Operational Update and Interim Results

RNS Number : 0466W

Hummingbird Resources PLC

22 January 2013

 



Hummingbird Resources plc

("Hummingbird" or the "Company") (AIM: HUM)

Operational Update and Interim Results

Hummingbird Resources, the Liberian gold explorer with a 3.8 Mozgold Resource, announces interim results for the six months ended 30November 2012 and an operational update.

Financial Highlights for the period, and post period

·     Total funding in place for 2013 of US$26m

·     Announced IFC's proposed investment of £3m, its first investment in the mining sector in Liberia, completed post period in December 2012

·     Signed a 2% NSR royalty agreement with Anglo Pacific for US$15m in December 2012

Operational Highlights for the period

·     A third gold discovery within the primary project area; Sackor is 2.1km south-west of the Dugbe F gold deposit

·     The completion of a 32 hole geostatistical diamond drill program across Dugbe F and Tuzon has provided valuable geostatistical and geotechnical information for incorporation in the Scoping Study and for planning of the 2013 drill program

2013 Activity

·     2013 infill drill programme has commenced, initially on the Tuzon deposit, for the purpose of increasing the definition of the existing Resource

·     Completion of Scoping Study expected Q1 2013

o  Metallurgical test results, announced today, show a potential gold recovery of over 90% at Dugbe F and 88% at Tuzon, with maximum recoveries of 98% and 98.9% respectively

·     Ongoing exploration programmes to further define project pipeline

Dan Betts, CEO of Hummingbird, commented:

"With the Scoping Study near completion, and the Company being fully funded for 2013, Hummingbird made significant steps in H2 2012.  The results of the metallurgical test work undertaken for the study to date have increased our confidence that we have an economic gold discovery in Liberia with a large resource. In addition, in the six months under review we made our third gold discovery in the primary project area which covers just a fraction of our total acreage.

"Importantly, we have secured significant funding, with minimal dilution to shareholders from two highly regarded partners which materially de-risk our business in Liberia. Firstly, IFC have made their first investment in the mining sector in Liberia via Hummingbird, offering not only an endorsement of our project, but of the political environment in the country; and secondly our new partners at Anglo Pacific, who will only see a return on their investment once our first mine is in production. We are fully funded for 2013, which will see a significant amount of drilling at Dugbe 1, to drive the project towards pre-feasibility.  In parallel we will continue our earlier stage exploration, which will focus on identifying additional regional and near project exploration targets. Our strategic focus is to fast-track towards an initial mine founded on Dugbe 1's 3.8Moz gold Resource. We are confident that in 2013, Hummingbird will make major strides towards its aim of building a gold mine in Liberia."

Enquiries:

Hummingbird Resources plc

Daniel Betts, Chief Executive Officer

Thomas Hill, Finance Director

Robert Monro, Head of Business Development [phone]

Liberum Capital Limited

Nominated Adviser and Joint Broker

Tom Fyson / Christopher Kololian [phone]

Jefferies Hoare Govett

Joint Broker

Sara Hale / Thomas Rider [phone]

FTI Consulting LLP

Financial PR

Ben Brewerton / Oliver Winters [phone]

2012 Operational Review

In 2012 the Company commissioned a range of independent consultants to undertake a Scoping Study of its Dugbe F and Tuzon gold deposits (the "Dugbe 1 Project").  The study is on-going and due for completion in Q1 2013. Initial results have increased confidence that an economic gold mine with a large resource can be established at Dugbe 1.

As part of this study, Hummingbird commissioned Wardell Armstrong International ("WAI") to undertake a series of metallurgical tests, the results of which are announced today and detailed below.   A total of 569 samples were taken to evaluate the efficiency of cyanidation on the Dugbe 1 mineralisation.  The resultant bottle roll tests show average gold recoveries of over 90% at Dugbe F and 88% at Tuzon, with maximum recovery of 98% and 98.9% respectively

Post period end, Hummingbird completed the £3 million (approximately US$5 million) funding from the World Bank's International Finance Corporation ("IFC"), the IFC's first investment in Liberia's mining sector.  Also in December, the Company signed a US$15 million royalty agreement with Anglo Pacific Group Plc leaving the Company with US$26m of funding in place for 2013.

Exploration Activity

In the period, the Company has also undertaken further exploration activity.  Across the Tuzon and Dugbe F discoveries 32additional drill holes were drilled and the results have been used to provide valuable geotechnical and geostatistical information for use in the Scoping Study and design of the 2013 drill programme. The full results are in the Appendix to this announcement. A soil sampling programme between Dugbe F and Tuzon acquired approximately 1,700 soil samples the results of which are currently being analysed.  The programme was undertaken to determine the extent of mineralisation across the Dugbe 1 area.

Hummingbird also completed an initial 3,727m diamond drilling programme at Sackor, 2.1km south west of Dugbe Fwhich resulted in a third gold discovery.  The results from the first thirteen drill holes were announced in July and the final seven holes in the programme are contained in the Appendix.  The geology of Sackor shows similarities to Dugbe F and Tuzon and the mineralisation remains open to the north and south. More drilling is required in order to determine an Inferred Resource, although the proof of bedrock mineralisation similar to the deposits at Dugbe F and Tuzon is very encouraging.

On the NW Joe Village prospect, where four gold-in-soil anomalies have been identified, a trenching programme was completed with results to date indicating the presence of mineralised zones.

On the Nemo Creek licence, where a further nine targets have been mapped, 6,387 soil samples have been taken.  Results to date have shown up a number of interesting anomalous zones which will be investigated further.

On the Tiehn policence to the eastern end of the Dugbe Shear Zone, where four gold-in soil anomalies have been identified, an initial trench programme has been completed, and a full review of the geological and assay data is being carried out during Q1 2013.

Outlook

In 2013, the focus will shift from regional exploration to infill drilling at our existing discoveries with the aim of improving the definition of the contained gold Resources leading towards a Pre-Feasibility study and the 2013 infill drilling has recently commenced. The full details of the 2013 programme will be finalised upon completion of the Scoping Study, due in Q1.

The Company's strategy is to move as rapidly as possible towards the construction of a mine at the existing discoveries, as such, Hummingbird will use the funds available to it to complete a strategic  infill drilling programme aimed at identifying, Measured and Indicated Resources within higher grade 'starter pits'.

