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Hummingbird Res. (HUM)

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Wednesday 07 July, 2021

Hummingbird Res.

Sanioumale East drilling results and TVR

RNS Number : 3679E
Hummingbird Resources PLC
07 July 2021
 

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

 

7 July 2021

 

Hummingbird Resources plc

('Hummingbird' or the 'Company') 

 

Sanioumale East drilling results and TVR

Sanioumale East drilling success continues at Yanfolila & final issuance of shares to Cassidy for Kouroussa

 

Hummingbird Resources plc (AIM:HUM) is pleased to provide an update on t he Company's 2021 exploration drilling programme at the Sanioumale East ('SE') deposit at the Yanfolila gold mine, Mali.  For the full release, including graphics, please follow the link  here  http://www.rns-pdf.londonstockexchange.com/rns/3679E_1-2021-7-6.pdf .

Additionally, the Company notes per its release dated 25 May 2021, that the final issuance of shares to Cassidy Group for the acquisition on the Kouroussa Gold Project in Guinea are in the process of being issued and application has been made for these shares to be admitted to trading on AIM, which is expected to occur on or around 13 July 2021 ("Admission").

 

SE highlights :

§ This is an update of 14 new holes drilled at the SE deposit, post Hummingbird's previous drill results at Yanfolila released on 1 April 2021.   Notable drill results from SE include:

 

Hole Number

Depth From (m)

Depth To (m)

Intercept Description

SNERC0425

2

42

40m @ 5.33 g/t

SNERC0423

108

117

9m @ 26.33 g/t

Includes 1m at 212 g/t from 110m

SNERC0431

11

20

9m @ 15.58 g/t

Includes 1m at 93.3 g/t from 14m

SNERC0427

86

100

14m @ 5.55 g/t

SNERC0432

121

126

5m @ 5.23 g/t

SNERC0437

88

94

6m @ 3.50 g/t

SNERC0423

132

156

24m @ 2.21 g/t *

* Hole ended in mineralisation

 

§ 14 new holes drilled at SE continue to show excellent high grade open pit potential 

Of significance is hole SNERC0425 showing 5.33 grammes per tonne ('g/t') at surface for ~40 metres ('m')

Further high-grade zones are continuing to be intersected, at depth, with 2 assay values returning grades of 212.35 g/t in hole SNERC0423 (from a down the hole depth of 110m over a one metre sample) and 93.3 g/t in hole SNERC0431 (from a down the hole depth of 14m over a one metre sample)

These 14 new holes have focussed on finding additional resources in the current SE central pit area where Hummingbird has drilled extensively in 2020 and 2021, with mineralisation being delineated down to 150m below surface, with the mineralisation remaining open and continuing with good grades (see map for details)

§ Results continue to provide further confidence that the Company will build on the 2020 SE deposit JORC compliant mineral resource base of 204,000 ounces ('oz')

§ 13,836m of the planned 15,000m drill programme has been completed at SE as part of the Company's 2021 exploration campaign at Yanfolila (versus 8,457m drilled at SE in 2020). The balance of the drill programme will focus on:

Drilling the areas between the three potential open pits identified in the 2020 Mineral Resource Estimate at SE to determine if the pits could be joined up or extend deeper than currently defined

Diamond drilling to follow up on a number of holes that encountered mineralisation at depths of greater than 200m.  Targeting these deeper zones could add to the open pit resources, as well as demonstrating SE's underground potential

§ Hummingbird expects to release further drilling results from its 2021 drilling campaign in the coming months once further assays have been received (see map for details of drilled holes awaiting assays)

§ The Company remains on track to release an updated reserve statement later this year.  In future, the Company is looking to release a joint resource and reserve update annually from H1 2022

 

Dan Betts, CEO of Hummingbird Resources, commented:

"Our 2021 drilling campaign continues to build on from the success of last year's campaign.  It is important to note that this morning's results are not infill drilling but are the continuation of extensions to the known resources at SE. They provide increasing confidence in our ability to add economic resources and therefore mine life at Yanfolila. The metres planned for drilling at SE in 2021 are nearly double those of the successful 2020 campaign, and the grade profile (and shallow depth) of the 14 new holes released highlight very encouraging results and follow on from those highlighted in the release dated 1 April 2021 and represent some of the very best intersections we have seen at Yanfolila.

