Positive Results from Infill Drilling Campaign

RNS Number : 0704Z

Hummingbird Resources PLC

03 February 2014

 



3 February 2014

Hummingbird Resources plc

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

Further Positive Results from Infill Drilling Campaign at Tuzon

Infill Drilling at Dugbe F to Target High Grade Starter Pits

Hummingbird Resources, the Liberian gold exploration and development company, announces that it has received all drill hole results in from its recent infill drilling programme for the Company's Tuzon deposit.   The purpose of the programme is to convert the remaining Inferred resources into the Indicated category.

Selected Tuzon Drilling Results

·     TDC015ext          76m @ 1.40g/t gold

·     TDC145                 50m @ 1.61g/t gold

·     TDC146                 59m @ 2.36g/t gold

·     TDC148                 28m @ 1.97g/t gold

The widths and grades of the drill programme have continued to give confidence in the robustness of the Resource.  The results have matched the existing model which was the aim of the infill drill programme.  SRK are currently analysing the data and are working on updating the Tuzon Resource model with the aim of moving more Inferred resources into the Indicated category.   

The Company will be commencing further drilling on the Dugbe F Resource imminently.  This drill programme is targeting moving several starter pits into Indicated category.  It is expected the results will form part of the DFS and may offer upside in the early years of mining due to its better grade of mineralisation and low strip ratio.  Drilling will be commencing imminently and is expected to be finished in Q1 2014.

http://www.rns-pdf.londonstockexchange.com/rns/0704Z_-2014-2-2.pdf

http://www.rns-pdf.londonstockexchange.com/rns/0704Z_1-2014-2-2.pdf

Tuzon plan view, cross sections

Dan Betts, Chief Executive of Hummingbird Resources, said:

"We are delighted with the excellent progress with the Tuzon infill drilling programme.  These latest numbers correspond accurately to the SRK Interim Resource model, and mark a significant step to upgrading the remainder of the Resource from Inferred to Indicated and providing a key item into the DFS.

Additionally, we are confident the infill drilling programme at Dugbe F will yield further positive results, with the potential to increase the grade for the first years of mining even further."

Details of Tuzon Infill Drill Programme for DFS

Since January 2013 the Company has followed and now completed a systematically designed programme to improve the resource model at Tuzon with the specific aim of upgrading the Inferred resources to Measured and Indicated for use in the DFS and ultimately for the production of reserves.

This programme was designed to use the most effective methods of lateral and vertical data collection in order to further prove the resource to these levels of confidence in the least amount of time and money possible. Significant portions of the resource, including the near surface oxide resources, were covered with 6,754m of trenches. For the purposes of the resource database the same levels of QA/QC were applied to these trenches as to the Diamond core drilling, and are considered equivalent to horizontal drill holes for the purposes of progressing the Dugbe 1 Project.  The Diamond drilling was considered to be the most appropriate technique for the balance of the metres required to prove the deposit.  This brings the total balance of infill drilling conducted on the Dugbe 1 Project since January 2013 to 27,204m.

SRK are currently updating the Tuzon Resource model. All drill holes received to date seem to conform with the resource and geological model announced in December 2013.

ENDS

Enquiries:

Hummingbird Resources plc

Daniel Betts, Chief Executive Officer

Thomas Hill, Finance Director

Robert Monro, Head of Business Development                                                               [phone]

Cantor Fitzgerald Europe

Nominated Adviser and Broker

Stewart Dickson/ Tom Sheldon/ Jeremy Stephenson                                                    [phone]

FTI Consulting LLP

Financial PR

Ben Brewerton / Oliver Winters                                                                                              [phone]

Notes to Editors

About Hummingbird Resources Plc

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 has published a PEA on its project showing on a 3.5Mtpa tank leach operations an NPV of US$337m on a Capex of US$212m for an IRR of 43.4%. This gives a payback period of 3 years and is based on a 10% discount rate and US$1,500 gold price (three year average gold price at time of release).

The Group has recently published a Mineral Resource estimate for the Tuzon deposit constrained within a US$1,500 pit shell and using a 0.5 g/t cut off grade comprising of 37.6 Mt at an average grade of 1.27 g/t for 1.54 Moz of gold under the 2004 Edition JORC code.  The Group has also published a NI43-101 compliant Inferred Resource on its Dugbe F deposit of 43.01 million tonnes at 1.28 g/t Au to give 1,764,000 ounces of gold using a lower cut-off grade of 0.5 g/t Au and no upper cut-off grade.