Following the IFC investment and the Anglo Pacific royalty agreement, the Company is fully funded through this infill programme and is confident that in 2013 Hummingbird will make major strides towards its aim of building a gold mine in Liberia.

Metallurgical Test Results

As part of WAI's metallurgical test work, 569 samples were subjected to standard bottle rolls tests, for 72hrs duration.

The objective of these tests was to determine potential recoverable gold.  The samples were made up of composited drill core samples, from a large number of locations in both Dugbe F and Tuzon.  The purpose of this was to test the variations in gold recovery across both deposits.

Of the 213 Dugbe samples tested, gold recoveries were based on assays of the pregnant leach solutions and the residues. These gave a weighted average gold recovery for the Dugbe samples of 90.3% with a maximum recovery of 98%. The calculated head grades ranged from 0.23g/t to 5.54g/t Au, giving an average grade of 1.23g/t Au - consistent with the average grade of the Dugbe Resource.

Details of the recovery rates for the Dugbe F samples can be summarised as follows:

Dugbe Samples in Gold Recovery Range
Range	% Samples
>95%	7.0
90 - 95%	46.9
85 - 90%	30.0
80 - 85%	14.6
75 - 80%	1.4
Total	100

Adopting a similar approach for the 356 Tuzon samples a weighted average gold recovery of 88.3% with a maximum recovery of 98.9%. The head grades of these samples ranged from 0.27g/t to 8.25g/t Au, giving an average gold grade of 1.35g/t Au consistent with the average Resource grade at the Tuzon Resource.

Details of the recovery rates for the Tuzon samples can be summarised as follows:

Tuzon Samples in Gold Recovery Range
Range	% Samples
>95%	5.6
90 - 95%	33.1
85 - 90%	36.5
80 - 85%	16.0
75 - 80%	7.3
70 - 75%	1.1
65 - 70%	0.0
60 - 65%	0.0
55 - 60%	0.0
50 - 55%	0.3
Total	100

Interim Results

HUMMINGBIRD RESOURCES PLC

Consolidated Income Statement

For the six months ended 30 November 2012

		Unaudited six months  ended 30 November	Unaudited six months  ended 30 November	Audited year ended 31 May
		2012	2011	2012
	Note	$'000	$'000	$'000
Continuing operations
Revenue		-	-	-
Profit on deemed disposal		-	588	588
Share based payments	5	(315)	(908)	(1,139)
Other administrative expenses		(1,361)	(1,680)	(3,147)
Administrative expenses		(1,676)	(2,000)	(3,698)
Finance income		248	154	263
Finance expense	4	-	(725)	(674)
Share of joint venture loss		(81)	(19)	(46)
Loss before tax		(1,509)	(2,590)	(4,155)
Tax		-	-	-
Loss for the period/year attributable to equity holders of the parent		(1,509)	(2,590)	(4,155)
Loss per ordinary share
Basic and diluted (US$ cents)	3	(2.82)	(4.85)	(7.78)

There was no other comprehensive income in the current or prior periods.

HUMMINGBIRD RESOURCES PLC

Consolidated Balance Sheet

As at 30 November 2012

		Unaudited 30 November	Unaudited 30 November	Audited 31 May
		2012	2011	2012
	Note	$'000	$'000	$'000
Assets
Non-current assets
Intangible exploration and evaluation assets		38,522	25,607	32,522
Property, plant and equipment		891	1,517	1,363
Investment in joint venture		855	963	936
		40,268	28,087	34,821
Current assets
Trade and other receivables		833	734	851
Amounts due from joint venture		-	-	35
Cash and cash equivalents		7,148	23,694	15,503
		7,981	24,428	16,389
Total assets		48,249	52,515	51,210
Liabilities
Current liabilities
Trade and other payables		(1,273)	(2,291)	(2,602)
Amounts due to joint venture		(590)	(1,581)	(1,139)
Total liabilities		(1,863)	(3,872)	(3,741)
Net assets		46,386	48,643	47,469
Equity
Share capital	5	857	854	855
Share premium	5	41,990	41,881	41,922
Retained earnings		3,539	5,908	4,692
Equity attributable to equity holders of the parent		46,386	48,643	47,469

HUMMINGBIRD RESOURCES PLC

Consolidated Statement of Cash Flows

For the six months ended 30 November 2012

		Unaudited six months  ended 30 November	Unaudited six months  ended 30 November	Audited year ended 31 May
		2012	2011	2012
		$'000	$'000	$'000
Operating activities
Loss before tax		(1,509)	(2,590)	(4,155)
Adjustments for:
Finance income		(248)	(154)	(263)
Finance expense		-	725	674
Share of joint venture loss		81	19	46
Depreciation of property, plant and equipment		63	53	112
Share based payments		315	908	1,139
Profit on deemed disposal		-	(588)	(588)
Operating cash flows before movements in working capital		(1,298)	(1,627)	(3,035)
(Increase) in receivables		(37)	(82)	(196)
Decrease / (increase) in payables		(387)	86	280
(Increase) / decrease in amounts due from joint venture		35	-	(35)
(Decrease) / increase in amounts due to joint venture		(549)	1,227	785
Net cash outflow from operating activities		(2,236)	(396)	(2,201)
Investing activities
Purchases of intangible exploration and evaluation assets		(6,373)	(7,107)	(13,391)
Purchases of property, plant and equipment		(46)	(225)	(593)
Interest received		66	35	208
Net cash used in investing activities		(6,353)	(7,297)	(13,776)
Financing activities
Net proceeds from issue of shares		70	-	42
Net cash from financing activities		70	-	42
Net Decrease in cash and cash equivalents		(8,519)	(7,693)	(15,935)
Effect of foreign exchange rate changes		164	(725)	(674)
Cash and cash equivalents at beginning of period/year		15,503	32,112	32,112
Cash and cash equivalents at end of period/year		7,148	23,694	15,503

HUMMINGBIRD RESOURCES PLC

Consolidated Statement of Changes in Equity

For the six months ended 30 November 2012

	Share capital $'000	Share premium $'000	Retained earnings $'000	Total $'000
For the six months ended 30 November 2012
As at 1 June 2012	855	41,922	4,692	47,469
Issue of shares	2	68	-	70
Share based payments	-	-	356	356
Total comprehensive loss for the period	-	-	(1,509)	(1,509)
As at 30 November 2012	857	41,990	3,539	46,386
For the six months ended 30 November 2011
As at 1 June 2011	854	41,881	7,490	50,225
Share based payments	-	-	1,008	1,008
Total comprehensive loss for the period	-	-	(2,590)	(2,590)
As at 30 November 2011	854	41,881	5,908	48,643
For the year ended 31 May 2012
As at 1 June 2011	854	41,881	7,490	50,225
Issue of shares	1	41	-	42
Share based payments	-	-	1,357	1,357
Total comprehensive loss for the year	-	-	(4,155)	(4,155)
As at 31 May 2012	855	41,922	4,692	47,469

1          General information

Hummingbird Resources plc (the 'Company'), was incorporated in England and Wales under the Companies Act. The address of the registered office is 49-63 Spencer Street, Hockley, Birmingham, West Midlands, B18 6DE.