"One of our key priorities at the Yanfolila mine this year has been to stabilise operational performance to ensure a more reliable platform and to build tangible value through extending the mine life. These results and the continued exploration programme are strong steps in this direction and we look forward to keeping the market updated with our progress.

"We also continue to explore at Dugbe, Liberia through our JV partners Pasofino, and increasingly at our Kouroussa project in Guinea; both of which are also aimed at showcasing the considerable exploration upside Hummingbird has across its portfolio in order to increase the value of our projects."

 

2021 Sanioumale East Drill Programme Summary

Due to the success of the 2020 exploration and drilling programme, SE has become a major focus of the Company's 2021 resource growth strategy.  The 2020 drilling programme showed that the mineralisation was not closed off, continued deeper into the fresh rock and further along strike than previously interpreted.  The planned 2021 drill programme has been designed to add new resources by testing the strike extensions and following up at depth high grade intersections. Drilling is focussed on approximately 1.8 kilometres of the known 3.0 kilometre SE structure, with potential to extend that target area in the future. Further field investigations, geophysical data analysis, in conjunction with revisions to the deposit's geological and structural model are being carried out to assist with future drill hole planning for further resource growth.

 

Sanioumale East Selected Drill Results (since announcement dated 1 April 2021)

 

Hole Number

Depth From

Depth To

Intercept Description

SNERC0422

5

14

9m @ 1.04 g/t

SNERC0423

28

38

10m @ 5.27 g/t

SNERC0423

84

90

6m @ 2.96 g/t

SNERC0423

108

117

9m @ 26.33 g/t

Includes 1m at 212 g/t from 110m

SNERC0423

132

156

24m @ 2.21 g/t *

*Hole ended in mineralisation

SNERC0424

134

140

6m @ 2.58 g/t

SNERC0425

2

42

40m @ 5.33 g/t

SNERC0426

152

172

20m @ 1.46 g/t

SNERC0427

62

65

3m @ 1.71 g/t

SNERC0427

86

100

14m @ 5.55 g/t

SNERC0428

181

186

5m @ 1.51 g/t

SNERC0431

11

20

9m @ 15.58 g/t

Includes 1m at 93.3 g/t from 14m

SNERC0432

72

78

6m @ 2.00 g/t

SNERC0432

80

88

8m @ 4.20 g/t

SNERC0432

121

126

5m @ 5.23 g/t

SNERC0433

66

69

3m @ 1.47 g/t

SNERC0433

111

115

4m @ 4.85 g/t

SNERC0434

38

40

2m @ 2.83 g/t

SNERC0435

110

117

7m @ 2.13 g/t

SNERC0435

126

129

3m @ 1.12 g/t

SNERC0435

131

133

2m @ 2.74 g/t

SNERC0436

188

191

3m @ 3.69 g/t

SNERC0437

88

94

6m @ 3.50 g/t

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

 

 

Sanioumale East 2020/2021 Drilling Intercepts (14 new holes highlighted)

 

Sanioumale East Long Section

 

Yanfolila Mining and Exploration Licences Map  

 

 

 

Issuance of shares to Cassidy Gold Corp

As per the Company's announcements dated 20 May 2021 and 25 May 2021, the Company is required to issued Cassidy Gold Corp 35,248,441 new Ordinary Shares as part of the SPA governing the acquisition by the Company of the Kouroussa Gold Project from Cassidy Gold Corp. These shares are in the process of being issued, and application has been made for these shares to be admitted to trading on AIM, which is expected to occur on or around 13 July 2021 ("Admission"). 

Total Voting Rights

The total number of Ordinary Shares in issue following Admission will be 392,676,809 and the Company holds no shares in treasury. Therefore, the total number of Ordinary Shares with voting rights in the Company will be 392,676,809.

The above figure of 392,676,809 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Hummingbird under the FCA's Disclosure and Transparency Rules.

 

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

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').  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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