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Hummingbird Res. (HUM)

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Friday 22 October, 2021

Hummingbird Res.

Kouroussa, Guinea Drilling Update

RNS Number : 8814P
Hummingbird Resources PLC
22 October 2021
 

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

 

22 October 2021

Hummingbird Resources plc

('Hummingbird' or the 'Company') 

Kouroussa, Guinea Drilling Update

Significant high-grade infill drill results received  

 

Hummingbird Resources plc (AIM: HUM) is pleased to provide an update on t he Company's 2021 infill drilling programme at the Kouroussa Gold Mine ("Kouroussa" or "the Project"), which is located within the prospective Siguiri Basin in Guinea For the full release, including graphics, please follow the link  here http://www.rns-pdf.londonstockexchange.com/rns/8814P_1-2021-10-21.pdf .

The Company has received the first initial assay results on 53 new Reverse Circulation ("RC") drill holes and one diamond dual purpose hole, totalling approximately 3,800 metres ('m') drilled of a planned 24,000 m drill programme at one of Kouroussa's key deposits, KoeKoe ("KK").

KK Drilling highlights :

§ Results show significant high-grade potential and mineralisation open at depth. Drilling intersection highlights include:

Drill Hole Number

Depth from (m)

Depth to (m)

Intercept description

KGT024

59

62

3m @ 4.17 g/t

KRC1731

78

81

3m @ 4.16 g/t

KRC1750

33

36

3m @ 6.72 g/t

KRC1754

23

47

24m @ 7.37 g/t

KRC1758

4

8

4m @ 3.75 g/t

KRC1775A

83

87

4m @ 10.68 g/t

KRC1776

82

87

5m @ 37.11 g/t

KRC1780

51

69

18m @ 3.71 g/t

§ The 2021 infill drilling programme is focused on converting approximately 160,000 -180,000 ounces ('oz') of the current in-pit inferred material to indicated  

§ An updated Company reserves statement will be released later this quarter and will include a maiden reserve estimate for the KK deposit at Kouroussa

§ The above results provide significant indications as to the high-grade nature of the KK mineralisation and once again highlight the prospective nature of the Siguiri Basin. The current drill programme has targeted the shallow mineralisation above 200m RL, and the Company is planning further exploration at depth in 2022.

Dan Betts, CEO of Hummingbird Resources, commented:

"Extensive historical drilling results at Kouroussa have showcased multiple high-grade mineralisation zones, and we have focused on further developing these using modern techniques and industry experts to further define the resource. This set of updated results continue to show the high level of prospectively in the Siguiri Basin where the Kouroussa mine licenses are situated and the reason why there is significant activity within the region. Our near-term drilling goals at Kouroussa focus on converting the maximum amount of resources into reserves before we commence production in 2023.  From next year onwards we will also begin a new exploration drilling campaign to increase the overall resource base of the asset to further extend Kouroussa's mine life.  Our goal is to have a reserve base of +10 years on each of our assets and should we continue with these types of drilling results and those being seen from Yanfolila, Mali and Dugbe, Liberia, we believe this goal can be achieved in the medium term."

Murray Paterson, Chief Geologist of Hummingbird, commented:

"The drilling at Kouroussa is extremely exciting and valuable to us in providing excellent geological information which will help refine our geological model of the deposit for future mining and exploration. Importantly these drill holes are intersecting the inferred mineralisation where it was interpreted to be in the current MRE model.  We are seeing numerous examples of visible gold that is highly encouraging and a sign of the overall excellent geological potential at Kouroussa."

2021 Koekoe infill drill programme summary

Following the purchase of the Kouroussa gold project in September 2020, it was identified as a Company goal to increase the reserve base to +1Mozs as quickly as possible.  The first step in achieving this goal was to initially target the inferred material contained within the planned KK open pit (@$1,500/oz gold price).  Due to the tight spacing of drilling whereby indicated resources have a drill density of less than or equal to 25m x 25m, an infill drill programme was designed to allow for the conversion of the inferred material (drill density of 50m X 50m spacing) to Indicated.

A review of the KK drill database also showed that there were numerous mineralised zones not contained within the MRE grade domains and therefore represented excellent opportunities to add new shallow mineralised zones to the MRE on which to grow the resources and likely to add to future mineable reserves.

The infill drill programme at KK, is for +24,000 m and approximately +300 holes, down to a maximum depth of 200m (drill hole depth).  Approximately 16,000 m of the 24,000 m drilling has been completed, and is on target to be completed by year end. 

KK is made up of multiple pits from five mineralised zones with many of these open ended along strike or down dip. The majority of the inferred mineral resources are contained within the Sanu Filanan zone (approx. 110kozs) located within the main pit and the planned drilling has mostly concentrated on this zone. 

The drilling is testing: the deeper inferred material within the main pit of the KK deposit; extensional drilling to further grow the current mineral resource base; testing for new shallow zones of open pit mineralisation; and drilling for initial indications of underground mineral resource potential,

Work has begun on preparing and planning for the 2022 exploration drill programme with the likely focus on increasing the economic mineral resources at the KK deposit and the other key deposit at Kouroussa, called Kinkine.

An updated Company reserve statement is to be released later this quarter, to include a maiden reserve on the Kouroussa KK deposit to be based on the mineral resource estimate ('MRE') as at May 2020.  These and subsequent drill results for 2021 will be used in the 2022 updated Company resources and reserves statement to be released Q2 2022.   