The nature of the Group's operations and its principal activities is the exploration, evaluation and development of mineral exploration targets, principally gold, focused primarily in Liberia.

2          Basis of preparation

The consolidated interim financial information has been prepared using policies based on International Financial Reporting Standards issued by the International Accounting Standards Board ("IASB") as adopted by the European Union, which are expected to be applied in the Group's financial statements for the year ended 31 May 2013.

The consolidated interim financial information for the period 1 June 2012 to 30 November 2012 is unaudited, does not include all the information required for full financial statements and should be read in conjunction with the Group's consolidated financial statements for the year ended 31 May 2012.  In the opinion of the Directors the consolidated interim financial information for the period represents fairly the financial position, results from operation and cash flows for the period in conformity with generally accepted accounting principles consistently applied. The consolidated interim financial information incorporates comparative figures for the interim period 1 June 2011 to 30 November 2011 and the audited financial year to 31 May 2012.  As permitted, the Group has chosen not to adopt IAS34 'Interim Financial Reporting'.

The annual financial statements of Hummingbird Resources plc are prepared in accordance with International Financial Reporting Standards ('IFRSs') as issued by the International Accounting Standards Board ('IASB') and as adopted by the European Union.  The Group's consolidated annual financial statements for the year ended 31 May 2012, have been filed with the Registrar of Companies and are available on the Company's website www.hummingbirdresources.co.uk. The auditor's report on those financial statements was unqualified and did not contain a statement under sections 498(2) or (3) of the Companies Act 2006.

3          Loss per ordinary share

Basic loss per share is calculated by dividing the loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period/year.

Due to the losses incurred during the period a diluted loss per share has not been calculated as this would serve to reduce the basic loss per share. 

The calculation of the basic and diluted loss per share is based on the following data:

	Unaudited six months  ended 30 November 2012 $'000	Unaudited six months  ended 30 November 2011 $'000	Audited year ended 31 May 2012 $'000
Losses Loss for the purposes of basic loss per share being net loss attributable to equity holders of the parent	(1,509)	(2,590)	(4,155)
Number of shares	Number	Number	Number
Weighted average number of ordinary shares for the purposes of basic loss per share	53,487,286	53,355,565	53,367,031
	US$ cents	US$ cents	US$ cents
Loss per Ordinary share
Basic and diluted(US$ cents)	(2.82)	(4.85)	(7.78)

4          Finance expense

The finance expense in the prior period arose as a result of foreign exchange losses on non-functional currency bank deposits.

5          Share capital

5.1          Issued equity share capital

		Unaudited 30 November 2012 Number	Unaudited 30 November 2011 Number	Audited 31 May 2012 Number
Issued and fully paid
Ordinary shares of £0.01 each		53,500,565	53,355,565	53,410,565
		Unaudited 30 November 2011 $'000	Unaudited 30 November 2010 $'000	Audited  31 May 2011 $'000
Issued and fully paid Ordinary shares of £0.01 each		857	854	855

5.2          Grant of share options

On 11 July 2012 the Company granted 989,000 options to certain Directors and Group employees. These options are exercisable at £1.12 per share and vest in two tranches over a 24 month period assuming certain performance criteria are met.

At the 30 November 2012 there were 4,778,000 share options outstanding.

5.3          Share based payments

The share based payments expense in the income statement of $315,000 for the period includes a charge of $88,000 relating to share options granted on 27 June 2011 and $227,000 in respect of share options granted on 11 July 2012.

6             Events after the balance sheet date

On 11 December 2012 the Company met all the necessary conditions under the subscription agreement with the International Finance Corporation ("IFC") and has received funds totalling £3,000,000 in return for 3,225,806 new ordinary shares in the Company. In addition the Company granted the IFC warrants to subscribe for a further 1,612,903 new ordinary shares. The warrants are at a strike price of £1.4415 over a five year term.

On 17 December 2012 the Company entered into a financing agreement with a wholly owned subsidiary of Anglo Pacific Group plc ("Anglo Pacific"). Under the financing agreement Anglo Pacific are to advance $15 million in three equal tranches in return for 2% net smelter return royalty over products mined within a 20km radius of the Dugbe F Resource.

Note: David Pelham has reviewed and approved the technical information contained within this announcement in his capacity as a qualified person, as required under the AIM rules.  David Pelham is Technical Director of the Company and is a member of the Institute of Materials, Minerals and Mining.

Notes to Editors

Hummingbird Resources plc is an AIM quoted mineral exploration company incorporated in England and Wales and headquartered in London. Since its establishment in November 2005, the Company and its subsidiaries (the "Group") has been active in Liberia, West Africa, and is currently the holder of the largest area of mineral exploration ground in the highly prospective Birimian geological region of eastern Liberia.  The Group's total Resource is 3,817,000 ounces of gold (Indicated Resource of 1,373,000 ounces gold and Inferred Resource of 2,444,000 ounces gold).

The Group has published a NI43-101 compliant Resource on its Dugbe F deposit of 43.01 million tonnes at 1.27 g/t Au to give 1,765,000 ounces of gold using a lower cut-off grade of 0.5 g/t Au and no upper cut-off grade (Indicated Resource of 1,373,000 ounces of gold at 1.28 g/t Au and an Inferred Resource of 392,000 ounces of gold at 1.23 g/t Au).  In addition, the Group has declared a maiden Inferred Resource on its Tuzon project of 52.8 million tonnes at 1.21 g/t Au to give 2,052,000 ounces gold using a lower cut-off grade of 0.5 g/t Au and an upper cut-off grade of 7.0 g/t Au. Tuzon lies 2.6km to the east of the Dugbe F deposit.  Exploration is being carried out to best industry practices.

