Hummingbird Resources PLC Drilling Update on the Dugbe Gold Project, Liberia (0786S)

TIDMHUM

RNS Number : 0786S

Hummingbird Resources PLC

12 March 2021

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

12 March 2021

Hummingbird Resources plc

('Hummingbird' or the 'Company')

Drilling Update on the Dugbe Gold Project, Liberia

Hummingbird Resources plc (AIM:HUM) is pleased to note the update from Pasofino Gold Ltd ("Pasofino") (TSXV:VEIN) on the results of holes drilled at the Dugbe Gold Project (the "Project") in Liberia. For the full Pasofino release details and graphics, please follow the link here .

Pasofino is carrying out the drill programme, and covering all associated costs, as part of its earn-in agreement for a 49% stake in the Project, with Hummingbird maintaining a controlling interest of 51%. For further details on the option and earn-in agreement with Pasofino, please refer to the Company's RNS dated 4 June 2020.

Highlights from the Pasofino release include:

-- Results received for the first drill holes of the planned 5,500 metres drill programme at the Dugbe F deposit

-- Intersections of the flat to gently undulating layer include;

-- 26.7 metres at 1.44 g/t gold from 86.9 metres in DFDC338

-- 10.0 metres at 1.48 g/t gold from 67.9 metres in DFDC335

-- 14.6 metres at 1.30 g/t gold from 102.0 metres in DFDC335

-- 4.1 metres at 2.17 g/t gold from 16.9 metres in DFDC334

-- All seven of the new drill holes intersected gold mineralisation of the expected range of thickness and grade. Gold bearing intersections being up to 26.7 meters in thickness

-- These are the first holes drilled at Dugbe F since those drilled in 2014 by Hummingbird and the results support the continuity of the deposit

-- Additional shallow mineralised intervals are present above the main zone within the southern part of the deposit and have the potential to add to the resource base

-- The current infill drilling is aimed at upgrading the Inferred Mineral Resource Estimate ('MRE') with the objective of achieving an Indicated MRE of between 0.6 and 1.0 million ounces

-- Pasofino has initiated a Preliminary Economic Assessment ('PEA') and is to be released in due course, prior to the release of the Definitive Feasibility Study ('DFS')

Dan Betts, CEO of Hummingbird Resources, commented:

"We are encouraged by the first set of results we are receiving from Pasofino at the Dugbe F deposit and the progress being made at the Project. This is the first drill programme at the deposit since 2014 and these initial results are already confirming the potential of increasing the value of the Project. The objective of the drill programme is to increase the Indicated MRE. The results we are already starting to see put Pasofino on track to delivering this, supporting the DFS Pasofino are completing as part of its earn-in agreement."

Ian Stalker, CEO of Pasofino, commented:

"These intersections and the rate at which we are progressing the drilling puts us on track to achieve our target of a 0.6 to 1.0 M ounces in the Indicated category at Dugbe F which would bring the project total closer to 3 Moz in the Indicated Category. We have 3 rigs turning 24/7 at the moment and are completing 8 to 10 holes per week. Two rigs will move over to the larger Tuzon deposit as soon as access is ready."

Further information:

Dugbe F deposit overview (selected information from the Pasofino release).

The deposit length as defined by the dimensions of the conceptual pit is 2.5 km. The width of the deposit ranges from 1.3 km in the south to 200-300 m in the north. The current drilling program is mostly infill drilling aimed at upgrading the Inferred Mineral Resource.

The gold is hosted by a flat to undulating layer which outcrops along the western side of the deposit and dips gently southeast to a maximum of 120 m below surface within the conceptual pit. The host rock is orthopyroxene gneiss with increased sulphide content (visible pyrrhotite, arsenopyrite and pyrite) and seems to be a largely stratiform layer close to the contact with overlying quartz biotite gneiss. There is no discernable shear-related or other structural control. The rocks are high grade metamorphic, and structural controls may have been obliterated by later ductile deformative events. Pegmatites may be found within or bounding the mineralized layer but appear to be largely parallel or subparallel with it.

As per the Pasofino release, refer below for the reported 7-hole drill intersection data from the Dugbe F deposit:

Table 1. All intersections from the reported 7 holes. Drillholes are estimated to be true thickness or close to true thickness (within approximately 10%). * Note results below 113.6 m depth in DFDC338 are pending.

 
   BHID     From     To m    Interval   Au g/t 
              m                 (m) 
 
 DFDC334    16.9     21.0      4.1       2.17 
           ------  -------  ---------  ------- 
 
 DFDC335    46.5     60.0      13.5      0.49 
           ------  -------  ---------  ------- 
   and      67.9     77.9      10.0      1.48 
           ------  -------  ---------  ------- 
   and      102.0   116.6      14.6      1.30 
           ------  -------  ---------  ------- 
 
 DFDC336    67.0     73.5      6.5       1.15 
           ------  -------  ---------  ------- 
 
 DFDC337    86.6    100.0      13.4      0.86 
           ------  -------  ---------  ------- 
 
 DFDC338    70.4     72.8      2.4       1.20 
           ------  -------  ---------  ------- 
   and      86.9    113.6*     26.7      1.44 
           ------  -------  ---------  ------- 
 
 DFDC340    48.0     49.0      1.0       7.20 
           ------  -------  ---------  ------- 
    and     71.6     76.0      4.4       1.08 
           ------  -------  ---------  ------- 
 
 DFDC347    28.7     33.6      4.9       1.15 
           ------  -------  ---------  ------- 
 

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,         Hummingbird Resources       Tel: [phone] 
  CEO                   plc                         6660 
  Thomas Hill, FD 
  Edward Montgomery, 
  CSO & ESG 
 James Spinney         Strand Hanson Limited       Tel: [phone] 
  Ritchie Balmer        Nominated Adviser           3494 
                      --------------------------  --------------------- 
 James Asensio         Canaccord Genuity Limited   Tel: [phone] 
  Thomas Diehl          Broker                      8000 
                      --------------------------  --------------------- 
 Tim Blythe            Blytheweigh                 Tel: [phone] 
  Megan Ray             Financial PR/IR             3205 
  Rachael Brooks 
                      --------------------------  --------------------- 
 

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 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 321 kozs (as end of December 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.

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March 12, 2021 02:36 ET (07:36 GMT)