Kouroussa's total current resource is 1.18Moz at +3 g/t ( 625,600oz indicated, 552,700oz inferred), with the KK's current resource at 846,000 oz at 3.54g/t (487,000 oz indicated, 359,000 oz inferred) as detailed in the table below.

Current Kouroussa Mineral Resource Estimate summary table - May 2020

Mineral Resource Estimate for the Kouroussa Deposit - as at May 2020

Deposit

Type

Cut-off grade (g/t)

Indicated

Inferred

TOTAL

Tonnes

Grade

(g/t)

Ounces

Tonnes

Grade

(g/t)

Ounces

Tonnes

Grade

(g/t)

Ounces

Koekoe

Open Pit

0.5

3,816,000

3.96

486,000

3,523,000

2.99

338,000

7,339,000

3.49

824,000

Underground

3.5

3,000

5.19

1,000

94,000

6.86

21,000

97,000

6.80

22,000

Bag Farm - Junction

Open Pit

0.5

-

-

-

1,743,000

1.59

89,000

1,743,000

1.59

89,000

X-Vein

Open Pit

0.5

-

-

-

354,000

7.33

83,000

354,000

7.33

83,000

Kinkine

Open Pit

 

1,883,900

2.20

133,300

63,200

1.60

3,300

1,947,100

2.18

136,600

Underground

 

96,500

1.70

5,300

324,400

1.76

17,700

420,900

1.75

23,000

Open Pit

Variable

5,699,900

3.38

619,300

5,683,200

2.81

513,300

11,383,100

3.09

1,132,600

Underground

Variable

99,500

1.97

6,300

418,400

2.93

39,400

517,900

2.74

45,700

Total Kouroussa

 

5,799,400

3.36

625,600

6,101,600

2.82

552,700

11,901,000

3.08

1,178,300

Note: Refer to 8 June 2020 release for more mineral resource reporting details on individual Kouroussa deposits

 

Koekoe selected drill results

Drill Hole Number

Depth from (m)

Depth to (m)

Intercept description

KGT024

18

27

9m @ 0.47 g/t

KGT024

59

62

3m @ 4.17 g/t

KMW014

18

21

3m @ 1.22 g/t

KMW014A

12

15

3m @ 2.44 g/t

KMW015

42

45

3m @ 1.12 g/t

KRC1731

33

39

6m @ 1.41 g/t

KRC1731

78

81

3m @ 4.16 g/t

KRC1745

1

8

7m @ 0.66 g/t

KRC1746

37

44

7m @ 2.87 g/t

KRC1747

2

10

8m @ 0.43 g/t

KRC1749

73

78

5m @ 0.93 g/t

KRC1749

63

67

4m @ 1.22 g/t

KRC1750

33

36

3m @ 6.72 g/t

KRC1751

14

17

3m @ 2.20 g/t

KRC1752

43

46

3m @ 1.55 g/t

KRC1752

54

59

5m @ 1.21 g/t

KRC1753

7

11

4m @ 0.77 g/t

KRC1754

56

61

5m @ 0.71 g/t

KRC1754

23

47

24m @ 7.37 g/t

KRC1758

4

8

4m @ 3.75 g/t

KRC1759

5

12

7m @ 0.57 g/t

KRC1759

14

20

6m @ 0.89 g/t

KRC1760

36

44

8m @ 1.16 g/t

KRC1761

54

64

10m @ 1.70 g/t

KRC1763

62

65

3m @ 1.54 g/t

KRC1764

27

29

2m @ 2.37 g/t

KRC1764

15

17

2m @ 4.00 g/t

KRC1765

22

38

16m @ 1.85 g/t

KRC1766

25

30

5m @ 0.94 g/t

KRC1767

61

64

3m @ 1.61 g/t

KRC1775A

71

80

9m @ 1.52 g/t

KRC1775A

83

87

4m @ 10.68 g/t

KRC1776

82

87

5m @ 37.11 g/t

KRC1777

86

90

4m @ 1.30 g/t

KRC1780

51

69

18m @ 3.71 g/t

KRCD1725

87

89

2m @ 1.88 g/t

KRCD1725

12

15

3m @ 1.69 g/t

KRCD1725

91

94

3m @ 2.59 g/t

KRCD1726

11

19

8m @ 0.48 g/t

KRCD1726

51

55

4m @ 1.43 g/t

Note: Minimum Interval 2m Trigger value 0.3 g/t

 

Qualified Person Review:

Murray Paterson 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.  Murray Paterson is the Chief Geologist for the Company and is a member of good standing with the Australasian Institute of Mining and Metallurgy (MAusIMM).

**ENDS**

 For further information please visit www.hummingbirdresources.co.uk or contact:

Daniel Betts, CEO

Thomas Hill, FD

Anthony Kocken, COO

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

Canaccord Genuity Limited

Broker

Tel: +44 (0) 20 7523 8000

Bobby Morse

Augustine Chipungu

James Husband

Buchanan

Financial PR/IR

Tel:  +44 (0) 20 7466 5000

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').  Hummingbird's vision is to continue to grow its asset base, producing profitable ounces, while continuing to focus on its Environmental, Social & Governance ('ESG') policies and practices.  The Company currently has two core gold projects, the producing Yanfolila Gold Mine in Mali, and the Kouroussa gold development 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. 

 

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