The Group currently holds exploration licences covering approximately 7,000 square kilometres in total, which constitutes a significant proportion of eastern Liberia containing the Birimian sequence.

For more information, please visit www.hummingbirdresources.co.uk

Appendix:

Dugbe F drill data
Calculated at 0.5 g/t Au lower cut-off						Drill Collar information
Hole ID	From	To	Apparent Width (m)	Grade g/t Au	Summary of Intersection	EUTM	NUTM	RL	DIP		AZ		EOH
DFDC265	30	31	1	0.82		550116	562262	99.489	-60		295		71.1
	31	32.08	1.08	2.68
	32.08	33.1	1.02	1.08
	33.1	34	0.9	1.66
	34	35	1	1.5
	35	36	1	1.4	6m @ 1.54 g/t
DFDC266	33	34	1	0.78		550089	562231	101.287	-60		295		71.1
	34	35	1	2.36
	35	36	1	1.53
	36	37	1	0.59
	37	38.1	1.1	2.43
	38.1	39	0.9	1.9
	39	40	1	3.85
	40	41	1	0.98
	41	42.1	1.1	0.72
	49	50.1	1.1	0.57	10.2m @ 1.56 g/t
DFDC267	40.12	41	0.88	2.6		549968	562258	113.117	-60		295		71.1
	41	42	1	1.12
	42	43	1	4.15
	43	44.02	1.02	2.65
	44.02	45.12	1.1	1.42
	45.12	46.04	0.92	1.41
	46.04	47	0.96	4.21
	47	48	1	5.27
	48	48.96	0.96	2.12
	48.96	50.1	1.14	2.61
	50.1	51.18	1.08	0.67
	51.18	52.09	0.91	0.75
	52.09	53.56	1.47	0.52	13.44m @ 2.20 g/t
DFDC268	36.1	37	0.9	0.7		540008	562242	110.334	-60		295		71.1
	37	38	1	1.23
	38	38.64	0.64	1.21	2.54m @ 1.04 g/t
	39.5	40.45	0.95	0.77
	40.45	41.28	0.83	1.85	1.78m @ 1.27 g/t
	42.66	44	1.34	1.3
	44	45	1	0.67
	53.1	54	0.9	0.54	3.24m @ 0.89 g/t
DFDC269	36	37	1	1.03		540029	562233	108.3	-60		292		71.1
	37	38	1	0.99
	38	39	1	3.15
	39	40	1	1.09
	40	41	1	1.97
	41	42	1	4.62
	42	43	1	2.19
	43	44	1	2.59
	44	45	1	0.61	9m @ 2.03 g/t
DFDC270	39.04	40.04	1	0.67	1m @ 0.67 g/t	540051	562224	106.206	-60		295		71.1
	41.1	41.96	0.86	1.2
	41.96	43.04	1.08	1.99
	43.04	44.1	1.06	2.19
	44.1	45.1	1	1.69
	45.1	46.1	1	0.74	5m @ 1.59 g/t
	48.07	49.06	0.99	1.22	0.99m @ 1.22
DFDC271	39	39.9	0.9	0.88		540072	562217	102.515	-60		295		71.1
	39.9	41	1.1	0.85
	41	42	1	0.91
	42	43	1	2.08
	43	44	1	2.19
	44	45.3	1.3	0.96	6.30m @ 1.29 g/t
DFDC272	44.1	45	0.9	0.59		540008	562138	99.929	-60		295		71.1
	45	46	1	0.99
	46	47	1	2.25
	47	48	1	1.55
	48	49	1	1.97
	49	50	1	2.02
	50	51	1	1.99
	51	52	1	8.81
	52	53	1	1.81
	53	54.13	1.13	0.97
	54.13	55.14	1.01	3.34
	55.14	56.1	0.96	0.6
	56.1	57	0.9	0.98
	57	58	1	0.51	13.90m @ 2.04 g/t
DFDC273	43.38	44.64	1.26	0.75		540035	562170	100.956	-60		295		71.1
	44.64	45.74	1.1	1.77
	45.74	46.82	1.08	5.92
	46.82	47.88	1.06	1.03
	47.88	49.1	1.22	1.5
	49.1	50.15	1.05	1	6.77m @ 1.96 g/t
DFDC274	40.55	41.72	1.17	0.93		540048	562185	102.157	-60		295		71.1
	41.72	42.87	1.15	1.26
	42.87	43.93	1.06	1.36	3.38m @ 1.18 g/t
	48	49	1	0.92	1m @ 0.92 g/t
DFDC275	40	41	1	0.53	1m @ 0.53 g/t	540062	562200	102.38	-60		295		71.1
	41.9	43.12	1.22	1.2
	43.12	44.1	0.98	0.64
	44.1	45	0.9	2.32
	45	45.9	0.9	2.97
	49	50	1	0.61	5m @ 1.49 g/t
DFDC276	36.48	37.67	1.19	1.92		540090	562208	99.735	-60		295		71.1
	37.67	38.82	1.15	1.36	2.34m @ 1.64 g/t
	40.1	41.1	1	1.24
	41.1	42	0.9	0.52
	42	43	1	0.55
	43	44.3	1.3	1.09	4.2m @ 0.88 g/t
DFDC277	24.88	26	1.12	0.84		540145	562291	108.066	-60		295		71
	26	27	1	3.54
	27	28	1	2.62
	28	29.1	1.1	0.87
	29.1	30.2	1.1	1.15
	30.2	31.32	1.12	2.14	6.44m @ 1.82 g/t
	31.32	32.46	1.14	0.65
	33.64	34.84	1.2	0.57	2.34m @ 0.61 g/t
DFDC278	32.3	33.26	0.96	0.91		550168	562175	95.959	-60		295		71
	33.26	34.6	1.34	0.7
	34.6	35.71	1.11	3.76
	35.71	37	1.29	1.52
	37	38	1	4.8
	38	39	1	0.86
