Pasofino Gold Announces Exploration Update

Hummingbird Resources PLC

04 June 2024

 

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

04 June 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 completion of its diamond core drilling programme at the Bukon Jedeh 'gold camp', part of the Company's Dugbe Gold Project ("Dugbe") in Liberia. Hummingbird holds a 53% shareholding in Pasofino, following the conversion of its controlling interest in Dugbe into a controlling interest in Pasofino, and an additional US$2 million investment earlier this year.

Highlights

·      Several of the holes contain multi metre wide intervals of pyroxene gneiss with sulphide minerals - this is encouraging as gold at the nearby Tuzon and Dugbe F deposits is hosted by a similar lithology.

·      The programme targeted various sites, including key existing mining pits, historic drilling intersections, and new holes drilled to follow up on the most promising intervals, identified by the relative abundance of sulphide minerals.

·      Of particular interest is an apparent trend in the east of the area, now referred as the SPMC-99 Steps trend, a 1.5 km long east-west zone potentially linking two of the most important pits in the area, not drilled before.

·      The drilling was completed on time and within budget. Sampling is currently 50% complete, with the first batch of samples set to be sent to the laboratory by Pasofino in early June. Results of this first batch are expected during July 2024, and will be reported as they become available.

Bukon Jedeh, situated 8 km southeast of Dugbe's Tuzon Deposit, 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 notable high-grade gold intervals. In August 2022, Pasofino conducted a site visit, collecting rock samples which graded as high as up 31 grams per tonne of gold.

According to the 2022 Definitive Feasibility Study ("DFS"), Dugbe has total Resources of 4.01 million ounces of gold ("Moz") and total Reserves of 2.76 Moz. Hummingbird and Pasofino have identified several opportunities to maximise the value of Dugbe through the optimisation of the completed DFS and additional exploration activities, including the work at Bukon Jedeh, aimed at increasing the current Reserves and Resources.

The Company also notes and welcomes the appointment of Warren Greenslade as the Interim CEO of Pasofino.

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

Dan Betts, CEO of Hummingbird, commented:

"As the exploration efforts at the Dugbe Gold Project continue, we are encouraged by the progress made at Bukon Jedeh. The broad intervals of sulphide mineralisation encountered in our drilling programme represent a significant step forward in understanding the potential scale of the deposit. This update underscores the opportunity to maximise the value of Dugbe and we await the sample results in the coming months."

**ENDS**

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 that is being developed by joint venture partners, Pasofino Gold Limited. The final feasibility results on Dugbe showcase 2.76Moz in Reserves and strong economics such as a 3.5-year capex payback period once in production, 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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