Pasofino Gold announces exploration update

Hummingbird Resources PLC

27 February 2024

 

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

27 February 2024

Hummingbird Resources plc

("Hummingbird", the "Group" or the "Company")

Pasofino Gold Announces Exploration Update

Hummingbird (AIM: HUM) is pleased to note the recent announcement by Pasofino Gold Limited ("Pasofino") regarding the commencement of exploration activities at Bukon Jedeh, a high-priority target area within the Dugbe Gold Project ("Dugbe"), Liberia. Hummingbird currently holds a 53% shareholding in Pasofino following the conversion of its controlling interest in Dugbe into a controlling interest in Pasofino, and a further US$2 million investment earlier this year.

Situated 8 km southeast of Dugbe Gold Project's Tuzon Deposit, Bukon Jedeh lies along a 4.1 km trend known for its highly productive artisanal gold mining operations. Previous Reverse Circulation ("RC") drilling conducted in 2012 and 2013 yielded promising results, including some notable high-grade gold intervals. In August 2022, Pasofino conducted a visit to the area, collecting rock samples that demonstrated up to 31 grams per tonne of gold.

Pasofino's exploration efforts will concentrate on geological mapping and the collection of high-resolution ground magnetic survey data, activities which have already commenced. Additionally, Pasofino plans to conduct approximately 1,400 meters of drilling across roughly 15 drillholes, slated to begin in March 2024. This drilling campaign aims to test a selection of artisanal pits, replicate some of the previous RC drill-hole results, and investigate a fold hinge geological structure to enhance the understanding of this target area.

Per the 2022 Definitive Feasibility Study ("DFS"), the Dugbe Gold Project has total Resources of 3.9 million ounces of gold ("Moz") and total Reserves of 2.3 Moz. As previously disclosed, Hummingbird and Pasofino have identified several opportunities to maximise the value of Dugbe through the optimisation of the completed DFS and additional exploration activities, which includes the work at Bukon Jedeh, aimed at increasing the current Reserves and Resources,

Further details can be found in the announcement by Pasofino via the following link: www.pasofinogold.com

Dan Betts, CEO of Hummingbird, commented:

"The initiation of exploration at Bukon Jedeh, a high priority target area, underscores the opportunity to build additional Resources beyond the 3.9 Moz Resource already identified, and in turn grow the existing 2.8 Moz Reserve. It reaffirms Pasofino's focus on unlocking the full potential of the exceptional Dugbe Gold Project and ultimately bringing this asset into full production, further consolidating our presence as a growing precious metal miner in the broader region."

**ENDS**

About the Dugbe Gold Project

The 2,302 km² Dugbe Gold Project is in southern Liberia and situated within the southwestern corner of the Birimian Supergroup which is host to most West African gold deposits. To date, two deposits have been identified on the Dugbe Gold Project: Dugbe F and Tuzon discovered by Hummingbird entities in 2009 and 2011 respectively. The deposits are located within 4 km of the Dugbe Shear Zone which is thought to have played a role in large scale gold mineralization in the area.

A significant amount of exploration in the area was conducted by Hummingbird up until 2012 including 74,497 m of diamond coring. Pasofino drilled an additional 14,584 metres at Tuzon and Dugbe F during 2021. Both deposits have Mineral Resource Estimates dated November 17 2021, totalling 3.3 Moz gold in the Measured plus Indicated categories, with an average grade of 1.37 g/t Au using a 0.5 g/t cut-off grade, and an additional 0.6 Moz in Inferred. Following the completion of the Feasibility Study in June 2022 a Mineral Reserve Estimate was declared, based on the open-pit mining of both deposits over a 14-year Life of Mine. A technical report for the Dugbe Gold Project was prepared in accordance with National Instrument 43-101 and filed on SEDAR+ at www.sedarplus.ca and on the Pasofino's website.

About Pasofino Gold Limited.

Pasofino Gold Limited is a Canadian-based mineral exploration company listed on the TSXV (VEIN).

Pasofino, through its wholly owned subsidiary, has consolidated its interest in the Dugbe Gold Project and currently owns 100% of the Dugbe Gold Project (prior to the issuance of the Government of Liberia's 10% carried interest).

For further information, please visit www.pasofinogold.com

Notes to Editors:

Hummingbird Resources plc (AIM: HUM) is a leading multi-asset, multi-jurisdiction gold producing Company, member of the World Gold Council and founding member of Single Mine Origin (www.singlemineorigin.com). The Company currently has two core gold projects, the operational Yanfolila Gold Mine in Mali, and the Kouroussa Gold Mine in Guinea, which will more than double current gold production once at commercial production. Further, the Company has a controlling interest in the Dugbe Gold Project in Liberia via its controlling shareholding of 53% in Pasofino Gold Limited, who are focused on developing the project. The 2022 Feasibility Study on Dugbe showcased 2.76Moz in Reserves and strong economics, including as a 3.5-year capex payback period at US$1,700/oz, and a 14-year life of mine at a low AISC profile. Our vision is to continue to grow our asset base, producing profitable ounces, while central to all we do being our Environmental, Social & Governance ("ESG") policies and practices.

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

Daniel Betts, CEO Thomas Hill, FD Edward Montgomery, CD	Hummingbird Resources plc	Tel: [phone]
James Spinney Ritchie Balmer	Strand Hanson Limited Nominated Adviser	Tel: [phone]
James Asensio Ana Ercegovic	Canaccord Genuity Limited Broker	Tel: [phone]
Bobby Morse Oonagh Reidy George Pope	Buchanan Financial PR/IR	Tel:  [phone] Email: [e-mail]

 

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