	39	40	1	0.72
	40	41	1	2.07
	41	42	1	0.95
	42	43	1	2.68
	43	44	1	1.37	11.70m @ 1.83 g/t
Tuzon drill data
Calculated at 0.5 g/t Au lower cut-off						Drill Collar information
Hole ID	From	To	Apparent Width (m)	Grade g/t Au	Summary of Intersection	EUTM	NUTM	RL	DIP	AZ		EOH
TDC073	197.4	198.6	1.14	3.7	1.14m @ 3.70 g/t	555266	562634	119.8	-60	295		250.2
TDC074	105.6	107.1	1.45	1.41		555190	562672	121.9	-60	295		247.3
	107.1	108.3	1.17	2.19
	108.3	109.5	1.27	1.53
	109.5	110.8	1.27	1	5.16m @ 1.52 g/t
	113.3	114.5	1.24	0.98
	114.5	115.8	1.22	1.25
	115.8	116.9	1.1	1.64
	116.9	118	1.14	1.31	4.70m @ 1.28 g/t
	119	120	1	1.86
	120	120.9	0.85	3.68	1.85m @ 2.70 g/t
	122	123.4	1.35	1.15
	123.4	124.6	1.22	1.81
	124.6	125.5	0.94	1.45
	125.5	126.7	1.19	3.51
	126.7	127.9	1.16	2.21
	127.9	129	1.14	2.17
	129	130	1	1.02
	130	131.3	1.3	2.18
	131.3	132.4	1.06	1.08	10.36m @ 1.87 g/t
	134.9	136	1.1	0.86	1.1m @ 0.86
	143.1	144	0.93	0.84
	144	145	1	0.85
	145	146	1	0.76
	146	147	1	1.96
	147	148	1	2.18	4.93m @ 1.32 g/t
	149	150	1	0.98	1m @ 0.98 g/t
	157.6	158.9	1.28	0.66
	158.9	160	1.1	0.64
	160	161	1	0.58
	161	162	1	3.54
	162	163.1	1.05	0.7	5.43m @ 1.18 g/t
	164.4	165.6	1.18	0.92
	165.6	166.7	1.12	0.77
	166.7	167.9	1.17	1.17
	167.9	169	1.1	0.81	4.57m @ 0.92
	173.5	174.7	1.11	0.96
	174.7	175.7	1.06	0.52	2.17m @ 0.75
	178.7	179.8	1.08	0.78
	179.8	181.1	1.32	1.95
	181.1	182.5	1.4	1.06
	182.5	183.6	1.01	1.26
	183.6	184.7	1.17	1.79
	184.7	185.6	0.84	0.52
	185.6	187	1.44	1.79
	187	188	1	0.75	9.26m @ 1.30 g/t
	190	191.3	1.3	1.01	1.3m \@ 1.01 g't
	205.7	206.8	1.08	1.16
	206.8	208	1.21	1.77
	208	209	1	1.83
	209	210	1	0.95
	210	211.2	1.23	1.38
	211.2	212.3	1.07	0.78
	212.3	213.5	1.16	1.11	7.75m @ 1.29 g/t
	214.9	216	1.12	1.56
	216	217	1	1.99
	217	218	1	0.78
	218	219	1	1.1
	219	220	1	0.82
	220	221	1	1.46
	221	222.1	1.07	2.41
	222.1	223	0.93	0.55
	223	224	1	0.97
	224	224.9	0.88	2.51	10m @ 1.42 g/t
	233.5	234.9	1.34	0.78
	234.9	236	1.14	1.57	2.48m @ 1.14 g/t
TDC075	95.06	96	0.94	0.67		555197	562697	121.7	-60	295		250
	96	97	1	1.78
	97	98	1	1.32
	98	99	1	0.94
	99	100	1	1.88
	100	101	1	1.55
	101	102	1	1.39
	102	103	1	1.38
	103	104	1	0.65	8.94m @ 1.29 g/t
	113.3	114.2	0.87	0.66
	114.2	115.3	1.13	1.83
	115.3	116.4	1.12	2.32
	116.4	117.6	1.16	2.32
	117.6	118.6	1.02	1.45
	118.6	119.6	0.98	2.23
	119.6	120.6	1	1.98
	120.6	121.8	1.17	2.88	8.45m @ 2.01 g/t
	136	137	1	3.09
	137	138	1	1
	138	139	1	3.25
	139	139.8	0.77	1.68	3.77m @ 2.29 g/t
	140.8	142	1.16	1.03
	142	143	1	2.42	2.16m @ 1.67 g/t
	150.6	151.9	1.22	0.97
	151.9	152.8	0.97	2.16
	152.8	154	1.18	2.13
	154	155	1	1.29
	155	156.2	1.2	2.14
	156.2	157.4	1.22	4.91	6.79m @ 2.30 g/t
	160.7	161.8	1.15	1.28	1.15m @ 1.28 g/t
	163	164	1	0.9
	164	165	1	0.86
	165	166	1	0.52
	166	167	1	0.61	4m @ 0.72 g/t
	176	177	1	5.16
	177	178	1	3.12
	178	179	1	2.48
	179	180	1	0.92	4m @ 2.92 g/t
	193	194	1	0.7	1m @ 0.7 g/t
	196	197	1	0.88
	197	198	1	1.11
	198	199	1	0.67
	199	200	1	0.78
	200	201	1	2.32
	201	202	1	0.75
	202	203	1	0.96
	203	204	1	0.97
	204	205	1	2.02
	205	206	1	1.03
	206	207	1	1.86
	207	208.2	1.18	0.68
	208.2	209.3	1.12	1.61
	209.3	210.3	1	0.79
	210.3	211.7	1.41	2.55
	211.7	212.9	1.19	1.82
	212.9	214.3	1.37	1.15	18.7m @ 1.32g/t
TDC076	35.7	36.84	1.14	1.62		555111	562707	114.5	-60	295		251.3
	36.84	38	1.16	4.46
	38	39.37	1.37	0.63	3.67m @ 2.15 g/t
	41.7	42.8	1.1	0.9
	42.8	44	1.2	1.52
	44	45.1	1.1	1.16
	45.1	46.15	1.05	0.92
