Hummingbird Resources PLC Yanfolila 2020 Drilling Programme Update (4316B)

TIDMHUM

RNS Number : 4316B

Hummingbird Resources PLC

08 October 2020

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

8th October 2020

Hummingbird Resources plc

('Hummingbird' or the 'Company')

Yanfolila 2020 Exploration Drilling Programme Update

Hummingbird is pleased to provide an update on its 2020 Exploration Drilling Programme ('2020 Exploration Programme') and the recent significant drilling results at Yanfolila.

The Company has now drilled over 21,509 metres this year and is 95% through the budgeted US$5 million drilling and exploration programme for 2020 with encouraging results to date. One of the Company's key internal goals this year is for the exploration and drilling programme to further refine Hummingbird's mine expansion plans and show the potential for increased resources at Yanfolila. Once this year's exploration and drilling programme is complete, the Company plan to conduct a mineral resource update and will provide progress updates in due course.

Overview of the 2020 Exploration Programme at Yanfolila

The Company's 2020 Exploration Programme is focused on the following:

   a.    Identifying high-grade resources at the Komana East Underground ('KEUG') deposit; 

b. Identifying additional open pit oxide resources and reserves at Sanioumale West ('SW') and Sanioumale East ('SE'); and

c. Testing new greenfield resource targets within the Company's mining licenses and nearby exploration license area known as Diaban.

An update on each of these regions is provided below.

To view the RNS with illustrative maps, drilling section intercept graphics and sample analysis please use this

link:   http://www.rns-pdf.londonstockexchange.com/rns/4316B_1-2020-10-7.pdf 

Highlights of the 2020 Exploration Programme to date

-- The KEUG 2020 drilling programme is now complete

o With over 4,535 metres ('m') drilled from 14 holes (see deposit image below), this has highlighted the continuity of mineralisation plunging northwards at depth beneath the current operating pit and the presence of high grades to feasibly support underground mining at Yanfolila

o The results of hole KEUGDD014 (3.5 m at 5.41 grammes per tonne ('g/t') gold ('Au')), in the northern end of the open pit shows that mineralisation is still open in that direction, increasing the potential for further resource growth northwards

o Notable completed drilling results from KEUG include:

-- 2.5 m at 6.16 g/t from 292.6 m depth (KEUGDD011B)

-- 3.5 m at 5.41 g/t from 195.6 m depth (KEUGDD014)

-- The SW open pit deposit, located 16 kilometres north of the process plant (see map below for details), drilling campaign is also complete with over 13,000 m drilled as part of the infill and resource expansion programme for the deposit

o The results have been positive in confirming improved confidence in the mineral resource grade, overall geology and further extending the known depths of mineralisation below the current shallow pit design

o Notable ongoing drilling results from SW include:

-- 15 m at 18.25 g/t from 16 m depth (SNWRC0433)

-- 7 m at 9.75 g/t from 68 m depth (SNWRC0393)

-- 21 m at 3.16 g/t from 24 m depth (SNWRC0396)

-- 8 m at 7.04 g/t from 23 m depth (SNWRC0364)

-- 4 m at 13.24 g/t from 25 m depth (SNWRC0342)

-- 29 m at 1.77 g/t from 27 m depth (SNWRC0350)

o Hummingbird has 2,000 sample assays still outstanding and once these are received, the Company intend to update the mineral resource estimate for SW

-- The SE open pit deposit exploration and mineral resource infill drilling continues and is expected to be completed by the end of this month

o The objective of the drilling is to improve the confidence of the known mineral resources, test the continuity of mineralisation into the fresh rock as only oxide and transitional material has been drilled and reported previously

-- The drilling campaign at the Diaban target remains on hold with the focus having been on KEUG, SW, and SE. However, with the drill programmes nearing completion in these areas, increased attention will return to the extensive Diaban area to test the Company's geological models in pursuit of discovering new mineral resources as Hummingbird looks to continue extending the LOM. Further updates on Diaban will be provided in due course

Dan Betts, CEO of Hummingbird, commented:

"As the 2020 exploration drilling programme at Yanfolilla nears completion we are encouraged by the results received to date which is looking like substantiating both our confidence in existing ore bodies that should represent extensions in both resource and categorisation, and also the extension of known and new green field targets. This year's drilling and exploration programme has seen greenfield targets produce some significant drill intersections which is always exciting for a company but probably most notable are the consistently positive results coming from the Sanioumale drill programme. The team are now modelling and developing these results and we look forward to providing progress updates in due course."

Murray Paterson, Chief Geologist of Hummingbird, commented:

"With our 2020 drilling and exploration programme nearing completion, these recent results and those for the year to date have demonstrated the geological continuity and the potential to extend further beyond the previous drilling limits. We are busily preparing strategies for the 2021 exploration drilling programme as we look to take advantage of the solid results from this year."

YANFOLILA MINERAL RESOURCES MAP

KOMANA EAST DEPOSIT - Including the 2020 drill intercepts

SANIOUMALE WEST DEPOSIT - Including the 2020 drill intercepts

DRILL SAMPLE PHOTOGRAPHS

KEUG photo of the sample for the 2.4m @ 6.16 g/t from 292.6m ( KEUGDD011B )

SW photo of sample for the 15 m at 18.25 g/t from 16 m (SNWRC0433)

SW photo of sample for the 7 m at 9.75 g/t from 68 m (SNWRC0393)

SW photo of sample for the 21 m at 3.16 g/t from 24 m (SNWRC0396)

SW photo of sample for the 8 m at 7.04 g/t from 23 m (SNWRC0364 )

SW photo of sample for the 4 m at 13.24 g/t from 25 m (SNWRC0342)

SW photo of sample for the 29 m at 1.77 g/t from 29 m (SNWRC0350)

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] 
                        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 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.

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 [e-mail] or visit 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.

END

DRLBLBDGGDGDGGR

(END) Dow Jones Newswires

October 08, 2020 02:00 ET (06:00 GMT)