In Q3 2014, the Group is due to release a Detailed Feasibility Study and FEED.  The Group's licence areas constitute a significant proportion of eastern Liberia's Birimian sequence.

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

Drill Results

Calculated at 0.5 g/t Au lower cut-off and 7.0 g/t Au upper cut-off						Drill collar information
Hole ID	From (m)	To (m)	Interval (m)	Grade (g/t Au)	EUTM Survey	NUTM Survey	RL Survey	DIP	AZ	EOH
TDC015ext	254	275	22	1.17	555296	562983	113	-60	295	381.6
	280	356	76	1.4
TDC016ext	228	251	23	1.9	555357	563129	111	-60	295	291.4
	256	260	4	1.56
TDC082 ext	335	403	68	1.44	555240	562908	118	-60	295	420.4
	407	409	2	0.91
TDC084ext	311	320	9	1.26	555319	562872	117	-60	295	369.4
	324	361	37	2.45
TDC141	1.2	5.5	4.3	0.6	555436	563527	108	-62	115	60.8
	12	14	2	2
TDC142	24	27	3	0.82	555364	563569	98	-65	115	81.8
	34	67	33	1.22
TDC143	3	22	19	1.28	555377	563476	113	-60	115	115
	36	40	4	1.33
	44	46	2	1.24
	49	62	13	1.69
	66	82	16	1.65
	86	88	2	0.68
TDC144	6.5	13	6.5	1.64	555388	563372	112	-50	115	93.4
	26	73	47	1.25
TDC145	27	32	5	1.19	555313	563411	104	-55	115	144.4
	49	58	9	2.28
	62	67	5	1.25
	71	78	7	1.4
	85	135	50	1.61
TDC146	62	74	12	1.25	555276	563338	104	-65	115	177.4
	82	85	3	0.44
	111	170	59	2.36
TDC147	50.3	62	11.7	0.81	555348	563306	110	-60	115	141.4
	70	101	31	1.29
	104	107	3	0.6
TDC148	60	66	6	0.65	555317	563243	107	-60	115	165.4
	77	82	5	0.79
	110	138	28	1.97
TDC149	3.9	19	15.1	1.48	555411	563190	103	-50	295	115.4
	24	28	4	0.7
	31	57	26	1.6
	61	63	2	1.21
	69	82	13	0.94
	95	97	2	2.12
	100	103	3	0.57
TDC150	22.2	40.7	18.5	1.24	555393	563120	111	-60	295	78.4
	52	53	1	5.37
	56	62	6	1.29
TDC151	61.9	65	3.1	0.56	555281	562899	115	-60	295	177.4
	72	77.7	5.7	1.74
	112	116	4	1.68
	134	140	6	0.75
	142	150	8	1.36
	153	158	5	1.6
	160	167	7	1.53
	169	175	6	2.35
TDC152	78	91	13	1.56	555379	562858	116	-50	295	126
	95	105	10	1.33
TDC153	86	94	8	2.12	555414	562927	111	-50	295	129.4
	98	115	17	1.17
TDC154	0	10	10	1.19	555071	562828	112	-60	295	39.6
	20	26	6	0.59
TDC155	47	53	6	0.9	555045	562560	95	-60	295	165.4
	67	86	19	1.36
	92	95	3	0.87
	110	111	1	1.35
	114	119	5	1.83
	125	127	2	0.88
	130	134	4	0.52
	157	161	4	0.9
TDC156	33	35	2	0.9	555027	562493	105	-60	295	240.4
	61	67	6	0.44
	106	111	5	1.64
	140	144	4	0.75
	146	151	5	0.99
	154	162	8	0.77
	167	169	2	1.43
	172	175	3	1.38
	189	200	11	1.37
	203	217	14	1
TDC157	93	96	3	1.06	554910	562413	106	-60	295	201.4
	104	108	4	0.98
	124	127	3	0.8
	133	136	3	0.92

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 a Director of the Company and is a member of the Institute of Materials, Minerals and Mining.

SRK have also reviewed the information contained in this announcement and confirms it is in accordance with the facts, it does not omit anything likely to affect the import of such information and is in accordance with the guidelines and reporting terminology given in the JORC Code 2004.

 

END

 

 

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