	46.15	47.4	1.25	0.85
	47.4	48.47	1.07	1.93
	48.47	49.65	1.18	1.45
	49.65	50.56	0.91	0.58	8.86m @ 1.18 g/t
	51.93	53	1.07	0.95	1.07m @ 0.95 g/t
	54	55	1	0.63	1m @ 0.63m
	56	57	1	0.72	1m @ 0.72m
	71.3	72	0.7	0.54
	72	73.1	1.1	1.42
	73.1	74.25	1.15	2.91
	74.25	75.54	1.29	1.26	4.24m @ 1.63 g/t
	79.5	80.56	1.06	0.54
	80.56	81.76	1.2	0.53
	81.76	82.93	1.17	0.99	3.43m @ 0.69 g/t
	103.7	104.9	1.13	1.53
	104.9	106	1.13	2.46
	106	107	1	0.66
	107	108	1	0.82
	108	109	1	1.05
	109	110.3	1.3	1.59
	110.3	111.4	1.05	1.25
	111.4	112.5	1.16	1.69
	112.5	113.5	1.01	1.9
	113.5	114.6	1.04	2.06
	114.6	115.6	1.07	2.86
	115.6	116.5	0.9	2.74
	116.5	117.5	0.95	2.18
	117.5	118.5	1	3.36	14.74m @ 1.86 g/t
	119.9	121	1.07	1.31
	121	122	1	0.73
	122	123	1	1.1
	123	124	1	1.13
	124	125	1	1.31
	125	126	1	1.25	6.07m @ 1.14 g/t
	127	128	1	0.69
	128	129	1	1.01
	129	130	1	1.31
	130	131.1	1.1	0.78	4.1m @ 0.94 g/t
	141	142	1	0.93	1m @ 0.93m
	143.2	144.3	1.15	0.94	1.15m @ 0.94m
	225.6	226.6	1.05	2.79
	226.6	227.7	1.07	0.95
	227.7	228.6	0.87	2.09	2.99m @ 0.61 g/t
	230.5	231.7	1.22	0.89
	230.5	232.7	0.98	1.03	2.2m @ 0.46 g/t
	233.7	234.9	1.11	0.57	1m @ 0.57m
	237.1	238.4	1.24	0.58	1m @ 0.58m
	245.2	246.3	1.11	1.16
	246.3	247.2	0.91	2.47
	247.2	248.1	0.88	4.3	2.9m @ 1.3 g/t
TDC077	0	1	1	2.41		555074	562734	111.5	-60	295		251.2
	1	2	1	1.72
	2	3	1	2.31
	3	4.06	1.06	2.36
	4.06	5.1	1.04	2.37
	5.1	5.9	0.8	1.04
	5.9	6.92	1.02	0.55	6.92m @ 1.85
	9	10.11	1.11	0.92	1.11m @ 0.92m
	18	18.93	0.93	0.53	0.93m @ 0.53 g/t
	26.35	27.4	1.05	0.51	1.05m @ 0.51 g/t
	29.7	30.7	1	0.78	1m @ 0.78m
	31.81	32.95	1.14	3.37
	32.95	34	1.05	1.83
	34	35	1	1.63
	35	36	1	1.44
	36	37	1	2.05
	37	38.03	1.03	1.42
	38.03	39	0.97	0.65
	39	40	1	0.8
	40	41	1	3.12
	41	42	1	4.39
	42	43	1	0.86
	43	44	1	0.56	12.19 m @1.86 g/t
	48	49	1	0.82	1m @ 0.82m
	50	51	1	0.53	1m @ 0.53m
	53	55	2	0.64	2m @ 0.64m
	91.49	92.47	0.98	0.63	0.98m @ 0.63 g/t
	150	152	2	0.99	2m @ 0.99 g/t
	201	202	1.02	0.59	1.02m @ 0.59 g/t
	237	238	1	1.13	1m @ 1.13 g/t
Sackor drill data
Calculated at 0.5 g/t Au lower cut-off						Drill Collar information
Hole ID	From	To	Apparent Width (m)	Grade g/t Au	Summary of Intersection	EUTM Survey	NUTM Survey	RL Survey	DIP	AZ		EOH
SKDC001	2.1	3.1	1	0.55	1m @ 0.55 g/t	547308	560360	160.26	-45	295		149
	23	25	2	1.98	2m @ 1.98 g/t
	29.36	30.5	1.14	0.88	1.14m @ 0.88 g/t
	34	35	1	2.05	1m @ 2.05 g/t
	47	48	1	0.77	1m @ 0.77 g/t
	50	51	1	0.53	1m @ 0.53 g/t
	62	63	1	1.15	1m @ 1.15 g/t
	70	71	1	0.74	1m @ 0.74 g/t
	80	84	4	1.47	4m @ 1.47 g/t
	86	88	2	0.97	2m @ 0.97 g/t
	108	109	1	3.4	1m @ 3.4 g/t
	110	111	1	0.6	1m @ 0.6 g/t
	116	122	6	3.36	6m @ 3.36 g/t
	128	129	1	0.6	1m @ 0.6 g/t
	137	139	2	1.37	2m @1.37
SKDC002	1	1.2	0.2	0.92	0.2m @ 0.92 g/t	547309	560360	160.277	-70	295		221
	3.85	6.85	3	0.56	3m @ 0.56 g/t
	48.32	50.28	1.96	0.66	1.96m @ 0.66 g/t
	54.32	56.32	2	0.58	2m @ 0.58 g/t
	57.7	61.55	3.85	1.71	3.85m @ 1.71 g/t g/t
	66.12	67.12	1	0.51	1m @ 0.51 g/t
	68.2	74.35	6.15	1.16	6.15 @1.16 g/t
	80.43	82.45	2.02	2.91	2.02m @ 2.91 g/t
	85.4	86	1.17	2.36	1.17m @ 2.36 g/t
	90.03	95.17	5.14	2.49	5.14m @ 2.49 g/t
	97.3	100.58	3.28	1.45	3.28m @ 1.45 g/t
	101.46	103.46	2	2.33	2m @ 2.33 g/t
	104.46	107.39	2.93	0.58	2.93m @ 0.58 g/t
	108.36	109.36	1	0.56	1m @ 0.56 g/t
	110.33	111.38	1.05	1.2	1.05m @ 1.2 g/t
	114.66	115.75	1.09	0.63	1.09m @ 0.63 g/t
	116.76	117.76	1	5.52	1m @ 5.52 g/t
	121.91	123	1.09	0.75	1.09m @ 0.75 g/t
