooks


Blytheweigh 
Financial PR/IR


Tel:  +44 (0) 20 7138 3205




 
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').  Our vision is to continue to grow our asset base, producing highly profitable ounces, while central to all we do being our Environmental, Social & Governance ('ESG') policies and practices.  The Company currently has two core gold projects, the Yanfolila Gold Mine in Mali, and the recently acquired Kouroussa Gold 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. Construction of the Yanfolila mine, was on time and on budget in December 2017 having produced to date in excess of 270 kozs (as end of July 2020).  Mineable Reserves, as at 31 October 2019 Yanfolila were 7.9Mt of Reserve ore @ 2.66 g/t for 676,000ozs gold.  At 31 March 2019 Yanfolila had a total Resource base (inclusive of Reserves) of 28Mt of Ore @ 2.23 g/t for 2,005,300ozs gold. The Kouroussa Gold Project has a Mineral Resource base of 1.18Moz @ 3.08 g/t, which we are working on to be fast tracked to production, adding an additional c.100,000 oz of gold per annum to the Company's production profile.  The Dugbe Gold Project has Resources currently totalling 4.2Moz of gold and a completed NI 43-101 compliant PEA on the project showing a 43% IRR and US$337m NPV at a US$1,500 gold price.

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