	126	129	3	2.19	3m @ 2.19 g/t
	132	133	1	5.29	1m @ 5.29 g/t
	146	147	1	0.86	1m @ 0.86 g/t
	156	158	2	0.89	2m @ 0.89 g/t
	162	163	1	0.52	1m @ 0.52 g/t
	166	167	1	2.9	1m @ 2.9 g/t
SKDC003	2.1	3.25	1.15	0.54	1.15m @0.54 g/t	547310	560360	160.294	-45	115		89
	12	13	1	1.2	1m @ 1.2 g/t
	14	14.82	0.82	5.15	0.82m @ 5.15 g/t
	15.62	16.81	1.19	2.58	1.19 m @ 2.58 g/t
	18.61	21	2.39	0.83	2.39 m 0.83 g/t
	26.49	29	2.51	0.99	2.51 m 0.99g/t
	34.54	37	2.46	0.73	2.46 m 0.73g/t
	42	43.2	1.2	2.72	1.20m @ 2.72 g/t
	48.8	50	1.2	1.95	1.20m @ 1.95 g/t
	72	74	2	1.81	2m @ 1.81g/t
	75	81	6	4.29	6m @ 4.29g/t
	82	83	1	5.44	1m @ 5.44 g/t
SKDC004	1	3.8	2.8	1.24	2.8m @ 1.24 g/t	547323	560457	166.382	-45	295		164
	4.47	5.5	1.03	0.57	1.03m @ 0.57 g/t
	6.64	8	1.36	0.84	1.36m @ 0.84 g/t
	9	14	5	1.01	5m @ 1.01 g/t
	28	29.26	1.26	0.69	1.26m @ 0.69 g/t
	33.9	34.8	0.9	0.65	0.9m @ 0.65 g/t
	40	44	4	0.92	4m @ 0.92 g/t
	50	52	2	1.88	2m @ 1.88 g/t
	53	55	2	0.77	2m @ 0.77 g/t
	59	60.17	1.17	2.48	1.17m @ 2.48 g/t
	66	68	2	1.19	2m @ 1.19 g/t
	69	69.76	0.76	1.46	0.76m @ 1.46 g/t
	71	71.65	0.65	0.63	0.65m @ 0.63 g/t
	72.67	75	2.33	1.05	2.33m @ 1.05 g/t
	93	95	2	0.94	2m @ 0.94 g/t
	113.5	114.6	1.1	0.53	1.1m @ 0.53 g/t
	118	121.62	3.62	1.19	3.62m @ 1.19 g/t
	126	127	1	0.6	1m @ 0.65 g/t
	134.26	135.15	0.89	0.65	0.89m @ 0.65 g/t
	136	137	1	0.96	1m @ 0.96 g/t
	141	142	1	3.62	1.3.62 g/t
	145	146	1	0.5	1m @ 0.50 g/t
SKDC005	1.5	2.5	1	1.89	1m @ 1.89 g/t	547325	560456	166.111	-45	115		160.5
	4.5	6	1.5	1.12	1.5m @ 1.12 g/t
	17.84	20.8	2.96	0.91	2.96m @ 0.91 g/t
	28	30	2	2.39	2m @ 2.39 g/t
	35	39	4	0.68	4m @ 0.68 g/t
	90.36	91.13	0.77	0.98	0.77m @ 0.98 g/t
	92.44	93.63	1.19	0.96	1.19m @ 0.96 g/t
	110	111	1	0.98	1m @ 0.98g/t
	131.36	132.43	1.07	1.14	1.07m @ 1.14 g/t
	139	140	1	1.09	1m @ 1.09g/t
	145	146.04	1.04	0.61	1.04m @ 0.61 g/t
SKDC006	0	2	2	0.66	2m @ 0.66g/t	547275	560265	144.978	-45	290		137
	21.37	23.17	1.8	8.97	1.8m @ 8.97 g/t
	25	26	1	0.59	1m @ 0.59g/t
	38.76	39.81	1.05	0.58	1.05m @ 0.58 g/t
	41	42.3	1.3	0.7	1.3m @ 0.70g/t
	44	49	5	1.29	5m @ 1.29 g/t
	57	59.05	2.05	0.74	2.05m @ 1.74 g/t
	62	62.97	0.97	0.54	0.97m @ 0.54 g/t
	73.39	78	4.61	1.92	4.61m @ 1.92 g/t
	80.09	81.21	1.12	0.86	1.12m 0.86 g/t
	83.5	86	2.5	0.89	2.5m @ 0.89 g/t
	92.11	94.05	1.94	0.76	1.94m @ 0.76 g/t
	96	97	1	0.76	1m @ 0.76 g/t
	102	103	1	1.59	1m @ 1.59 g/t
	105.12	106.06	0.94	0.58	0.94m @ 0.58 g/t
	110.05	111	0.95	0.65	0.95m @ 0.65 g/t
	115	116	1	2.18	1m @ 2.18 g/t
	119.1	120.19	1.09	0.51	1.09m @ 0.51 g/t
	133.97	136	2.03	0.77	2.03m @ 0.77 g/t
SKDC007	0	2	2	0.92	2m @ 0.92 g/t	547294	560161	136.719	-60	295		230
	8	21	13	1.33	13m @ 1.33 g/t
	26	26.8	0.8	1.11	0.8m @ 1.11 g/t
	27.5	28.2	0.7	2.25	0.7m @ 2.25 g/t
	32	32.7	0.7	3.23	0.7m @ 3.23 g/t
	38.76	40	1.24	0.89	1.24m @ 0.89 g/t
	41	42	1	0.73	1m @ 0.73 g/t
	43	43.73	0.73	0.58	0.73m @ 0.58 g/t
	44.74	45.64	0.9	1.49	0.9m @1.49 g/t
	47.58	50	2.42	3.17	2.42m @ 3.17 g/t
	56.05	59	2.95	4.12	2.95m @ 4.12 g/t
	62.04	66.04	4	1.92	4m @ 1.92 g/t
	67	71	4	1.55	4m @ 1.55 g/t
	76.15	77.4	1.25	0.73	1.25m @ 0.73 g/t
	109	110.03	1.03	1.32	1.03m @ 1.32 g/t
	150.85	152.04	1.19	0.67	1.19m @ 0.67 g/t
	157	158.04	1.04	0.64	1.04m @ 0.64 g/t
	166	167	1	0.91	1m @ 0.91g/t
SKDC008	55	57	2	1.13	2m @ 1.13 g/t	547400	560316	145.102	-60	299		200
	61.23	65.95	4.72	2.69	4.72m @ 2.69 g/t
	67	74	7	1.63	7m @ 1.63 g/t
	119	119.68	0.68	0.62	0.68m @ 0.62 g/t
	123	124	1	0.96	1m @ 0.96 g/t
	129	130.05	1.05	2.56	1.05m @ 2.56 g/t
	144	148	4	0.81	4m @ 0.81 g/t
	156	157	1	0.68	1m @ 0.68 g/t
SKDC009	11.04	13	1.96	1.14	1.96m @ 1.14 g/t	547375	560235	136.834	-60	296		194
	27.94	29	1.06	0.98	1.06m @ 0.98 g/t
	29.88	31.02	1.14	1.05	1.14m @ 1.05 g/t
	48	49	1	0.58	1m @ 00.58 g/t
	52	54.08	2.08	0.56	2.08m @ 0.56 g/t
	92	93	1	0.6	1m @ 0.6 g/t
	126	127	1	1.43	1m @ 1.43 g/t
	129	130	1	2.89	1m @ 2.89 g/t
	133	134	1	0.55	1m @ 0.55 g/t
	142	143	1	0.77	1m @ 0.77 g/t
	151	152	1	0.74	1m @ 0.74 g/t
	162	163	1	5.88	1m @ 5.88 g/t
SKDC010	2.44	2.9	0.46	0.69	0.46m @ 0.69 g/t	547450	560399	148.156	-60	295		170
	13	14.1	1.1	2.69	1.1m @ 2.69 g/t
	16	17	1	0.65	1m @ 0.65 g/t
	22.37	23.18	0.81	5.59	0.81m @ 5.59 g/t
	25.73	26.7	0.97	0.7	0.97m @ 0.7 g/t
	34.07	35.09	1.02	1.45	1.02m @ 1.45 g/t
	66	67	1	2.53	1m @ 2.53 g/t
	74	77	3	1.11	3m @ 1.11 g/t
	78	79	1	0.5	1m @ 0.5 g/t
	96	97	1	1.1	1m @ 1.11 g/t
	102	103	1	0.83	1m @ 0.83 g/t
SKDC011	no significant values					547492	560278	139.129	-60	295		92
SKDC012	no significant values					547478	560167	137.042	-60	295		75
SKDC013	23.5	24.78	1.28	0.51	1.28m @ 0.51 g/t	547425	560082	135.672	-60	295		218
	25.78	26.23	0.45	1.16	0.45m @ 1.16 g/t
	76	77	1	2.24	1m @ 2.24 g/t
	81	82.11	1.11	1.57	1.11m @ 1.57 g/t
	89.35	90.39	1.04	1.71	1.4m @ 1.71 g/t
	91.16	92	0.84	0.65	0.84m @ 0.65 g/t
	93	94	1	0.98	1m @ 0.98 g/t
	98	99	1	1.78	1m @ 1.78 g/t
	130	131	1	0.91	1m @ 0.91 g/t
	155	158	3	0.7	3m @ 0.7 g/t
	165	167	2	1.43	2m @ 1.43
SKDC014	6.42	7.54	1.12	1.28	1.12m @ 1.28 g/t	547500.66	560042.5	137.854	-60	295		254
	21.88	23	1.12	0.65	1.12m @ 0.65 g/t
	41	42	1	0.64	1m @ 0.64 g/t
	101.96	103	1.04	0.61	1.04m @ 0.61 g/t
	105.03	105.97	0.94	0.54	0.94m @ 0.54 g/t
	149	150	1	0.55	1m @ 0.55 g/t
	169.04	170	0.96	0.62	0.96m @ 0.62 g/t
	176.48	177.6	1.12	0.61	1.12m @ 0.61 g/t
	177.6	178.61	1.01	0.93	1.01m @ 0.93 g/t
SKDC015	78.54	79.41	0.87	0.72	0.87m @ 0.72g/t	547368.69	559989	137.059	-60	295		203
	79.41	80.3	0.89	1.05	0.89m @ 1.05 g/t
	98.94	100	1.06	0.68	1.06m @ 0.68 g/t
	108.29	109	0.71	1.33	0.71m @ 1.33 g/t
	146	146.92	0.92	1.01	0.92m @ 1.01 g/t
	150.65	151.48	0.83	1.97	0.83m @ 1.97 g/t
	169.18	170.3	1.12	1.96	1.12m @ 1.96 g/t
SKDC016	33.31	34.17	0.86	0.76	0.86m @ 0.76 g/t	547323.49	559910.7	146.936	-60	295		218
	70.7	71.78	1.08	0.55	1.08m @ 0.55 g/t
	81.13	82	0.87	0.52	0.87m @ 0.52g/t
	89.52	90.44	0.92	1.77	0.92m @ 1.77 g/t
	109.84	110.5	0.66	4	0.66m @ 4 g/t
	112.66	113.6	0.94	1.23	0.94m @ 1.23 g/t
SKDC017	11.94	12.7	0.76	1.89	0.76m @ 1.89 g/t	547230.13	559951	140.345	-60	295		230
	52.3	53.28	0.98	2.26	0.98m @ 2.26 g/t
	59	59.96	0.96	0.62	0.96m @ 0.62 g/t
	59.96	61	1.04	1.47
	61	62.03	1.03	4.36	3.03 g/t @ 2.18 g/t
	66	66.86	0.86	1.01	0.86m @ 1.01 g/t
	97.09	98.12	1.03	1.18	1.03m 1.18 g/t
	99.4	100.45	1.05	2.35
	100.45	101.45	1	1.67	2.05m @ 2.01 g/t
	117	118	1	0.73	1m @ 0.73 g/t
	123.15	124.33	1.18	7.36	1.18m @ 7.36 g/t
	129.58	130.16	0.58	0.69	0.58m @ 0.69 g/t
	134.84	135.86	1.02	1.13
	135.86	137	1.14	0.84	2.11m @0.97 g/t
	160.29	161.5	1.21	0.8	1.21m @ 0.8 g/t
	183.77	184.84	1.07	1.66	1.07m @ 1.66 g/t
	187.42	188.57	1.15	1.23	1.15m @ 1.23 g/t
SKDC018	no significant values					547421.33	559866.9	142.329	-60	295		259.2
SKDC019	no significant values					547460.38	559958.6	140.808	-60	295		209.1
SKDC020	no significant values					547500.77	560042.8	140.811	-60	295		254.1

 

END

 

 

IR LFFSILDILFIV